Mortage extension risk balloons

New angles

The US Federal Reserve cut its bellwether interest rates to 45-year lows on June 25 – the same day as a group of mortgage investors, analysts and bank regulators were debating just how much havoc an increase in interest rates would wreak on the US financial sector. Their conclusion: quite a lot.

Speaking at a round table at Risk’s ALM USA 2003 conference in New York, Kamal Abdullah, senior vice-president, fixed-income research at Lehman Brothers, said the combination of a

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