Merrill Lynch & Co. Securities Pricing Service (MLPS) has released an end-of-day valuation service for adjustable-rate mortgage securities (ARMS). Merrill hopes to exploit institutions' craving for higher-yield instruments in the face of falling interest rates.
The MLPS service provides valuations for Federal Home Loan Mortgage Corp. (FHLMC), Federal National Mortgage Association (FNMA) and Government National Mortgage Association (GNMA) single and multi-family ARMS tied to the six-month,
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