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Russell Middleton trades mortgage bonds for JPMorgan Securities. He disseminates a daily email blast that's often funny, usually punny and sometimes written in stanzas.
One of the things Friday's white paper from the Treasury Department called for was an increasing to the "G fees," or the premiums Fannie Mae and Freddie Mac charge borrowers to back principal and interest payments to agency mortgage-backed securities investors.
So, Middleton penned a little ditty about the option to raise the guarantee fees...to the tune of "Like a G6," by Los Angeles band Far East Movement.
Proppin' bonds at a price, strike on Tradeweb.
When we drink we do it right like a Celeb.
Selling FN 5's in a slide, like 103-6!
Now they're tradin' so high — Hike the G-fee!
Hike the G-fee, Hike the G-fee
Now, now, now, now — they're so hard to buy! Hike the G-fee
Take it up, take-take it up!
Short traders all around me, they be actin like they junk.
They be actin like they junk, actin-actin in funk.
Short traders all around me, they be givin back a chunk.
Write to Jason Philyaw.