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Consider a $400 million pass-through backed by FRMs with a WAC rate of 4.75%, pass-through rate of 4.0% and WAM of 355 months. In the

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Consider a $400 million pass-through backed by FRMs with a WAC rate of 4.75%, pass-through rate of 4.0% and WAM of 355 months. In the assumption of 200 PSA, the SMM in Month 1 for this pass-through will be 0.033% 0.127% 0.202% 0.353%

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