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Consider a $500 million pass-through backed by FRMs with a WAC rate of 5.5%, pass-through rate of 4.75% and WAM of 356 months. Assuming 150

Consider a $500 million pass-through backed by FRMs with a WAC rate of 5.5%, pass-through rate of 4.75% and WAM of 356 months. Assuming 150 PSA, what is the SMM in Month 1 for the pass-through?

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