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Fill in the blank: Borrowers in an MBS pool who are usually the first to refinance out are generally more sophisticated financially, have more equity

Fill in the blank: Borrowers in an MBS pool who are usually the first to refinance out are generally more sophisticated financially, have more equity in their homes and higher incomes. As a result, when more-seasoned pools show slower prepayments speeds, this is generally referred to as [ ].

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