in your valuation. For pass throughs, the impact is generally negligible, but holders of strip derivatives or MSRs need to be concerned about the effect that home prices can have on their portfolios.

Table 1

	Base (4.5% Growth) Forecast		3.5% Growth Forecast		5.5 Growth Forecast
Net Coupon	Price	Equiv PSA	Price	Equiv PSA	Price	Equiv PSA	HPI Duration
GN5.0	100.44	218.52	100.45	210.38	100.37	261.07	-0.04%
GN5.5	102.75	419.02	102.77	406.05	102.67	474.42	-0.05%
GN6.0	104.25	743.21	104.27	733.63	104.18	780.08	-0.05%
GN6.5	105.13	960.80	105.15	953.40	105.05	987.69	-0.05%
GN7.0	106.25	856.61	106.28	852.45	106.16	870.87	-0.06%
GN7.5	107.09	737.58	107.12	734.12	107.00	749.57	-0.06%
GN8.0	108.34	680.74	108.38	677.37	108.23	692.61	-0.07%
FN5.0	99.84	339.65	99.85	329.05	99.80	386.70	-0.03%
FN5.5	102.13	466.63	102.14	451.05	102.07	531.08	-0.03%
FN6.0	103.50	904.28	103.51	894.87	103.45	940.27	-0.03%
FN6.5	104.38	1057.57	104.39	1051.11	104.35	1080.51	-0.04%
FN7.0	105.53	916.18	105.55	912.63	105.47	927.41	-0.04%
FN7.5	106.63	768.93	106.65	765.72	106.55	779.15	-0.05%
FN8.0	108.03	702.11	108.06	699.06	107.94	711.83	-0.06%

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