The collapse of Treasury bond prices has had mixed effects on the returns of U.S. mortgage market participants, with mortgage banks -- especially those that are "more pure origination shops" -- seeing "the most stress," according to Moody's Investors Service.While production-only mortgage companies are suffering, most other industry businesses are seeing their returns affected "both positively and negatively, and sometimes at the same time," Moody's said. The rating agency said it does not expect the effects to result in "material negative credit implications." Moody's can be found online at http://www.moodys.com.
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