Will the mortgage industry's current decline reverse itself by January 2008?Mortgage Bankers Association chief economist Doug Duncan predicts that it will. PIMCO senior vice president Jennifer Bridwell thinks not. Offering a bond market perspective at the 35th Annual Western Secondary Market Conference in San Francisco, Ms. Bridwell pointed to the problem of impending 2008 adjustable-rate mortgage resets as a serious bump in the road that may lead to defaults that delay recovery. Mr. Duncan said the troubles in the mortgage market were confined enough that a generally healthy economy would blunt the effect of further subprime woes.

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