``A measure of relative yields on Fannie Mae's 4 percent securities would narrow to 10 basis points from 18 if the companies resume streamlined refinancing starting in 2014 with easier rules such as less documentation, Credit Suisse analysts Mahesh Swaminathan, Qumber Hassan and Vikram Rao wrote in a report today.

Those rules "at some point" are likely to replace the looser guidelines targeted at borrowers with little or no home equity under the federal Home Affordable Refinance Program introduced in 2009 and refined last year. That would boost prepayments among a new set of homeowners and hamper returns, they wrote. ''

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