decline 12/1 14 1.77% 2.04% +2A67k Agencies Buy long-dated GSE debt: Buy 6100mm FNMA 6.625 11/30s vs. T 6.326 2/31s Legislative momentum of Johnson-Crapo on GSE reform is credit bullish for long- dated GSE debt. Reform bill stalls in Congress or language on government guarantee modified. 3/14/14