ons decline 12/12/14 1.77% 1.68% -96Mc Armin Buy long-dated GSE debt: Buy S100mm FNMA 6.625 I1/30s vs. T 5.325 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/