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The Global economic crisis challenGes for DevelopinG asia anD aDb’s response

However, more recently, as the pace of economic growth has slowed somewhat, longer-term interest rates have fallen and mortgage refinancing activity has picked up. Increased refinancing has in turn led the Fed’s holding of agency MBS to run off more quickly than previously anticipated. Although mortgage prepayment rates are difficult to predict, under the assumption that mortgage rates remain near current levels, we estimated that an additional $400 billion or so of MBS and agency debt currently in the Fed’s portfolio could be repaid by the end of 2011. . | THE GLOBAL ECONOMIC CRISIS CHALLENGE ASIA AND ADB S RESPONSE Asian Development Bank ADB THE GLOBAL ECONOMIC CRISIS CHALLENGES FOR DEVELOPING ASIA AND ADB S RESPONSE April 2009 Asian Development Bank 2009 Asian Development Bank Every effort has been made to ensure the accuracy of the data used in this publication. Variations in data in the Asian Development Bank ADB publications often result from different publication dates although differences may also come from the sources and interpretation of data. ADB accepts no responsibility for any consequence of their use. The term country as used in the context of ADB refers to a member of ADB and does not imply any view on the part of ADB as to the member s sovereignty or independent status. In this publication refers to US .