Mortgage-Bond Auction Failures Reach Most in 2013 as Prices Drop

Mortgage-Bond Auction Failures Reach Most in 2013 as Prices Drop

Daniel Acker/Bloomberg

Values in the $900 billion non-agency market are slumping after soaring through early May as the Federal Reserve’s stimulus efforts drove investors to seek potentially higher returns and housing rebounded with the fastest gains in prices since 2006.