In the May/June roll, analysts anticipate both the 5.5 and 5 rolls to come under pressure and settle at negative one tick and six ticks, respectively. Another implication of yesterday's announcement is that the Gold FHLMC/FNMA 6.5 swap should collapse as FNMA 6.5s for April settle should be clean bonds. Accordingly, analysts suggested shorting the Gold FHLMC/FNMA 6.5 swap, and put on the trade in the firm's convexity portfolio. This is exact timeline that Fannie Mae outlined yesterday: On Feb. 10, Fannie Mae announced that it intends to considerably increase its purchases of loans from single-family MBS trusts that are delinquent as to four or more consecutive monthly payments. The firm offered added information about its selection criteria for buying these delinquent loans on March 1. In response to market inquiries and in the interest of further transparency, Fannie Mae announced yesterday that it is providing more information regarding its single-family delinquent loan purchases.