MBS are at new lows for the day and we can almost set a clock to the losses seen after the Fed's last buying operation on any given day (the time would be 1:20pm, by the way).  

It's 1:27pm now and we just burned through another 3 ticks of 2.5 UMBS in that 7 minute window.  Jumpier lenders are increasingly likely to reprice here.  Modest reprice risk for others.

10yr yields are still slightly positive on the day.