Group 1 - Michael Burry has closed his hedge fund, Scion Asset Management, effective November 10, indicating a disconnect between his valuation of securities and current market conditions [1][2] - Burry's recent focus has been on betting against major tech companies like Nvidia and Palantir, while also highlighting emerging risks in the mortgage market [1][2] Group 2 - The Trump administration is considering a 50-year mortgage product, which could lower monthly payments by approximately 10% but significantly increases total interest paid over the life of the loan [3][4] - For a $425,000 loan at 6.5% over 30 years, total interest would be $542,064, while over 50 years, it would rise to $1,012,478, adding an extra $470,414 in interest [4][5] - This proposal introduces complexities for both borrowers and investors in mortgage-backed securities (MBS), as longer terms lead to higher total interest and potential prepayment risks [6][8] Group 3 - The mortgage-backed securities market, valued at $11 trillion, faces compounding risks due to the introduction of 50-year mortgages, which could affect long-term credit exposure and equity cushions for borrowers [8]