A positive answer to life after the refi boom can be found in a number of new tests and techniques, say Fannie Mae and Freddie Mac. but some analysts say that while the new methods of gauging interest rate risk are solid, no plan is fail-safe.

"A sharp rise in interest rates probably won't hurt Fannie or Freddie significantly, and the securitization strategy is one of the biggest reasons." said Ed Golding, director of policy and planning at Freddie Mac. "Ninety percent of the mortgages we see immediately go out to be securitized or Remic-ed, so the risk isn't really with us as much as it is with the investor."

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