Anticipating Tuesday's easing by the Federal Reserve Board, mortgage strategists and prepayment analysts on Wall Street had differing views of whether to buy or sell securities backed by residential mortgages.

Morgan Stanley distributed an e-mail note to investors on the "top 10 reasons" to sell them. Other firms, including Donaldson, Lufkin & Jenrette and Prudential Securities, were more upbeat about them.

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