Adverse loan selection and the true TBA market.The MBS See Mb/sec. MBS - mobile broadband services market has long recognized the valuable prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. characteristics associated with certain loan and borrower attributes such as loan size, Alternative-A documentation, and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of geography. In 1997 the practice of harvesting these loans for separate pooling took on new dimensions as the universe of loans with small balances was demonstrated to have better convexity Convexity A measure of the curvature in the relationship between bond prices and bond yields. Notes: Positive convexity corresponds to curvature that opens upward. Negative convexity corresponds to curvature that opens downward. characteristics than typical TBA TBA See: To be announced pools. Today loan filtering takes place at nearly every stage of the pooling and delivery process as originators, dealers and the agencies identify, segment and extract a premium for (or place in portfolio) loans with the best prepayment characteristics. Indeed, as a first step in the pooling process, originators and dealers now routinely screen raw loan files for a range of characteristics that command a premium to TBA. Even at the pool level the market has become much more discriminating dis·crim·i·nat·ing adj. 1. a. Able to recognize or draw fine distinctions; perceptive. b. Showing careful judgment or fine taste: with respect to WAG and seasoning ("low WAG" pools will be addressed at the end of this article). I. INTRODUCTION The MBS market has long recognized the valuable prepayment characteristics associated with certain loan and borrower attributes such as loan size, Alternative-A documentation, and New York geography. In 1997 the practice of harvesting these loans for separate pooling took on new dimensions as the universe of loans with small balances was demonstrated to have better convexity characteristics than typical TBA pools. Today loan filtering takes place at nearly every stage of the pooling and delivery process as originators, dealers and the agencies identify, segment and extract a premium for (or place in portfolio) loans with the best prepayment characteristics. Indeed, as a first step in the pooling process, originators and dealers now routinely screen raw loan files for a range of characteristics that command a premium to TBA. Even at the pool level the market has become much more discriminating with respect to WAC WAC (Women's Army Corps), U.S. army organization created (1942) during World War II to enlist women as auxiliaries for noncombatant duty in the U.S. army. Before 1943 it was known as the Women's Auxiliary Army Corps (WAAC). Its first director was Oveta Culp Hobby. and seasoning ("low WAC") pools will be addressed at the end of this article). In the context of the traditional TBA market, this adverse prepayment selection increases the probability that a TBA investor (who by definition is at the end of the "food chain") will be delivered a pool that is more negatively convex Convex Curved, as in the shape of the outside of a circle. Usually referring to the price/required yield relationship for option-free bonds. than the aggregate universe of pools with similar age and weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. (WAC). This fact has been highlighted by the current refinancing Refinancing An extension and/or increase in amount of existing debt. event where large-scale filtering has inflated true TRA TRA Training TRA Transfer TRA Transition TRA Tennessee Regulatory Authority TRA Telecommunications Regulatory Authority (Oman) TRA Tax Reform Act (1976, 1984, or 1986) TRA Teachers Retirement Association prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. relative to the universe. This presents TBA investors with two fundamental problems when assessing the prepayment risk Prepayment Risk The uncertainty related to unscheduled prepayment in excess of scheduled principal repayment. Notes: This risk is generally associated with mortgage securities. of TBA pools. First, actual prepayments for the true TBA sector are masked A state of being disabled or cut off. by agency prepayment reports that reflect the entire universe of MBS in a given coupon/vintage bucket. Second, since prepayment models are estimated on aggregate data rather than true TBA data, there is the potential for significant modeling error when using these models to forecast prepayments for TBAs. We will address both of these concerns in this article. While the concept of adverse loan selection is well understood by the mortgage market, our ability to measure its effect on the TBA universe is limited by our access to loan level information. For example, while we can segment pools by average loan size, issuer, and geography, other common filtering criteria such as LTV LTV See: Loan-to-value ratio and CRA See Community Reinvestment Act. (1) eligibility are not available. Nevertheless, we can still create a reasonable proxy for the trite TBA universe by extracting pools conditional on the following three criteria: loan size (2), Alternative-A issuers (Greenpoint, Indymac and DLJ DLJ Distributor License for Java DLJ Donaldson, Lufkin & Jenrette Inc. DLJ Drive Like Jehu (band) DLJ Defence Laboratory Jodhpur (India) DLJ Dead Letter Journal ) and New York geography (3). We note that this analysis probably understates the full effects of adverse selection since our criteria are a subset A group of commands or functions that do not include all the capabilities of the original specification. Software or hardware components designed for the subset will also work with the original. of the full characteristics used to screen loans. By applying these criteria we filter out approximately 10% of the total TBA universe across the coupon spectrum as shown in Exhibit 1. We can then compare recent 1-month speeds of the universe to the trite TBA coupon speeds that are net of LLB LLB abbr. Latin Legum Baccalaureus (Bachelor of Laws) LLB Bachelor of Laws [Latin Legum Baccalaureus] Noun 1. , New York, and Alternative-A pools. Note that the percentage of MBS excluded from the true TBA sector as well as speed differentials increase as we move up the coupon stack. This can be attributed to the heavy concentration of Alternative-A collateral in coupons above 8.0%. Based on this analysis the true TBA sector is currently prepaying anywhere from 1 to 8 CPR Cardiopulmonary Resuscitation (CPR) Definition Cardiopulmonary resuscitation (CPR) is a procedure to support and maintain breathing and circulation for a person who has stopped breathing (respiratory arrest) and/or whose heart has stopped (cardiac faster than the reported universe. II. USING THE TRUST 10 MARKET AS A PROXY FOR TRUE TBA Another way to observe the effects of adverse loan selection on the TBA market is to compare recent Trust 10 prepayments to their corresponding universe. Trust IOs are backed almost exclusively by TBA pools (and possibly some agency portfolio loans) and therefore represent one of the best proxies for true TBA product. As Exhibit 2 reveals, recent 7.5% and 8.0% Trust IO speeds are averaging 8 CPR faster than the universe even though the Trust WAC is lower than the universe WAC in every case. Moreover, we find that the mean loan sizes of the Trusts exceed the universe by an average of $ 15,000. This is an obvious by-product by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. of the filtering process and an important factor behind the fast prepayments exhibited by the Trusts. Does this analysis apply to earlier vintages? In general the answer to this question is no. To the extent that large-scale loan filtering is a relatively new phenomenon we would not expect to find the same divergence divergence In mathematics, a differential operator applied to a three-dimensional vector-valued function. The result is a function that describes a rate of change. The divergence of a vector v is given by in speeds between Trust IOs and the universe during prior refinancing events. We can easily confirm this expectation by comparing peak 3-month Trust IO prepayments in 1998 to their corresponding universe (see Exhibit 3). Even though loan sizes still averaged about $6000 higher on the Trusts, Trust prepayments were uniformly slower than the universe in 1998. It is important to note that the Trust loan size bias was not evident prior to 1998. III. HOW DO WE VALUE AND MONITOR THE TBA SECTOR? If we calibrate To adjust or bring into balance. Scanners, CRTs and similar peripherals may require periodic adjustment. Unlike digital devices, the electronic components within these analog devices may change from their original specification. See color calibration and tweak. our prepayment model to the empirical results in Exhibits 1 and 2 we can quantify the effects of recent adverse loan selection on the TBA market. We reiterate re·it·er·ate tr.v. re·it·er·at·ed, re·it·er·at·ing, re·it·er·ates To say or do again or repeatedly. See Synonyms at repeat. re·it that traditional agency prepayment models do not capture the full consequences of adverse selection since these models are estimated on aggregate prepayment data. (4) In Exhibit 4 we back out the price differential implied by our true TBA model assuming constant OAS OAS See: Option adjusted spread re-pricing. The greater negative convexity Negative convexity A bond characteristic such that the price appreciation will be less than the price depreciation for a large change in yield of a given number of basis points. For example, a fixed-rate mortgage may lose value as rates go down because of prepayments. of the true TBA market lowers the implied TBA prices (new production 6.0% to 8.5% coupons) by between 0:01 and 0:10. In the benchmark Trust IO sector (new production 7.0% to 8.0% Trusts) implied prices decline between 0:18 and 0:23+. Finally, to address concerns about monitoring and valuing the effects of adverse prepayment selection in the TBA market, Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. will provide two new tools to its MBS customers: 1. Beginning with next month's agency prepayment report, along with our standard reports, we will provide Bear Stearns MBS customers with a true TBA report that will be representative of the "cheapest to deliver" pools in the TBA market. The true TBA pool sample will be drawn from pools backing recent 10 Trusts. 2. Beginning April 16, we will make available a true TBA prepayment model that is consistent with actual prepayment observations in the current refinancing wave. IV. WHY ARE PAY-UPS NOT JUSTIFIED ON LOW WAC POOLS? One obvious omission from our filtering analysis is "low WAC" pools. Over the past year, investors have begun to assign increased value to agency pools that have very low gross WAC relative to the pool's net coupon. By convention, a pool qualifies for "low WAC" status if its gross WAC is no more than 0.375% higher than its net coupon. The market pay-up for these low WAC pools has been in the range of 2 to 4 ticks since last year, depending on coupon. Is there any value in this most recently defined subset of the TBA universe? After examining the data, we find that the low WAC story is another example of pool adverse selection that works to the detriment Any loss or harm to a person or property; relinquishment of a legal right, benefit, or something of value. Detriment is most frequently applied to contract formation, since it is an essential element of consideration, which is a prerequisite of a legally enforceable contract. of the investor both on a practical and a theoretical basis. Investors will benefit from low gross WAC pools only if other pool characteristics do not change. However, as seen in Exhibit 5, low WAC pools have consistently (and in many cases significantly) higher average loan sizes than pools with higher gross WAC. The reason? We believe smart originators are more likely to sell large balance, prepayment sensitive loans into high net coupon (low WAC) pools since they retain less servicing from these loans in this transaction. Conversely con·verse 1 intr.v. con·versed, con·vers·ing, con·vers·es 1. To engage in a spoken exchange of thoughts, ideas, or feelings; talk. See Synonyms at speak. 2. , servicers are more likely to concentrate low balance, less prepay pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. sensitive loans in pools where they retain lots of servicing (high WAC
pools). While the lower gross WAC can delay the time when a pool reaches
the refinancing trigger point trigger pointThe event or condition that initiates a predetermined action. For example, the New York Stock Exchange halts trading in stocks when the Dow Jones Industrial Average declines by a specified number of points (the trigger point) in a trading session. in a declining rate environment (such as today's), low WAC pool speeds actually exceed higher WAC pool speeds once they are refinanceable. For example, low WAC FHLMC See Federal Home Loan Mortgage Corporation. 8.0s (2030 WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) paid 62.1 CPR in March, versus 58.4 CPR for the remainder of that cohort. Much of this speed difference can be attribute d to the larger average balance of low WAC pools. Moreover, we note that the difference in average loan size is generally larger in the lower coupons, and particularly large in FNMA FNMA abbr. Federal National Mortgage Association Noun 1. FNMA - a federally chartered corporation that purchases mortgages Fannie Mae, Federal National Mortgage Association pools ranging from $11,000 to $39,000. We believe that a correct valuation of low WAC agency pools must include the wide divergence in loan size, since the impact of loan size on prepayments has been conclusively con·clu·sive adj. Serving to put an end to doubt, question, or uncertainty; decisive. See Synonyms at decisive. con·clu sive·ly adv. demonstrated in all sectors of the
mortgage market. Accordingly, when we calibrate our agency prepayment
model to take into account loan size differences, we can use it to value
low WAC pools (using empirical WAC and average loan size from existing
FHLMC and FNMA pools). As seen in Exhibit 6, using market TBA pricing
and the adjusted model, we find that the market is clearly demanding
more of a payup than can be justified on a theoretical basis for 7.5%
and 8.0% pools with low WAC. Indeed, the bias toward higher average loan
size completely overwhelms the potential advantage of lower WAC in the
FNMA 7.5% coupon, such that the theoretical value of these pools should
actually be less than regular TBA. Low WAC 8.0% pools from both agencies
have a lower theoretical value than regular TBA. In the 7.0% coupon,
FNMA low WAG pools are also clearl y overvalued OvervaluedA stock whose current price is not justified by the earnings outlook or price/earnings (P/E) ratio and thus, expected to drop in price. Overvaluation may result from an emotional buying spurt, which inflates the market price of the stock or from a deterioration in a (again, the impact of much larger average loan size, as seen in Exhibit 5), while FHLMC low WAC pools have a market value that is roughly 50% of theoretical - the only area where there is even marginal theoretical value in the sector. We believe that these results do not support the current pay-ups in the low WAC sector, regardless of coupon and agency.
Exhibit 1
True TBA vs. Universe Prepayments (March 2001)
FHLMC Universe
Cpn WAM WAC $BB CPR
7.0 2030 7.77 $23.70 22.2
7.5 2030 8.16 $30.00 45.8
8.0 2030 8.56 $14.95 57.9
8.5 2030 9.13 $3.67 59.3
9.0 2030 9.77 $1.54 41.4
FHLMC True TBA Float (Net of LLB,Alt-A, NY)
Cpn WAM WAC $BB CPR
7.0 2030 7.77 $22.43 23.0
7.5 2030 8.16 $27.60 47.8
8.0 2030 8.56 $12.73 61.4
8.5 2030 9.06 $2.55 66.9
9.0 2030 9.69 $0.48 59.7
FHLMC CPR Difference 1 Mo Roll
Cpn WAM (true TBA-Universe) Difference
7.0 2030 0.9 0.05
7.5 2030 2.0 0.27
8.0 2030 3.5 0.86
8.5 2030 7.5 2.61
9.0 2030 18.4 4.77
FNMA Universe
Cpn WAM WAC $BB CPR
7.0 2030 7.73 $30.36 20.2
7.5 2030 8.14 $48.14 46.6
8.0 2030 8.60 $22.52 58.3
8.5 2030 9.19 $4.77 56.2
9.0 2030 9.77 $1.31 58.2
FNMA True TBA Float (Net of LLB, Alt-A, NY)
Cpn WAM WAC $BB CPR
7.0 2030 7.72 $29.20 20.7
7.5 2030 8.13 $44.47 48.4
8.0 2030 8.57 $19.92 60.9
8.5 2030 9.08 $3.54 62.1
9.0 2030 9.60 $0.77 65.4
FNMA CPR Difference 1 Mo Roll
Cpn WAM (true TBA-Universe) Difference
7.0 2030 0.5 0.03
7.5 2030 1.8 0.25
8.0 2030 2.6 0.54
8.5 2030 5.9 1.81
9.0 2030 7.2 2.46
Exhibit 2
Trust vs. Universe (2001 Refinancing Wave)
Trust
Loan Size March
Name Cpn WAC ($K) CPR
FNMA Strip 310 7.0 7.76 153.0 22.8
FHLMC strip 210 7.0 7.83 156.0 26.0
FNMA Strip 308 7.5 8.12 149.3 56.5
FHLMC Strip 209 7.5 8.15 150.0 56.7
FNMA Strip 306 8.0 8.48 124.8 64.1
FHLMC Strip 2266E 8.0 8.55 126.1 61.4
FNMA Strip 307 8.0 8.50 133.1 66.5
Trust Universe
Loan Size
Name Cpn WAC WAM ($K)
FNMA Strip 310 7.0 7.73 2030 138.4
FHLMC strip 210 7.0 7.77 2030 140.4
FNMA Strip 308 7.5 8.14 2030 132.8
FHLMC Strip 209 7.5 8.16 2030 127.9
FNMA Strip 306 8.0 8.60 2030 118.9
FHLMC Strip 2266E 8.0 8.56 2030 113.0
FNMA Strip 307 8.0 8.60 2030 118.9
Difference
Trust Universe Trust -Universe
March Loan Size CPR
Name CPR Difference ($K) Difference
FNMA Strip 310 20.2 14.6 2.6
FHLMC strip 210 22.2 15.6 3.8
FNMA Strip 308 46.6 16.5 9.9
FHLMC Strip 209 45.8 22.1 10.9
FNMA Strip 306 58.3 5.9 5.8
FHLMC Strip 2266E 57.9 13.1 3.5
FNMA Strip 307 58.3 14.2 8.2
Exhibit 3
Trust vs. Universe (1998 Refinancing Wave)
Trust
Loan Size Peak 3-Mo
Name Cpn WAC ($K) CPR
FNMA Strip 284 7.5 8.10 $119.1 53.2
FHLMC Strip 195 7.5 8.04 $108.2 50.8
FNMA Strip 291 8.0 8.52 $103.5 47.8
FHLMC Strip 186 8.0 8.48 $103.3 53.8
Trust Universe
Loan Size
Name Cpn WAC WAM ($K)
FNMA Strip 284 7.5 8.15 2026 $107.2
FHLMC Strip 195 7.5 8.08 2026 $108.4
FNMA Strip 291 8.0 8.54 2026 $96.5
FHLMC Strip 186 8.0 8.50 2026 $96.6
Trust Universe Trust - Universe
Peak 3-Mo Loan Size Peak 3-Mo
Name CPR Diff. ($K) CPR Diff.
FNMA Strip 284 53.7 $11.93 -0.6
FHLMC Strip 195 53.5 -$0.24 -2.7
FNMA Strip 291 56.2 $7.02 -8.4
FHLMC Strip 186 54.4 $6.68 -0.6
Exhibit 4
Valuation of the True TBA Sector
True TBA True TBA
Security TBA Price Implied Price Price Difference
TBA FN 6.00% 30yr 97:24 97:22+ -0:01+
TBA FN 6.50% 30yr 99:27 99:24 -0:03
TBA FN 7.00% 30yr 101:13+ 101:9+ -0:04
TBA FN 7.50% 30yr 102:10 102:4 -0:06
TBA FN 8.00% 30yr 103:7+ 102:31+ -0:08
TBA FN 8.50% 30yr 104:9+ 103:31+ -0:10
FNSTRI-310 IO 7.0% 17:4 16:18 -0:18
FNSTRI-308 IO 7.5% 14:27 14:6 -0:20+
FNSTRI-306 IO 8.0% 14:16 13:24+ -0:23+
Pricing Date: April 9, 2001
Settlement Date: April 12, 2001
Exhibit 5
Conventional Low WAC Pool Characteristics
WAC
Agency Coupon WAM Low WAC All Other Pct Low WAC
FHLMC 7.0 2031 7.357 7.672 17.9%
7.5 2031 7.869 8.266 17.8%
8.0 2030 8.340 8.592 11.3%
FNMA 7.0 2031 7.360 7.650 2.4%
7.5 2031 7.840 8.215 8.1%
8.0 2030 8.350 8.616 6.7%
Average Loan Size
Agency Low WAC All Other Difference
FHLMC $ 140,575 $ 135,800 $ 4,775
$ 134,425 $ 117,876 $ 16,549
$ 115,790 $ 106,441 $ 9,349
FNMA $ 167,593 $ 140,880 $ 26,713
$ 158,050 $ 119,023 $ 39,027
$ 120,698 $ 109,371 $ 11,327
EXHIBIT 6
Conventional Low WAC Valuation Matrix
TBA Market Theoretical Low
Coupon WAM Price WAC Price Market Payup
FHLMC 7.0 2031 101:16 101:24 :03
7.5 2031 102:12 102:14 :03-4
8.0 2030 103:10 103:4+ :02 *
FNMA 7.0 2031 101:13+ 101:17+ :03
7.5 2031 102:10 102:7 :03-4
8.0 2030 103:7+ 103:2 :02 *
Theoretical
Payup
FHLMC :08
:02
-:05+
FNMA :04
-:03
-:05+
* Payup when 8.0s were being produced
Pricing Date: April 9, 2001
Settlement Date: May 1, 2001
END NOTES (1.) CRA loans are loans targeted to low and moderate income borrowers within a lender's assessment area under the Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. (CRA) of 1977. (2.) Current production pools with average loan sizes of $85,000 or less are excluded from the TBA universe. (3.) Pools with 80% or greater New York concentrations. (4.) To the extent that models account for loan size the impact of adverse selection will be dampened. BRUCE H. KRAMER is a Managing Director in the Financial Analytics and Structured Transactions (F.A.S.T.) department at Bear Stearns. He joined the firm in 1989 as a programmer in the mortgage database group. Since joining the mortgage research group in 1993, he has become closely associated with several of its successful products, including the Short-Term Prepayment Estimates; which have earned the firm a #1 ranking in Mortgage-Backed/Prepayments in each of the last eight annual Institutional Investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. surveys. He is a regular contributor to the firm's mortgage research publications, including the monthlies MBS Opportunities and ABS (Automatic Backup System) See backup program. Opportunities, and has been published in The Handbook of Nonagency Mortgage-Backed Securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. . In addition to participating in the group's ongoing modeling and research efforts, he has specialized in the analysis of sub-sectors such as Alternative-A whole-loans and low loan balance (LLB) agency pools. In addition, he co-authored a groundbreaking loan-level study of credit performance and relative value in the non-agency sector. He has also concentrated on the growing non-U.S. secondary mortgage markets and led the development of the firm's mortgage prepayment models for the Netherlands (1997), Belgium (1998) and Japan (1999). He holds undergraduate degrees “First degree” redirects here. For the BBC television series, see First Degree. An undergraduate degree (sometimes called a first degree or simply a degree from the University of California at Berkeley (body, education) University of California at Berkeley - (UCB) See also Berzerkley, BSD. http://berkeley.edu/. Note to British and Commonwealth readers: that's /berk'lee/, not /bark'lee/ as in British Received Pronunciation. and a graduate degree from the University of Rochester The University of Rochester (UR) is a private, coeducational and nonsectarian research university located in Rochester, New York. The university is one of 62 elected members of the Association of American Universities. . DALE WESTHOFF is currently a Senior Managing Director and head of the Mortgage-Backed Securities Research department at Bear Stearns in New York. Mr. Westhoff joined Bear Stearns in 1990 specializing in the analysis and modeling of Mortgage-Backed Securities prepayments. He was voted an eight-time "First Team All-American" by Institutional Investor Magazine in the Mortgage-Backed Prepayment/Strategy category, and has been the only winner of this category since its inception in 1993. In the 2000 Institutional Investor survey Mr. Westhoff was recognized in the "Who's the Best" category for his MBS recommendations and was a second ranked analyst in the Non-Agency MRS MRS - Modifiable Representation System. An integration of logic programming into Lisp. ["A Modifiable Representation System", M. Genesereth et al, HPP 80-22, CS Dept Stanford U 1980]. category. He has specialized in providing clients accurate short-term forecasts and prepayment-based investment strategies during the recent periods of record setting prepayment volatility. He is responsible for directing the development of all of Bear Stearns' prepayment models and has authored numerous articles on MBS prepayments and products. Pri or to joining Bear Stearns Mr. Westhoff was an engineer with Hughes Aircraft Hughes Aircraft Company was a major aerospace and defense company founded by Howard Hughes. The group was based near Ballona Creek, in Culver City, California, USA, on the Pacific Coast. Hughes Aircraft was acquired by General Motors in 1985. Company in its Satellite Communications Division. He has dual degrees in Civil Engineering and Computer Science and an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from New York University New York University, mainly in New York City; coeducational; chartered 1831, opened 1832 as the Univ. of the City of New York, renamed 1896. It comprises 13 schools and colleges, maintaining 4 main centers (including the Medical Center) in the city, as well as the . |
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