I think their assets aren't illiquid, the problem is they pay out a low rate of interest. As in if I can buy a $1M bond that pays 5% interest. How much you thin

I think their assets aren't illiquid, the problem is they pay out a low rate of interest. As in if I can buy a $1M bond that pays 5% interest. How much you think a $1M bond that pays 1.5% is worth. Much Less. In 2020 and 2021 about 2.7 trillion worth of mortgages were refinanced. That gives you an idea of the scale of the problem with the Fed blithely raising rates.