A little over two years since the Australian Office of Financial Management (AOFM) ceased investing in residential mortgage-backed securities (RMBS), the government debt management agency announced on May 13 that it would be selling its approximately A$4.6 billion (US$3.7 billion) residual portfolio. Securitisation market participants' response to the news of a substantial forthcoming inflow for the secondary market to absorb contains some surprises.