Non-agency mortgage backed bonds remain one of the last places to find value in the bond market, says Ashish Negandhi, portfolio manager for the Angel Oak Multi-Strategy Income Fund. Negandhi says Fannies and Freddies are too pricey and may become better values later once the Federal Reserve stops buying them. He also says that home affordability remains high because prices are not frothy and wages are increasing. Finally, Negandhi says the biggest headwind for the market are heavy student debt loads holding back first time home buyers, however, he says the government is now aware of the problem and working to solve it.