Rising Interest Rates and the Note Market

[Scott MacArthur]

I'm curious if anyone on here was investing in notes in the late 70's, early 80's when the fed rate went from 5% up to 20% in the matter of a few years and how that impacted the note business.  Even though the markets will be different you can always learn something from the past.  I don't think we will see that kind of volatility but we are definitely in a rising interest rate environment and this could continue for a while.  I'm just curious what inventory was like during that time, how did it affect note values, both performing and non-performing, were there many adjustable rate mortgages that started to non-perform, etc... Would love to hear from someone that was in that market.  I've read some articles and market studies from that time period that have given a little insight but nothing about notes directly.