Re: [CANSLIM] FNM earnings, credit losses

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] FNM earnings, credit losses
Date: Mon, 15 Apr 2002 09:13:41 -0400

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Just keep in mind that both of these agencies which package up bundles =
of home mortgages are also suffering from a high level of refinancing, =
which pays off principal. So bond holders, for example, that are holding =
older higher yielding bonds have an attractive interest rate, but the =
bulk of their principal has been returned, thus their income is slight. =
I have seen some of their pools where over 95% of the mortgages in the =
pool have already been paid off.

But of course that means more new loans being granted by banks, and more =
cash that the govt agencies have to buy them up. And business goes on.

Tom Worley
stkguru@bellsouth.net
AIM: TexWorley
- ----- Original Message -----=20
From: Chazmoore@aol.com=20
To: canslim@lists.xmission.com=20
Sent: Monday, April 15, 2002 8:48 AM
Subject: Re: [CANSLIM] FNM earnings, credit losses


Tom: Many thanks for your comments about FRE and FNM. I knew I would =
find someone informed on the subject. Charley=20

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<DIV><FONT face=3DArial>Just keep in mind that both of these agencies =
which=20
package up bundles of home mortgages are also suffering from a high =
level of=20
refinancing, which pays off principal. So bond holders, for example, =
that are=20
holding older higher yielding bonds have an attractive interest rate, =
but the=20
bulk of their principal has been returned, thus their income is slight. =
I have=20
seen some of their pools where over 95% of the mortgages in the pool =
have=20
already been paid off.</FONT></DIV>
<DIV><FONT face=3DArial></FONT>&nbsp;</DIV>
<DIV><FONT face=3DArial>But of course that means more new loans being =
granted by=20
banks, and more cash that the govt agencies have to buy them up. And =
business=20
goes on.</FONT></DIV>
<DIV><FONT face=3DArial></FONT>&nbsp;</DIV>
<DIV>Tom Worley<BR><A=20
href=3D"mailto:stkguru@bellsouth.net">stkguru@bellsouth.net</A><BR>AIM:=20
TexWorley</DIV>
<DIV style=3D"FONT: 10pt arial">----- Original Message -----=20
<DIV style=3D"BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A=20
title=3DChazmoore@aol.com =
href=3D"mailto:Chazmoore@aol.com">Chazmoore@aol.com</A>=20
</DIV>
<DIV><B>To:</B> <A title=3Dcanslim@lists.xmission.com=20
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
 </DIV>
<DIV><B>Sent:</B> Monday, April 15, 2002 8:48 AM</DIV>
<DIV><B>Subject:</B> Re: [CANSLIM] FNM earnings, credit =
losses</DIV></DIV>
<DIV><BR></DIV><FONT face=3Darial,helvetica><FONT size=3D2>Tom: Many =
thanks for your=20
comments about FRE and FNM. I knew I would find someone informed on the =
subject.=20
Charley</FONT> </FONT></BODY></HTML>

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