Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 224.06

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11:39 AM EST

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To: John O'Neill who wrote (31818)	8/10/1999 10:23:00 PM
From: Duker	Read Replies (2) of 70976

OT**my point is that the recent loans bought by fannie and freddie are "under water"...rates have rises and the loan are worth a lot less that they cost fannie of freddie.... The retained portfolios of both companies are typically held to maturity ... so the 'point in time analysis' of the principal value doesn't really apply ... and they match the the cash flows on the financing side ... To compare LTC and FRE/FNM is a bit alarmist ... the notional value of the derivatives used by FRE/FNM is a big number ... but, the net exposure is a fraction of it ... and in terms of institutional risk ... both companies require that much of there derivative counterparties to put up collateral ... I'll stop the drivel. --Duker

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