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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (97654)	10/8/2002 4:48:01 PM
From: Mark Adams	Read Replies (1) of 132070

Vanguard tells bond fund investors to do homework By Cal Mankowski NEW YORK, Oct 8 (Reuters) - The Vanguard GNMA bond fund is drawing loads of new cash this year from investors -- but the Vanguard Group is not exactly cheering. "It's absurd," Ian MacKinnon, managing director of the Vanguard Fixed Income Group said at a news briefing on Tuesday, referring to the money pouring into the GNMA Fund. "We want to make sure that everybody who invests in that fund knows what they're investing in." MacKinnon is concerned that some investors may not be aware that record refinancing of home mortgages by consumers is likely to lower future yields. Vanguard has been sending letters to customers and posting notices on its Web site pointing out some of the peculiarities of GNMA funds. Such funds invest in mortgage-backed securities issued by the Government National Mortgage Association, an agency of the U.S. government. GNMA guarantees timely payment of interest and principal on the securities, each of which represents a pool of individual mortgage loans. more.... biz.yahoo.com

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