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To: Gottfried who wrote (968)	7/25/1997 8:16:00 PM
From: Iceberg	of 1894

Gottfried, is this a derivative? From the SI post you referenced... >A friend of mine who knows little about the market was telling me how her broker at Merrill Lynch has been suggesting that she get a mortgage from Merrill Lynch. The payments would be put into an index fund instead of being a credit against the debt. When the capital in the index fund is equal to the debt, the fund is closed out and the debt is retired. This arrangement is, of course, a bet on behalf of the debtor that the market will increase at a rate greater than the rate of interest on the mortgage. Ice

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