The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Jim McMannis who wrote (111903)	3/21/2008 1:53:30 PM
From: GraceZ	of 306849

The question is whether Citibank has avoided them Got the semi-annual report for the money market fund one of my husband's accounts uses, The Reserve, Primary, Government and Treasury funds, and started reading it for fun last night. What is comical is that on the first page the Chairman and CEO of Reserve writes about how far money managers who manage cash funds have strayed from the principle of capital preservation and have ventured out on the risk curve and how they have stuck with their principles of conservative cash management. Then of course you look through the holdings and see 1.45 billion in Bear Stearns RPs (collateralized with ABS and CMOs) and half a billion in CitiBank RPs collateralized with MNI (I had to look it up, they are unsecuritized mortgage interest strips) and TRR (trust receipts). This was in the "Primary" fund. In the "Government" fund they had another 1.2 in Bear Stearns RPs along with a hellova lot more in every variety of Fannie and Freddie strip out. Mind you this is a money market fund, one of the first and one of the largest money market funds, this is not some high yield bond fund where one expects to see this type of security.

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