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To: reaper who wrote (144974)	1/20/2002 10:58:50 PM
From: Joan Osland Graffius	Respond to of 436258

reaper, No I am not buying ginnie mae's. I picked up some TVA and AG agency notes. On the down side some of them are callable so you have to read the fine print. The last batch purchased was at a discount to par for 6.57%. I am with you on debt backed by real estate. One thing ginnie maes are guaranteed by the government and you can find some that are non callable. Am using the TVA and AG notes to fill my AAA quality debt portion of the portfolio. Also own some 30 and 10 year treasuries. Am with you that 10 year treasuries could get to 3.5% to 4.5% and stay there for a while. I am not a trader and am planning on holding unless we see interest rates rising for a good reasons. Am in the camp that we are in for tough times and think the go go boys and girls from the 90's are going to learn some tough lessons in debt financing. <g> Joan