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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (37940)	12/2/1998 11:05:00 AM
From: yard_man	Read Replies (1) \| Respond to of 132070

Re: "horrible" mortgage paper. Do you make that assessment from the quarterly statements? And what constitutes horrible mortgage paper -- this is not straight mortgages? What about the firms that specialize in credit card debt or buy the more risky mortgage derivative (not sure if that's the right word)? I'm recalling CMO and some others that have bit the dust here. Any opinion on PVN? Sure seems richly priced -- spread is good on credit cards, good enough to factor in losses that can occur in an economic downturn? Perhaps this kind of problem will take longer to hit the bottom line.