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| Subject: Mortgage-backed Securities These are debt instruments backed by a pool of mortgages. [Capital Market Taxonomy] Q1 2006 By John Schroy, on June 30th, 2006 |  Leave a comment  Although the pace of net new issues of agency bonds was still $79 billion below levels of 2003 — the peak year before the crack-down on Fannie Mae for accounting irregularities — issuance of mortgage bonds by government-sponsored-enterprises recovered to $492 billion in Q1 2006 (annual rates). The three principal buyers of these new agency bonds were foreign investors, commercial banks, and securities brokers and dealers. June 30th, 2006 | Print Article |  Email Article |  Topics: Fannie Mae, Mortgage-backed Securities, sub-prime mortgages | Category: US Bonds | Leave a comment |  Short urlQ1 2006 By John Schroy, on June 20th, 2006 | Leave a comment  In Q1 2006, the excess of US imports over exports continued to provide dollars to the rest of the world, which were invested in the US bond market. Although foreign central banks reduced flows into US treasuries and agencies after the high point of 2004, the shortfall has been more than covered by flows into bonds from foreign private sources. The driving force behind foreign purchases of US bonds is not so much related to interest rates as to worldwide neo-mercantilist impulses to favor exporters. June 20th, 2006 | Print Article | Email Article | Topics: Asset-backed Securities, Bonds, Fannie Mae, Mercantilist Ideology, Mortgage-backed Securities, REITs, Stock Buybacks, US Treasury | Category: Foreign Investors | Leave a comment | Short urlQ1 2006 Stock Buybacks By John Schroy, on June 20th, 2006 | Leave a comment  Massive issuance of bonds by non-financial corporations, largely to finance an extraordinary level of stock buybacks, helped force bond interest rates upwards in Q1 2006. For years, the principal issuers of corporate bonds into the US market have been the financial sectors — mainly issuers of asset-backed securities raising funds for mortgages and consumer finance. The annualized rate of bond issuance by non-financial corporate business rose to $240.4 billion in Q1 2006, four times the issuance rate of 2005. June 20th, 2006 | Print Article | Email Article | Topics: Bonds, efficient market hypothesis, executive stock options, Mortgage-backed Securities, Stock Buybacks | Category: Stock Buybacks | Leave a comment | Short urlFeatured articles on inside pages
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