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Revisiting a Floating Perpetual Trust Preferred Stock

July 31, 2003
Girish M. Patel

Three years ago, John Behof wrote an article (“FNMA 2-Year Floating Preferred Stock,” dated 8/3/00) warning us about a floating perpetual callable preferred stock issue. Here, we will look back at the risks John discussed and see what has transpired.

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The Ups and Downs of Shape Management℠: A Case Study

July 11, 2003
Eric C. Brown

We are in the midst of a bond market that can only be described as extreme in the experience of any currently active investor. Rates are at lows not seen in over forty years, mortgage refinancing volume is at all-time highs, and the word “deflation” is being bandied about as something other than a punch line. Investors in general, and depository institutions in particular, are experiencing an array of pains and challenges that accompany this unusual environment.

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