1.   Congress gave him permission to sell his mortgage securities in every state, but to his more radical proposition it said No.

2.   Crisscrossing the country, trying to persuade institutional investors to buy mortgage securities, Ranieri bumped into Milken.

3.   He remembered the way the old boss, Bill Simon, had treated the first mortgage securities.

4.   They wheeled in the rocket scientists, who started to carve up mortgage securities into itty-bitty pieces.

5.   Those early repayments, or prepayments, cut short the lives of mortgage securities and can reduce their returns.

6.   Already, Government National Mortgage Association, or Ginnie Mae, is developing a program to issue Fasits backed by its own mortgage securities.

7.   Among the consumers most eager to refinance this year are homeowners who took out adjustable-rate mortgage securities in the past few years, say lenders.

8.   As homeowners refinance, investors and traders who paid a premium for mortgage securities get hurt because consumers repay their debts at face value.

9.   As rates fall and more consumers refinance, the durations of mortgage securities shrink and investors benefit less and less.

10.   Based in Mill Valley, California, Redwood specializes in acquiring and managing mortgage securities and real estate loans secured by single-family, multifamily and commercial properties.