31.   The bonds will be redeemed at face value with accrued interest to holders of record as of the close of business on its redemption date.

32.   The companies can redeem the bonds after five to seven years.

33.   The company, a Madison Heights, Michigan-based maker of plastic parts for automobiles, can redeem the bonds after five years.

34.   The interest is paid in Japanese yen and the bonds will be redeemed in New Zealand dollars.

35.   The risk is that as losses mount, credit card companies will redeem the bonds early, depriving investors of the returns they expected in the next few years.

36.   The slowdown in early repayments, or prepayments, means investors face less risk that their bonds will be redeemed earlier than they expected.

37.   The trouble is, these folks say, the money to redeem the bonds is being spent to run the federal government.

38.   The tax on any increase in their value is automatically deferred until the bonds are redeemed.

39.   Yield spreads between mortgage securities and Treasury notes widened as traders took declining rates as a signal that more homeowners would soon refinance, redeeming the bonds early.

40.   But revenue must be raised from taxpayers to redeem these bonds, the report said.