1.   Any prepayments were profits to the owner of the mortgage bond.

2.   Even if Ranieri had secured a change in the law, however, investors would have stayed clear of mortgage bonds.

3.   Investors typically sell mortgage bonds as rates Decline because they fear low rates will prompt homeowners to refinance.

4.   That explains why thrifts continued to buy mortgage bonds even as they sold their loans.

5.   The home loans underpinned mortgage bonds.

6.   These loans would be transformed into mortgage bonds.

7.   They persuaded investors, such as insurance companies, to buy the new mortgage bonds.

8.   Under the reorganization plan, El Paso Electric will repay creditors using proceeds from an underwritten public offering of mortgage bonds.

9.   Among the best performers, he said, will be mortgage bonds priced at a slight premium.

10.   As more homeowners prepay the loans backing mortgage bond, investors get their money back sooner than expected and must reinvest at lower yields.