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But what about individual Ginnie Mae packages ($25,000 minimums). Presumably, with financing risk, you never buy at a premium (or at least hardly never). What about at a discount or par? Should these be seen as legitimate AAA bonds and evaluated accordingly (i.e., in comparision with other AAA bonds, tax consequences, commissions)?

Yes AAA or better, they are more secure then Fannie's and Freddie's which are often sited as AAA.

I guess because they are too immature to qualify for any maturity (or classified as unclassified, as to maturity, kind of like fraternity boys).

Its the continous call provision that makes them maturity funky for fund purposes. 7-10 years is the average life expetancy of most mortgages. We are in a era where I believe things are much shorter. Folks that refinanced to an ARM to capture low rates are now going to chase a new rate and a more traditional 15 or 30 year mortgage. Total cost savings after fees and appraisals????

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