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Elementary question but...how do you buy it?

Steve Feinberg / Cerberus: He pitched residential mortgage backed securities (RMBS) as a compelling opportunity and labeled them 'cheap,' given the high amount of underwater loans and depressed home prices.

Read more: http://www.marketfolly.com/2011/05/ira-sohn-conference-notes...
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Fannie Mae, Freddie Mac mortgage bonds are the easy road. Ginnie Mae's are better secured and are less likely to be "compelling". I'm not sure cheap is the word to use. There may be some corporate/bank MBS floating around if you dig through all the bank bonds trading.

jack
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