John Connolly, the Texas governor who took a bullet riding with JFK back in 1963, put everything he had into bonds that had fallen to 10 cents on the dollar back in the early 1980's. The the bonds continued down to 2 cents on the dollar (or something like that) wiping Connolly out. His friends retrieved his saddle for him at auction, when everything he owned was sold off to cover his debt obligations.
Mortgage debt is now called a great buy, so pensions (your pension?) are loading up on them. Would you buy it?
Friday, March 21, 2008
Pensions To Buy Mortgages
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