Perspectives Blog

Credit alternatives in government-backed debt

Columbia Management, Investment Team | June 23, 2014

…rporation (or REFCORP), established in 1989, was created to finance the bailout of savings and loan associations during the S&L crisis of the 1980s and 1990s. S&Ls accept savings deposits and use the proceeds to offer mortgages, auto loans, and other personal loans to their members. During the crisis, nearly a third of the 3,234 S&L associations in the United States failed. REFCORP provided liquidity to S&Ls through the issuance o…

U.S. rates – Headwinds

Zach Pandl, Portfolio Manager and Strategist | March 17, 2014

…policy may not be exceptionally easy today (though we will take up that issue below). Rather, the Fed’s stance could be thought of as the mirror image of the constraints on growth from other sources: tax increases, underwater mortgages, impaired securitization markets, etc. To close the output gap, Fed policymakers need to offset these headwinds complicating their job. For economists the term “headwinds” is just a stand-in for a familiar concept:…