id	sid	tid	token	lemma	pos
fsr-3885	1	1	pii	pii	PROPN
fsr-3885	1	2	:	:	PUNCT
fsr-3885	1	3	s1057	s1057	NOUN
fsr-3885	1	4	-	-	PUNCT
fsr-3885	1	5	0810(99)00037	0810(99)00037	NUM
fsr-3885	1	6	-	-	PUNCT
fsr-3885	1	7	2	2	NUM
fsr-3885	1	8	hedging	hedging	NOUN
fsr-3885	1	9	individual	individual	ADJ
fsr-3885	1	10	mortgage	mortgage	NOUN
fsr-3885	1	11	risk	risk	NOUN
fsr-3885	1	12	terry	terry	PROPN
fsr-3885	1	13	l.	l.	PROPN
fsr-3885	1	14	zivneya	zivneya	PROPN
fsr-3885	1	15	,	,	PUNCT
fsr-3885	1	16	*	*	PROPN
fsr-3885	1	17	,	,	PUNCT
fsr-3885	1	18	carl	carl	PROPN
fsr-3885	1	19	f.	f.	PROPN
fsr-3885	1	20	luftb	luftb	PROPN
fsr-3885	1	21	aball	aball	PROPN
fsr-3885	1	22	state	state	PROPN
fsr-3885	1	23	university	university	PROPN
fsr-3885	1	24	,	,	PUNCT
fsr-3885	1	25	muncie	muncie	PROPN
fsr-3885	1	26	,	,	PUNCT
fsr-3885	1	27	in	in	ADP
fsr-3885	1	28	47306	47306	NUM
fsr-3885	1	29	,	,	PUNCT
fsr-3885	1	30	usa	usa	PROPN
fsr-3885	1	31	bdepaul	bdepaul	PROPN
fsr-3885	1	32	university	university	PROPN
fsr-3885	1	33	,	,	PUNCT
fsr-3885	1	34	1	1	NUM
fsr-3885	1	35	east	east	PROPN
fsr-3885	1	36	jackson	jackson	PROPN
fsr-3885	1	37	,	,	PUNCT
fsr-3885	1	38	chicago	chicago	PROPN
fsr-3885	1	39	,	,	PUNCT
fsr-3885	1	40	il	il	PROPN
fsr-3885	1	41	60604	60604	NUM
fsr-3885	1	42	,	,	PUNCT
fsr-3885	1	43	usa	usa	PROPN
fsr-3885	1	44	abstract	abstract	PROPN
fsr-3885	1	45	this	this	DET
fsr-3885	1	46	paper	paper	NOUN
fsr-3885	1	47	investigates	investigate	VERB
fsr-3885	1	48	the	the	DET
fsr-3885	1	49	feasibility	feasibility	NOUN
fsr-3885	1	50	of	of	ADP
fsr-3885	1	51	an	an	DET
fsr-3885	1	52	individual	individual	ADJ
fsr-3885	1	53	hedging	hedging	NOUN
fsr-3885	1	54	the	the	DET
fsr-3885	1	55	interest	interest	NOUN
fsr-3885	1	56	rate	rate	NOUN
fsr-3885	1	57	risk	risk	NOUN
fsr-3885	1	58	involved	involve	VERB
fsr-3885	1	59	in	in	ADP
fsr-3885	1	60	planning	plan	VERB
fsr-3885	1	61	to	to	PART
fsr-3885	1	62	take	take	VERB
fsr-3885	1	63	out	out	ADP
fsr-3885	1	64	a	a	DET
fsr-3885	1	65	mortgage	mortgage	NOUN
fsr-3885	1	66	at	at	ADP
fsr-3885	1	67	a	a	DET
fsr-3885	1	68	future	future	ADJ
fsr-3885	1	69	point	point	NOUN
fsr-3885	1	70	in	in	ADP
fsr-3885	1	71	time	time	NOUN
fsr-3885	1	72	.	.	PUNCT
fsr-3885	2	1	simulation	simulation	NOUN
fsr-3885	2	2	using	use	VERB
fsr-3885	2	3	market	market	NOUN
fsr-3885	2	4	data	datum	NOUN
fsr-3885	2	5	indicates	indicate	VERB
fsr-3885	2	6	that	that	SCONJ
fsr-3885	2	7	a	a	DET
fsr-3885	2	8	simple	simple	ADJ
fsr-3885	2	9	futures	future	NOUN
fsr-3885	2	10	hedge	hedge	NOUN
fsr-3885	2	11	reduces	reduce	VERB
fsr-3885	2	12	the	the	DET
fsr-3885	2	13	variation	variation	NOUN
fsr-3885	2	14	in	in	ADP
fsr-3885	2	15	mortgage	mortgage	NOUN
fsr-3885	2	16	capacity	capacity	NOUN
fsr-3885	2	17	by	by	ADP
fsr-3885	2	18	about	about	ADV
fsr-3885	2	19	one	one	NUM
fsr-3885	2	20	half	half	NOUN
fsr-3885	2	21	.	.	PUNCT
fsr-3885	3	1	expected	expect	VERB
fsr-3885	3	2	mortgage	mortgage	NOUN
fsr-3885	3	3	capacity	capacity	NOUN
fsr-3885	3	4	is	be	AUX
fsr-3885	3	5	very	very	ADV
fsr-3885	3	6	close	close	ADJ
fsr-3885	3	7	to	to	PART
fsr-3885	3	8	100	100	NUM
fsr-3885	3	9	%	%	NOUN
fsr-3885	3	10	of	of	ADP
fsr-3885	3	11	the	the	DET
fsr-3885	3	12	original	original	ADJ
fsr-3885	3	13	capacity	capacity	NOUN
fsr-3885	3	14	at	at	ADP
fsr-3885	3	15	a	a	DET
fsr-3885	3	16	very	very	ADV
fsr-3885	3	17	low	low	ADJ
fsr-3885	3	18	cost	cost	NOUN
fsr-3885	3	19	.	.	PUNCT
fsr-3885	4	1	hedging	hedge	VERB
fsr-3885	4	2	the	the	DET
fsr-3885	4	3	individual	individual	ADJ
fsr-3885	4	4	mortgage	mortgage	NOUN
fsr-3885	4	5	with	with	ADP
fsr-3885	4	6	a	a	DET
fsr-3885	4	7	put	put	VERB
fsr-3885	4	8	futures	future	NOUN
fsr-3885	4	9	option	option	NOUN
fsr-3885	4	10	is	be	AUX
fsr-3885	4	11	less	less	ADV
fsr-3885	4	12	effective	effective	ADJ
fsr-3885	4	13	in	in	ADP
fsr-3885	4	14	reducing	reduce	VERB
fsr-3885	4	15	downside	downside	ADJ
fsr-3885	4	16	risk	risk	NOUN
fsr-3885	4	17	and	and	CCONJ
fsr-3885	4	18	has	have	VERB
fsr-3885	4	19	a	a	DET
fsr-3885	4	20	higher	high	ADJ
fsr-3885	4	21	expected	expect	VERB
fsr-3885	4	22	cost	cost	NOUN
fsr-3885	4	23	.	.	PUNCT
fsr-3885	5	1	©	©	ADP
fsr-3885	5	2	1999	1999	NUM
fsr-3885	5	3	elsevier	elsevier	PROPN
fsr-3885	5	4	science	science	PROPN
fsr-3885	5	5	inc	inc	PROPN
fsr-3885	5	6	.	.	PUNCT
fsr-3885	6	1	all	all	DET
fsr-3885	6	2	rights	right	NOUN
fsr-3885	6	3	reserved	reserve	VERB
fsr-3885	6	4	.	.	PUNCT
fsr-3885	7	1	jel	jel	PROPN
fsr-3885	7	2	classification	classification	PROPN
fsr-3885	7	3	:	:	PUNCT
fsr-3885	7	4	g21	g21	PROPN
fsr-3885	7	5	;	;	PUNCT
fsr-3885	7	6	r21	r21	NOUN
fsr-3885	7	7	keywords	keyword	NOUN
fsr-3885	7	8	:	:	PUNCT
fsr-3885	7	9	mortgage	mortgage	NOUN
fsr-3885	7	10	;	;	PUNCT
fsr-3885	7	11	hedging	hedging	NOUN
fsr-3885	7	12	;	;	PUNCT
fsr-3885	7	13	futures	future	NOUN
fsr-3885	7	14	;	;	PUNCT
fsr-3885	7	15	housing	housing	NOUN
fsr-3885	7	16	economics	economic	NOUN
fsr-3885	7	17	1	1	NUM
fsr-3885	7	18	.	.	PUNCT
fsr-3885	7	19	introduction	introduction	NOUN
fsr-3885	7	20	one	one	NUM
fsr-3885	7	21	of	of	ADP
fsr-3885	7	22	an	an	DET
fsr-3885	7	23	individual	individual	NOUN
fsr-3885	7	24	’s	’s	PART
fsr-3885	7	25	more	more	ADV
fsr-3885	7	26	frustrating	frustrating	ADJ
fsr-3885	7	27	financial	financial	ADJ
fsr-3885	7	28	events	event	NOUN
fsr-3885	7	29	is	be	AUX
fsr-3885	7	30	watching	watch	VERB
fsr-3885	7	31	an	an	DET
fsr-3885	7	32	increase	increase	NOUN
fsr-3885	7	33	in	in	ADP
fsr-3885	7	34	mortgage	mortgage	NOUN
fsr-3885	7	35	interest	interest	NOUN
fsr-3885	7	36	rates	rate	NOUN
fsr-3885	7	37	make	make	VERB
fsr-3885	7	38	one	one	NUM
fsr-3885	7	39	’s	’s	PART
fsr-3885	7	40	dream	dream	NOUN
fsr-3885	7	41	house	house	NOUN
fsr-3885	7	42	unaffordable	unaffordable	ADJ
fsr-3885	7	43	.	.	PUNCT
fsr-3885	8	1	the	the	DET
fsr-3885	8	2	housing	housing	NOUN
fsr-3885	8	3	search	search	NOUN
fsr-3885	8	4	often	often	ADV
fsr-3885	8	5	begins	begin	VERB
fsr-3885	8	6	with	with	ADP
fsr-3885	8	7	determining	determine	VERB
fsr-3885	8	8	the	the	DET
fsr-3885	8	9	maximum	maximum	ADJ
fsr-3885	8	10	loan	loan	NOUN
fsr-3885	8	11	for	for	ADP
fsr-3885	8	12	which	which	PRON
fsr-3885	8	13	a	a	DET
fsr-3885	8	14	borrower	borrower	NOUN
fsr-3885	8	15	can	can	AUX
fsr-3885	8	16	qualify	qualify	VERB
fsr-3885	8	17	at	at	ADP
fsr-3885	8	18	the	the	DET
fsr-3885	8	19	current	current	ADJ
fsr-3885	8	20	level	level	NOUN
fsr-3885	8	21	of	of	ADP
fsr-3885	8	22	interest	interest	NOUN
fsr-3885	8	23	rates	rate	NOUN
fsr-3885	8	24	.	.	PUNCT
fsr-3885	9	1	a	a	DET
fsr-3885	9	2	1	1	NUM
fsr-3885	9	3	%	%	NOUN
fsr-3885	9	4	increase	increase	NOUN
fsr-3885	9	5	in	in	ADP
fsr-3885	9	6	rates	rate	NOUN
fsr-3885	9	7	can	can	AUX
fsr-3885	9	8	easily	easily	ADV
fsr-3885	9	9	lead	lead	VERB
fsr-3885	9	10	to	to	ADP
fsr-3885	9	11	a	a	DET
fsr-3885	9	12	shortfall	shortfall	NOUN
fsr-3885	9	13	of	of	ADP
fsr-3885	9	14	10	10	NUM
fsr-3885	9	15	%	%	NOUN
fsr-3885	9	16	toward	toward	ADP
fsr-3885	9	17	the	the	DET
fsr-3885	9	18	purchase	purchase	NOUN
fsr-3885	9	19	price	price	NOUN
fsr-3885	9	20	of	of	ADP
fsr-3885	9	21	the	the	DET
fsr-3885	9	22	house	house	NOUN
fsr-3885	9	23	.	.	PUNCT
fsr-3885	10	1	although	although	SCONJ
fsr-3885	10	2	mortgage	mortgage	NOUN
fsr-3885	10	3	lenders	lender	NOUN
fsr-3885	10	4	offer	offer	VERB
fsr-3885	10	5	a	a	DET
fsr-3885	10	6	lock	lock	NOUN
fsr-3885	10	7	-	-	PUNCT
fsr-3885	10	8	in	in	NOUN
fsr-3885	10	9	,	,	PUNCT
fsr-3885	10	10	or	or	CCONJ
fsr-3885	10	11	guarantee	guarantee	VERB
fsr-3885	10	12	,	,	PUNCT
fsr-3885	10	13	in	in	ADP
fsr-3885	10	14	rates	rate	NOUN
fsr-3885	10	15	,	,	PUNCT
fsr-3885	10	16	these	these	PRON
fsr-3885	10	17	are	be	AUX
fsr-3885	10	18	generally	generally	ADV
fsr-3885	10	19	good	good	ADJ
fsr-3885	10	20	for	for	ADP
fsr-3885	10	21	a	a	DET
fsr-3885	10	22	limited	limited	ADJ
fsr-3885	10	23	time	time	NOUN
fsr-3885	10	24	and	and	CCONJ
fsr-3885	10	25	often	often	ADV
fsr-3885	10	26	require	require	VERB
fsr-3885	10	27	that	that	SCONJ
fsr-3885	10	28	a	a	DET
fsr-3885	10	29	specific	specific	ADJ
fsr-3885	10	30	property	property	NOUN
fsr-3885	10	31	has	have	AUX
fsr-3885	10	32	been	be	AUX
fsr-3885	10	33	identified	identify	VERB
fsr-3885	10	34	.	.	PUNCT
fsr-3885	11	1	the	the	DET
fsr-3885	11	2	housing	housing	NOUN
fsr-3885	11	3	search	search	NOUN
fsr-3885	11	4	may	may	AUX
fsr-3885	11	5	easily	easily	ADV
fsr-3885	11	6	take	take	VERB
fsr-3885	11	7	longer	long	ADJ
fsr-3885	11	8	than	than	ADP
fsr-3885	11	9	the	the	DET
fsr-3885	11	10	typical	typical	ADJ
fsr-3885	11	11	30–60	30–60	PROPN
fsr-3885	11	12	day	day	NOUN
fsr-3885	11	13	lock	lock	NOUN
fsr-3885	11	14	-	-	PUNCT
fsr-3885	11	15	in	in	ADP
fsr-3885	11	16	period	period	NOUN
fsr-3885	11	17	.	.	PUNCT
fsr-3885	12	1	the	the	DET
fsr-3885	12	2	delay	delay	NOUN
fsr-3885	12	3	is	be	AUX
fsr-3885	12	4	often	often	ADV
fsr-3885	12	5	compounded	compound	VERB
fsr-3885	12	6	when	when	SCONJ
fsr-3885	12	7	the	the	DET
fsr-3885	12	8	present	present	ADJ
fsr-3885	12	9	home	home	NOUN
fsr-3885	12	10	must	must	AUX
fsr-3885	12	11	be	be	AUX
fsr-3885	12	12	sold	sell	VERB
fsr-3885	12	13	before	before	ADP
fsr-3885	12	14	purchasing	purchase	VERB
fsr-3885	12	15	a	a	DET
fsr-3885	12	16	new	new	ADJ
fsr-3885	12	17	home	home	NOUN
fsr-3885	12	18	.	.	PUNCT
fsr-3885	13	1	*	*	PUNCT
fsr-3885	13	2	corresponding	correspond	VERB
fsr-3885	13	3	author	author	NOUN
fsr-3885	13	4	.	.	PUNCT
fsr-3885	14	1	tel.:11	tel.:11	PROPN
fsr-3885	14	2	-	-	PUNCT
fsr-3885	14	3	765	765	NUM
fsr-3885	14	4	-	-	PUNCT
fsr-3885	14	5	285	285	NUM
fsr-3885	14	6	-	-	PUNCT
fsr-3885	14	7	2198	2198	NUM
fsr-3885	14	8	.	.	PUNCT
fsr-3885	15	1	e	e	X
fsr-3885	15	2	-	-	NOUN
fsr-3885	15	3	mail	mail	NOUN
fsr-3885	15	4	address:00tlzivney@bsuvc.bsu.edu	address:00tlzivney@bsuvc.bsu.edu	PROPN
fsr-3885	15	5	(	(	PUNCT
fsr-3885	15	6	t.l	t.l	PROPN
fsr-3885	15	7	.	.	PROPN
fsr-3885	15	8	zivney	zivney	PROPN
fsr-3885	15	9	)	)	PUNCT
fsr-3885	15	10	financial	financial	ADJ
fsr-3885	15	11	services	service	NOUN
fsr-3885	15	12	review	review	VERB
fsr-3885	15	13	8	8	NUM
fsr-3885	15	14	(	(	PUNCT
fsr-3885	15	15	1999	1999	NUM
fsr-3885	15	16	)	)	PUNCT
fsr-3885	15	17	101–115	101–115	NUM
fsr-3885	15	18	1057	1057	NUM
fsr-3885	15	19	-	-	SYM
fsr-3885	15	20	0810/99/$	0810/99/$	NUM
fsr-3885	15	21	–	–	PUNCT
fsr-3885	15	22	see	see	VERB
fsr-3885	15	23	front	front	ADJ
fsr-3885	15	24	matter	matter	NOUN
fsr-3885	16	1	©	©	PROPN
fsr-3885	16	2	1999	1999	NUM
fsr-3885	16	3	elsevier	elsevier	PROPN
fsr-3885	16	4	science	science	PROPN
fsr-3885	16	5	inc	inc	PROPN
fsr-3885	16	6	.	.	PUNCT
fsr-3885	17	1	all	all	DET
fsr-3885	17	2	rights	right	NOUN
fsr-3885	17	3	reserved	reserve	VERB
fsr-3885	17	4	.	.	PUNCT
fsr-3885	18	1	pii	pii	NOUN
fsr-3885	18	2	:	:	PUNCT
fsr-3885	18	3	s1057	s1057	NOUN
fsr-3885	18	4	-	-	PUNCT
fsr-3885	18	5	0810(99)00037	0810(99)00037	NUM
fsr-3885	18	6	-	-	SYM
fsr-3885	18	7	2	2	NUM
fsr-3885	18	8	homeowners	homeowner	NOUN
fsr-3885	18	9	often	often	ADV
fsr-3885	18	10	begin	begin	VERB
fsr-3885	18	11	a	a	DET
fsr-3885	18	12	serious	serious	ADJ
fsr-3885	18	13	search	search	NOUN
fsr-3885	18	14	for	for	ADP
fsr-3885	18	15	a	a	DET
fsr-3885	18	16	new	new	ADJ
fsr-3885	18	17	home	home	NOUN
fsr-3885	18	18	after	after	ADP
fsr-3885	18	19	selling	sell	VERB
fsr-3885	18	20	their	their	PRON
fsr-3885	18	21	present	present	ADJ
fsr-3885	18	22	home	home	NOUN
fsr-3885	18	23	;	;	PUNCT
fsr-3885	18	24	yet	yet	CCONJ
fsr-3885	18	25	,	,	PUNCT
fsr-3885	18	26	the	the	DET
fsr-3885	18	27	decision	decision	NOUN
fsr-3885	18	28	to	to	PART
fsr-3885	18	29	sell	sell	VERB
fsr-3885	18	30	may	may	AUX
fsr-3885	18	31	well	well	ADV
fsr-3885	18	32	have	have	AUX
fsr-3885	18	33	been	be	AUX
fsr-3885	18	34	predicated	predicate	VERB
fsr-3885	18	35	upon	upon	SCONJ
fsr-3885	18	36	expecting	expect	VERB
fsr-3885	18	37	to	to	PART
fsr-3885	18	38	be	be	AUX
fsr-3885	18	39	able	able	ADJ
fsr-3885	18	40	to	to	PART
fsr-3885	18	41	move	move	VERB
fsr-3885	18	42	up	up	ADV
fsr-3885	18	43	to	to	ADP
fsr-3885	18	44	a	a	DET
fsr-3885	18	45	particular	particular	ADJ
fsr-3885	18	46	price	price	NOUN
fsr-3885	18	47	that	that	PRON
fsr-3885	18	48	may	may	AUX
fsr-3885	18	49	be	be	AUX
fsr-3885	18	50	vulnerable	vulnerable	ADJ
fsr-3885	18	51	to	to	ADP
fsr-3885	18	52	changes	change	NOUN
fsr-3885	18	53	in	in	ADP
fsr-3885	18	54	interest	interest	NOUN
fsr-3885	18	55	rates	rate	NOUN
fsr-3885	18	56	.	.	PUNCT
fsr-3885	19	1	this	this	DET
fsr-3885	19	2	paper	paper	NOUN
fsr-3885	19	3	examines	examine	VERB
fsr-3885	19	4	the	the	DET
fsr-3885	19	5	feasibility	feasibility	NOUN
fsr-3885	19	6	of	of	ADP
fsr-3885	19	7	individuals	individual	NOUN
fsr-3885	19	8	protecting	protect	VERB
fsr-3885	19	9	themselves	themselves	PRON
fsr-3885	19	10	against	against	ADP
fsr-3885	19	11	unforeseen	unforeseen	ADJ
fsr-3885	19	12	changes	change	NOUN
fsr-3885	19	13	in	in	ADP
fsr-3885	19	14	interest	interest	NOUN
fsr-3885	19	15	rates	rate	NOUN
fsr-3885	19	16	that	that	PRON
fsr-3885	19	17	may	may	AUX
fsr-3885	19	18	lead	lead	VERB
fsr-3885	19	19	to	to	ADP
fsr-3885	19	20	the	the	DET
fsr-3885	19	21	disappointment	disappointment	NOUN
fsr-3885	19	22	of	of	ADP
fsr-3885	19	23	being	be	AUX
fsr-3885	19	24	unable	unable	ADJ
fsr-3885	19	25	to	to	PART
fsr-3885	19	26	make	make	VERB
fsr-3885	19	27	the	the	DET
fsr-3885	19	28	planned	plan	VERB
fsr-3885	19	29	purchase	purchase	NOUN
fsr-3885	19	30	of	of	ADP
fsr-3885	19	31	a	a	DET
fsr-3885	19	32	home	home	NOUN
fsr-3885	19	33	.	.	PUNCT
fsr-3885	20	1	1.1	1.1	NUM
fsr-3885	20	2	.	.	PUNCT
fsr-3885	21	1	an	an	DET
fsr-3885	21	2	illustration	illustration	NOUN
fsr-3885	21	3	of	of	ADP
fsr-3885	21	4	the	the	DET
fsr-3885	21	5	problem	problem	NOUN
fsr-3885	21	6	the	the	DET
fsr-3885	21	7	smiths	smith	NOUN
fsr-3885	21	8	have	have	AUX
fsr-3885	21	9	saved	save	VERB
fsr-3885	21	10	$	$	SYM
fsr-3885	21	11	25,000	25,000	NUM
fsr-3885	21	12	for	for	ADP
fsr-3885	21	13	a	a	DET
fsr-3885	21	14	down	down	ADJ
fsr-3885	21	15	payment	payment	NOUN
fsr-3885	21	16	on	on	ADP
fsr-3885	21	17	their	their	PRON
fsr-3885	21	18	dream	dream	NOUN
fsr-3885	21	19	home	home	NOUN
fsr-3885	21	20	.	.	PUNCT
fsr-3885	22	1	this	this	PRON
fsr-3885	22	2	will	will	AUX
fsr-3885	22	3	serve	serve	VERB
fsr-3885	22	4	as	as	ADP
fsr-3885	22	5	the	the	DET
fsr-3885	22	6	20	20	NUM
fsr-3885	22	7	%	%	NOUN
fsr-3885	22	8	down	down	ADP
fsr-3885	22	9	payment	payment	NOUN
fsr-3885	22	10	on	on	ADP
fsr-3885	22	11	a	a	DET
fsr-3885	22	12	$	$	SYM
fsr-3885	22	13	125,000	125,000	NUM
fsr-3885	22	14	home	home	NOUN
fsr-3885	22	15	,	,	PUNCT
fsr-3885	22	16	thus	thus	ADV
fsr-3885	22	17	avoiding	avoid	VERB
fsr-3885	22	18	the	the	DET
fsr-3885	22	19	extra	extra	ADJ
fsr-3885	22	20	costs	cost	NOUN
fsr-3885	22	21	of	of	ADP
fsr-3885	22	22	private	private	ADJ
fsr-3885	22	23	mortgage	mortgage	NOUN
fsr-3885	22	24	insurance	insurance	NOUN
fsr-3885	22	25	(	(	PUNCT
fsr-3885	22	26	pmi	pmi	PROPN
fsr-3885	22	27	)	)	PUNCT
fsr-3885	22	28	.	.	PUNCT
fsr-3885	23	1	at	at	ADP
fsr-3885	23	2	an	an	DET
fsr-3885	23	3	annual	annual	ADJ
fsr-3885	23	4	percentage	percentage	NOUN
fsr-3885	23	5	rate	rate	NOUN
fsr-3885	23	6	(	(	PUNCT
fsr-3885	23	7	apr	apr	NOUN
fsr-3885	23	8	)	)	PUNCT
fsr-3885	23	9	of	of	ADP
fsr-3885	23	10	8	8	NUM
fsr-3885	23	11	%	%	NOUN
fsr-3885	23	12	,	,	PUNCT
fsr-3885	23	13	the	the	DET
fsr-3885	23	14	smith	smith	PROPN
fsr-3885	23	15	’s	’s	PART
fsr-3885	23	16	monthly	monthly	ADJ
fsr-3885	23	17	mortgage	mortgage	NOUN
fsr-3885	23	18	payment	payment	NOUN
fsr-3885	23	19	on	on	ADP
fsr-3885	23	20	a	a	DET
fsr-3885	23	21	30	30	NUM
fsr-3885	23	22	-	-	PUNCT
fsr-3885	23	23	year	year	NOUN
fsr-3885	23	24	mortgage	mortgage	NOUN
fsr-3885	23	25	for	for	ADP
fsr-3885	23	26	principal	principal	NOUN
fsr-3885	23	27	and	and	CCONJ
fsr-3885	23	28	interest	interest	NOUN
fsr-3885	23	29	will	will	AUX
fsr-3885	23	30	be	be	AUX
fsr-3885	23	31	$	$	SYM
fsr-3885	23	32	733.76	733.76	NUM
fsr-3885	23	33	.	.	PUNCT
fsr-3885	24	1	based	base	VERB
fsr-3885	24	2	on	on	ADP
fsr-3885	24	3	the	the	DET
fsr-3885	24	4	smith	smith	PROPN
fsr-3885	24	5	’s	’s	PART
fsr-3885	24	6	income	income	NOUN
fsr-3885	24	7	,	,	PUNCT
fsr-3885	24	8	their	their	PRON
fsr-3885	24	9	lender	lender	NOUN
fsr-3885	24	10	will	will	AUX
fsr-3885	24	11	qualify	qualify	VERB
fsr-3885	24	12	them	they	PRON
fsr-3885	24	13	for	for	ADP
fsr-3885	24	14	this	this	DET
fsr-3885	24	15	monthly	monthly	ADJ
fsr-3885	24	16	payment	payment	NOUN
fsr-3885	24	17	,	,	PUNCT
fsr-3885	24	18	but	but	CCONJ
fsr-3885	24	19	no	no	PRON
fsr-3885	24	20	more	more	ADJ
fsr-3885	24	21	.	.	PUNCT
fsr-3885	25	1	alas	alas	INTJ
fsr-3885	25	2	,	,	PUNCT
fsr-3885	25	3	before	before	SCONJ
fsr-3885	25	4	the	the	DET
fsr-3885	25	5	smiths	smith	NOUN
fsr-3885	25	6	locate	locate	VERB
fsr-3885	25	7	a	a	DET
fsr-3885	25	8	suitable	suitable	ADJ
fsr-3885	25	9	home	home	NOUN
fsr-3885	25	10	,	,	PUNCT
fsr-3885	25	11	interest	interest	NOUN
fsr-3885	25	12	rates	rate	NOUN
fsr-3885	25	13	rise	rise	VERB
fsr-3885	25	14	to	to	ADP
fsr-3885	25	15	9	9	NUM
fsr-3885	25	16	%	%	NOUN
fsr-3885	25	17	.	.	PUNCT
fsr-3885	26	1	now	now	ADV
fsr-3885	26	2	,	,	PUNCT
fsr-3885	26	3	the	the	DET
fsr-3885	26	4	monthly	monthly	ADJ
fsr-3885	26	5	payments	payment	NOUN
fsr-3885	26	6	of	of	ADP
fsr-3885	26	7	$	$	SYM
fsr-3885	26	8	733.76	733.76	NUM
fsr-3885	26	9	will	will	AUX
fsr-3885	26	10	only	only	ADV
fsr-3885	26	11	support	support	VERB
fsr-3885	26	12	a	a	DET
fsr-3885	26	13	$	$	SYM
fsr-3885	26	14	91,193.63	91,193.63	NUM
fsr-3885	26	15	mortgage	mortgage	NOUN
fsr-3885	26	16	,	,	PUNCT
fsr-3885	26	17	leaving	leave	VERB
fsr-3885	26	18	the	the	DET
fsr-3885	26	19	smiths	smith	NOUN
fsr-3885	26	20	$	$	SYM
fsr-3885	26	21	8,806.37	8,806.37	NUM
fsr-3885	26	22	short	short	ADJ
fsr-3885	26	23	.	.	PUNCT
fsr-3885	27	1	because	because	SCONJ
fsr-3885	27	2	of	of	ADP
fsr-3885	27	3	the	the	DET
fsr-3885	27	4	smiths	smith	NOUN
fsr-3885	27	5	’	’	PART
fsr-3885	27	6	current	current	ADJ
fsr-3885	27	7	incomes	income	NOUN
fsr-3885	27	8	,	,	PUNCT
fsr-3885	27	9	they	they	PRON
fsr-3885	27	10	will	will	AUX
fsr-3885	27	11	not	not	PART
fsr-3885	27	12	qualify	qualify	VERB
fsr-3885	27	13	for	for	ADP
fsr-3885	27	14	the	the	DET
fsr-3885	27	15	$	$	SYM
fsr-3885	27	16	804.62	804.62	NUM
fsr-3885	27	17	payments	payment	NOUN
fsr-3885	27	18	now	now	ADV
fsr-3885	27	19	needed	need	VERB
fsr-3885	27	20	for	for	ADP
fsr-3885	27	21	the	the	DET
fsr-3885	27	22	$	$	SYM
fsr-3885	27	23	100,000	100,000	NUM
fsr-3885	27	24	mortgage	mortgage	NOUN
fsr-3885	27	25	.	.	PUNCT
fsr-3885	28	1	for	for	ADP
fsr-3885	28	2	many	many	ADJ
fsr-3885	28	3	home	home	NOUN
fsr-3885	28	4	buyers	buyer	NOUN
fsr-3885	28	5	the	the	DET
fsr-3885	28	6	problem	problem	NOUN
fsr-3885	28	7	is	be	AUX
fsr-3885	28	8	even	even	ADV
fsr-3885	28	9	worse	bad	ADJ
fsr-3885	28	10	.	.	PUNCT
fsr-3885	29	1	for	for	ADP
fsr-3885	29	2	example	example	NOUN
fsr-3885	29	3	,	,	PUNCT
fsr-3885	29	4	the	the	DET
fsr-3885	29	5	normal	normal	ADJ
fsr-3885	29	6	practice	practice	NOUN
fsr-3885	29	7	for	for	ADP
fsr-3885	29	8	financing	finance	VERB
fsr-3885	29	9	newly	newly	ADV
fsr-3885	29	10	constructed	construct	VERB
fsr-3885	29	11	homes	home	NOUN
fsr-3885	29	12	is	be	AUX
fsr-3885	29	13	to	to	PART
fsr-3885	29	14	obtain	obtain	VERB
fsr-3885	29	15	a	a	DET
fsr-3885	29	16	short	short	ADJ
fsr-3885	29	17	-	-	PUNCT
fsr-3885	29	18	term	term	NOUN
fsr-3885	29	19	construction	construction	NOUN
fsr-3885	29	20	loan	loan	NOUN
fsr-3885	29	21	with	with	ADP
fsr-3885	29	22	the	the	DET
fsr-3885	29	23	permanent	permanent	ADJ
fsr-3885	29	24	mortgage	mortgage	NOUN
fsr-3885	29	25	rate	rate	NOUN
fsr-3885	29	26	not	not	PART
fsr-3885	29	27	being	be	AUX
fsr-3885	29	28	determined	determine	VERB
fsr-3885	29	29	until	until	SCONJ
fsr-3885	29	30	the	the	DET
fsr-3885	29	31	house	house	NOUN
fsr-3885	29	32	receives	receive	VERB
fsr-3885	29	33	a	a	DET
fsr-3885	29	34	certificate	certificate	NOUN
fsr-3885	29	35	of	of	ADP
fsr-3885	29	36	occupancy	occupancy	NOUN
fsr-3885	29	37	,	,	PUNCT
fsr-3885	29	38	that	that	PRON
fsr-3885	29	39	can	can	AUX
fsr-3885	29	40	be	be	AUX
fsr-3885	29	41	many	many	ADJ
fsr-3885	29	42	months	month	NOUN
fsr-3885	29	43	after	after	ADP
fsr-3885	29	44	the	the	DET
fsr-3885	29	45	start	start	NOUN
fsr-3885	29	46	of	of	ADP
fsr-3885	29	47	construction	construction	NOUN
fsr-3885	29	48	.	.	PUNCT
fsr-3885	30	1	unlike	unlike	ADP
fsr-3885	30	2	the	the	DET
fsr-3885	30	3	smiths	smith	NOUN
fsr-3885	30	4	,	,	PUNCT
fsr-3885	30	5	who	who	PRON
fsr-3885	30	6	were	be	AUX
fsr-3885	30	7	deeply	deeply	ADV
fsr-3885	30	8	disappointed	disappointed	ADJ
fsr-3885	30	9	in	in	ADP
fsr-3885	30	10	being	be	AUX
fsr-3885	30	11	unable	unable	ADJ
fsr-3885	30	12	to	to	PART
fsr-3885	30	13	buy	buy	VERB
fsr-3885	30	14	their	their	PRON
fsr-3885	30	15	dream	dream	NOUN
fsr-3885	30	16	home	home	NOUN
fsr-3885	30	17	,	,	PUNCT
fsr-3885	30	18	the	the	DET
fsr-3885	30	19	jones	jone	NOUN
fsr-3885	30	20	,	,	PUNCT
fsr-3885	30	21	who	who	PRON
fsr-3885	30	22	had	have	VERB
fsr-3885	30	23	a	a	DET
fsr-3885	30	24	custom	custom	ADV
fsr-3885	30	25	-	-	PUNCT
fsr-3885	30	26	built	build	VERB
fsr-3885	30	27	home	home	NOUN
fsr-3885	30	28	constructed	construct	VERB
fsr-3885	30	29	,	,	PUNCT
fsr-3885	30	30	are	be	AUX
fsr-3885	30	31	committed	commit	VERB
fsr-3885	30	32	to	to	ADP
fsr-3885	30	33	paying	pay	VERB
fsr-3885	30	34	the	the	DET
fsr-3885	30	35	new	new	ADJ
fsr-3885	30	36	rate	rate	NOUN
fsr-3885	30	37	.	.	PUNCT
fsr-3885	31	1	1.2	1.2	NUM
fsr-3885	31	2	.	.	PUNCT
fsr-3885	32	1	a	a	DET
fsr-3885	32	2	solution	solution	NOUN
fsr-3885	32	3	both	both	CCONJ
fsr-3885	32	4	the	the	DET
fsr-3885	32	5	smiths	smith	NOUN
fsr-3885	32	6	and	and	CCONJ
fsr-3885	32	7	the	the	DET
fsr-3885	32	8	jones	jones	NOUN
fsr-3885	32	9	could	could	AUX
fsr-3885	32	10	reduce	reduce	VERB
fsr-3885	32	11	a	a	DET
fsr-3885	32	12	great	great	ADJ
fsr-3885	32	13	deal	deal	NOUN
fsr-3885	32	14	of	of	ADP
fsr-3885	32	15	the	the	DET
fsr-3885	32	16	uncertainty	uncertainty	NOUN
fsr-3885	32	17	about	about	ADP
fsr-3885	32	18	their	their	PRON
fsr-3885	32	19	financing	finance	VERB
fsr-3885	32	20	byhedgingtheir	byhedgingtheir	ADJ
fsr-3885	32	21	interest	interest	NOUN
fsr-3885	32	22	rate	rate	NOUN
fsr-3885	32	23	risk	risk	NOUN
fsr-3885	32	24	.	.	PUNCT
fsr-3885	33	1	the	the	DET
fsr-3885	33	2	organized	organize	VERB
fsr-3885	33	3	futures	future	NOUN
fsr-3885	33	4	markets	market	NOUN
fsr-3885	33	5	have	have	AUX
fsr-3885	33	6	developed	develop	VERB
fsr-3885	33	7	over	over	ADP
fsr-3885	33	8	the	the	DET
fsr-3885	33	9	years	year	NOUN
fsr-3885	33	10	precisely	precisely	ADV
fsr-3885	33	11	to	to	PART
fsr-3885	33	12	enable	enable	VERB
fsr-3885	33	13	risk	risk	NOUN
fsr-3885	33	14	to	to	PART
fsr-3885	33	15	be	be	AUX
fsr-3885	33	16	transferred	transfer	VERB
fsr-3885	33	17	from	from	ADP
fsr-3885	33	18	those	those	PRON
fsr-3885	33	19	unwilling	unwilling	ADJ
fsr-3885	33	20	to	to	PART
fsr-3885	33	21	shoulder	shoulder	VERB
fsr-3885	33	22	it	it	PRON
fsr-3885	33	23	to	to	ADP
fsr-3885	33	24	those	those	PRON
fsr-3885	33	25	willing	willing	ADJ
fsr-3885	33	26	to	to	PART
fsr-3885	33	27	bear	bear	VERB
fsr-3885	33	28	it	it	PRON
fsr-3885	33	29	.	.	PUNCT
fsr-3885	34	1	common	common	ADJ
fsr-3885	34	2	textbook	textbook	NOUN
fsr-3885	34	3	examples	example	NOUN
fsr-3885	34	4	of	of	ADP
fsr-3885	34	5	those	those	PRON
fsr-3885	34	6	benefiting	benefit	VERB
fsr-3885	34	7	from	from	ADP
fsr-3885	34	8	hedging	hedging	NOUN
fsr-3885	34	9	are	be	AUX
fsr-3885	34	10	the	the	DET
fsr-3885	34	11	farmer	farmer	NOUN
fsr-3885	34	12	who	who	PRON
fsr-3885	34	13	is	be	AUX
fsr-3885	34	14	unsure	unsure	ADJ
fsr-3885	34	15	of	of	ADP
fsr-3885	34	16	the	the	DET
fsr-3885	34	17	price	price	NOUN
fsr-3885	34	18	of	of	ADP
fsr-3885	34	19	wheat	wheat	NOUN
fsr-3885	34	20	he	he	PRON
fsr-3885	34	21	will	will	AUX
fsr-3885	34	22	receive	receive	VERB
fsr-3885	34	23	at	at	ADP
fsr-3885	34	24	harvest	harvest	NOUN
fsr-3885	34	25	and	and	CCONJ
fsr-3885	34	26	the	the	DET
fsr-3885	34	27	baker	baker	NOUN
fsr-3885	34	28	who	who	PRON
fsr-3885	34	29	is	be	AUX
fsr-3885	34	30	unsure	unsure	ADJ
fsr-3885	34	31	of	of	ADP
fsr-3885	34	32	the	the	DET
fsr-3885	34	33	price	price	NOUN
fsr-3885	34	34	she	she	PRON
fsr-3885	34	35	will	will	AUX
fsr-3885	34	36	pay	pay	VERB
fsr-3885	34	37	for	for	ADP
fsr-3885	34	38	wheat	wheat	NOUN
fsr-3885	34	39	in	in	ADP
fsr-3885	34	40	the	the	DET
fsr-3885	34	41	future	future	NOUN
fsr-3885	34	42	.	.	PUNCT
fsr-3885	35	1	the	the	DET
fsr-3885	35	2	organized	organize	VERB
fsr-3885	35	3	futures	future	NOUN
fsr-3885	35	4	exchanges	exchange	NOUN
fsr-3885	35	5	enable	enable	VERB
fsr-3885	35	6	the	the	DET
fsr-3885	35	7	farmer	farmer	NOUN
fsr-3885	35	8	and	and	CCONJ
fsr-3885	35	9	baker	baker	PROPN
fsr-3885	35	10	to	to	PART
fsr-3885	35	11	match	match	VERB
fsr-3885	35	12	these	these	DET
fsr-3885	35	13	offsetting	offset	VERB
fsr-3885	35	14	risks	risk	NOUN
fsr-3885	35	15	without	without	ADP
fsr-3885	35	16	having	have	VERB
fsr-3885	35	17	to	to	PART
fsr-3885	35	18	be	be	AUX
fsr-3885	35	19	concerned	concern	VERB
fsr-3885	35	20	with	with	ADP
fsr-3885	35	21	locating	locate	VERB
fsr-3885	35	22	a	a	DET
fsr-3885	35	23	person	person	NOUN
fsr-3885	35	24	to	to	PART
fsr-3885	35	25	take	take	VERB
fsr-3885	35	26	the	the	DET
fsr-3885	35	27	other	other	ADJ
fsr-3885	35	28	side	side	NOUN
fsr-3885	35	29	of	of	ADP
fsr-3885	35	30	the	the	DET
fsr-3885	35	31	deal	deal	NOUN
fsr-3885	35	32	.	.	PUNCT
fsr-3885	36	1	furthermore	furthermore	ADV
fsr-3885	36	2	,	,	PUNCT
fsr-3885	36	3	the	the	DET
fsr-3885	36	4	exchange	exchange	NOUN
fsr-3885	36	5	’s	’s	PART
fsr-3885	36	6	clearinghouse	clearinghouse	NOUN
fsr-3885	36	7	effectively	effectively	ADV
fsr-3885	36	8	eliminates	eliminate	VERB
fsr-3885	36	9	the	the	DET
fsr-3885	36	10	credit	credit	NOUN
fsr-3885	36	11	risk	risk	NOUN
fsr-3885	36	12	one	one	NOUN
fsr-3885	36	13	normally	normally	ADV
fsr-3885	36	14	faces	face	VERB
fsr-3885	36	15	when	when	SCONJ
fsr-3885	36	16	dealing	deal	VERB
fsr-3885	36	17	with	with	ADP
fsr-3885	36	18	individuals	individual	NOUN
fsr-3885	36	19	or	or	CCONJ
fsr-3885	36	20	corporations	corporation	NOUN
fsr-3885	36	21	.	.	PUNCT
fsr-3885	37	1	both	both	CCONJ
fsr-3885	37	2	the	the	DET
fsr-3885	37	3	farmer	farmer	NOUN
fsr-3885	37	4	and	and	CCONJ
fsr-3885	37	5	baker	baker	PROPN
fsr-3885	37	6	need	need	AUX
fsr-3885	37	7	only	only	ADV
fsr-3885	37	8	be	be	AUX
fsr-3885	37	9	concerned	concern	VERB
fsr-3885	37	10	with	with	ADP
fsr-3885	37	11	determining	determine	VERB
fsr-3885	37	12	how	how	SCONJ
fsr-3885	37	13	much	much	ADJ
fsr-3885	37	14	to	to	PART
fsr-3885	37	15	buy	buy	VERB
fsr-3885	37	16	or	or	CCONJ
fsr-3885	37	17	sell	sell	VERB
fsr-3885	37	18	and	and	CCONJ
fsr-3885	37	19	the	the	DET
fsr-3885	37	20	price	price	NOUN
fsr-3885	37	21	they	they	PRON
fsr-3885	37	22	will	will	AUX
fsr-3885	37	23	receive	receive	VERB
fsr-3885	37	24	or	or	CCONJ
fsr-3885	37	25	pay	pay	VERB
fsr-3885	37	26	.	.	PUNCT
fsr-3885	38	1	2	2	X
fsr-3885	38	2	.	.	X
fsr-3885	38	3	literature	literature	NOUN
fsr-3885	38	4	review	review	PROPN
fsr-3885	38	5	hedging	hedging	NOUN
fsr-3885	38	6	of	of	ADP
fsr-3885	38	7	mortgage	mortgage	NOUN
fsr-3885	38	8	-	-	PUNCT
fsr-3885	38	9	backed	back	VERB
fsr-3885	38	10	securities	security	NOUN
fsr-3885	38	11	has	have	AUX
fsr-3885	38	12	become	become	VERB
fsr-3885	38	13	so	so	ADV
fsr-3885	38	14	commonplace	commonplace	ADJ
fsr-3885	38	15	that	that	SCONJ
fsr-3885	38	16	fernald	fernald	NOUN
fsr-3885	38	17	,	,	PUNCT
fsr-3885	38	18	keane	keane	PROPN
fsr-3885	38	19	and	and	CCONJ
fsr-3885	38	20	mosser	mosser	PROPN
fsr-3885	38	21	(	(	PUNCT
fsr-3885	38	22	1994	1994	NUM
fsr-3885	38	23	)	)	PUNCT
fsr-3885	38	24	argue	argue	VERB
fsr-3885	38	25	that	that	SCONJ
fsr-3885	38	26	hedging	hedging	NOUN
fsr-3885	38	27	activity	activity	NOUN
fsr-3885	38	28	related	relate	VERB
fsr-3885	38	29	to	to	ADP
fsr-3885	38	30	mortgage	mortgage	NOUN
fsr-3885	38	31	securities	security	NOUN
fsr-3885	38	32	has	have	AUX
fsr-3885	38	33	affected	affect	VERB
fsr-3885	38	34	the	the	DET
fsr-3885	38	35	102	102	NUM
fsr-3885	38	36	t.l	t.l	PROPN
fsr-3885	38	37	.	.	PUNCT
fsr-3885	38	38	zivney	zivney	PROPN
fsr-3885	38	39	,	,	PUNCT
fsr-3885	38	40	c.f	c.f	PROPN
fsr-3885	38	41	.	.	PROPN
fsr-3885	38	42	luft	luft	PROPN
fsr-3885	38	43	/	/	SYM
fsr-3885	38	44	financial	financial	ADJ
fsr-3885	38	45	services	service	NOUN
fsr-3885	38	46	review	review	VERB
fsr-3885	38	47	8	8	NUM
fsr-3885	38	48	(	(	PUNCT
fsr-3885	38	49	1999	1999	NUM
fsr-3885	38	50	)	)	PUNCT
fsr-3885	39	1	101–115	101–115	NUM
fsr-3885	39	2	level	level	NOUN
fsr-3885	39	3	of	of	ADP
fsr-3885	39	4	treasury	treasury	NOUN
fsr-3885	39	5	interest	interest	NOUN
fsr-3885	39	6	rates	rate	NOUN
fsr-3885	39	7	.	.	PUNCT
fsr-3885	40	1	as	as	SCONJ
fsr-3885	40	2	would	would	AUX
fsr-3885	40	3	be	be	AUX
fsr-3885	40	4	expected	expect	VERB
fsr-3885	40	5	,	,	PUNCT
fsr-3885	40	6	a	a	DET
fsr-3885	40	7	voluminous	voluminous	ADJ
fsr-3885	40	8	literature	literature	NOUN
fsr-3885	40	9	has	have	AUX
fsr-3885	40	10	developed	develop	VERB
fsr-3885	40	11	to	to	PART
fsr-3885	40	12	analyze	analyze	VERB
fsr-3885	40	13	this	this	DET
fsr-3885	40	14	hedging	hedging	NOUN
fsr-3885	40	15	by	by	ADP
fsr-3885	40	16	financial	financial	ADJ
fsr-3885	40	17	institutions	institution	NOUN
fsr-3885	40	18	.	.	PUNCT
fsr-3885	41	1	previous	previous	ADJ
fsr-3885	41	2	studies	study	NOUN
fsr-3885	41	3	on	on	ADP
fsr-3885	41	4	hedging	hedge	VERB
fsr-3885	41	5	interest	interest	NOUN
fsr-3885	41	6	rate	rate	NOUN
fsr-3885	41	7	risk	risk	NOUN
fsr-3885	41	8	in	in	ADP
fsr-3885	41	9	mortgages	mortgage	NOUN
fsr-3885	41	10	have	have	AUX
fsr-3885	41	11	focused	focus	VERB
fsr-3885	41	12	on	on	ADP
fsr-3885	41	13	the	the	DET
fsr-3885	41	14	investor	investor	NOUN
fsr-3885	41	15	in	in	ADP
fsr-3885	41	16	mortgages	mortgage	NOUN
fsr-3885	41	17	rather	rather	ADV
fsr-3885	41	18	than	than	ADP
fsr-3885	41	19	the	the	DET
fsr-3885	41	20	individual	individual	ADJ
fsr-3885	41	21	home	home	NOUN
fsr-3885	41	22	owner	owner	NOUN
fsr-3885	41	23	.	.	PUNCT
fsr-3885	42	1	for	for	ADP
fsr-3885	42	2	example	example	NOUN
fsr-3885	42	3	,	,	PUNCT
fsr-3885	42	4	mortgages	mortgage	NOUN
fsr-3885	42	5	are	be	AUX
fsr-3885	42	6	typically	typically	ADV
fsr-3885	42	7	pooled	pool	VERB
fsr-3885	42	8	for	for	ADP
fsr-3885	42	9	resale	resale	NOUN
fsr-3885	42	10	in	in	ADP
fsr-3885	42	11	a	a	DET
fsr-3885	42	12	secondary	secondary	ADJ
fsr-3885	42	13	market	market	NOUN
fsr-3885	42	14	.	.	PUNCT
fsr-3885	43	1	investors	investor	NOUN
fsr-3885	43	2	purchase	purchase	VERB
fsr-3885	43	3	securities	security	NOUN
fsr-3885	43	4	that	that	PRON
fsr-3885	43	5	share	share	VERB
fsr-3885	43	6	in	in	ADP
fsr-3885	43	7	the	the	DET
fsr-3885	43	8	cash	cash	NOUN
fsr-3885	43	9	flow	flow	NOUN
fsr-3885	43	10	from	from	ADP
fsr-3885	43	11	these	these	DET
fsr-3885	43	12	mortgage	mortgage	NOUN
fsr-3885	43	13	pools	pool	NOUN
fsr-3885	43	14	.	.	PUNCT
fsr-3885	44	1	these	these	DET
fsr-3885	44	2	mortgage	mortgage	NOUN
fsr-3885	44	3	-	-	PUNCT
fsr-3885	44	4	backed	back	VERB
fsr-3885	44	5	securities	security	NOUN
fsr-3885	44	6	are	be	AUX
fsr-3885	44	7	subject	subject	ADJ
fsr-3885	44	8	to	to	ADP
fsr-3885	44	9	not	not	PART
fsr-3885	44	10	only	only	ADV
fsr-3885	44	11	the	the	DET
fsr-3885	44	12	pure	pure	ADJ
fsr-3885	44	13	interest	interest	NOUN
fsr-3885	44	14	-	-	PUNCT
fsr-3885	44	15	rate	rate	NOUN
fsr-3885	44	16	risk	risk	NOUN
fsr-3885	44	17	of	of	ADP
fsr-3885	44	18	treasury	treasury	NOUN
fsr-3885	44	19	bonds	bond	NOUN
fsr-3885	44	20	,	,	PUNCT
fsr-3885	44	21	but	but	CCONJ
fsr-3885	44	22	also	also	ADV
fsr-3885	44	23	the	the	DET
fsr-3885	44	24	risk	risk	NOUN
fsr-3885	44	25	of	of	ADP
fsr-3885	44	26	greatly	greatly	ADV
fsr-3885	44	27	-	-	PUNCT
fsr-3885	44	28	accelerated	accelerate	VERB
fsr-3885	44	29	prepayment	prepayment	NOUN
fsr-3885	44	30	when	when	SCONJ
fsr-3885	44	31	rates	rate	NOUN
fsr-3885	44	32	decline	decline	VERB
fsr-3885	44	33	.	.	PUNCT
fsr-3885	45	1	the	the	DET
fsr-3885	45	2	original	original	ADJ
fsr-3885	45	3	gnma	gnma	NOUN
fsr-3885	45	4	futures	future	NOUN
fsr-3885	45	5	contract	contract	NOUN
fsr-3885	45	6	failed	fail	VERB
fsr-3885	45	7	in	in	ADP
fsr-3885	45	8	1985	1985	NUM
fsr-3885	45	9	and	and	CCONJ
fsr-3885	45	10	the	the	DET
fsr-3885	45	11	cash	cash	NOUN
fsr-3885	45	12	settled	settle	VERB
fsr-3885	45	13	gnma	gnma	NOUN
fsr-3885	45	14	futures	future	NOUN
fsr-3885	45	15	contract	contract	NOUN
fsr-3885	45	16	failed	fail	VERB
fsr-3885	45	17	in	in	ADP
fsr-3885	45	18	1986	1986	NUM
fsr-3885	45	19	due	due	ADP
fsr-3885	45	20	to	to	ADP
fsr-3885	45	21	low	low	ADJ
fsr-3885	45	22	trading	trading	NOUN
fsr-3885	45	23	volume	volume	NOUN
fsr-3885	45	24	.	.	PUNCT
fsr-3885	46	1	johnston	johnston	PROPN
fsr-3885	46	2	and	and	CCONJ
fsr-3885	46	3	mcconnell	mcconnell	PROPN
fsr-3885	46	4	(	(	PUNCT
fsr-3885	46	5	1989	1989	NUM
fsr-3885	46	6	)	)	PUNCT
fsr-3885	46	7	present	present	ADJ
fsr-3885	46	8	evidence	evidence	NOUN
fsr-3885	46	9	that	that	SCONJ
fsr-3885	46	10	the	the	DET
fsr-3885	46	11	demise	demise	NOUN
fsr-3885	46	12	of	of	ADP
fsr-3885	46	13	the	the	DET
fsr-3885	46	14	gnma	gnma	NOUN
fsr-3885	46	15	futures	future	NOUN
fsr-3885	46	16	contracts	contract	NOUN
fsr-3885	46	17	was	be	AUX
fsr-3885	46	18	due	due	ADJ
fsr-3885	46	19	to	to	ADP
fsr-3885	46	20	the	the	DET
fsr-3885	46	21	poor	poor	ADJ
fsr-3885	46	22	design	design	NOUN
fsr-3885	46	23	of	of	ADP
fsr-3885	46	24	the	the	DET
fsr-3885	46	25	futures	future	NOUN
fsr-3885	46	26	contracts	contract	NOUN
fsr-3885	46	27	.	.	PUNCT
fsr-3885	47	1	the	the	DET
fsr-3885	47	2	variety	variety	NOUN
fsr-3885	47	3	of	of	ADP
fsr-3885	47	4	delivery	delivery	NOUN
fsr-3885	47	5	options	option	NOUN
fsr-3885	47	6	resulted	result	VERB
fsr-3885	47	7	in	in	ADP
fsr-3885	47	8	poor	poor	ADJ
fsr-3885	47	9	hedging	hedging	NOUN
fsr-3885	47	10	quality	quality	NOUN
fsr-3885	47	11	relative	relative	ADJ
fsr-3885	47	12	to	to	ADP
fsr-3885	47	13	using	use	VERB
fsr-3885	47	14	treasury	treasury	NOUN
fsr-3885	47	15	bonds	bond	NOUN
fsr-3885	47	16	in	in	ADP
fsr-3885	47	17	the	the	DET
fsr-3885	47	18	difficult	difficult	ADJ
fsr-3885	47	19	interest	interest	NOUN
fsr-3885	47	20	rate	rate	NOUN
fsr-3885	47	21	environment	environment	NOUN
fsr-3885	47	22	of	of	ADP
fsr-3885	47	23	the	the	DET
fsr-3885	47	24	early	early	ADJ
fsr-3885	47	25	1980s	1980s	NUM
fsr-3885	47	26	.	.	PUNCT
fsr-3885	48	1	patel	patel	NOUN
fsr-3885	48	2	(	(	PUNCT
fsr-3885	48	3	1994	1994	NUM
fsr-3885	48	4	)	)	PUNCT
fsr-3885	48	5	reports	report	VERB
fsr-3885	48	6	that	that	SCONJ
fsr-3885	48	7	a	a	DET
fsr-3885	48	8	futures	future	NOUN
fsr-3885	48	9	contract	contract	NOUN
fsr-3885	48	10	on	on	ADP
fsr-3885	48	11	mortgage	mortgage	NOUN
fsr-3885	48	12	interest	interest	NOUN
fsr-3885	48	13	rates	rate	NOUN
fsr-3885	48	14	also	also	ADV
fsr-3885	48	15	failed	fail	VERB
fsr-3885	48	16	in	in	ADP
fsr-3885	48	17	the	the	DET
fsr-3885	48	18	london	london	PROPN
fsr-3885	48	19	market	market	NOUN
fsr-3885	48	20	,	,	PUNCT
fsr-3885	48	21	apparently	apparently	ADV
fsr-3885	48	22	because	because	SCONJ
fsr-3885	48	23	of	of	ADP
fsr-3885	48	24	the	the	DET
fsr-3885	48	25	inability	inability	NOUN
fsr-3885	48	26	to	to	PART
fsr-3885	48	27	actually	actually	ADV
fsr-3885	48	28	buy	buy	VERB
fsr-3885	48	29	the	the	DET
fsr-3885	48	30	index	index	NOUN
fsr-3885	48	31	underlying	underlie	VERB
fsr-3885	48	32	the	the	DET
fsr-3885	48	33	contract	contract	NOUN
fsr-3885	48	34	.	.	PUNCT
fsr-3885	49	1	follain	follain	NOUN
fsr-3885	49	2	and	and	CCONJ
fsr-3885	49	3	park	park	NOUN
fsr-3885	49	4	(	(	PUNCT
fsr-3885	49	5	1989	1989	NUM
fsr-3885	49	6	)	)	PUNCT
fsr-3885	49	7	show	show	VERB
fsr-3885	49	8	that	that	SCONJ
fsr-3885	49	9	the	the	DET
fsr-3885	49	10	optimal	optimal	ADJ
fsr-3885	49	11	hedge	hedge	NOUN
fsr-3885	49	12	ratio	ratio	NOUN
fsr-3885	49	13	for	for	ADP
fsr-3885	49	14	a	a	DET
fsr-3885	49	15	lender	lender	NOUN
fsr-3885	49	16	using	use	VERB
fsr-3885	49	17	futures	future	NOUN
fsr-3885	49	18	contracts	contract	NOUN
fsr-3885	49	19	varies	vary	VERB
fsr-3885	49	20	with	with	ADP
fsr-3885	49	21	the	the	DET
fsr-3885	49	22	level	level	NOUN
fsr-3885	49	23	of	of	ADP
fsr-3885	49	24	interest	interest	NOUN
fsr-3885	49	25	rates	rate	NOUN
fsr-3885	49	26	.	.	PUNCT
fsr-3885	50	1	they	they	PRON
fsr-3885	50	2	use	use	VERB
fsr-3885	50	3	a	a	DET
fsr-3885	50	4	regression	regression	NOUN
fsr-3885	50	5	approach	approach	NOUN
fsr-3885	50	6	to	to	ADP
fsr-3885	50	7	estimating	estimate	VERB
fsr-3885	50	8	the	the	DET
fsr-3885	50	9	best	good	ADJ
fsr-3885	50	10	hedge	hedge	NOUN
fsr-3885	50	11	ratio	ratio	NOUN
fsr-3885	50	12	.	.	PUNCT
fsr-3885	51	1	goodman	goodman	PROPN
fsr-3885	51	2	and	and	CCONJ
fsr-3885	51	3	ho	ho	PROPN
fsr-3885	51	4	(	(	PUNCT
fsr-3885	51	5	1997	1997	NUM
fsr-3885	51	6	)	)	PUNCT
fsr-3885	51	7	also	also	ADV
fsr-3885	51	8	find	find	VERB
fsr-3885	51	9	that	that	SCONJ
fsr-3885	51	10	the	the	DET
fsr-3885	51	11	regression	regression	NOUN
fsr-3885	51	12	approach	approach	NOUN
fsr-3885	51	13	gives	give	VERB
fsr-3885	51	14	better	well	ADJ
fsr-3885	51	15	hedge	hedge	NOUN
fsr-3885	51	16	ratios	ratio	NOUN
fsr-3885	51	17	than	than	SCONJ
fsr-3885	51	18	does	do	AUX
fsr-3885	51	19	using	use	VERB
fsr-3885	51	20	option	option	NOUN
fsr-3885	51	21	-	-	PUNCT
fsr-3885	51	22	adjusted	adjust	VERB
fsr-3885	51	23	duration	duration	NOUN
fsr-3885	51	24	.	.	PUNCT
fsr-3885	52	1	breeden	breeden	PROPN
fsr-3885	52	2	(	(	PUNCT
fsr-3885	52	3	1994	1994	NUM
fsr-3885	52	4	)	)	PUNCT
fsr-3885	52	5	finds	find	VERB
fsr-3885	52	6	that	that	SCONJ
fsr-3885	52	7	hedging	hedging	NOUN
fsr-3885	52	8	using	use	VERB
fsr-3885	52	9	either	either	CCONJ
fsr-3885	52	10	short	short	ADJ
fsr-3885	52	11	-	-	PUNCT
fsr-3885	52	12	term	term	NOUN
fsr-3885	52	13	eurodollar	eurodollar	NOUN
fsr-3885	52	14	futures	future	NOUN
fsr-3885	52	15	or	or	CCONJ
fsr-3885	52	16	long	long	ADJ
fsr-3885	52	17	-	-	PUNCT
fsr-3885	52	18	term	term	NOUN
fsr-3885	52	19	treasury	treasury	NOUN
fsr-3885	52	20	bond	bond	NOUN
fsr-3885	52	21	futures	future	NOUN
fsr-3885	52	22	reduced	reduce	VERB
fsr-3885	52	23	the	the	DET
fsr-3885	52	24	volatility	volatility	NOUN
fsr-3885	52	25	of	of	ADP
fsr-3885	52	26	investing	invest	VERB
fsr-3885	52	27	in	in	ADP
fsr-3885	52	28	fnma	fnma	PROPN
fsr-3885	52	29	mortgage	mortgage	NOUN
fsr-3885	52	30	pools	pool	NOUN
fsr-3885	52	31	by	by	ADP
fsr-3885	52	32	about	about	ADV
fsr-3885	52	33	40	40	NUM
fsr-3885	52	34	%	%	NOUN
fsr-3885	52	35	during	during	ADP
fsr-3885	52	36	the	the	DET
fsr-3885	52	37	1992–1994	1992–1994	NUM
fsr-3885	52	38	period	period	NOUN
fsr-3885	52	39	.	.	PUNCT
fsr-3885	53	1	breeden	breeden	PROPN
fsr-3885	53	2	(	(	PUNCT
fsr-3885	53	3	1994	1994	NUM
fsr-3885	53	4	)	)	PUNCT
fsr-3885	53	5	notes	note	VERB
fsr-3885	53	6	that	that	SCONJ
fsr-3885	53	7	the	the	DET
fsr-3885	53	8	7	7	NUM
fsr-3885	53	9	-	-	PUNCT
fsr-3885	53	10	year	year	NOUN
fsr-3885	53	11	treasury	treasury	NOUN
fsr-3885	53	12	note	note	NOUN
fsr-3885	53	13	has	have	VERB
fsr-3885	53	14	the	the	DET
fsr-3885	53	15	highest	high	ADJ
fsr-3885	53	16	correlation	correlation	NOUN
fsr-3885	53	17	with	with	ADP
fsr-3885	53	18	mortgage	mortgage	NOUN
fsr-3885	53	19	-	-	PUNCT
fsr-3885	53	20	backed	back	VERB
fsr-3885	53	21	securities	security	NOUN
fsr-3885	53	22	.	.	PUNCT
fsr-3885	54	1	breeden	breeden	PROPN
fsr-3885	54	2	(	(	PUNCT
fsr-3885	54	3	1991	1991	NUM
fsr-3885	54	4	)	)	PUNCT
fsr-3885	54	5	shows	show	VERB
fsr-3885	54	6	that	that	SCONJ
fsr-3885	54	7	from	from	ADP
fsr-3885	54	8	a	a	DET
fsr-3885	54	9	lender	lender	NOUN
fsr-3885	54	10	’s	’s	PART
fsr-3885	54	11	perspective	perspective	NOUN
fsr-3885	54	12	,	,	PUNCT
fsr-3885	54	13	a	a	DET
fsr-3885	54	14	mortgage	mortgage	NOUN
fsr-3885	54	15	is	be	AUX
fsr-3885	54	16	equivalent	equivalent	ADJ
fsr-3885	54	17	to	to	ADP
fsr-3885	54	18	issuing	issue	VERB
fsr-3885	54	19	a	a	DET
fsr-3885	54	20	bond	bond	NOUN
fsr-3885	54	21	and	and	CCONJ
fsr-3885	54	22	buying	buy	VERB
fsr-3885	54	23	a	a	DET
fsr-3885	54	24	call	call	NOUN
fsr-3885	54	25	option	option	NOUN
fsr-3885	54	26	,	,	PUNCT
fsr-3885	54	27	or	or	CCONJ
fsr-3885	54	28	equivalently	equivalently	ADV
fsr-3885	54	29	,	,	PUNCT
fsr-3885	54	30	buying	buy	VERB
fsr-3885	54	31	a	a	DET
fsr-3885	54	32	put	put	NOUN
fsr-3885	54	33	option	option	NOUN
fsr-3885	54	34	.	.	PUNCT
fsr-3885	55	1	the	the	DET
fsr-3885	55	2	exercise	exercise	NOUN
fsr-3885	55	3	price	price	NOUN
fsr-3885	55	4	of	of	ADP
fsr-3885	55	5	these	these	DET
fsr-3885	55	6	options	option	NOUN
fsr-3885	55	7	is	be	AUX
fsr-3885	55	8	the	the	DET
fsr-3885	55	9	par	par	NOUN
fsr-3885	55	10	value	value	NOUN
fsr-3885	55	11	of	of	ADP
fsr-3885	55	12	the	the	DET
fsr-3885	55	13	bond	bond	NOUN
fsr-3885	55	14	.	.	PUNCT
fsr-3885	56	1	breeden	breeden	PROPN
fsr-3885	56	2	(	(	PUNCT
fsr-3885	56	3	1991	1991	NUM
fsr-3885	56	4	)	)	PUNCT
fsr-3885	56	5	also	also	ADV
fsr-3885	56	6	finds	find	VERB
fsr-3885	56	7	that	that	SCONJ
fsr-3885	56	8	increased	increase	VERB
fsr-3885	56	9	volatility	volatility	NOUN
fsr-3885	56	10	in	in	ADP
fsr-3885	56	11	interest	interest	NOUN
fsr-3885	56	12	rates	rate	NOUN
fsr-3885	56	13	leads	lead	VERB
fsr-3885	56	14	to	to	ADP
fsr-3885	56	15	a	a	DET
fsr-3885	56	16	greater	great	ADJ
fsr-3885	56	17	spread	spread	NOUN
fsr-3885	56	18	between	between	ADP
fsr-3885	56	19	treasury	treasury	NOUN
fsr-3885	56	20	bond	bond	NOUN
fsr-3885	56	21	rates	rate	NOUN
fsr-3885	56	22	and	and	CCONJ
fsr-3885	56	23	mortgage	mortgage	NOUN
fsr-3885	56	24	rates	rate	NOUN
fsr-3885	56	25	because	because	SCONJ
fsr-3885	56	26	the	the	DET
fsr-3885	56	27	imbedded	imbed	VERB
fsr-3885	56	28	prepayment	prepayment	NOUN
fsr-3885	56	29	option	option	NOUN
fsr-3885	56	30	becomes	become	VERB
fsr-3885	56	31	more	more	ADV
fsr-3885	56	32	valuable	valuable	ADJ
fsr-3885	56	33	.	.	PUNCT
fsr-3885	57	1	murphy	murphy	PROPN
fsr-3885	57	2	and	and	CCONJ
fsr-3885	57	3	gordon	gordon	PROPN
fsr-3885	57	4	(	(	PUNCT
fsr-3885	57	5	1990	1990	NUM
fsr-3885	57	6	)	)	PUNCT
fsr-3885	57	7	suggest	suggest	VERB
fsr-3885	57	8	that	that	SCONJ
fsr-3885	57	9	put	put	VERB
fsr-3885	57	10	options	option	NOUN
fsr-3885	57	11	on	on	ADP
fsr-3885	57	12	treasury	treasury	PROPN
fsr-3885	57	13	futures	future	NOUN
fsr-3885	57	14	may	may	AUX
fsr-3885	57	15	result	result	VERB
fsr-3885	57	16	in	in	ADP
fsr-3885	57	17	better	well	ADJ
fsr-3885	57	18	hedges	hedge	NOUN
fsr-3885	57	19	than	than	ADP
fsr-3885	57	20	hedging	hedge	VERB
fsr-3885	57	21	with	with	ADP
fsr-3885	57	22	the	the	DET
fsr-3885	57	23	futures	future	NOUN
fsr-3885	57	24	contracts	contract	VERB
fsr-3885	57	25	themselves	themselves	PRON
fsr-3885	57	26	if	if	SCONJ
fsr-3885	57	27	downside	downside	ADJ
fsr-3885	57	28	risk	risk	NOUN
fsr-3885	57	29	is	be	AUX
fsr-3885	57	30	considered	consider	VERB
fsr-3885	57	31	most	most	ADV
fsr-3885	57	32	important	important	ADJ
fsr-3885	57	33	to	to	ADP
fsr-3885	57	34	the	the	DET
fsr-3885	57	35	owner	owner	NOUN
fsr-3885	57	36	of	of	ADP
fsr-3885	57	37	a	a	DET
fsr-3885	57	38	portfolio	portfolio	NOUN
fsr-3885	57	39	of	of	ADP
fsr-3885	57	40	mortgages	mortgage	NOUN
fsr-3885	57	41	.	.	PUNCT
fsr-3885	58	1	in	in	ADP
fsr-3885	58	2	contrast	contrast	NOUN
fsr-3885	58	3	to	to	ADP
fsr-3885	58	4	the	the	DET
fsr-3885	58	5	literature	literature	NOUN
fsr-3885	58	6	discussed	discuss	VERB
fsr-3885	58	7	above	above	ADP
fsr-3885	58	8	concerning	concern	VERB
fsr-3885	58	9	hedging	hedging	NOUN
fsr-3885	58	10	of	of	ADP
fsr-3885	58	11	existing	exist	VERB
fsr-3885	58	12	mortgages	mortgage	NOUN
fsr-3885	58	13	is	be	AUX
fsr-3885	58	14	a	a	DET
fsr-3885	58	15	smaller	small	ADJ
fsr-3885	58	16	literature	literature	NOUN
fsr-3885	58	17	on	on	ADP
fsr-3885	58	18	hedging	hedge	VERB
fsr-3885	58	19	commitments	commitment	NOUN
fsr-3885	58	20	to	to	ADP
fsr-3885	58	21	future	future	ADJ
fsr-3885	58	22	loans	loan	NOUN
fsr-3885	58	23	.	.	PUNCT
fsr-3885	59	1	berkovitch	berkovitch	NOUN
fsr-3885	59	2	and	and	CCONJ
fsr-3885	59	3	greenbaum	greenbaum	PROPN
fsr-3885	59	4	(	(	PUNCT
fsr-3885	59	5	1991	1991	NUM
fsr-3885	59	6	)	)	PUNCT
fsr-3885	59	7	note	note	VERB
fsr-3885	59	8	that	that	SCONJ
fsr-3885	59	9	banks	bank	NOUN
fsr-3885	59	10	use	use	VERB
fsr-3885	59	11	loan	loan	NOUN
fsr-3885	59	12	commitments	commitment	NOUN
fsr-3885	59	13	to	to	PART
fsr-3885	59	14	act	act	VERB
fsr-3885	59	15	as	as	ADP
fsr-3885	59	16	hedging	hedging	NOUN
fsr-3885	59	17	instruments	instrument	NOUN
fsr-3885	59	18	.	.	PUNCT
fsr-3885	60	1	the	the	DET
fsr-3885	60	2	commitment	commitment	NOUN
fsr-3885	60	3	fee	fee	NOUN
fsr-3885	60	4	paid	pay	VERB
fsr-3885	60	5	by	by	ADP
fsr-3885	60	6	the	the	DET
fsr-3885	60	7	potential	potential	ADJ
fsr-3885	60	8	borrower	borrower	NOUN
fsr-3885	60	9	may	may	AUX
fsr-3885	60	10	be	be	AUX
fsr-3885	60	11	viewed	view	VERB
fsr-3885	60	12	as	as	ADP
fsr-3885	60	13	the	the	DET
fsr-3885	60	14	cost	cost	NOUN
fsr-3885	60	15	of	of	ADP
fsr-3885	60	16	option	option	NOUN
fsr-3885	60	17	to	to	PART
fsr-3885	60	18	obtain	obtain	VERB
fsr-3885	60	19	a	a	DET
fsr-3885	60	20	loan	loan	NOUN
fsr-3885	60	21	at	at	ADP
fsr-3885	60	22	a	a	DET
fsr-3885	60	23	fixed	fix	VERB
fsr-3885	60	24	rate	rate	NOUN
fsr-3885	60	25	;	;	PUNCT
fsr-3885	60	26	however	however	ADV
fsr-3885	60	27	,	,	PUNCT
fsr-3885	60	28	although	although	SCONJ
fsr-3885	60	29	option	option	NOUN
fsr-3885	60	30	pricing	pricing	NOUN
fsr-3885	60	31	models	model	NOUN
fsr-3885	60	32	assume	assume	VERB
fsr-3885	60	33	all	all	PRON
fsr-3885	60	34	-	-	PUNCT
fsr-3885	60	35	or	or	CCONJ
fsr-3885	60	36	-	-	PUNCT
fsr-3885	60	37	nothing	nothing	PRON
fsr-3885	60	38	behavior	behavior	NOUN
fsr-3885	60	39	,	,	PUNCT
fsr-3885	60	40	bank	bank	NOUN
fsr-3885	60	41	’s	’s	PART
fsr-3885	60	42	loan	loan	NOUN
fsr-3885	60	43	commitments	commitment	NOUN
fsr-3885	60	44	are	be	AUX
fsr-3885	60	45	usually	usually	ADV
fsr-3885	60	46	exercised	exercise	VERB
fsr-3885	60	47	in	in	ADP
fsr-3885	60	48	part	part	NOUN
fsr-3885	60	49	.	.	PUNCT
fsr-3885	61	1	maris	maris	PROPN
fsr-3885	61	2	and	and	CCONJ
fsr-3885	61	3	white	white	ADJ
fsr-3885	61	4	(	(	PUNCT
fsr-3885	61	5	1989	1989	NUM
fsr-3885	61	6	)	)	PUNCT
fsr-3885	61	7	use	use	VERB
fsr-3885	61	8	the	the	DET
fsr-3885	61	9	black	black	ADJ
fsr-3885	61	10	-	-	PUNCT
fsr-3885	61	11	scholes	schole	NOUN
fsr-3885	61	12	option	option	NOUN
fsr-3885	61	13	pricing	pricing	NOUN
fsr-3885	61	14	model	model	NOUN
fsr-3885	61	15	to	to	PART
fsr-3885	61	16	value	value	VERB
fsr-3885	61	17	this	this	DET
fsr-3885	61	18	loan	loan	NOUN
fsr-3885	61	19	commitment	commitment	NOUN
fsr-3885	61	20	for	for	ADP
fsr-3885	61	21	residential	residential	ADJ
fsr-3885	61	22	mortgages	mortgage	NOUN
fsr-3885	61	23	.	.	PUNCT
fsr-3885	62	1	they	they	PRON
fsr-3885	62	2	find	find	VERB
fsr-3885	62	3	that	that	SCONJ
fsr-3885	62	4	the	the	DET
fsr-3885	62	5	embedded	embed	VERB
fsr-3885	62	6	put	put	NOUN
fsr-3885	62	7	option	option	NOUN
fsr-3885	62	8	for	for	ADP
fsr-3885	62	9	a	a	DET
fsr-3885	62	10	45	45	NUM
fsr-3885	62	11	day	day	NOUN
fsr-3885	62	12	commitment	commitment	NOUN
fsr-3885	62	13	is	be	AUX
fsr-3885	62	14	worth	worth	ADJ
fsr-3885	62	15	about	about	ADV
fsr-3885	62	16	1	1	NUM
fsr-3885	62	17	%	%	NOUN
fsr-3885	62	18	of	of	ADP
fsr-3885	62	19	the	the	DET
fsr-3885	62	20	mortgage	mortgage	NOUN
fsr-3885	62	21	value	value	NOUN
fsr-3885	62	22	,	,	PUNCT
fsr-3885	62	23	that	that	PRON
fsr-3885	62	24	is	be	AUX
fsr-3885	62	25	also	also	ADV
fsr-3885	62	26	a	a	DET
fsr-3885	62	27	typical	typical	ADJ
fsr-3885	62	28	commitment	commitment	NOUN
fsr-3885	62	29	fee	fee	NOUN
fsr-3885	62	30	.	.	PUNCT
fsr-3885	63	1	kutner	kutner	PROPN
fsr-3885	63	2	and	and	CCONJ
fsr-3885	63	3	seifert	seifert	PROPN
fsr-3885	63	4	(	(	PUNCT
fsr-3885	63	5	1991	1991	NUM
fsr-3885	63	6	)	)	PUNCT
fsr-3885	63	7	use	use	VERB
fsr-3885	63	8	a	a	DET
fsr-3885	63	9	similar	similar	ADJ
fsr-3885	63	10	methodology	methodology	NOUN
fsr-3885	63	11	to	to	PART
fsr-3885	63	12	estimate	estimate	VERB
fsr-3885	63	13	the	the	DET
fsr-3885	63	14	value	value	NOUN
fsr-3885	63	15	of	of	ADP
fsr-3885	63	16	a	a	DET
fsr-3885	63	17	commitment	commitment	NOUN
fsr-3885	63	18	for	for	ADP
fsr-3885	63	19	residential	residential	ADJ
fsr-3885	63	20	mortgages	mortgage	NOUN
fsr-3885	63	21	over	over	ADP
fsr-3885	63	22	a	a	DET
fsr-3885	63	23	range	range	NOUN
fsr-3885	63	24	of	of	ADP
fsr-3885	63	25	interest	interest	NOUN
fsr-3885	63	26	rate	rate	NOUN
fsr-3885	63	27	levels	level	NOUN
fsr-3885	63	28	and	and	CCONJ
fsr-3885	63	29	volatilities	volatility	NOUN
fsr-3885	63	30	.	.	PUNCT
fsr-3885	64	1	they	they	PRON
fsr-3885	64	2	find	find	VERB
fsr-3885	64	3	that	that	SCONJ
fsr-3885	64	4	1–3	1–3	NUM
fsr-3885	64	5	%	%	NOUN
fsr-3885	64	6	of	of	ADP
fsr-3885	64	7	the	the	DET
fsr-3885	64	8	mortgage	mortgage	NOUN
fsr-3885	64	9	value	value	NOUN
fsr-3885	64	10	is	be	AUX
fsr-3885	64	11	the	the	DET
fsr-3885	64	12	fair	fair	ADJ
fsr-3885	64	13	price	price	NOUN
fsr-3885	64	14	for	for	ADP
fsr-3885	64	15	a	a	DET
fsr-3885	64	16	30–45	30–45	NUM
fsr-3885	64	17	day	day	NOUN
fsr-3885	64	18	rate	rate	NOUN
fsr-3885	64	19	commitment	commitment	NOUN
fsr-3885	64	20	using	use	VERB
fsr-3885	64	21	parameters	parameter	NOUN
fsr-3885	64	22	from	from	ADP
fsr-3885	64	23	the	the	DET
fsr-3885	64	24	1985–1987	1985–1987	NUM
fsr-3885	64	25	time	time	NOUN
fsr-3885	64	26	period	period	NOUN
fsr-3885	64	27	.	.	PUNCT
fsr-3885	65	1	hochstein	hochstein	PROPN
fsr-3885	65	2	(	(	PUNCT
fsr-3885	65	3	1998	1998	NUM
fsr-3885	65	4	)	)	PUNCT
fsr-3885	65	5	quotes	quote	VERB
fsr-3885	65	6	practitioners	practitioner	NOUN
fsr-3885	65	7	who	who	PRON
fsr-3885	65	8	note	note	VERB
fsr-3885	65	9	that	that	SCONJ
fsr-3885	65	10	lenders	lender	NOUN
fsr-3885	65	11	view	view	VERB
fsr-3885	65	12	hedging	hedge	VERB
fsr-3885	65	13	the	the	DET
fsr-3885	65	14	mortgage	mortgage	NOUN
fsr-3885	65	15	pipeline	pipeline	NOUN
fsr-3885	65	16	(	(	PUNCT
fsr-3885	65	17	the	the	DET
fsr-3885	65	18	time	time	NOUN
fsr-3885	65	19	during	during	ADP
fsr-3885	65	20	which	which	PRON
fsr-3885	65	21	the	the	DET
fsr-3885	65	22	rate	rate	NOUN
fsr-3885	65	23	commitment	commitment	NOUN
fsr-3885	65	24	is	be	AUX
fsr-3885	65	25	made	make	VERB
fsr-3885	65	26	)	)	PUNCT
fsr-3885	65	27	as	as	ADP
fsr-3885	65	28	prohibitively	prohibitively	ADV
fsr-3885	65	29	expensive	expensive	ADJ
fsr-3885	65	30	103t.l	103t.l	NUM
fsr-3885	65	31	.	.	PUNCT
fsr-3885	66	1	zivney	zivney	PROPN
fsr-3885	66	2	,	,	PUNCT
fsr-3885	66	3	c.f	c.f	PROPN
fsr-3885	66	4	.	.	PROPN
fsr-3885	66	5	luft	luft	PROPN
fsr-3885	66	6	/	/	SYM
fsr-3885	66	7	financial	financial	ADJ
fsr-3885	66	8	services	service	NOUN
fsr-3885	66	9	review	review	VERB
fsr-3885	66	10	8	8	NUM
fsr-3885	66	11	(	(	PUNCT
fsr-3885	66	12	1999	1999	NUM
fsr-3885	66	13	)	)	PUNCT
fsr-3885	66	14	101–115	101–115	NUM
fsr-3885	66	15	compared	compare	VERB
fsr-3885	66	16	with	with	ADP
fsr-3885	66	17	the	the	DET
fsr-3885	66	18	expected	expect	VERB
fsr-3885	66	19	benefit	benefit	NOUN
fsr-3885	66	20	due	due	ADP
fsr-3885	66	21	to	to	ADP
fsr-3885	66	22	the	the	DET
fsr-3885	66	23	short	short	ADJ
fsr-3885	66	24	hedge	hedge	NOUN
fsr-3885	66	25	times	time	NOUN
fsr-3885	66	26	and	and	CCONJ
fsr-3885	66	27	generally	generally	ADV
fsr-3885	66	28	low	low	ADJ
fsr-3885	66	29	volatility	volatility	NOUN
fsr-3885	66	30	.	.	PUNCT
fsr-3885	67	1	cross	cross	NOUN
fsr-3885	67	2	(	(	PUNCT
fsr-3885	67	3	1998	1998	NUM
fsr-3885	67	4	)	)	PUNCT
fsr-3885	67	5	suggests	suggest	VERB
fsr-3885	67	6	that	that	SCONJ
fsr-3885	67	7	lenders	lender	NOUN
fsr-3885	67	8	can	can	AUX
fsr-3885	67	9	effectively	effectively	ADV
fsr-3885	67	10	manage	manage	VERB
fsr-3885	67	11	pipeline	pipeline	NOUN
fsr-3885	67	12	risk	risk	NOUN
fsr-3885	67	13	by	by	ADP
fsr-3885	67	14	cutting	cut	VERB
fsr-3885	67	15	the	the	DET
fsr-3885	67	16	time	time	NOUN
fsr-3885	67	17	between	between	ADP
fsr-3885	67	18	rate	rate	NOUN
fsr-3885	67	19	lock	lock	NOUN
fsr-3885	67	20	and	and	CCONJ
fsr-3885	67	21	closing	close	VERB
fsr-3885	67	22	the	the	DET
fsr-3885	67	23	loan	loan	NOUN
fsr-3885	67	24	.	.	PUNCT
fsr-3885	68	1	in	in	ADP
fsr-3885	68	2	contrast	contrast	NOUN
fsr-3885	68	3	to	to	ADP
fsr-3885	68	4	the	the	DET
fsr-3885	68	5	extensive	extensive	ADJ
fsr-3885	68	6	literature	literature	NOUN
fsr-3885	68	7	on	on	ADP
fsr-3885	68	8	institutional	institutional	ADJ
fsr-3885	68	9	hedging	hedging	NOUN
fsr-3885	68	10	of	of	ADP
fsr-3885	68	11	mortgage	mortgage	NOUN
fsr-3885	68	12	risks	risk	NOUN
fsr-3885	68	13	,	,	PUNCT
fsr-3885	68	14	almost	almost	ADV
fsr-3885	68	15	nothing	nothing	PRON
fsr-3885	68	16	has	have	AUX
fsr-3885	68	17	been	be	AUX
fsr-3885	68	18	written	write	VERB
fsr-3885	68	19	about	about	ADP
fsr-3885	68	20	the	the	DET
fsr-3885	68	21	interest	interest	NOUN
fsr-3885	68	22	rate	rate	NOUN
fsr-3885	68	23	risk	risk	NOUN
fsr-3885	68	24	facing	face	VERB
fsr-3885	68	25	an	an	DET
fsr-3885	68	26	individual	individual	NOUN
fsr-3885	68	27	wanting	want	VERB
fsr-3885	68	28	to	to	PART
fsr-3885	68	29	take	take	VERB
fsr-3885	68	30	out	out	ADP
fsr-3885	68	31	a	a	DET
fsr-3885	68	32	mortgage	mortgage	NOUN
fsr-3885	68	33	at	at	ADP
fsr-3885	68	34	a	a	DET
fsr-3885	68	35	future	future	ADJ
fsr-3885	68	36	date	date	NOUN
fsr-3885	68	37	.	.	PUNCT
fsr-3885	69	1	the	the	DET
fsr-3885	69	2	most	most	ADV
fsr-3885	69	3	relevant	relevant	ADJ
fsr-3885	69	4	paper	paper	NOUN
fsr-3885	69	5	is	be	AUX
fsr-3885	69	6	by	by	ADP
fsr-3885	69	7	sharp	sharp	ADJ
fsr-3885	69	8	(	(	PUNCT
fsr-3885	69	9	1989	1989	NUM
fsr-3885	69	10	)	)	PUNCT
fsr-3885	69	11	who	who	PRON
fsr-3885	69	12	uses	use	VERB
fsr-3885	69	13	an	an	DET
fsr-3885	69	14	option	option	NOUN
fsr-3885	69	15	pricing	pricing	NOUN
fsr-3885	69	16	model	model	NOUN
fsr-3885	69	17	to	to	PART
fsr-3885	69	18	value	value	VERB
fsr-3885	69	19	the	the	DET
fsr-3885	69	20	insurance	insurance	NOUN
fsr-3885	69	21	premium	premium	NOUN
fsr-3885	69	22	(	(	PUNCT
fsr-3885	69	23	put	put	NOUN
fsr-3885	69	24	option	option	NOUN
fsr-3885	69	25	)	)	PUNCT
fsr-3885	69	26	charged	charge	VERB
fsr-3885	69	27	in	in	ADP
fsr-3885	69	28	canada	canada	PROPN
fsr-3885	69	29	to	to	PART
fsr-3885	69	30	partially	partially	ADV
fsr-3885	69	31	protect	protect	VERB
fsr-3885	69	32	homeowners	homeowner	NOUN
fsr-3885	69	33	against	against	ADP
fsr-3885	69	34	mortgage	mortgage	NOUN
fsr-3885	69	35	rate	rate	NOUN
fsr-3885	69	36	increases	increase	NOUN
fsr-3885	69	37	on	on	ADP
fsr-3885	69	38	their	their	PRON
fsr-3885	69	39	variable	variable	ADJ
fsr-3885	69	40	rate	rate	NOUN
fsr-3885	69	41	mortgages	mortgage	NOUN
fsr-3885	69	42	.	.	PUNCT
fsr-3885	70	1	he	he	PRON
fsr-3885	70	2	notes	note	VERB
fsr-3885	70	3	that	that	SCONJ
fsr-3885	70	4	the	the	DET
fsr-3885	70	5	price	price	NOUN
fsr-3885	70	6	of	of	ADP
fsr-3885	70	7	the	the	DET
fsr-3885	70	8	option	option	NOUN
fsr-3885	70	9	is	be	AUX
fsr-3885	70	10	so	so	ADV
fsr-3885	70	11	high	high	ADJ
fsr-3885	70	12	that	that	SCONJ
fsr-3885	70	13	the	the	DET
fsr-3885	70	14	insurance	insurance	NOUN
fsr-3885	70	15	is	be	AUX
fsr-3885	70	16	rarely	rarely	ADV
fsr-3885	70	17	purchased	purchase	VERB
fsr-3885	70	18	.	.	PUNCT
fsr-3885	71	1	one	one	NUM
fsr-3885	71	2	other	other	ADJ
fsr-3885	71	3	way	way	NOUN
fsr-3885	71	4	an	an	DET
fsr-3885	71	5	individual	individual	NOUN
fsr-3885	71	6	can	can	AUX
fsr-3885	71	7	deal	deal	VERB
fsr-3885	71	8	with	with	ADP
fsr-3885	71	9	interest	interest	NOUN
fsr-3885	71	10	rate	rate	NOUN
fsr-3885	71	11	risk	risk	NOUN
fsr-3885	71	12	is	be	AUX
fsr-3885	71	13	to	to	PART
fsr-3885	71	14	use	use	VERB
fsr-3885	71	15	an	an	DET
fsr-3885	71	16	adjustable	adjustable	ADJ
fsr-3885	71	17	rate	rate	NOUN
fsr-3885	71	18	mortgage	mortgage	NOUN
fsr-3885	71	19	(	(	PUNCT
fsr-3885	71	20	arm	arm	NOUN
fsr-3885	71	21	)	)	PUNCT
fsr-3885	71	22	.	.	PUNCT
fsr-3885	72	1	templeton	templeton	PROPN
fsr-3885	72	2	,	,	PUNCT
fsr-3885	72	3	main	main	ADJ
fsr-3885	72	4	and	and	CCONJ
fsr-3885	72	5	orris	orris	NOUN
fsr-3885	72	6	(	(	PUNCT
fsr-3885	72	7	1996	1996	NUM
fsr-3885	72	8	)	)	PUNCT
fsr-3885	72	9	and	and	CCONJ
fsr-3885	72	10	chiang	chiang	PROPN
fsr-3885	72	11	,	,	PUNCT
fsr-3885	72	12	gosnell	gosnell	PROPN
fsr-3885	72	13	and	and	CCONJ
fsr-3885	72	14	heuson	heuson	PROPN
fsr-3885	72	15	(	(	PUNCT
fsr-3885	72	16	1997	1997	NUM
fsr-3885	72	17	)	)	PUNCT
fsr-3885	72	18	both	both	PRON
fsr-3885	72	19	use	use	VERB
fsr-3885	72	20	simulations	simulation	NOUN
fsr-3885	72	21	to	to	PART
fsr-3885	72	22	assess	assess	VERB
fsr-3885	72	23	the	the	DET
fsr-3885	72	24	risks	risk	NOUN
fsr-3885	72	25	faced	face	VERB
fsr-3885	72	26	by	by	ADP
fsr-3885	72	27	individuals	individual	NOUN
fsr-3885	72	28	taking	take	VERB
fsr-3885	72	29	out	out	ADP
fsr-3885	72	30	arms	arm	NOUN
fsr-3885	72	31	.	.	PUNCT
fsr-3885	73	1	using	use	VERB
fsr-3885	73	2	an	an	DET
fsr-3885	73	3	arm	arm	NOUN
fsr-3885	73	4	substitutes	substitute	VERB
fsr-3885	73	5	uncertainty	uncertainty	NOUN
fsr-3885	73	6	about	about	ADP
fsr-3885	73	7	interest	interest	NOUN
fsr-3885	73	8	rates	rate	NOUN
fsr-3885	73	9	in	in	ADP
fsr-3885	73	10	the	the	DET
fsr-3885	73	11	distant	distant	ADJ
fsr-3885	73	12	future	future	NOUN
fsr-3885	73	13	for	for	ADP
fsr-3885	73	14	uncertainty	uncertainty	NOUN
fsr-3885	73	15	about	about	ADP
fsr-3885	73	16	interest	interest	NOUN
fsr-3885	73	17	rates	rate	NOUN
fsr-3885	73	18	in	in	ADP
fsr-3885	73	19	the	the	DET
fsr-3885	73	20	near	near	ADJ
fsr-3885	73	21	future	future	NOUN
fsr-3885	73	22	for	for	SCONJ
fsr-3885	73	23	the	the	DET
fsr-3885	73	24	borrower	borrower	NOUN
fsr-3885	73	25	expecting	expect	VERB
fsr-3885	73	26	to	to	PART
fsr-3885	73	27	get	get	VERB
fsr-3885	73	28	a	a	DET
fsr-3885	73	29	fixed	fix	VERB
fsr-3885	73	30	rate	rate	NOUN
fsr-3885	73	31	mortgage	mortgage	NOUN
fsr-3885	73	32	.	.	PUNCT
fsr-3885	74	1	this	this	DET
fsr-3885	74	2	paper	paper	NOUN
fsr-3885	74	3	does	do	AUX
fsr-3885	74	4	not	not	PART
fsr-3885	74	5	explore	explore	VERB
fsr-3885	74	6	the	the	DET
fsr-3885	74	7	use	use	NOUN
fsr-3885	74	8	of	of	ADP
fsr-3885	74	9	arms	arm	NOUN
fsr-3885	74	10	.	.	PUNCT
fsr-3885	75	1	3	3	X
fsr-3885	75	2	.	.	X
fsr-3885	75	3	methodology	methodology	NOUN
fsr-3885	75	4	and	and	CCONJ
fsr-3885	75	5	data	datum	NOUN
fsr-3885	75	6	3.1	3.1	NUM
fsr-3885	75	7	.	.	PUNCT
fsr-3885	76	1	hedging	hedge	VERB
fsr-3885	76	2	with	with	ADP
fsr-3885	76	3	futures	future	NOUN
fsr-3885	76	4	contracts	contract	NOUN
fsr-3885	76	5	a	a	DET
fsr-3885	76	6	futurescontract	futurescontract	NOUN
fsr-3885	76	7	is	be	AUX
fsr-3885	76	8	often	often	ADV
fsr-3885	76	9	viewed	view	VERB
fsr-3885	76	10	as	as	ADP
fsr-3885	76	11	a	a	DET
fsr-3885	76	12	standardizedforward	standardizedforward	ADJ
fsr-3885	76	13	contract	contract	NOUN
fsr-3885	76	14	.	.	PUNCT
fsr-3885	77	1	a	a	DET
fsr-3885	77	2	forward	forward	ADJ
fsr-3885	77	3	contract	contract	NOUN
fsr-3885	77	4	is	be	AUX
fsr-3885	77	5	a	a	DET
fsr-3885	77	6	contract	contract	NOUN
fsr-3885	77	7	to	to	PART
fsr-3885	77	8	deliver	deliver	VERB
fsr-3885	77	9	something	something	PRON
fsr-3885	77	10	at	at	ADP
fsr-3885	77	11	a	a	DET
fsr-3885	77	12	later	later	ADJ
fsr-3885	77	13	date	date	NOUN
fsr-3885	77	14	where	where	SCONJ
fsr-3885	77	15	the	the	DET
fsr-3885	77	16	delivery	delivery	NOUN
fsr-3885	77	17	price	price	NOUN
fsr-3885	77	18	is	be	AUX
fsr-3885	77	19	fixed	fix	VERB
fsr-3885	77	20	as	as	ADP
fsr-3885	77	21	of	of	ADP
fsr-3885	77	22	the	the	DET
fsr-3885	77	23	date	date	NOUN
fsr-3885	77	24	of	of	ADP
fsr-3885	77	25	the	the	DET
fsr-3885	77	26	contract	contract	NOUN
fsr-3885	77	27	.	.	PUNCT
fsr-3885	78	1	thus	thus	ADV
fsr-3885	78	2	,	,	PUNCT
fsr-3885	78	3	a	a	DET
fsr-3885	78	4	loan	loan	NOUN
fsr-3885	78	5	commitment	commitment	NOUN
fsr-3885	78	6	can	can	AUX
fsr-3885	78	7	be	be	AUX
fsr-3885	78	8	viewed	view	VERB
fsr-3885	78	9	as	as	ADP
fsr-3885	78	10	a	a	DET
fsr-3885	78	11	forward	forward	ADJ
fsr-3885	78	12	contract	contract	NOUN
fsr-3885	78	13	.	.	PUNCT
fsr-3885	79	1	in	in	ADP
fsr-3885	79	2	practice	practice	NOUN
fsr-3885	79	3	,	,	PUNCT
fsr-3885	79	4	the	the	DET
fsr-3885	79	5	borrower	borrower	NOUN
fsr-3885	79	6	under	under	ADP
fsr-3885	79	7	the	the	DET
fsr-3885	79	8	loan	loan	NOUN
fsr-3885	79	9	commitment	commitment	NOUN
fsr-3885	79	10	is	be	AUX
fsr-3885	79	11	not	not	PART
fsr-3885	79	12	obligated	obligate	VERB
fsr-3885	79	13	to	to	PART
fsr-3885	79	14	take	take	VERB
fsr-3885	79	15	the	the	DET
fsr-3885	79	16	funds	fund	NOUN
fsr-3885	79	17	,	,	PUNCT
fsr-3885	79	18	whereas	whereas	SCONJ
fsr-3885	79	19	the	the	DET
fsr-3885	79	20	lender	lender	NOUN
fsr-3885	79	21	also	also	ADV
fsr-3885	79	22	often	often	ADV
fsr-3885	79	23	has	have	VERB
fsr-3885	79	24	some	some	DET
fsr-3885	79	25	freedom	freedom	NOUN
fsr-3885	79	26	to	to	PART
fsr-3885	79	27	not	not	PART
fsr-3885	79	28	deliver	deliver	VERB
fsr-3885	79	29	funds	fund	NOUN
fsr-3885	79	30	.	.	PUNCT
fsr-3885	80	1	viewing	view	VERB
fsr-3885	80	2	the	the	DET
fsr-3885	80	3	commitment	commitment	NOUN
fsr-3885	80	4	,	,	PUNCT
fsr-3885	80	5	however	however	ADV
fsr-3885	80	6	,	,	PUNCT
fsr-3885	80	7	as	as	ADP
fsr-3885	80	8	a	a	DET
fsr-3885	80	9	forward	forward	ADJ
fsr-3885	80	10	contract	contract	NOUN
fsr-3885	80	11	aids	aid	NOUN
fsr-3885	80	12	in	in	ADP
fsr-3885	80	13	visualizing	visualize	VERB
fsr-3885	80	14	how	how	SCONJ
fsr-3885	80	15	futures	future	NOUN
fsr-3885	80	16	contracts	contract	NOUN
fsr-3885	80	17	and	and	CCONJ
fsr-3885	80	18	options	option	NOUN
fsr-3885	80	19	contracts	contract	NOUN
fsr-3885	80	20	may	may	AUX
fsr-3885	80	21	be	be	AUX
fsr-3885	80	22	used	use	VERB
fsr-3885	80	23	in	in	ADP
fsr-3885	80	24	the	the	DET
fsr-3885	80	25	mortgage	mortgage	NOUN
fsr-3885	80	26	origination	origination	NOUN
fsr-3885	80	27	process	process	NOUN
fsr-3885	80	28	.	.	PUNCT
fsr-3885	81	1	the	the	DET
fsr-3885	81	2	good	good	NOUN
fsr-3885	81	3	to	to	PART
fsr-3885	81	4	be	be	AUX
fsr-3885	81	5	delivered	deliver	VERB
fsr-3885	81	6	is	be	AUX
fsr-3885	81	7	the	the	DET
fsr-3885	81	8	loan	loan	NOUN
fsr-3885	81	9	and	and	CCONJ
fsr-3885	81	10	the	the	DET
fsr-3885	81	11	price	price	NOUN
fsr-3885	81	12	is	be	AUX
fsr-3885	81	13	the	the	DET
fsr-3885	81	14	guaranteed	guarantee	VERB
fsr-3885	81	15	interest	interest	NOUN
fsr-3885	81	16	rate	rate	NOUN
fsr-3885	81	17	.	.	PUNCT
fsr-3885	82	1	both	both	CCONJ
fsr-3885	82	2	the	the	DET
fsr-3885	82	3	lender	lender	NOUN
fsr-3885	82	4	and	and	CCONJ
fsr-3885	82	5	borrower	borrower	NOUN
fsr-3885	82	6	face	face	VERB
fsr-3885	82	7	the	the	DET
fsr-3885	82	8	uncertainty	uncertainty	NOUN
fsr-3885	82	9	of	of	ADP
fsr-3885	82	10	changing	change	VERB
fsr-3885	82	11	interest	interest	NOUN
fsr-3885	82	12	rates	rate	NOUN
fsr-3885	82	13	.	.	PUNCT
fsr-3885	83	1	the	the	DET
fsr-3885	83	2	lender	lender	NOUN
fsr-3885	83	3	’s	’s	PART
fsr-3885	83	4	risk	risk	NOUN
fsr-3885	83	5	is	be	AUX
fsr-3885	83	6	that	that	SCONJ
fsr-3885	83	7	rates	rate	NOUN
fsr-3885	83	8	will	will	AUX
fsr-3885	83	9	fall	fall	VERB
fsr-3885	83	10	and	and	CCONJ
fsr-3885	83	11	less	less	ADJ
fsr-3885	83	12	income	income	NOUN
fsr-3885	83	13	will	will	AUX
fsr-3885	83	14	be	be	AUX
fsr-3885	83	15	generated	generate	VERB
fsr-3885	83	16	by	by	ADP
fsr-3885	83	17	the	the	DET
fsr-3885	83	18	loan	loan	NOUN
fsr-3885	83	19	than	than	SCONJ
fsr-3885	83	20	expected	expect	VERB
fsr-3885	83	21	,	,	PUNCT
fsr-3885	83	22	whereas	whereas	SCONJ
fsr-3885	83	23	the	the	DET
fsr-3885	83	24	borrower	borrower	NOUN
fsr-3885	83	25	must	must	AUX
fsr-3885	83	26	deal	deal	VERB
fsr-3885	83	27	with	with	ADP
fsr-3885	83	28	the	the	DET
fsr-3885	83	29	risk	risk	NOUN
fsr-3885	83	30	of	of	ADP
fsr-3885	83	31	rising	rise	VERB
fsr-3885	83	32	rates	rate	NOUN
fsr-3885	83	33	and	and	CCONJ
fsr-3885	83	34	the	the	DET
fsr-3885	83	35	prospect	prospect	NOUN
fsr-3885	83	36	of	of	ADP
fsr-3885	83	37	paying	pay	VERB
fsr-3885	83	38	more	more	ADJ
fsr-3885	83	39	interest	interest	NOUN
fsr-3885	83	40	than	than	SCONJ
fsr-3885	83	41	anticipated	anticipate	VERB
fsr-3885	83	42	.	.	PUNCT
fsr-3885	84	1	both	both	DET
fsr-3885	84	2	parties	party	NOUN
fsr-3885	84	3	can	can	AUX
fsr-3885	84	4	minimize	minimize	VERB
fsr-3885	84	5	the	the	DET
fsr-3885	84	6	effects	effect	NOUN
fsr-3885	84	7	of	of	ADP
fsr-3885	84	8	changing	change	VERB
fsr-3885	84	9	interest	interest	NOUN
fsr-3885	84	10	rates	rate	NOUN
fsr-3885	84	11	via	via	ADP
fsr-3885	84	12	the	the	DET
fsr-3885	84	13	futures	future	NOUN
fsr-3885	84	14	market	market	NOUN
fsr-3885	84	15	.	.	PUNCT
fsr-3885	85	1	the	the	DET
fsr-3885	85	2	lender	lender	NOUN
fsr-3885	85	3	can	can	AUX
fsr-3885	85	4	establish	establish	VERB
fsr-3885	85	5	a	a	DET
fsr-3885	85	6	long	long	ADJ
fsr-3885	85	7	position	position	NOUN
fsr-3885	85	8	that	that	PRON
fsr-3885	85	9	will	will	AUX
fsr-3885	85	10	rise	rise	VERB
fsr-3885	85	11	in	in	ADP
fsr-3885	85	12	value	value	NOUN
fsr-3885	85	13	as	as	SCONJ
fsr-3885	85	14	rates	rate	NOUN
fsr-3885	85	15	decline	decline	VERB
fsr-3885	85	16	by	by	ADP
fsr-3885	85	17	purchasing	purchase	VERB
fsr-3885	85	18	interest	interest	NOUN
fsr-3885	85	19	rate	rate	NOUN
fsr-3885	85	20	futures	future	NOUN
fsr-3885	85	21	contracts	contract	NOUN
fsr-3885	85	22	.	.	PUNCT
fsr-3885	86	1	conversely	conversely	ADV
fsr-3885	86	2	,	,	PUNCT
fsr-3885	86	3	the	the	DET
fsr-3885	86	4	borrower	borrower	NOUN
fsr-3885	86	5	can	can	AUX
fsr-3885	86	6	create	create	VERB
fsr-3885	86	7	a	a	DET
fsr-3885	86	8	short	short	ADJ
fsr-3885	86	9	position	position	NOUN
fsr-3885	86	10	by	by	ADP
fsr-3885	86	11	selling	sell	VERB
fsr-3885	86	12	interest	interest	NOUN
fsr-3885	86	13	rate	rate	NOUN
fsr-3885	86	14	futures	future	NOUN
fsr-3885	86	15	contracts	contract	NOUN
fsr-3885	86	16	that	that	PRON
fsr-3885	86	17	will	will	AUX
fsr-3885	86	18	increase	increase	VERB
fsr-3885	86	19	in	in	ADP
fsr-3885	86	20	value	value	NOUN
fsr-3885	86	21	as	as	SCONJ
fsr-3885	86	22	rates	rate	NOUN
fsr-3885	86	23	rise	rise	VERB
fsr-3885	86	24	.	.	PUNCT
fsr-3885	87	1	futures	future	NOUN
fsr-3885	87	2	contracts	contract	NOUN
fsr-3885	87	3	have	have	VERB
fsr-3885	87	4	several	several	ADJ
fsr-3885	87	5	advantages	advantage	NOUN
fsr-3885	87	6	over	over	ADP
fsr-3885	87	7	forward	forward	ADJ
fsr-3885	87	8	contracts	contract	NOUN
fsr-3885	87	9	because	because	SCONJ
fsr-3885	87	10	of	of	ADP
fsr-3885	87	11	the	the	DET
fsr-3885	87	12	existence	existence	NOUN
fsr-3885	87	13	of	of	ADP
fsr-3885	87	14	the	the	DET
fsr-3885	87	15	clearinghouse	clearinghouse	NOUN
fsr-3885	87	16	.	.	PUNCT
fsr-3885	88	1	the	the	DET
fsr-3885	88	2	two	two	NUM
fsr-3885	88	3	parties	party	NOUN
fsr-3885	88	4	to	to	ADP
fsr-3885	88	5	the	the	DET
fsr-3885	88	6	contract	contract	NOUN
fsr-3885	88	7	do	do	AUX
fsr-3885	88	8	not	not	PART
fsr-3885	88	9	have	have	VERB
fsr-3885	88	10	to	to	PART
fsr-3885	88	11	know	know	VERB
fsr-3885	88	12	each	each	DET
fsr-3885	88	13	other	other	ADJ
fsr-3885	88	14	because	because	SCONJ
fsr-3885	88	15	the	the	DET
fsr-3885	88	16	clearinghouse	clearinghouse	NOUN
fsr-3885	88	17	will	will	AUX
fsr-3885	88	18	match	match	VERB
fsr-3885	88	19	up	up	ADP
fsr-3885	88	20	their	their	PRON
fsr-3885	88	21	respective	respective	ADJ
fsr-3885	88	22	futures	future	NOUN
fsr-3885	88	23	positions	position	NOUN
fsr-3885	88	24	.	.	PUNCT
fsr-3885	89	1	neither	neither	DET
fsr-3885	89	2	party	party	NOUN
fsr-3885	89	3	needs	need	VERB
fsr-3885	89	4	to	to	PART
fsr-3885	89	5	be	be	AUX
fsr-3885	89	6	concerned	concern	VERB
fsr-3885	89	7	with	with	ADP
fsr-3885	89	8	the	the	DET
fsr-3885	89	9	others	other	NOUN
fsr-3885	89	10	’	’	PART
fsr-3885	89	11	credit	credit	NOUN
fsr-3885	89	12	worthiness	worthiness	NOUN
fsr-3885	89	13	because	because	SCONJ
fsr-3885	89	14	of	of	ADP
fsr-3885	89	15	themargin	themargin	NOUN
fsr-3885	89	16	requirement	requirement	NOUN
fsr-3885	89	17	imposed	impose	VERB
fsr-3885	89	18	by	by	ADP
fsr-3885	89	19	the	the	DET
fsr-3885	89	20	clearinghouse	clearinghouse	NOUN
fsr-3885	89	21	.	.	PUNCT
fsr-3885	90	1	each	each	DET
fsr-3885	90	2	party	party	NOUN
fsr-3885	90	3	posts	post	VERB
fsr-3885	90	4	a	a	DET
fsr-3885	90	5	good	good	ADJ
fsr-3885	90	6	faith	faith	NOUN
fsr-3885	90	7	deposit	deposit	NOUN
fsr-3885	90	8	of	of	ADP
fsr-3885	90	9	funds	fund	NOUN
fsr-3885	90	10	with	with	ADP
fsr-3885	90	11	the	the	DET
fsr-3885	90	12	clearinghouse	clearinghouse	NOUN
fsr-3885	90	13	in	in	ADP
fsr-3885	90	14	a	a	DET
fsr-3885	90	15	margin	margin	NOUN
fsr-3885	90	16	account	account	NOUN
fsr-3885	90	17	.	.	PUNCT
fsr-3885	91	1	the	the	DET
fsr-3885	91	2	clearinghouse	clearinghouse	NOUN
fsr-3885	91	3	requires	require	VERB
fsr-3885	91	4	that	that	SCONJ
fsr-3885	91	5	funds	fund	NOUN
fsr-3885	91	6	be	be	AUX
fsr-3885	91	7	deposited	deposit	VERB
fsr-3885	91	8	in	in	ADP
fsr-3885	91	9	a	a	DET
fsr-3885	91	10	margin	margin	NOUN
fsr-3885	91	11	account	account	NOUN
fsr-3885	91	12	when	when	SCONJ
fsr-3885	91	13	a	a	DET
fsr-3885	91	14	futures	future	NOUN
fsr-3885	91	15	position	position	NOUN
fsr-3885	91	16	is	be	AUX
fsr-3885	91	17	established	establish	VERB
fsr-3885	91	18	.	.	PUNCT
fsr-3885	92	1	this	this	DET
fsr-3885	92	2	amount	amount	NOUN
fsr-3885	92	3	is	be	AUX
fsr-3885	92	4	knows	know	VERB
fsr-3885	92	5	as	as	ADP
fsr-3885	92	6	the	the	DET
fsr-3885	92	7	initial	initial	ADJ
fsr-3885	92	8	margin	margin	NOUN
fsr-3885	92	9	.	.	PUNCT
fsr-3885	93	1	if	if	SCONJ
fsr-3885	93	2	losses	loss	NOUN
fsr-3885	93	3	are	be	AUX
fsr-3885	93	4	incurred	incur	VERB
fsr-3885	93	5	by	by	ADP
fsr-3885	93	6	the	the	DET
fsr-3885	93	7	futures	future	NOUN
fsr-3885	93	8	position	position	NOUN
fsr-3885	93	9	,	,	PUNCT
fsr-3885	93	10	then	then	ADV
fsr-3885	93	11	the	the	DET
fsr-3885	93	12	clearinghouse	clearinghouse	NOUN
fsr-3885	93	13	permits	permit	VERB
fsr-3885	93	14	the	the	DET
fsr-3885	93	15	margin	margin	NOUN
fsr-3885	93	16	account	account	NOUN
fsr-3885	93	17	to	to	PART
fsr-3885	93	18	fall	fall	VERB
fsr-3885	93	19	104	104	NUM
fsr-3885	93	20	t.l	t.l	PROPN
fsr-3885	93	21	.	.	PUNCT
fsr-3885	93	22	zivney	zivney	PROPN
fsr-3885	93	23	,	,	PUNCT
fsr-3885	93	24	c.f	c.f	PROPN
fsr-3885	93	25	.	.	PROPN
fsr-3885	93	26	luft	luft	PROPN
fsr-3885	93	27	/	/	SYM
fsr-3885	93	28	financial	financial	ADJ
fsr-3885	93	29	services	service	NOUN
fsr-3885	93	30	review	review	VERB
fsr-3885	93	31	8	8	NUM
fsr-3885	93	32	(	(	PUNCT
fsr-3885	93	33	1999	1999	NUM
fsr-3885	93	34	)	)	PUNCT
fsr-3885	93	35	101–115	101–115	PROPN
fsr-3885	93	36	to	to	ADP
fsr-3885	93	37	a	a	DET
fsr-3885	93	38	minimum	minimum	ADJ
fsr-3885	93	39	level	level	NOUN
fsr-3885	93	40	known	know	VERB
fsr-3885	93	41	as	as	ADP
fsr-3885	93	42	the	the	DET
fsr-3885	93	43	maintenance	maintenance	NOUN
fsr-3885	93	44	level	level	NOUN
fsr-3885	93	45	.	.	PUNCT
fsr-3885	94	1	if	if	SCONJ
fsr-3885	94	2	the	the	DET
fsr-3885	94	3	account	account	NOUN
fsr-3885	94	4	falls	fall	VERB
fsr-3885	94	5	below	below	ADP
fsr-3885	94	6	the	the	DET
fsr-3885	94	7	maintenance	maintenance	NOUN
fsr-3885	94	8	level	level	NOUN
fsr-3885	94	9	then	then	ADV
fsr-3885	94	10	the	the	DET
fsr-3885	94	11	clearinghouse	clearinghouse	NOUN
fsr-3885	94	12	requires	require	VERB
fsr-3885	94	13	that	that	SCONJ
fsr-3885	94	14	enough	enough	ADJ
fsr-3885	94	15	funds	fund	NOUN
fsr-3885	94	16	be	be	AUX
fsr-3885	94	17	deposited	deposit	VERB
fsr-3885	94	18	to	to	PART
fsr-3885	94	19	restore	restore	VERB
fsr-3885	94	20	the	the	DET
fsr-3885	94	21	account	account	NOUN
fsr-3885	94	22	to	to	ADP
fsr-3885	94	23	the	the	DET
fsr-3885	94	24	initial	initial	ADJ
fsr-3885	94	25	level	level	NOUN
fsr-3885	94	26	.	.	PUNCT
fsr-3885	95	1	if	if	SCONJ
fsr-3885	95	2	gains	gain	NOUN
fsr-3885	95	3	accrue	accrue	VERB
fsr-3885	95	4	to	to	ADP
fsr-3885	95	5	the	the	DET
fsr-3885	95	6	account	account	NOUN
fsr-3885	95	7	then	then	ADV
fsr-3885	95	8	any	any	DET
fsr-3885	95	9	funds	fund	NOUN
fsr-3885	95	10	that	that	PRON
fsr-3885	95	11	exceed	exceed	VERB
fsr-3885	95	12	the	the	DET
fsr-3885	95	13	initial	initial	ADJ
fsr-3885	95	14	balance	balance	NOUN
fsr-3885	95	15	can	can	AUX
fsr-3885	95	16	be	be	AUX
fsr-3885	95	17	withdrawn	withdraw	VERB
fsr-3885	95	18	.	.	PUNCT
fsr-3885	96	1	the	the	DET
fsr-3885	96	2	clearinghouse	clearinghouse	NOUN
fsr-3885	96	3	adjusts	adjust	VERB
fsr-3885	96	4	the	the	DET
fsr-3885	96	5	margin	margin	NOUN
fsr-3885	96	6	account	account	NOUN
fsr-3885	96	7	each	each	DET
fsr-3885	96	8	day	day	NOUN
fsr-3885	96	9	to	to	PART
fsr-3885	96	10	reflect	reflect	VERB
fsr-3885	96	11	gains	gain	NOUN
fsr-3885	96	12	or	or	CCONJ
fsr-3885	96	13	losses	loss	NOUN
fsr-3885	96	14	that	that	PRON
fsr-3885	96	15	accrue	accrue	VERB
fsr-3885	96	16	to	to	ADP
fsr-3885	96	17	the	the	DET
fsr-3885	96	18	open	open	ADJ
fsr-3885	96	19	futures	future	NOUN
fsr-3885	96	20	position	position	NOUN
fsr-3885	96	21	.	.	PUNCT
fsr-3885	97	1	this	this	DET
fsr-3885	97	2	daily	daily	ADJ
fsr-3885	97	3	adjustment	adjustment	NOUN
fsr-3885	97	4	is	be	AUX
fsr-3885	97	5	known	know	VERB
fsr-3885	97	6	asmarking	asmarke	VERB
fsr-3885	97	7	to	to	ADP
fsr-3885	97	8	marketand	marketand	NOUN
fsr-3885	97	9	ensures	ensure	VERB
fsr-3885	97	10	that	that	SCONJ
fsr-3885	97	11	the	the	DET
fsr-3885	97	12	necessary	necessary	ADJ
fsr-3885	97	13	funds	fund	NOUN
fsr-3885	97	14	will	will	AUX
fsr-3885	97	15	be	be	AUX
fsr-3885	97	16	available	available	ADJ
fsr-3885	97	17	to	to	PART
fsr-3885	97	18	satisfy	satisfy	VERB
fsr-3885	97	19	the	the	DET
fsr-3885	97	20	contract	contract	NOUN
fsr-3885	97	21	.	.	PUNCT
fsr-3885	98	1	margin	margin	NOUN
fsr-3885	98	2	differs	differ	VERB
fsr-3885	98	3	from	from	ADP
fsr-3885	98	4	the	the	DET
fsr-3885	98	5	earnest	earnest	ADJ
fsr-3885	98	6	money	money	NOUN
fsr-3885	98	7	usually	usually	ADV
fsr-3885	98	8	posted	post	VERB
fsr-3885	98	9	by	by	ADP
fsr-3885	98	10	the	the	DET
fsr-3885	98	11	home	home	NOUN
fsr-3885	98	12	buyer	buyer	NOUN
fsr-3885	98	13	in	in	ADP
fsr-3885	98	14	that	that	SCONJ
fsr-3885	98	15	both	both	DET
fsr-3885	98	16	parties	party	NOUN
fsr-3885	98	17	to	to	ADP
fsr-3885	98	18	the	the	DET
fsr-3885	98	19	futures	future	NOUN
fsr-3885	98	20	contract	contract	NOUN
fsr-3885	98	21	make	make	VERB
fsr-3885	98	22	the	the	DET
fsr-3885	98	23	same	same	ADJ
fsr-3885	98	24	initial	initial	ADJ
fsr-3885	98	25	deposit	deposit	NOUN
fsr-3885	98	26	and	and	CCONJ
fsr-3885	98	27	then	then	ADV
fsr-3885	98	28	are	be	AUX
fsr-3885	98	29	required	require	VERB
fsr-3885	98	30	to	to	PART
fsr-3885	98	31	maintain	maintain	VERB
fsr-3885	98	32	a	a	DET
fsr-3885	98	33	minimum	minimum	ADJ
fsr-3885	98	34	balance	balance	NOUN
fsr-3885	98	35	in	in	ADP
fsr-3885	98	36	the	the	DET
fsr-3885	98	37	margin	margin	NOUN
fsr-3885	98	38	account	account	NOUN
fsr-3885	98	39	.	.	PUNCT
fsr-3885	99	1	furthermore	furthermore	ADV
fsr-3885	99	2	,	,	PUNCT
fsr-3885	99	3	adjusting	adjust	VERB
fsr-3885	99	4	the	the	DET
fsr-3885	99	5	margin	margin	NOUN
fsr-3885	99	6	account	account	NOUN
fsr-3885	99	7	balance	balance	NOUN
fsr-3885	99	8	daily	daily	ADV
fsr-3885	99	9	to	to	PART
fsr-3885	99	10	reflect	reflect	VERB
fsr-3885	99	11	changes	change	NOUN
fsr-3885	99	12	in	in	ADP
fsr-3885	99	13	interest	interest	NOUN
fsr-3885	99	14	rates	rate	NOUN
fsr-3885	99	15	ensures	ensure	VERB
fsr-3885	99	16	that	that	SCONJ
fsr-3885	99	17	both	both	DET
fsr-3885	99	18	parties	party	NOUN
fsr-3885	99	19	still	still	ADV
fsr-3885	99	20	have	have	VERB
fsr-3885	99	21	a	a	DET
fsr-3885	99	22	strong	strong	ADJ
fsr-3885	99	23	interest	interest	NOUN
fsr-3885	99	24	in	in	ADP
fsr-3885	99	25	fulfilling	fulfil	VERB
fsr-3885	99	26	each	each	DET
fsr-3885	99	27	end	end	NOUN
fsr-3885	99	28	of	of	ADP
fsr-3885	99	29	the	the	DET
fsr-3885	99	30	bargain	bargain	NOUN
fsr-3885	99	31	.	.	PUNCT
fsr-3885	100	1	either	either	CCONJ
fsr-3885	100	2	party	party	NOUN
fsr-3885	100	3	can	can	AUX
fsr-3885	100	4	pass	pass	VERB
fsr-3885	100	5	on	on	ADP
fsr-3885	100	6	their	their	PRON
fsr-3885	100	7	obligation	obligation	NOUN
fsr-3885	100	8	to	to	ADP
fsr-3885	100	9	another	another	PRON
fsr-3885	100	10	at	at	ADP
fsr-3885	100	11	any	any	DET
fsr-3885	100	12	time	time	NOUN
fsr-3885	100	13	by	by	ADP
fsr-3885	100	14	entering	enter	VERB
fsr-3885	100	15	into	into	ADP
fsr-3885	100	16	an	an	DET
fsr-3885	100	17	offsetting	offset	VERB
fsr-3885	100	18	contract	contract	NOUN
fsr-3885	100	19	at	at	ADP
fsr-3885	100	20	the	the	DET
fsr-3885	100	21	then	then	ADV
fsr-3885	100	22	current	current	ADJ
fsr-3885	100	23	price	price	NOUN
fsr-3885	100	24	via	via	ADP
fsr-3885	100	25	the	the	DET
fsr-3885	100	26	futures	future	NOUN
fsr-3885	100	27	exchange	exchange	NOUN
fsr-3885	100	28	and	and	CCONJ
fsr-3885	100	29	clearinghouse	clearinghouse	NOUN
fsr-3885	100	30	.	.	PUNCT
fsr-3885	101	1	thus	thus	ADV
fsr-3885	101	2	,	,	PUNCT
fsr-3885	101	3	there	there	PRON
fsr-3885	101	4	is	be	VERB
fsr-3885	101	5	an	an	DET
fsr-3885	101	6	effective	effective	ADJ
fsr-3885	101	7	exit	exit	NOUN
fsr-3885	101	8	possibility	possibility	NOUN
fsr-3885	101	9	.	.	PUNCT
fsr-3885	102	1	of	of	ADP
fsr-3885	102	2	course	course	NOUN
fsr-3885	102	3	,	,	PUNCT
fsr-3885	102	4	the	the	DET
fsr-3885	102	5	one	one	NUM
fsr-3885	102	6	-	-	PUNCT
fsr-3885	102	7	size	size	NOUN
fsr-3885	102	8	-	-	PUNCT
fsr-3885	102	9	fits	fit	VERB
fsr-3885	102	10	-	-	PUNCT
fsr-3885	102	11	all	all	DET
fsr-3885	102	12	nature	nature	NOUN
fsr-3885	102	13	of	of	ADP
fsr-3885	102	14	a	a	DET
fsr-3885	102	15	standardized	standardized	ADJ
fsr-3885	102	16	futures	future	NOUN
fsr-3885	102	17	contract	contract	NOUN
fsr-3885	102	18	has	have	VERB
fsr-3885	102	19	some	some	DET
fsr-3885	102	20	disadvantages	disadvantage	NOUN
fsr-3885	102	21	.	.	PUNCT
fsr-3885	103	1	two	two	NUM
fsr-3885	103	2	of	of	ADP
fsr-3885	103	3	the	the	DET
fsr-3885	103	4	drawbacks	drawback	NOUN
fsr-3885	103	5	that	that	PRON
fsr-3885	103	6	are	be	AUX
fsr-3885	103	7	especially	especially	ADV
fsr-3885	103	8	relevant	relevant	ADJ
fsr-3885	103	9	to	to	ADP
fsr-3885	103	10	the	the	DET
fsr-3885	103	11	case	case	NOUN
fsr-3885	103	12	of	of	ADP
fsr-3885	103	13	hedging	hedge	VERB
fsr-3885	103	14	individual	individual	ADJ
fsr-3885	103	15	home	home	NOUN
fsr-3885	103	16	mortgages	mortgage	NOUN
fsr-3885	103	17	are	be	AUX
fsr-3885	103	18	the	the	DET
fsr-3885	103	19	limited	limited	ADJ
fsr-3885	103	20	number	number	NOUN
fsr-3885	103	21	of	of	ADP
fsr-3885	103	22	discrete	discrete	ADJ
fsr-3885	103	23	sizes	size	NOUN
fsr-3885	103	24	of	of	ADP
fsr-3885	103	25	contracts	contract	NOUN
fsr-3885	103	26	(	(	PUNCT
fsr-3885	103	27	generally	generally	ADV
fsr-3885	103	28	multiples	multiple	NOUN
fsr-3885	103	29	of	of	ADP
fsr-3885	103	30	$	$	SYM
fsr-3885	103	31	100,000	100,000	NUM
fsr-3885	103	32	)	)	PUNCT
fsr-3885	103	33	and	and	CCONJ
fsr-3885	103	34	the	the	DET
fsr-3885	103	35	less	less	ADJ
fsr-3885	103	36	than	than	ADP
fsr-3885	103	37	perfect	perfect	ADJ
fsr-3885	103	38	substitute	substitute	NOUN
fsr-3885	103	39	contract	contract	NOUN
fsr-3885	103	40	for	for	ADP
fsr-3885	103	41	a	a	DET
fsr-3885	103	42	mortgage	mortgage	NOUN
fsr-3885	103	43	.	.	PUNCT
fsr-3885	104	1	this	this	DET
fsr-3885	104	2	relatively	relatively	ADV
fsr-3885	104	3	poor	poor	ADJ
fsr-3885	104	4	match	match	NOUN
fsr-3885	104	5	between	between	ADP
fsr-3885	104	6	mortgages	mortgage	NOUN
fsr-3885	104	7	and	and	CCONJ
fsr-3885	104	8	futures	future	NOUN
fsr-3885	104	9	contracts	contract	NOUN
fsr-3885	104	10	arises	arise	VERB
fsr-3885	104	11	because	because	SCONJ
fsr-3885	104	12	of	of	ADP
fsr-3885	104	13	the	the	DET
fsr-3885	104	14	mortgage	mortgage	NOUN
fsr-3885	104	15	prepayment	prepayment	NOUN
fsr-3885	104	16	option	option	NOUN
fsr-3885	104	17	.	.	PUNCT
fsr-3885	105	1	because	because	SCONJ
fsr-3885	105	2	mortgages	mortgage	NOUN
fsr-3885	105	3	can	can	AUX
fsr-3885	105	4	be	be	AUX
fsr-3885	105	5	prepaid	prepay	VERB
fsr-3885	105	6	and	and	CCONJ
fsr-3885	105	7	retired	retire	VERB
fsr-3885	105	8	before	before	ADP
fsr-3885	105	9	maturity	maturity	NOUN
fsr-3885	105	10	,	,	PUNCT
fsr-3885	105	11	it	it	PRON
fsr-3885	105	12	makes	make	VERB
fsr-3885	105	13	the	the	DET
fsr-3885	105	14	effective	effective	ADJ
fsr-3885	105	15	durationof	durationof	NOUN
fsr-3885	105	16	a	a	DET
fsr-3885	105	17	mortgage	mortgage	NOUN
fsr-3885	105	18	less	less	ADJ
fsr-3885	105	19	than	than	ADP
fsr-3885	105	20	that	that	PRON
fsr-3885	105	21	of	of	ADP
fsr-3885	105	22	a	a	DET
fsr-3885	105	23	treasury	treasury	NOUN
fsr-3885	105	24	bond	bond	NOUN
fsr-3885	105	25	of	of	ADP
fsr-3885	105	26	the	the	DET
fsr-3885	105	27	same	same	ADJ
fsr-3885	105	28	maturity	maturity	NOUN
fsr-3885	105	29	.	.	PUNCT
fsr-3885	106	1	if	if	SCONJ
fsr-3885	106	2	one	one	PRON
fsr-3885	106	3	wants	want	VERB
fsr-3885	106	4	to	to	PART
fsr-3885	106	5	hedge	hedge	VERB
fsr-3885	106	6	a	a	DET
fsr-3885	106	7	mortgage	mortgage	NOUN
fsr-3885	106	8	based	base	VERB
fsr-3885	106	9	on	on	ADP
fsr-3885	106	10	maturity	maturity	NOUN
fsr-3885	106	11	,	,	PUNCT
fsr-3885	106	12	then	then	ADV
fsr-3885	106	13	a	a	DET
fsr-3885	106	14	30	30	NUM
fsr-3885	106	15	-	-	PUNCT
fsr-3885	106	16	year	year	NOUN
fsr-3885	106	17	treasury	treasury	NOUN
fsr-3885	106	18	bond	bond	NOUN
fsr-3885	106	19	contract	contract	NOUN
fsr-3885	106	20	is	be	AUX
fsr-3885	106	21	available	available	ADJ
fsr-3885	106	22	;	;	PUNCT
fsr-3885	106	23	however	however	ADV
fsr-3885	106	24	,	,	PUNCT
fsr-3885	106	25	according	accord	VERB
fsr-3885	106	26	to	to	ADP
fsr-3885	106	27	breeden	breeden	PROPN
fsr-3885	106	28	(	(	PUNCT
fsr-3885	106	29	1994	1994	NUM
fsr-3885	106	30	)	)	PUNCT
fsr-3885	106	31	,	,	PUNCT
fsr-3885	106	32	the	the	DET
fsr-3885	106	33	closest	close	ADV
fsr-3885	106	34	available	available	ADJ
fsr-3885	106	35	substitute	substitute	NOUN
fsr-3885	106	36	for	for	ADP
fsr-3885	106	37	a	a	DET
fsr-3885	106	38	30	30	NUM
fsr-3885	106	39	-	-	PUNCT
fsr-3885	106	40	year	year	NOUN
fsr-3885	106	41	mortgage	mortgage	NOUN
fsr-3885	106	42	in	in	ADP
fsr-3885	106	43	terms	term	NOUN
fsr-3885	106	44	of	of	ADP
fsr-3885	106	45	interest	interest	NOUN
fsr-3885	106	46	rate	rate	NOUN
fsr-3885	106	47	sensitivity	sensitivity	NOUN
fsr-3885	106	48	is	be	AUX
fsr-3885	106	49	the	the	DET
fsr-3885	106	50	10	10	NUM
fsr-3885	106	51	-	-	PUNCT
fsr-3885	106	52	year	year	NOUN
fsr-3885	106	53	treasury	treasury	NOUN
fsr-3885	106	54	note	note	NOUN
fsr-3885	106	55	contract	contract	NOUN
fsr-3885	106	56	.	.	PUNCT
fsr-3885	107	1	a	a	DET
fsr-3885	107	2	third	third	ADJ
fsr-3885	107	3	potential	potential	ADJ
fsr-3885	107	4	drawback	drawback	NOUN
fsr-3885	107	5	to	to	ADP
fsr-3885	107	6	hedging	hedge	VERB
fsr-3885	107	7	individual	individual	ADJ
fsr-3885	107	8	mortgage	mortgage	NOUN
fsr-3885	107	9	rate	rate	NOUN
fsr-3885	107	10	risk	risk	NOUN
fsr-3885	107	11	with	with	ADP
fsr-3885	107	12	futures	future	NOUN
fsr-3885	107	13	contracts	contract	NOUN
fsr-3885	107	14	is	be	AUX
fsr-3885	107	15	that	that	SCONJ
fsr-3885	107	16	hedging	hedging	NOUN
fsr-3885	107	17	means	mean	VERB
fsr-3885	107	18	that	that	SCONJ
fsr-3885	107	19	the	the	DET
fsr-3885	107	20	individual	individual	NOUN
fsr-3885	107	21	is	be	AUX
fsr-3885	107	22	committed	commit	VERB
fsr-3885	107	23	(	(	PUNCT
fsr-3885	107	24	at	at	ADP
fsr-3885	107	25	least	least	ADJ
fsr-3885	107	26	financially	financially	ADV
fsr-3885	107	27	)	)	PUNCT
fsr-3885	107	28	to	to	ADP
fsr-3885	107	29	taking	take	VERB
fsr-3885	107	30	out	out	ADP
fsr-3885	107	31	a	a	DET
fsr-3885	107	32	mortgage	mortgage	NOUN
fsr-3885	107	33	at	at	ADP
fsr-3885	107	34	a	a	DET
fsr-3885	107	35	future	future	ADJ
fsr-3885	107	36	point	point	NOUN
fsr-3885	107	37	in	in	ADP
fsr-3885	107	38	time	time	NOUN
fsr-3885	107	39	.	.	PUNCT
fsr-3885	108	1	if	if	SCONJ
fsr-3885	108	2	the	the	DET
fsr-3885	108	3	individual	individual	NOUN
fsr-3885	108	4	decides	decide	VERB
fsr-3885	108	5	to	to	PART
fsr-3885	108	6	not	not	PART
fsr-3885	108	7	take	take	VERB
fsr-3885	108	8	out	out	ADP
fsr-3885	108	9	a	a	DET
fsr-3885	108	10	mortgage	mortgage	NOUN
fsr-3885	108	11	,	,	PUNCT
fsr-3885	108	12	he	he	PRON
fsr-3885	108	13	must	must	AUX
fsr-3885	108	14	accept	accept	VERB
fsr-3885	108	15	whatever	whatever	DET
fsr-3885	108	16	losses	loss	NOUN
fsr-3885	108	17	or	or	CCONJ
fsr-3885	108	18	gains	gain	VERB
fsr-3885	108	19	the	the	DET
fsr-3885	108	20	futures	future	NOUN
fsr-3885	108	21	contract	contract	NOUN
fsr-3885	108	22	has	have	AUX
fsr-3885	108	23	made	make	VERB
fsr-3885	108	24	without	without	ADP
fsr-3885	108	25	the	the	DET
fsr-3885	108	26	benefit	benefit	NOUN
fsr-3885	108	27	of	of	ADP
fsr-3885	108	28	the	the	DET
fsr-3885	108	29	offsetting	offset	VERB
fsr-3885	108	30	gain	gain	NOUN
fsr-3885	108	31	or	or	CCONJ
fsr-3885	108	32	loss	loss	NOUN
fsr-3885	108	33	in	in	ADP
fsr-3885	108	34	the	the	DET
fsr-3885	108	35	size	size	NOUN
fsr-3885	108	36	of	of	ADP
fsr-3885	108	37	the	the	DET
fsr-3885	108	38	mortgage	mortgage	NOUN
fsr-3885	108	39	.	.	PUNCT
fsr-3885	109	1	therefore	therefore	ADV
fsr-3885	109	2	,	,	PUNCT
fsr-3885	109	3	hedging	hedge	VERB
fsr-3885	109	4	with	with	ADP
fsr-3885	109	5	futures	future	NOUN
fsr-3885	109	6	contracts	contract	NOUN
fsr-3885	109	7	is	be	AUX
fsr-3885	109	8	a	a	DET
fsr-3885	109	9	serious	serious	ADJ
fsr-3885	109	10	commitment	commitment	NOUN
fsr-3885	109	11	.	.	PUNCT
fsr-3885	110	1	this	this	DET
fsr-3885	110	2	commitment	commitment	NOUN
fsr-3885	110	3	is	be	AUX
fsr-3885	110	4	quite	quite	ADV
fsr-3885	110	5	appropriate	appropriate	ADJ
fsr-3885	110	6	when	when	SCONJ
fsr-3885	110	7	a	a	DET
fsr-3885	110	8	contract	contract	NOUN
fsr-3885	110	9	for	for	ADP
fsr-3885	110	10	constructing	construct	VERB
fsr-3885	110	11	a	a	DET
fsr-3885	110	12	house	house	NOUN
fsr-3885	110	13	has	have	AUX
fsr-3885	110	14	been	be	AUX
fsr-3885	110	15	signed	sign	VERB
fsr-3885	110	16	,	,	PUNCT
fsr-3885	110	17	but	but	CCONJ
fsr-3885	110	18	may	may	AUX
fsr-3885	110	19	not	not	PART
fsr-3885	110	20	be	be	AUX
fsr-3885	110	21	appropriate	appropriate	ADJ
fsr-3885	110	22	when	when	SCONJ
fsr-3885	110	23	a	a	DET
fsr-3885	110	24	family	family	NOUN
fsr-3885	110	25	is	be	AUX
fsr-3885	110	26	merely	merely	ADV
fsr-3885	110	27	touring	tour	VERB
fsr-3885	110	28	sunday	sunday	PROPN
fsr-3885	110	29	open	open	ADJ
fsr-3885	110	30	-	-	PUNCT
fsr-3885	110	31	houses	house	NOUN
fsr-3885	110	32	.	.	PUNCT
fsr-3885	111	1	if	if	SCONJ
fsr-3885	111	2	one	one	PRON
fsr-3885	111	3	is	be	AUX
fsr-3885	111	4	serious	serious	ADJ
fsr-3885	111	5	about	about	ADP
fsr-3885	111	6	purchasing	purchase	VERB
fsr-3885	111	7	a	a	DET
fsr-3885	111	8	house	house	NOUN
fsr-3885	111	9	but	but	CCONJ
fsr-3885	111	10	is	be	AUX
fsr-3885	111	11	uneasy	uneasy	ADJ
fsr-3885	111	12	about	about	ADP
fsr-3885	111	13	the	the	DET
fsr-3885	111	14	obligation	obligation	NOUN
fsr-3885	111	15	imposed	impose	VERB
fsr-3885	111	16	by	by	ADP
fsr-3885	111	17	a	a	DET
fsr-3885	111	18	treasury	treasury	NOUN
fsr-3885	111	19	bond	bond	NOUN
fsr-3885	111	20	futures	future	NOUN
fsr-3885	111	21	position	position	NOUN
fsr-3885	111	22	,	,	PUNCT
fsr-3885	111	23	then	then	ADV
fsr-3885	111	24	options	option	NOUN
fsr-3885	111	25	on	on	ADP
fsr-3885	111	26	treasury	treasury	NOUN
fsr-3885	111	27	bond	bond	NOUN
fsr-3885	111	28	futures	future	NOUN
fsr-3885	111	29	are	be	AUX
fsr-3885	111	30	a	a	DET
fsr-3885	111	31	viable	viable	ADJ
fsr-3885	111	32	alternative	alternative	NOUN
fsr-3885	111	33	.	.	PUNCT
fsr-3885	112	1	the	the	DET
fsr-3885	112	2	simplest	simple	ADJ
fsr-3885	112	3	and	and	CCONJ
fsr-3885	112	4	most	most	ADV
fsr-3885	112	5	effective	effective	ADJ
fsr-3885	112	6	strategy	strategy	NOUN
fsr-3885	112	7	is	be	AUX
fsr-3885	112	8	to	to	PART
fsr-3885	112	9	execute	execute	VERB
fsr-3885	112	10	the	the	DET
fsr-3885	112	11	purchase	purchase	NOUN
fsr-3885	112	12	of	of	ADP
fsr-3885	112	13	a	a	DET
fsr-3885	112	14	put	put	NOUN
fsr-3885	112	15	option	option	NOUN
fsr-3885	112	16	on	on	ADP
fsr-3885	112	17	a	a	DET
fsr-3885	112	18	treasury	treasury	NOUN
fsr-3885	112	19	bond	bond	NOUN
fsr-3885	112	20	futures	future	NOUN
fsr-3885	112	21	contract	contract	NOUN
fsr-3885	112	22	.	.	PUNCT
fsr-3885	113	1	this	this	DET
fsr-3885	113	2	strategy	strategy	NOUN
fsr-3885	113	3	will	will	AUX
fsr-3885	113	4	protect	protect	VERB
fsr-3885	113	5	against	against	ADP
fsr-3885	113	6	rising	rise	VERB
fsr-3885	113	7	interest	interest	NOUN
fsr-3885	113	8	rates	rate	NOUN
fsr-3885	113	9	,	,	PUNCT
fsr-3885	113	10	yet	yet	ADV
fsr-3885	113	11	will	will	AUX
fsr-3885	113	12	provide	provide	VERB
fsr-3885	113	13	the	the	DET
fsr-3885	113	14	flexibility	flexibility	NOUN
fsr-3885	113	15	to	to	PART
fsr-3885	113	16	benefit	benefit	VERB
fsr-3885	113	17	from	from	ADP
fsr-3885	113	18	falling	fall	VERB
fsr-3885	113	19	rates	rate	NOUN
fsr-3885	113	20	.	.	PUNCT
fsr-3885	114	1	when	when	SCONJ
fsr-3885	114	2	compared	compare	VERB
fsr-3885	114	3	to	to	ADP
fsr-3885	114	4	a	a	DET
fsr-3885	114	5	short	short	ADJ
fsr-3885	114	6	futures	future	NOUN
fsr-3885	114	7	position	position	NOUN
fsr-3885	114	8	,	,	PUNCT
fsr-3885	114	9	the	the	DET
fsr-3885	114	10	long	long	ADJ
fsr-3885	114	11	put	put	NOUN
fsr-3885	114	12	option	option	NOUN
fsr-3885	114	13	position	position	NOUN
fsr-3885	114	14	usually	usually	ADV
fsr-3885	114	15	will	will	AUX
fsr-3885	114	16	require	require	VERB
fsr-3885	114	17	more	more	ADJ
fsr-3885	114	18	of	of	ADP
fsr-3885	114	19	a	a	DET
fsr-3885	114	20	cash	cash	NOUN
fsr-3885	114	21	outlay	outlay	NOUN
fsr-3885	114	22	when	when	SCONJ
fsr-3885	114	23	the	the	DET
fsr-3885	114	24	position	position	NOUN
fsr-3885	114	25	is	be	AUX
fsr-3885	114	26	established	establish	VERB
fsr-3885	114	27	,	,	PUNCT
fsr-3885	114	28	however	however	ADV
fsr-3885	114	29	.	.	PUNCT
fsr-3885	115	1	3.2	3.2	NUM
fsr-3885	115	2	.	.	PUNCT
fsr-3885	116	1	institutional	institutional	ADJ
fsr-3885	116	2	details	detail	NOUN
fsr-3885	116	3	treasury	treasury	NOUN
fsr-3885	116	4	bond	bond	NOUN
fsr-3885	116	5	futures	future	NOUN
fsr-3885	116	6	and	and	CCONJ
fsr-3885	116	7	treasury	treasury	PROPN
fsr-3885	116	8	note	note	NOUN
fsr-3885	116	9	futures	future	NOUN
fsr-3885	116	10	contracts	contract	NOUN
fsr-3885	116	11	are	be	AUX
fsr-3885	116	12	traded	trade	VERB
fsr-3885	116	13	on	on	ADP
fsr-3885	116	14	the	the	DET
fsr-3885	116	15	chicago	chicago	PROPN
fsr-3885	116	16	board	board	NOUN
fsr-3885	116	17	of	of	ADP
fsr-3885	116	18	trade	trade	NOUN
fsr-3885	116	19	.	.	PUNCT
fsr-3885	117	1	both	both	PRON
fsr-3885	117	2	have	have	VERB
fsr-3885	117	3	a	a	DET
fsr-3885	117	4	$	$	SYM
fsr-3885	117	5	100,000	100,000	NUM
fsr-3885	117	6	face	face	NOUN
fsr-3885	117	7	value	value	NOUN
fsr-3885	117	8	and	and	CCONJ
fsr-3885	117	9	an	an	DET
fsr-3885	117	10	assumed	assumed	ADJ
fsr-3885	117	11	coupon	coupon	NOUN
fsr-3885	117	12	of	of	ADP
fsr-3885	117	13	8	8	NUM
fsr-3885	117	14	%	%	NOUN
fsr-3885	117	15	(	(	PUNCT
fsr-3885	117	16	beginning	begin	VERB
fsr-3885	117	17	105t.l	105t.l	NOUN
fsr-3885	117	18	.	.	PUNCT
fsr-3885	118	1	zivney	zivney	PROPN
fsr-3885	118	2	,	,	PUNCT
fsr-3885	118	3	c.f	c.f	PROPN
fsr-3885	118	4	.	.	PROPN
fsr-3885	118	5	luft	luft	PROPN
fsr-3885	118	6	/	/	SYM
fsr-3885	118	7	financial	financial	ADJ
fsr-3885	118	8	services	service	NOUN
fsr-3885	118	9	review	review	VERB
fsr-3885	118	10	8	8	NUM
fsr-3885	118	11	(	(	PUNCT
fsr-3885	118	12	1999	1999	NUM
fsr-3885	118	13	)	)	PUNCT
fsr-3885	118	14	101–115	101–115	PROPN
fsr-3885	118	15	in	in	ADP
fsr-3885	118	16	january	january	PROPN
fsr-3885	118	17	2000	2000	NUM
fsr-3885	118	18	,	,	PUNCT
fsr-3885	118	19	the	the	DET
fsr-3885	118	20	assumed	assume	VERB
fsr-3885	118	21	coupon	coupon	NOUN
fsr-3885	118	22	will	will	AUX
fsr-3885	118	23	be	be	AUX
fsr-3885	118	24	6	6	NUM
fsr-3885	118	25	%	%	NOUN
fsr-3885	118	26	for	for	ADP
fsr-3885	118	27	the	the	DET
fsr-3885	118	28	10	10	NUM
fsr-3885	118	29	-	-	PUNCT
fsr-3885	118	30	year	year	NOUN
fsr-3885	118	31	note	note	NOUN
fsr-3885	118	32	and	and	CCONJ
fsr-3885	118	33	the	the	DET
fsr-3885	118	34	30	30	NUM
fsr-3885	118	35	-	-	PUNCT
fsr-3885	118	36	year	year	NOUN
fsr-3885	118	37	bond	bond	NOUN
fsr-3885	118	38	)	)	PUNCT
fsr-3885	118	39	.	.	PUNCT
fsr-3885	119	1	the	the	DET
fsr-3885	119	2	initial	initial	ADJ
fsr-3885	119	3	margin	margin	NOUN
fsr-3885	119	4	for	for	ADP
fsr-3885	119	5	the	the	DET
fsr-3885	119	6	30	30	NUM
fsr-3885	119	7	-	-	PUNCT
fsr-3885	119	8	year	year	NOUN
fsr-3885	119	9	t	t	NOUN
fsr-3885	119	10	-	-	PUNCT
fsr-3885	119	11	bond	bond	NOUN
fsr-3885	119	12	contract	contract	NOUN
fsr-3885	119	13	is	be	AUX
fsr-3885	119	14	$	$	SYM
fsr-3885	119	15	2,700	2,700	NUM
fsr-3885	119	16	,	,	PUNCT
fsr-3885	119	17	whereas	whereas	SCONJ
fsr-3885	119	18	the	the	DET
fsr-3885	119	19	maintenance	maintenance	NOUN
fsr-3885	119	20	margin	margin	NOUN
fsr-3885	119	21	is	be	AUX
fsr-3885	119	22	$	$	SYM
fsr-3885	119	23	2,000	2,000	NUM
fsr-3885	119	24	.	.	PUNCT
fsr-3885	120	1	initial	initial	ADJ
fsr-3885	120	2	and	and	CCONJ
fsr-3885	120	3	maintenance	maintenance	NOUN
fsr-3885	120	4	margins	margin	NOUN
fsr-3885	120	5	for	for	ADP
fsr-3885	120	6	the	the	DET
fsr-3885	120	7	10	10	NUM
fsr-3885	120	8	-	-	PUNCT
fsr-3885	120	9	year	year	NOUN
fsr-3885	120	10	t	t	NOUN
fsr-3885	120	11	-	-	PUNCT
fsr-3885	120	12	note	note	NOUN
fsr-3885	120	13	contract	contract	NOUN
fsr-3885	120	14	are	be	AUX
fsr-3885	120	15	$	$	SYM
fsr-3885	120	16	1,620	1,620	NUM
fsr-3885	120	17	and	and	CCONJ
fsr-3885	120	18	$	$	SYM
fsr-3885	120	19	1,200	1,200	NUM
fsr-3885	120	20	respectively	respectively	ADV
fsr-3885	120	21	.	.	PUNCT
fsr-3885	121	1	a	a	DET
fsr-3885	121	2	smaller	small	ADJ
fsr-3885	121	3	contract	contract	NOUN
fsr-3885	121	4	would	would	AUX
fsr-3885	121	5	make	make	VERB
fsr-3885	121	6	hedging	hedge	VERB
fsr-3885	121	7	an	an	DET
fsr-3885	121	8	individual	individual	ADJ
fsr-3885	121	9	mortgage	mortgage	NOUN
fsr-3885	121	10	potentially	potentially	ADV
fsr-3885	121	11	more	more	ADV
fsr-3885	121	12	attractive	attractive	ADJ
fsr-3885	121	13	by	by	ADP
fsr-3885	121	14	reducing	reduce	VERB
fsr-3885	121	15	the	the	DET
fsr-3885	121	16	error	error	NOUN
fsr-3885	121	17	in	in	ADP
fsr-3885	121	18	the	the	DET
fsr-3885	121	19	hedge	hedge	NOUN
fsr-3885	121	20	ratio	ratio	NOUN
fsr-3885	121	21	.	.	PUNCT
fsr-3885	122	1	such	such	ADJ
fsr-3885	122	2	contracts	contract	NOUN
fsr-3885	122	3	,	,	PUNCT
fsr-3885	122	4	known	know	VERB
fsr-3885	122	5	as	as	ADP
fsr-3885	122	6	mini	mini	ADJ
fsr-3885	122	7	t	t	PROPN
fsr-3885	122	8	-	-	PUNCT
fsr-3885	122	9	bond	bond	NOUN
fsr-3885	122	10	contracts	contract	NOUN
fsr-3885	122	11	,	,	PUNCT
fsr-3885	122	12	are	be	AUX
fsr-3885	122	13	traded	trade	VERB
fsr-3885	122	14	on	on	ADP
fsr-3885	122	15	the	the	DET
fsr-3885	122	16	mid	mid	PROPN
fsr-3885	122	17	america	america	PROPN
fsr-3885	122	18	commodities	commodity	NOUN
fsr-3885	122	19	exchange	exchange	NOUN
fsr-3885	122	20	.	.	PUNCT
fsr-3885	123	1	both	both	PRON
fsr-3885	123	2	a	a	DET
fsr-3885	123	3	10	10	NUM
fsr-3885	123	4	-	-	PUNCT
fsr-3885	123	5	year	year	NOUN
fsr-3885	123	6	treasury	treasury	NOUN
fsr-3885	123	7	note	note	NOUN
fsr-3885	123	8	and	and	CCONJ
fsr-3885	123	9	a	a	DET
fsr-3885	123	10	30	30	NUM
fsr-3885	123	11	-	-	PUNCT
fsr-3885	123	12	year	year	NOUN
fsr-3885	123	13	treasury	treasury	NOUN
fsr-3885	123	14	bond	bond	NOUN
fsr-3885	123	15	contract	contract	NOUN
fsr-3885	123	16	are	be	AUX
fsr-3885	123	17	available	available	ADJ
fsr-3885	123	18	in	in	ADP
fsr-3885	123	19	$	$	SYM
fsr-3885	123	20	50,000	50,000	NUM
fsr-3885	123	21	face	face	NOUN
fsr-3885	123	22	value	value	NOUN
fsr-3885	123	23	denominations	denomination	NOUN
fsr-3885	123	24	.	.	PUNCT
fsr-3885	124	1	several	several	ADJ
fsr-3885	124	2	authorities	authority	NOUN
fsr-3885	124	3	have	have	AUX
fsr-3885	124	4	noted	note	VERB
fsr-3885	124	5	that	that	SCONJ
fsr-3885	124	6	a	a	DET
fsr-3885	124	7	10	10	NUM
fsr-3885	124	8	-	-	PUNCT
fsr-3885	124	9	year	year	NOUN
fsr-3885	124	10	note	note	NOUN
fsr-3885	124	11	provides	provide	VERB
fsr-3885	124	12	better	well	ADJ
fsr-3885	124	13	tracking	tracking	NOUN
fsr-3885	124	14	of	of	ADP
fsr-3885	124	15	mortgage	mortgage	NOUN
fsr-3885	124	16	rates	rate	NOUN
fsr-3885	124	17	than	than	ADP
fsr-3885	124	18	the	the	DET
fsr-3885	124	19	20or	20or	ADJ
fsr-3885	124	20	30	30	NUM
fsr-3885	124	21	-	-	PUNCT
fsr-3885	124	22	year	year	NOUN
fsr-3885	124	23	bond	bond	NOUN
fsr-3885	124	24	.	.	PUNCT
fsr-3885	125	1	the	the	DET
fsr-3885	125	2	initial	initial	ADJ
fsr-3885	125	3	margin	margin	NOUN
fsr-3885	125	4	required	require	VERB
fsr-3885	125	5	on	on	ADP
fsr-3885	125	6	the	the	DET
fsr-3885	125	7	10	10	NUM
fsr-3885	125	8	-	-	PUNCT
fsr-3885	125	9	year	year	NOUN
fsr-3885	125	10	note	note	NOUN
fsr-3885	125	11	contract	contract	NOUN
fsr-3885	125	12	is	be	AUX
fsr-3885	125	13	$	$	SYM
fsr-3885	125	14	810	810	NUM
fsr-3885	125	15	with	with	ADP
fsr-3885	125	16	a	a	DET
fsr-3885	125	17	maintenance	maintenance	NOUN
fsr-3885	125	18	margin	margin	NOUN
fsr-3885	125	19	of	of	ADP
fsr-3885	125	20	$	$	SYM
fsr-3885	125	21	600	600	NUM
fsr-3885	125	22	.	.	PUNCT
fsr-3885	126	1	the	the	DET
fsr-3885	126	2	corresponding	correspond	VERB
fsr-3885	126	3	margins	margin	NOUN
fsr-3885	126	4	on	on	ADP
fsr-3885	126	5	the	the	DET
fsr-3885	126	6	30	30	NUM
fsr-3885	126	7	-	-	PUNCT
fsr-3885	126	8	year	year	NOUN
fsr-3885	126	9	bond	bond	NOUN
fsr-3885	126	10	contract	contract	NOUN
fsr-3885	126	11	are	be	AUX
fsr-3885	126	12	$	$	SYM
fsr-3885	126	13	1,350	1,350	NUM
fsr-3885	126	14	and	and	CCONJ
fsr-3885	126	15	$	$	SYM
fsr-3885	126	16	1,000	1,000	NUM
fsr-3885	126	17	.	.	PUNCT
fsr-3885	127	1	the	the	DET
fsr-3885	127	2	margins	margin	NOUN
fsr-3885	127	3	on	on	ADP
fsr-3885	127	4	the	the	DET
fsr-3885	127	5	mini	mini	ADJ
fsr-3885	127	6	or	or	CCONJ
fsr-3885	127	7	half	half	ADJ
fsr-3885	127	8	-	-	PUNCT
fsr-3885	127	9	sized	sized	ADJ
fsr-3885	127	10	contracts	contract	NOUN
fsr-3885	127	11	are	be	AUX
fsr-3885	127	12	half	half	DET
fsr-3885	127	13	the	the	DET
fsr-3885	127	14	margin	margin	NOUN
fsr-3885	127	15	on	on	ADP
fsr-3885	127	16	the	the	DET
fsr-3885	127	17	full	full	ADJ
fsr-3885	127	18	-	-	PUNCT
fsr-3885	127	19	sized	sized	ADJ
fsr-3885	127	20	contracts	contract	NOUN
fsr-3885	127	21	traded	trade	VERB
fsr-3885	127	22	on	on	ADP
fsr-3885	127	23	the	the	DET
fsr-3885	127	24	cbot	cbot	NOUN
fsr-3885	127	25	.	.	PUNCT
fsr-3885	128	1	the	the	DET
fsr-3885	128	2	smiths	smith	NOUN
fsr-3885	128	3	would	would	AUX
fsr-3885	128	4	need	need	VERB
fsr-3885	128	5	two	two	NUM
fsr-3885	128	6	of	of	ADP
fsr-3885	128	7	the	the	DET
fsr-3885	128	8	mid	mid	ADJ
fsr-3885	128	9	american	american	ADJ
fsr-3885	128	10	contracts	contract	NOUN
fsr-3885	128	11	to	to	PART
fsr-3885	128	12	approximate	approximate	VERB
fsr-3885	128	13	the	the	DET
fsr-3885	128	14	hedging	hedging	NOUN
fsr-3885	128	15	effectiveness	effectiveness	NOUN
fsr-3885	128	16	of	of	ADP
fsr-3885	128	17	one	one	NUM
fsr-3885	128	18	of	of	ADP
fsr-3885	128	19	the	the	DET
fsr-3885	128	20	cbot	cbot	PROPN
fsr-3885	128	21	contracts	contract	NOUN
fsr-3885	128	22	.	.	PUNCT
fsr-3885	129	1	in	in	ADP
fsr-3885	129	2	both	both	DET
fsr-3885	129	3	cases	case	NOUN
fsr-3885	129	4	,	,	PUNCT
fsr-3885	129	5	the	the	DET
fsr-3885	129	6	margin	margin	NOUN
fsr-3885	129	7	they	they	PRON
fsr-3885	129	8	would	would	AUX
fsr-3885	129	9	be	be	AUX
fsr-3885	129	10	required	require	VERB
fsr-3885	129	11	to	to	PART
fsr-3885	129	12	post	post	VERB
fsr-3885	129	13	is	be	AUX
fsr-3885	129	14	only	only	ADV
fsr-3885	129	15	a	a	DET
fsr-3885	129	16	small	small	ADJ
fsr-3885	129	17	fraction	fraction	NOUN
fsr-3885	129	18	of	of	ADP
fsr-3885	129	19	the	the	DET
fsr-3885	129	20	down	down	ADJ
fsr-3885	129	21	payment	payment	NOUN
fsr-3885	129	22	they	they	PRON
fsr-3885	129	23	have	have	AUX
fsr-3885	129	24	already	already	ADV
fsr-3885	129	25	saved	save	VERB
fsr-3885	129	26	.	.	PUNCT
fsr-3885	130	1	thus	thus	ADV
fsr-3885	130	2	,	,	PUNCT
fsr-3885	130	3	the	the	DET
fsr-3885	130	4	hedge	hedge	NOUN
fsr-3885	130	5	seems	seem	VERB
fsr-3885	130	6	financially	financially	ADV
fsr-3885	130	7	feasible	feasible	ADJ
fsr-3885	130	8	.	.	PUNCT
fsr-3885	131	1	the	the	DET
fsr-3885	131	2	treasury	treasury	PROPN
fsr-3885	131	3	bond	bond	NOUN
fsr-3885	131	4	and	and	CCONJ
fsr-3885	131	5	note	note	VERB
fsr-3885	131	6	futures	future	NOUN
fsr-3885	131	7	contracts	contract	NOUN
fsr-3885	131	8	are	be	AUX
fsr-3885	131	9	traded	trade	VERB
fsr-3885	131	10	on	on	ADP
fsr-3885	131	11	the	the	DET
fsr-3885	131	12	march	march	PROPN
fsr-3885	131	13	-	-	PUNCT
fsr-3885	131	14	june	june	PROPN
fsr-3885	131	15	-	-	PUNCT
fsr-3885	131	16	septemberdecember	septemberdecember	NOUN
fsr-3885	131	17	cycle	cycle	NOUN
fsr-3885	131	18	.	.	PUNCT
fsr-3885	132	1	in	in	ADP
fsr-3885	132	2	general	general	ADJ
fsr-3885	132	3	,	,	PUNCT
fsr-3885	132	4	the	the	DET
fsr-3885	132	5	near	near	ADJ
fsr-3885	132	6	-	-	PUNCT
fsr-3885	132	7	term	term	NOUN
fsr-3885	132	8	contracts	contract	NOUN
fsr-3885	132	9	are	be	AUX
fsr-3885	132	10	considered	consider	VERB
fsr-3885	132	11	most	most	ADV
fsr-3885	132	12	liquid	liquid	ADJ
fsr-3885	132	13	;	;	PUNCT
fsr-3885	132	14	however	however	ADV
fsr-3885	132	15	,	,	PUNCT
fsr-3885	132	16	because	because	SCONJ
fsr-3885	132	17	the	the	DET
fsr-3885	132	18	individual	individual	ADJ
fsr-3885	132	19	mortgage	mortgage	NOUN
fsr-3885	132	20	hedger	hedger	NOUN
fsr-3885	132	21	is	be	AUX
fsr-3885	132	22	not	not	PART
fsr-3885	132	23	concerned	concern	VERB
fsr-3885	132	24	with	with	ADP
fsr-3885	132	25	large	large	ADJ
fsr-3885	132	26	positions	position	NOUN
fsr-3885	132	27	,	,	PUNCT
fsr-3885	132	28	adequate	adequate	ADJ
fsr-3885	132	29	liquidity	liquidity	NOUN
fsr-3885	132	30	would	would	AUX
fsr-3885	132	31	exist	exist	VERB
fsr-3885	132	32	with	with	ADP
fsr-3885	132	33	any	any	PRON
fsr-3885	132	34	of	of	ADP
fsr-3885	132	35	the	the	DET
fsr-3885	132	36	four	four	NUM
fsr-3885	132	37	maturities	maturity	NOUN
fsr-3885	132	38	.	.	PUNCT
fsr-3885	133	1	because	because	SCONJ
fsr-3885	133	2	the	the	DET
fsr-3885	133	3	futures	future	NOUN
fsr-3885	133	4	contract	contract	NOUN
fsr-3885	133	5	needs	need	VERB
fsr-3885	133	6	to	to	PART
fsr-3885	133	7	be	be	AUX
fsr-3885	133	8	closed	close	VERB
fsr-3885	133	9	out	out	ADP
fsr-3885	133	10	before	before	ADP
fsr-3885	133	11	the	the	DET
fsr-3885	133	12	contract	contract	NOUN
fsr-3885	133	13	month	month	NOUN
fsr-3885	133	14	to	to	PART
fsr-3885	133	15	avoid	avoid	VERB
fsr-3885	133	16	the	the	DET
fsr-3885	133	17	possibility	possibility	NOUN
fsr-3885	133	18	of	of	ADP
fsr-3885	133	19	having	have	VERB
fsr-3885	133	20	to	to	PART
fsr-3885	133	21	deliver	deliver	VERB
fsr-3885	133	22	the	the	DET
fsr-3885	133	23	underlying	underlie	VERB
fsr-3885	133	24	securities	security	NOUN
fsr-3885	133	25	,	,	PUNCT
fsr-3885	133	26	the	the	DET
fsr-3885	133	27	smiths	smith	NOUN
fsr-3885	133	28	are	be	AUX
fsr-3885	133	29	well	well	ADV
fsr-3885	133	30	advised	advise	VERB
fsr-3885	133	31	to	to	PART
fsr-3885	133	32	select	select	VERB
fsr-3885	133	33	a	a	DET
fsr-3885	133	34	contract	contract	NOUN
fsr-3885	133	35	month	month	NOUN
fsr-3885	133	36	beyond	beyond	ADP
fsr-3885	133	37	the	the	DET
fsr-3885	133	38	time	time	NOUN
fsr-3885	133	39	they	they	PRON
fsr-3885	133	40	expect	expect	VERB
fsr-3885	133	41	to	to	PART
fsr-3885	133	42	close	close	VERB
fsr-3885	133	43	on	on	ADP
fsr-3885	133	44	their	their	PRON
fsr-3885	133	45	mortgage	mortgage	NOUN
fsr-3885	133	46	.	.	PUNCT
fsr-3885	134	1	most	most	ADJ
fsr-3885	134	2	individuals	individual	NOUN
fsr-3885	134	3	do	do	AUX
fsr-3885	134	4	not	not	PART
fsr-3885	134	5	have	have	VERB
fsr-3885	134	6	a	a	DET
fsr-3885	134	7	futures	future	NOUN
fsr-3885	134	8	trading	trading	NOUN
fsr-3885	134	9	account	account	NOUN
fsr-3885	134	10	;	;	PUNCT
fsr-3885	134	11	however	however	ADV
fsr-3885	134	12	,	,	PUNCT
fsr-3885	134	13	the	the	DET
fsr-3885	134	14	financial	financial	ADJ
fsr-3885	134	15	capacity	capacity	NOUN
fsr-3885	134	16	that	that	PRON
fsr-3885	134	17	is	be	AUX
fsr-3885	134	18	necessary	necessary	ADJ
fsr-3885	134	19	to	to	PART
fsr-3885	134	20	support	support	VERB
fsr-3885	134	21	a	a	DET
fsr-3885	134	22	futures	future	NOUN
fsr-3885	134	23	trading	trading	NOUN
fsr-3885	134	24	account	account	NOUN
fsr-3885	134	25	is	be	AUX
fsr-3885	134	26	well	well	ADV
fsr-3885	134	27	within	within	ADP
fsr-3885	134	28	the	the	DET
fsr-3885	134	29	reach	reach	NOUN
fsr-3885	134	30	of	of	ADP
fsr-3885	134	31	many	many	ADJ
fsr-3885	134	32	small	small	ADJ
fsr-3885	134	33	investors	investor	NOUN
fsr-3885	134	34	.	.	PUNCT
fsr-3885	135	1	the	the	DET
fsr-3885	135	2	lind	lind	NOUN
fsr-3885	135	3	-	-	PUNCT
fsr-3885	135	4	waldock	waldock	NOUN
fsr-3885	135	5	brokerage	brokerage	NOUN
fsr-3885	135	6	firm	firm	NOUN
fsr-3885	135	7	,	,	PUNCT
fsr-3885	135	8	one	one	NUM
fsr-3885	135	9	of	of	ADP
fsr-3885	135	10	the	the	DET
fsr-3885	135	11	nation	nation	NOUN
fsr-3885	135	12	’s	’s	PART
fsr-3885	135	13	largest	large	ADJ
fsr-3885	135	14	discount	discount	NOUN
fsr-3885	135	15	brokerage	brokerage	NOUN
fsr-3885	135	16	firms	firm	NOUN
fsr-3885	135	17	,	,	PUNCT
fsr-3885	135	18	has	have	VERB
fsr-3885	135	19	as	as	ADP
fsr-3885	135	20	normal	normal	ADJ
fsr-3885	135	21	requirements	requirement	NOUN
fsr-3885	135	22	to	to	PART
fsr-3885	135	23	open	open	VERB
fsr-3885	135	24	an	an	DET
fsr-3885	135	25	account	account	NOUN
fsr-3885	135	26	:	:	PUNCT
fsr-3885	135	27	$	$	SYM
fsr-3885	135	28	5,000	5,000	NUM
fsr-3885	135	29	in	in	ADP
fsr-3885	135	30	liquid	liquid	ADJ
fsr-3885	135	31	assets	asset	NOUN
fsr-3885	135	32	,	,	PUNCT
fsr-3885	135	33	an	an	DET
fsr-3885	135	34	annual	annual	ADJ
fsr-3885	135	35	income	income	NOUN
fsr-3885	135	36	of	of	ADP
fsr-3885	135	37	at	at	ADV
fsr-3885	135	38	least	least	ADV
fsr-3885	135	39	$	$	SYM
fsr-3885	135	40	25,000	25,000	NUM
fsr-3885	135	41	,	,	PUNCT
fsr-3885	135	42	and	and	CCONJ
fsr-3885	135	43	$	$	SYM
fsr-3885	135	44	50,000	50,000	NUM
fsr-3885	135	45	in	in	ADP
fsr-3885	135	46	equity	equity	NOUN
fsr-3885	135	47	excluding	exclude	VERB
fsr-3885	135	48	one	one	NUM
fsr-3885	135	49	’s	’s	PART
fsr-3885	135	50	primary	primary	ADJ
fsr-3885	135	51	residence	residence	NOUN
fsr-3885	135	52	.	.	PUNCT
fsr-3885	136	1	these	these	DET
fsr-3885	136	2	requirements	requirement	NOUN
fsr-3885	136	3	are	be	AUX
fsr-3885	136	4	meant	mean	VERB
fsr-3885	136	5	to	to	PART
fsr-3885	136	6	insure	insure	VERB
fsr-3885	136	7	that	that	SCONJ
fsr-3885	136	8	if	if	SCONJ
fsr-3885	136	9	the	the	DET
fsr-3885	136	10	initial	initial	ADJ
fsr-3885	136	11	margin	margin	NOUN
fsr-3885	136	12	is	be	AUX
fsr-3885	136	13	depleted	deplete	VERB
fsr-3885	136	14	,	,	PUNCT
fsr-3885	136	15	then	then	ADV
fsr-3885	136	16	subsequent	subsequent	ADJ
fsr-3885	136	17	margin	margin	NOUN
fsr-3885	136	18	calls	call	NOUN
fsr-3885	136	19	can	can	AUX
fsr-3885	136	20	be	be	AUX
fsr-3885	136	21	met	meet	VERB
fsr-3885	136	22	.	.	PUNCT
fsr-3885	137	1	note	note	VERB
fsr-3885	137	2	that	that	SCONJ
fsr-3885	137	3	sharp	sharp	ADJ
fsr-3885	137	4	decreases	decrease	NOUN
fsr-3885	137	5	in	in	ADP
fsr-3885	137	6	interest	interest	NOUN
fsr-3885	137	7	rates	rate	NOUN
fsr-3885	137	8	would	would	AUX
fsr-3885	137	9	lead	lead	VERB
fsr-3885	137	10	to	to	ADP
fsr-3885	137	11	large	large	ADJ
fsr-3885	137	12	losses	loss	NOUN
fsr-3885	137	13	on	on	ADP
fsr-3885	137	14	the	the	DET
fsr-3885	137	15	short	short	ADJ
fsr-3885	137	16	futures	future	NOUN
fsr-3885	137	17	position	position	NOUN
fsr-3885	137	18	,	,	PUNCT
fsr-3885	137	19	thus	thus	ADV
fsr-3885	137	20	prudence	prudence	NOUN
fsr-3885	137	21	dictates	dictate	VERB
fsr-3885	137	22	that	that	SCONJ
fsr-3885	137	23	at	at	ADV
fsr-3885	137	24	least	least	ADV
fsr-3885	137	25	$	$	SYM
fsr-3885	137	26	10,000	10,000	NUM
fsr-3885	137	27	in	in	ADP
fsr-3885	137	28	liquid	liquid	ADJ
fsr-3885	137	29	assets	asset	NOUN
fsr-3885	137	30	be	be	AUX
fsr-3885	137	31	dedicated	dedicate	VERB
fsr-3885	137	32	to	to	ADP
fsr-3885	137	33	a	a	DET
fsr-3885	137	34	futures	future	NOUN
fsr-3885	137	35	account	account	NOUN
fsr-3885	137	36	.	.	PUNCT
fsr-3885	138	1	of	of	ADP
fsr-3885	138	2	course	course	NOUN
fsr-3885	138	3	,	,	PUNCT
fsr-3885	138	4	the	the	DET
fsr-3885	138	5	decrease	decrease	NOUN
fsr-3885	138	6	in	in	ADP
fsr-3885	138	7	interest	interest	NOUN
fsr-3885	138	8	rates	rate	NOUN
fsr-3885	138	9	means	mean	VERB
fsr-3885	138	10	that	that	SCONJ
fsr-3885	138	11	a	a	DET
fsr-3885	138	12	larger	large	ADJ
fsr-3885	138	13	mortgage	mortgage	NOUN
fsr-3885	138	14	can	can	AUX
fsr-3885	138	15	be	be	AUX
fsr-3885	138	16	qualified	qualified	ADJ
fsr-3885	138	17	for	for	ADP
fsr-3885	138	18	at	at	ADP
fsr-3885	138	19	the	the	DET
fsr-3885	138	20	same	same	ADJ
fsr-3885	138	21	monthly	monthly	ADJ
fsr-3885	138	22	payment	payment	NOUN
fsr-3885	138	23	,	,	PUNCT
fsr-3885	138	24	offsetting	offset	VERB
fsr-3885	138	25	the	the	DET
fsr-3885	138	26	loss	loss	NOUN
fsr-3885	138	27	in	in	ADP
fsr-3885	138	28	the	the	DET
fsr-3885	138	29	futures	future	NOUN
fsr-3885	138	30	position	position	NOUN
fsr-3885	138	31	.	.	PUNCT
fsr-3885	139	1	moreover	moreover	ADV
fsr-3885	139	2	,	,	PUNCT
fsr-3885	139	3	the	the	DET
fsr-3885	139	4	costs	cost	NOUN
fsr-3885	139	5	associated	associate	VERB
fsr-3885	139	6	with	with	ADP
fsr-3885	139	7	both	both	DET
fsr-3885	139	8	opening	opening	NOUN
fsr-3885	139	9	and	and	CCONJ
fsr-3885	139	10	closing	close	VERB
fsr-3885	139	11	a	a	DET
fsr-3885	139	12	futures	future	NOUN
fsr-3885	139	13	position	position	NOUN
fsr-3885	139	14	,	,	PUNCT
fsr-3885	139	15	i.e.	i.e.	X
fsr-3885	139	16	,	,	PUNCT
fsr-3885	139	17	the	the	DET
fsr-3885	139	18	round	round	ADJ
fsr-3885	139	19	trip	trip	NOUN
fsr-3885	139	20	commissions	commission	NOUN
fsr-3885	139	21	,	,	PUNCT
fsr-3885	139	22	are	be	AUX
fsr-3885	139	23	only	only	ADV
fsr-3885	139	24	$	$	SYM
fsr-3885	139	25	29	29	NUM
fsr-3885	139	26	for	for	ADP
fsr-3885	139	27	a	a	DET
fsr-3885	139	28	futures	future	NOUN
fsr-3885	139	29	contract	contract	NOUN
fsr-3885	139	30	and	and	CCONJ
fsr-3885	139	31	$	$	SYM
fsr-3885	139	32	35	35	NUM
fsr-3885	139	33	for	for	ADP
fsr-3885	139	34	an	an	DET
fsr-3885	139	35	options	option	NOUN
fsr-3885	139	36	contract	contract	NOUN
fsr-3885	139	37	and	and	CCONJ
fsr-3885	139	38	are	be	AUX
fsr-3885	139	39	paid	pay	VERB
fsr-3885	139	40	when	when	SCONJ
fsr-3885	139	41	the	the	DET
fsr-3885	139	42	position	position	NOUN
fsr-3885	139	43	is	be	AUX
fsr-3885	139	44	liquidated	liquidate	VERB
fsr-3885	139	45	.	.	PUNCT
fsr-3885	140	1	a	a	DET
fsr-3885	140	2	full	full	ADJ
fsr-3885	140	3	service	service	NOUN
fsr-3885	140	4	broker	broker	NOUN
fsr-3885	140	5	,	,	PUNCT
fsr-3885	140	6	however	however	ADV
fsr-3885	140	7	,	,	PUNCT
fsr-3885	140	8	may	may	AUX
fsr-3885	140	9	charge	charge	VERB
fsr-3885	140	10	as	as	ADV
fsr-3885	140	11	much	much	ADJ
fsr-3885	140	12	as	as	ADP
fsr-3885	140	13	$	$	SYM
fsr-3885	140	14	200	200	NUM
fsr-3885	140	15	per	per	ADP
fsr-3885	140	16	contract	contract	NOUN
fsr-3885	140	17	and	and	CCONJ
fsr-3885	140	18	impose	impose	VERB
fsr-3885	140	19	much	much	ADV
fsr-3885	140	20	stricter	strict	ADJ
fsr-3885	140	21	liquidity	liquidity	NOUN
fsr-3885	140	22	and	and	CCONJ
fsr-3885	140	23	equity	equity	NOUN
fsr-3885	140	24	requirements	requirement	NOUN
fsr-3885	140	25	.	.	PUNCT
fsr-3885	141	1	although	although	SCONJ
fsr-3885	141	2	the	the	DET
fsr-3885	141	3	smiths	smith	NOUN
fsr-3885	141	4	seem	seem	VERB
fsr-3885	141	5	to	to	PART
fsr-3885	141	6	have	have	VERB
fsr-3885	141	7	sufficient	sufficient	ADJ
fsr-3885	141	8	liquidity	liquidity	NOUN
fsr-3885	141	9	by	by	ADP
fsr-3885	141	10	virtue	virtue	NOUN
fsr-3885	141	11	of	of	ADP
fsr-3885	141	12	the	the	DET
fsr-3885	141	13	$	$	SYM
fsr-3885	141	14	25,000	25,000	NUM
fsr-3885	141	15	available	available	ADJ
fsr-3885	141	16	for	for	ADP
fsr-3885	141	17	their	their	PRON
fsr-3885	141	18	down	down	ADJ
fsr-3885	141	19	payment	payment	NOUN
fsr-3885	141	20	,	,	PUNCT
fsr-3885	141	21	they	they	PRON
fsr-3885	141	22	may	may	AUX
fsr-3885	141	23	not	not	PART
fsr-3885	141	24	have	have	VERB
fsr-3885	141	25	enough	enough	ADJ
fsr-3885	141	26	equity	equity	NOUN
fsr-3885	141	27	to	to	PART
fsr-3885	141	28	establish	establish	VERB
fsr-3885	141	29	a	a	DET
fsr-3885	141	30	futures	future	NOUN
fsr-3885	141	31	trading	trading	NOUN
fsr-3885	141	32	account	account	NOUN
fsr-3885	141	33	.	.	PUNCT
fsr-3885	142	1	if	if	SCONJ
fsr-3885	142	2	,	,	PUNCT
fsr-3885	142	3	however	however	ADV
fsr-3885	142	4	,	,	PUNCT
fsr-3885	142	5	the	the	DET
fsr-3885	142	6	smiths	smith	NOUN
fsr-3885	142	7	restrict	restrict	VERB
fsr-3885	142	8	their	their	PRON
fsr-3885	142	9	hedging	hedging	NOUN
fsr-3885	142	10	activities	activity	NOUN
fsr-3885	142	11	to	to	ADP
fsr-3885	142	12	purchasing	purchase	VERB
fsr-3885	142	13	put	put	ADJ
fsr-3885	142	14	options	option	NOUN
fsr-3885	142	15	then	then	ADV
fsr-3885	142	16	it	it	PRON
fsr-3885	142	17	may	may	AUX
fsr-3885	142	18	be	be	AUX
fsr-3885	142	19	possible	possible	ADJ
fsr-3885	142	20	to	to	PART
fsr-3885	142	21	establish	establish	VERB
fsr-3885	142	22	a	a	DET
fsr-3885	142	23	trading	trading	NOUN
fsr-3885	142	24	account	account	NOUN
fsr-3885	142	25	with	with	ADP
fsr-3885	142	26	the	the	DET
fsr-3885	142	27	$	$	SYM
fsr-3885	142	28	25,000	25,000	NUM
fsr-3885	142	29	in	in	ADP
fsr-3885	142	30	cash	cash	NOUN
fsr-3885	142	31	.	.	PUNCT
fsr-3885	143	1	creation	creation	NOUN
fsr-3885	143	2	of	of	ADP
fsr-3885	143	3	such	such	DET
fsr-3885	143	4	an	an	DET
fsr-3885	143	5	account	account	NOUN
fsr-3885	143	6	would	would	AUX
fsr-3885	143	7	be	be	AUX
fsr-3885	143	8	at	at	ADP
fsr-3885	143	9	the	the	DET
fsr-3885	143	10	discretion	discretion	NOUN
fsr-3885	143	11	of	of	ADP
fsr-3885	143	12	the	the	DET
fsr-3885	143	13	brokerage	brokerage	NOUN
fsr-3885	143	14	house	house	NOUN
fsr-3885	143	15	,	,	PUNCT
fsr-3885	143	16	and	and	CCONJ
fsr-3885	143	17	is	be	AUX
fsr-3885	143	18	by	by	ADP
fsr-3885	143	19	no	no	DET
fsr-3885	143	20	means	means	NOUN
fsr-3885	143	21	a	a	DET
fsr-3885	143	22	certainty	certainty	NOUN
fsr-3885	143	23	.	.	PUNCT
fsr-3885	144	1	on	on	ADP
fsr-3885	144	2	the	the	DET
fsr-3885	144	3	other	other	ADJ
fsr-3885	144	4	hand	hand	NOUN
fsr-3885	144	5	,	,	PUNCT
fsr-3885	144	6	the	the	DET
fsr-3885	144	7	jones	jone	NOUN
fsr-3885	144	8	,	,	PUNCT
fsr-3885	144	9	who	who	PRON
fsr-3885	144	10	are	be	AUX
fsr-3885	144	11	constructing	construct	VERB
fsr-3885	144	12	a	a	DET
fsr-3885	144	13	$	$	SYM
fsr-3885	144	14	250,000	250,000	NUM
fsr-3885	144	15	house	house	NOUN
fsr-3885	144	16	,	,	PUNCT
fsr-3885	144	17	have	have	VERB
fsr-3885	144	18	106	106	NUM
fsr-3885	144	19	t.l	t.l	PROPN
fsr-3885	144	20	.	.	PUNCT
fsr-3885	144	21	zivney	zivney	PROPN
fsr-3885	144	22	,	,	PUNCT
fsr-3885	144	23	c.f	c.f	PROPN
fsr-3885	144	24	.	.	PROPN
fsr-3885	144	25	luft	luft	PROPN
fsr-3885	144	26	/	/	SYM
fsr-3885	144	27	financial	financial	ADJ
fsr-3885	144	28	services	service	NOUN
fsr-3885	144	29	review	review	VERB
fsr-3885	144	30	8	8	NUM
fsr-3885	144	31	(	(	PUNCT
fsr-3885	144	32	1999	1999	NUM
fsr-3885	144	33	)	)	PUNCT
fsr-3885	144	34	101–115	101–115	NUM
fsr-3885	144	35	accumulated	accumulate	VERB
fsr-3885	144	36	a	a	DET
fsr-3885	144	37	$	$	SYM
fsr-3885	144	38	50,000	50,000	NUM
fsr-3885	144	39	down	down	ADJ
fsr-3885	144	40	payment	payment	NOUN
fsr-3885	144	41	,	,	PUNCT
fsr-3885	144	42	enough	enough	ADJ
fsr-3885	144	43	to	to	PART
fsr-3885	144	44	satisfy	satisfy	VERB
fsr-3885	144	45	normal	normal	ADJ
fsr-3885	144	46	equity	equity	NOUN
fsr-3885	144	47	requirements	requirement	NOUN
fsr-3885	144	48	for	for	ADP
fsr-3885	144	49	establishing	establish	VERB
fsr-3885	144	50	a	a	DET
fsr-3885	144	51	futures	future	NOUN
fsr-3885	144	52	trading	trading	NOUN
fsr-3885	144	53	account	account	NOUN
fsr-3885	144	54	.	.	PUNCT
fsr-3885	145	1	3.3	3.3	NUM
fsr-3885	145	2	.	.	PUNCT
fsr-3885	146	1	alternative	alternative	ADJ
fsr-3885	146	2	goals	goal	NOUN
fsr-3885	146	3	the	the	DET
fsr-3885	146	4	smiths	smith	NOUN
fsr-3885	146	5	and	and	CCONJ
fsr-3885	146	6	jones	jones	PROPN
fsr-3885	146	7	potentially	potentially	ADV
fsr-3885	146	8	have	have	VERB
fsr-3885	146	9	two	two	NUM
fsr-3885	146	10	alternative	alternative	ADJ
fsr-3885	146	11	goals	goal	NOUN
fsr-3885	146	12	for	for	ADP
fsr-3885	146	13	their	their	PRON
fsr-3885	146	14	mortgage	mortgage	NOUN
fsr-3885	146	15	hedging	hedging	NOUN
fsr-3885	146	16	strategies	strategy	NOUN
fsr-3885	146	17	.	.	PUNCT
fsr-3885	147	1	the	the	DET
fsr-3885	147	2	jones	jones	PROPN
fsr-3885	147	3	,	,	PUNCT
fsr-3885	147	4	who	who	PRON
fsr-3885	147	5	are	be	AUX
fsr-3885	147	6	committed	commit	VERB
fsr-3885	147	7	to	to	ADP
fsr-3885	147	8	taking	take	VERB
fsr-3885	147	9	out	out	ADP
fsr-3885	147	10	a	a	DET
fsr-3885	147	11	mortgage	mortgage	NOUN
fsr-3885	147	12	to	to	PART
fsr-3885	147	13	fund	fund	VERB
fsr-3885	147	14	their	their	PRON
fsr-3885	147	15	newlyconstructed	newlyconstructed	ADJ
fsr-3885	147	16	home	home	NOUN
fsr-3885	147	17	,	,	PUNCT
fsr-3885	147	18	may	may	AUX
fsr-3885	147	19	have	have	VERB
fsr-3885	147	20	a	a	DET
fsr-3885	147	21	goal	goal	NOUN
fsr-3885	147	22	of	of	ADP
fsr-3885	147	23	minimizing	minimize	VERB
fsr-3885	147	24	the	the	DET
fsr-3885	147	25	uncertainty	uncertainty	NOUN
fsr-3885	147	26	of	of	ADP
fsr-3885	147	27	their	their	PRON
fsr-3885	147	28	mortgage	mortgage	NOUN
fsr-3885	147	29	capacity	capacity	NOUN
fsr-3885	147	30	.	.	PUNCT
fsr-3885	148	1	this	this	DET
fsr-3885	148	2	goal	goal	NOUN
fsr-3885	148	3	may	may	AUX
fsr-3885	148	4	be	be	AUX
fsr-3885	148	5	met	meet	VERB
fsr-3885	148	6	by	by	ADP
fsr-3885	148	7	hedging	hedge	VERB
fsr-3885	148	8	with	with	ADP
fsr-3885	148	9	futures	future	NOUN
fsr-3885	148	10	contracts	contract	NOUN
fsr-3885	148	11	at	at	ADP
fsr-3885	148	12	a	a	DET
fsr-3885	148	13	low	low	ADJ
fsr-3885	148	14	effective	effective	ADJ
fsr-3885	148	15	cost	cost	NOUN
fsr-3885	148	16	.	.	PUNCT
fsr-3885	149	1	the	the	DET
fsr-3885	149	2	smiths	smith	NOUN
fsr-3885	149	3	,	,	PUNCT
fsr-3885	149	4	who	who	PRON
fsr-3885	149	5	are	be	AUX
fsr-3885	149	6	planning	plan	VERB
fsr-3885	149	7	on	on	ADP
fsr-3885	149	8	buying	buy	VERB
fsr-3885	149	9	a	a	DET
fsr-3885	149	10	house	house	NOUN
fsr-3885	149	11	at	at	ADP
fsr-3885	149	12	some	some	DET
fsr-3885	149	13	indefinite	indefinite	ADJ
fsr-3885	149	14	future	future	ADJ
fsr-3885	149	15	time	time	NOUN
fsr-3885	149	16	,	,	PUNCT
fsr-3885	149	17	may	may	AUX
fsr-3885	149	18	be	be	AUX
fsr-3885	149	19	uncomfortable	uncomfortable	ADJ
fsr-3885	149	20	with	with	ADP
fsr-3885	149	21	the	the	DET
fsr-3885	149	22	knowledge	knowledge	NOUN
fsr-3885	149	23	that	that	SCONJ
fsr-3885	149	24	hedging	hedge	VERB
fsr-3885	149	25	with	with	ADP
fsr-3885	149	26	futures	future	NOUN
fsr-3885	149	27	means	mean	VERB
fsr-3885	149	28	foregoing	forego	VERB
fsr-3885	149	29	the	the	DET
fsr-3885	149	30	opportunity	opportunity	NOUN
fsr-3885	149	31	to	to	PART
fsr-3885	149	32	obtain	obtain	VERB
fsr-3885	149	33	a	a	DET
fsr-3885	149	34	mortgage	mortgage	NOUN
fsr-3885	149	35	at	at	ADP
fsr-3885	149	36	a	a	DET
fsr-3885	149	37	lower	low	ADJ
fsr-3885	149	38	interest	interest	NOUN
fsr-3885	149	39	rates	rate	NOUN
fsr-3885	149	40	if	if	SCONJ
fsr-3885	149	41	rates	rate	NOUN
fsr-3885	149	42	decline	decline	VERB
fsr-3885	149	43	before	before	SCONJ
fsr-3885	149	44	they	they	PRON
fsr-3885	149	45	find	find	VERB
fsr-3885	149	46	their	their	PRON
fsr-3885	149	47	home	home	NOUN
fsr-3885	149	48	.	.	PUNCT
fsr-3885	150	1	yet	yet	CCONJ
fsr-3885	150	2	the	the	DET
fsr-3885	150	3	smiths	smith	NOUN
fsr-3885	150	4	are	be	AUX
fsr-3885	150	5	concerned	concerned	ADJ
fsr-3885	150	6	about	about	ADP
fsr-3885	150	7	an	an	DET
fsr-3885	150	8	unforeseen	unforeseen	ADJ
fsr-3885	150	9	increase	increase	NOUN
fsr-3885	150	10	in	in	ADP
fsr-3885	150	11	mortgage	mortgage	NOUN
fsr-3885	150	12	rates	rate	NOUN
fsr-3885	150	13	ruining	ruin	VERB
fsr-3885	150	14	their	their	PRON
fsr-3885	150	15	chances	chance	NOUN
fsr-3885	150	16	of	of	ADP
fsr-3885	150	17	obtaining	obtain	VERB
fsr-3885	150	18	their	their	PRON
fsr-3885	150	19	dream	dream	NOUN
fsr-3885	150	20	home	home	NOUN
fsr-3885	150	21	.	.	PUNCT
fsr-3885	151	1	furthermore	furthermore	ADV
fsr-3885	151	2	,	,	PUNCT
fsr-3885	151	3	the	the	DET
fsr-3885	151	4	smiths	smith	NOUN
fsr-3885	151	5	may	may	AUX
fsr-3885	151	6	decide	decide	VERB
fsr-3885	151	7	to	to	PART
fsr-3885	151	8	not	not	PART
fsr-3885	151	9	buy	buy	VERB
fsr-3885	151	10	a	a	DET
fsr-3885	151	11	house	house	NOUN
fsr-3885	151	12	at	at	ADV
fsr-3885	151	13	all	all	ADV
fsr-3885	151	14	.	.	PUNCT
fsr-3885	152	1	the	the	DET
fsr-3885	152	2	smiths	smith	NOUN
fsr-3885	152	3	’	'	PUNCT
fsr-3885	152	4	goal	goal	NOUN
fsr-3885	152	5	is	be	AUX
fsr-3885	152	6	to	to	PART
fsr-3885	152	7	ensure	ensure	VERB
fsr-3885	152	8	that	that	SCONJ
fsr-3885	152	9	the	the	DET
fsr-3885	152	10	effective	effective	ADJ
fsr-3885	152	11	mortgage	mortgage	NOUN
fsr-3885	152	12	rate	rate	NOUN
fsr-3885	152	13	they	they	PRON
fsr-3885	152	14	pay	pay	VERB
fsr-3885	152	15	is	be	AUX
fsr-3885	152	16	no	no	ADV
fsr-3885	152	17	greater	great	ADJ
fsr-3885	152	18	than	than	ADP
fsr-3885	152	19	the	the	DET
fsr-3885	152	20	current	current	ADJ
fsr-3885	152	21	rate	rate	NOUN
fsr-3885	152	22	.	.	PUNCT
fsr-3885	153	1	this	this	DET
fsr-3885	153	2	goal	goal	NOUN
fsr-3885	153	3	may	may	AUX
fsr-3885	153	4	be	be	AUX
fsr-3885	153	5	met	meet	VERB
fsr-3885	153	6	by	by	ADP
fsr-3885	153	7	purchasing	purchase	VERB
fsr-3885	153	8	a	a	DET
fsr-3885	153	9	put	put	NOUN
fsr-3885	153	10	option	option	NOUN
fsr-3885	153	11	and	and	CCONJ
fsr-3885	153	12	effectively	effectively	ADV
fsr-3885	153	13	paying	pay	VERB
fsr-3885	153	14	an	an	DET
fsr-3885	153	15	insurance	insurance	NOUN
fsr-3885	153	16	premium	premium	NOUN
fsr-3885	153	17	against	against	ADP
fsr-3885	153	18	an	an	DET
fsr-3885	153	19	increase	increase	NOUN
fsr-3885	153	20	in	in	ADP
fsr-3885	153	21	rates	rate	NOUN
fsr-3885	153	22	.	.	PUNCT
fsr-3885	154	1	if	if	SCONJ
fsr-3885	154	2	the	the	DET
fsr-3885	154	3	smiths	smith	NOUN
fsr-3885	154	4	decide	decide	VERB
fsr-3885	154	5	against	against	ADP
fsr-3885	154	6	buying	buy	VERB
fsr-3885	154	7	a	a	DET
fsr-3885	154	8	home	home	NOUN
fsr-3885	154	9	,	,	PUNCT
fsr-3885	154	10	they	they	PRON
fsr-3885	154	11	forfeit	forfeit	VERB
fsr-3885	154	12	the	the	DET
fsr-3885	154	13	price	price	NOUN
fsr-3885	154	14	of	of	ADP
fsr-3885	154	15	the	the	DET
fsr-3885	154	16	put	put	NOUN
fsr-3885	154	17	option	option	NOUN
fsr-3885	154	18	,	,	PUNCT
fsr-3885	154	19	but	but	CCONJ
fsr-3885	154	20	have	have	VERB
fsr-3885	154	21	no	no	DET
fsr-3885	154	22	further	further	ADJ
fsr-3885	154	23	financial	financial	ADJ
fsr-3885	154	24	obligation	obligation	NOUN
fsr-3885	154	25	.	.	PUNCT
fsr-3885	155	1	3.4	3.4	NUM
fsr-3885	155	2	.	.	PUNCT
fsr-3885	155	3	data	data	VERB
fsr-3885	155	4	the	the	DET
fsr-3885	155	5	data	datum	NOUN
fsr-3885	155	6	underlying	underlie	VERB
fsr-3885	155	7	the	the	DET
fsr-3885	155	8	analysis	analysis	NOUN
fsr-3885	155	9	are	be	AUX
fsr-3885	155	10	from	from	ADP
fsr-3885	155	11	breeden	breeden	PROPN
fsr-3885	155	12	and	and	CCONJ
fsr-3885	155	13	giarla	giarla	PROPN
fsr-3885	155	14	(	(	PUNCT
fsr-3885	155	15	1992	1992	NUM
fsr-3885	155	16	)	)	PUNCT
fsr-3885	155	17	who	who	PRON
fsr-3885	155	18	present	present	VERB
fsr-3885	155	19	mortgage	mortgage	NOUN
fsr-3885	155	20	interest	interest	NOUN
fsr-3885	155	21	rates	rate	NOUN
fsr-3885	155	22	for	for	ADP
fsr-3885	155	23	30	30	NUM
fsr-3885	155	24	-	-	PUNCT
fsr-3885	155	25	year	year	NOUN
fsr-3885	155	26	fixed	fix	VERB
fsr-3885	155	27	-	-	PUNCT
fsr-3885	155	28	rate	rate	NOUN
fsr-3885	155	29	mortgages	mortgage	NOUN
fsr-3885	155	30	and	and	CCONJ
fsr-3885	155	31	futures	future	NOUN
fsr-3885	155	32	contracts	contract	NOUN
fsr-3885	155	33	on	on	ADP
fsr-3885	155	34	20	20	NUM
fsr-3885	155	35	-	-	PUNCT
fsr-3885	155	36	year	year	NOUN
fsr-3885	155	37	treasury	treasury	NOUN
fsr-3885	155	38	bonds	bond	NOUN
fsr-3885	155	39	for	for	ADP
fsr-3885	155	40	each	each	DET
fsr-3885	155	41	month	month	NOUN
fsr-3885	155	42	from	from	ADP
fsr-3885	155	43	january	january	PROPN
fsr-3885	155	44	1984	1984	NUM
fsr-3885	155	45	through	through	ADP
fsr-3885	155	46	december	december	PROPN
fsr-3885	155	47	1990	1990	NUM
fsr-3885	155	48	.	.	PUNCT
fsr-3885	156	1	this	this	DET
fsr-3885	156	2	period	period	NOUN
fsr-3885	156	3	of	of	ADP
fsr-3885	156	4	time	time	NOUN
fsr-3885	156	5	is	be	AUX
fsr-3885	156	6	one	one	NUM
fsr-3885	156	7	that	that	PRON
fsr-3885	156	8	was	be	AUX
fsr-3885	156	9	especially	especially	ADV
fsr-3885	156	10	difficult	difficult	ADJ
fsr-3885	156	11	for	for	ADP
fsr-3885	156	12	a	a	DET
fsr-3885	156	13	hedger	hedger	NOUN
fsr-3885	156	14	and	and	CCONJ
fsr-3885	156	15	therefore	therefore	ADV
fsr-3885	156	16	provides	provide	VERB
fsr-3885	156	17	a	a	DET
fsr-3885	156	18	powerful	powerful	ADJ
fsr-3885	156	19	test	test	NOUN
fsr-3885	156	20	of	of	ADP
fsr-3885	156	21	the	the	DET
fsr-3885	156	22	potential	potential	ADJ
fsr-3885	156	23	effectiveness	effectiveness	NOUN
fsr-3885	156	24	of	of	ADP
fsr-3885	156	25	hedging	hedging	NOUN
fsr-3885	156	26	.	.	PUNCT
fsr-3885	157	1	first	first	ADV
fsr-3885	157	2	,	,	PUNCT
fsr-3885	157	3	interest	interest	NOUN
fsr-3885	157	4	rates	rate	NOUN
fsr-3885	157	5	were	be	AUX
fsr-3885	157	6	quite	quite	ADV
fsr-3885	157	7	volatile	volatile	ADJ
fsr-3885	157	8	,	,	PUNCT
fsr-3885	157	9	sometimes	sometimes	ADV
fsr-3885	157	10	changing	change	VERB
fsr-3885	157	11	more	more	ADJ
fsr-3885	157	12	than	than	ADP
fsr-3885	157	13	3	3	NUM
fsr-3885	157	14	%	%	NOUN
fsr-3885	157	15	over	over	ADP
fsr-3885	157	16	a	a	DET
fsr-3885	157	17	12	12	NUM
fsr-3885	157	18	-	-	PUNCT
fsr-3885	157	19	month	month	NOUN
fsr-3885	157	20	period	period	NOUN
fsr-3885	157	21	.	.	PUNCT
fsr-3885	158	1	second	second	ADV
fsr-3885	158	2	,	,	PUNCT
fsr-3885	158	3	the	the	DET
fsr-3885	158	4	rates	rate	NOUN
fsr-3885	158	5	were	be	AUX
fsr-3885	158	6	on	on	ADP
fsr-3885	158	7	a	a	DET
fsr-3885	158	8	long	long	ADJ
fsr-3885	158	9	-	-	PUNCT
fsr-3885	158	10	term	term	NOUN
fsr-3885	158	11	downward	downward	ADJ
fsr-3885	158	12	trend	trend	NOUN
fsr-3885	158	13	,	,	PUNCT
fsr-3885	158	14	meaning	mean	VERB
fsr-3885	158	15	that	that	SCONJ
fsr-3885	158	16	on	on	ADP
fsr-3885	158	17	average	average	ADJ
fsr-3885	158	18	,	,	PUNCT
fsr-3885	158	19	waiting	wait	VERB
fsr-3885	158	20	to	to	PART
fsr-3885	158	21	take	take	VERB
fsr-3885	158	22	out	out	ADP
fsr-3885	158	23	a	a	DET
fsr-3885	158	24	mortgage	mortgage	NOUN
fsr-3885	158	25	would	would	AUX
fsr-3885	158	26	reward	reward	VERB
fsr-3885	158	27	the	the	DET
fsr-3885	158	28	individual	individual	NOUN
fsr-3885	158	29	with	with	ADP
fsr-3885	158	30	lower	low	ADJ
fsr-3885	158	31	rates	rate	NOUN
fsr-3885	158	32	,	,	PUNCT
fsr-3885	158	33	albeit	albeit	SCONJ
fsr-3885	158	34	with	with	ADP
fsr-3885	158	35	the	the	DET
fsr-3885	158	36	risk	risk	NOUN
fsr-3885	158	37	of	of	ADP
fsr-3885	158	38	sharp	sharp	ADJ
fsr-3885	158	39	,	,	PUNCT
fsr-3885	158	40	sudden	sudden	ADJ
fsr-3885	158	41	increases	increase	NOUN
fsr-3885	158	42	.	.	PUNCT
fsr-3885	159	1	this	this	DET
fsr-3885	159	2	better	well	ADJ
fsr-3885	159	3	-	-	PUNCT
fsr-3885	159	4	thanaverage	thanaverage	NOUN
fsr-3885	159	5	performance	performance	NOUN
fsr-3885	159	6	of	of	ADP
fsr-3885	159	7	the	the	DET
fsr-3885	159	8	unhedged	unhedged	ADJ
fsr-3885	159	9	mortgage	mortgage	NOUN
fsr-3885	159	10	makes	make	VERB
fsr-3885	159	11	a	a	DET
fsr-3885	159	12	tough	tough	ADJ
fsr-3885	159	13	standard	standard	NOUN
fsr-3885	159	14	of	of	ADP
fsr-3885	159	15	comparison	comparison	NOUN
fsr-3885	159	16	for	for	ADP
fsr-3885	159	17	the	the	DET
fsr-3885	159	18	use	use	NOUN
fsr-3885	159	19	of	of	ADP
fsr-3885	159	20	a	a	DET
fsr-3885	159	21	hedge	hedge	NOUN
fsr-3885	159	22	.	.	PUNCT
fsr-3885	160	1	finally	finally	ADV
fsr-3885	160	2	,	,	PUNCT
fsr-3885	160	3	this	this	DET
fsr-3885	160	4	period	period	NOUN
fsr-3885	160	5	of	of	ADP
fsr-3885	160	6	time	time	NOUN
fsr-3885	160	7	includes	include	VERB
fsr-3885	160	8	the	the	DET
fsr-3885	160	9	time	time	NOUN
fsr-3885	160	10	span	span	NOUN
fsr-3885	160	11	when	when	SCONJ
fsr-3885	160	12	the	the	DET
fsr-3885	160	13	gnma	gnma	NOUN
fsr-3885	160	14	futures	futures	PROPN
fsr-3885	160	15	contract	contract	NOUN
fsr-3885	160	16	was	be	AUX
fsr-3885	160	17	failing	fail	VERB
fsr-3885	160	18	,	,	PUNCT
fsr-3885	160	19	presumably	presumably	ADV
fsr-3885	160	20	because	because	SCONJ
fsr-3885	160	21	of	of	ADP
fsr-3885	160	22	ineffective	ineffective	ADJ
fsr-3885	160	23	hedging	hedging	NOUN
fsr-3885	160	24	performance	performance	NOUN
fsr-3885	160	25	.	.	PUNCT
fsr-3885	161	1	fig	fig	NOUN
fsr-3885	161	2	.	.	PUNCT
fsr-3885	162	1	1	1	NUM
fsr-3885	162	2	displays	display	VERB
fsr-3885	162	3	the	the	DET
fsr-3885	162	4	data	datum	NOUN
fsr-3885	162	5	for	for	ADP
fsr-3885	162	6	the	the	DET
fsr-3885	162	7	fixed	fix	VERB
fsr-3885	162	8	rate	rate	NOUN
fsr-3885	162	9	(	(	PUNCT
fsr-3885	162	10	gnma	gnma	NOUN
fsr-3885	162	11	)	)	PUNCT
fsr-3885	162	12	mortgage	mortgage	NOUN
fsr-3885	162	13	interest	interest	NOUN
fsr-3885	162	14	rates	rate	NOUN
fsr-3885	162	15	and	and	CCONJ
fsr-3885	162	16	the	the	DET
fsr-3885	162	17	short	short	ADJ
fsr-3885	162	18	term	term	NOUN
fsr-3885	162	19	t	t	NOUN
fsr-3885	162	20	-	-	PUNCT
fsr-3885	162	21	bill	bill	NOUN
fsr-3885	162	22	rates	rate	NOUN
fsr-3885	162	23	for	for	ADP
fsr-3885	162	24	this	this	DET
fsr-3885	162	25	period	period	NOUN
fsr-3885	162	26	.	.	PUNCT
fsr-3885	163	1	these	these	DET
fsr-3885	163	2	data	datum	NOUN
fsr-3885	163	3	are	be	AUX
fsr-3885	163	4	derived	derive	VERB
fsr-3885	163	5	from	from	ADP
fsr-3885	163	6	market	market	NOUN
fsr-3885	163	7	prices	price	NOUN
fsr-3885	163	8	,	,	PUNCT
fsr-3885	163	9	rather	rather	ADV
fsr-3885	163	10	than	than	ADP
fsr-3885	163	11	survey	survey	VERB
fsr-3885	163	12	data	datum	NOUN
fsr-3885	163	13	as	as	SCONJ
fsr-3885	163	14	shown	show	VERB
fsr-3885	163	15	in	in	ADP
fsr-3885	163	16	templeton	templeton	PROPN
fsr-3885	163	17	,	,	PUNCT
fsr-3885	163	18	main	main	ADJ
fsr-3885	163	19	and	and	CCONJ
fsr-3885	163	20	orris	orris	NOUN
fsr-3885	163	21	(	(	PUNCT
fsr-3885	163	22	1996	1996	NUM
fsr-3885	163	23	)	)	PUNCT
fsr-3885	163	24	that	that	PRON
fsr-3885	163	25	seems	seem	VERB
fsr-3885	163	26	to	to	PART
fsr-3885	163	27	be	be	AUX
fsr-3885	163	28	somewhat	somewhat	ADV
fsr-3885	163	29	smoothed	smooth	VERB
fsr-3885	163	30	.	.	PUNCT
fsr-3885	164	1	there	there	PRON
fsr-3885	164	2	were	be	VERB
fsr-3885	164	3	a	a	DET
fsr-3885	164	4	number	number	NOUN
fsr-3885	164	5	of	of	ADP
fsr-3885	164	6	sizable	sizable	ADJ
fsr-3885	164	7	reversals	reversal	NOUN
fsr-3885	164	8	of	of	ADP
fsr-3885	164	9	interest	interest	NOUN
fsr-3885	164	10	rate	rate	NOUN
fsr-3885	164	11	trends	trend	NOUN
fsr-3885	164	12	during	during	ADP
fsr-3885	164	13	this	this	DET
fsr-3885	164	14	period	period	NOUN
fsr-3885	164	15	.	.	PUNCT
fsr-3885	165	1	4	4	X
fsr-3885	165	2	.	.	NOUN
fsr-3885	165	3	results	result	VERB
fsr-3885	165	4	4.1	4.1	NUM
fsr-3885	165	5	.	.	PUNCT
fsr-3885	165	6	hedging	hedge	VERB
fsr-3885	165	7	individual	individual	ADJ
fsr-3885	165	8	mortgages	mortgage	NOUN
fsr-3885	165	9	with	with	ADP
fsr-3885	165	10	futures	future	NOUN
fsr-3885	165	11	several	several	ADJ
fsr-3885	165	12	different	different	ADJ
fsr-3885	165	13	scenarios	scenario	NOUN
fsr-3885	165	14	are	be	AUX
fsr-3885	165	15	examined	examine	VERB
fsr-3885	165	16	to	to	PART
fsr-3885	165	17	test	test	VERB
fsr-3885	165	18	the	the	DET
fsr-3885	165	19	feasibility	feasibility	NOUN
fsr-3885	165	20	of	of	ADP
fsr-3885	165	21	hedging	hedge	VERB
fsr-3885	165	22	an	an	DET
fsr-3885	165	23	individual	individual	NOUN
fsr-3885	165	24	’s	’s	PART
fsr-3885	165	25	mortgage	mortgage	NOUN
fsr-3885	165	26	origination	origination	NOUN
fsr-3885	165	27	using	use	VERB
fsr-3885	165	28	futures	future	NOUN
fsr-3885	165	29	contracts	contract	NOUN
fsr-3885	165	30	.	.	PUNCT
fsr-3885	166	1	these	these	DET
fsr-3885	166	2	scenarios	scenario	NOUN
fsr-3885	166	3	differ	differ	VERB
fsr-3885	166	4	in	in	ADP
fsr-3885	166	5	the	the	DET
fsr-3885	166	6	time	time	NOUN
fsr-3885	166	7	from	from	ADP
fsr-3885	166	8	the	the	DET
fsr-3885	166	9	initiation	initiation	NOUN
fsr-3885	166	10	of	of	ADP
fsr-3885	166	11	the	the	DET
fsr-3885	166	12	hedge	hedge	NOUN
fsr-3885	166	13	until	until	SCONJ
fsr-3885	166	14	the	the	DET
fsr-3885	166	15	mortgage	mortgage	NOUN
fsr-3885	166	16	is	be	AUX
fsr-3885	166	17	taken	take	VERB
fsr-3885	166	18	down	down	ADP
fsr-3885	166	19	.	.	PUNCT
fsr-3885	167	1	107t.l	107t.l	X
fsr-3885	167	2	.	.	PUNCT
fsr-3885	168	1	zivney	zivney	PROPN
fsr-3885	168	2	,	,	PUNCT
fsr-3885	168	3	c.f	c.f	PROPN
fsr-3885	168	4	.	.	PROPN
fsr-3885	168	5	luft	luft	PROPN
fsr-3885	168	6	/	/	SYM
fsr-3885	168	7	financial	financial	ADJ
fsr-3885	168	8	services	service	NOUN
fsr-3885	168	9	review	review	VERB
fsr-3885	168	10	8	8	NUM
fsr-3885	168	11	(	(	PUNCT
fsr-3885	168	12	1999	1999	NUM
fsr-3885	168	13	)	)	PUNCT
fsr-3885	168	14	101–115	101–115	PROPN
fsr-3885	168	15	each	each	DET
fsr-3885	168	16	month	month	NOUN
fsr-3885	168	17	,	,	PUNCT
fsr-3885	168	18	the	the	DET
fsr-3885	168	19	smiths	smith	NOUN
fsr-3885	168	20	are	be	AUX
fsr-3885	168	21	assumed	assume	VERB
fsr-3885	168	22	to	to	PART
fsr-3885	168	23	form	form	VERB
fsr-3885	168	24	a	a	DET
fsr-3885	168	25	twelve	twelve	NUM
fsr-3885	168	26	month	month	NOUN
fsr-3885	168	27	hedge	hedge	NOUN
fsr-3885	168	28	in	in	ADP
fsr-3885	168	29	anticipation	anticipation	NOUN
fsr-3885	168	30	of	of	ADP
fsr-3885	168	31	taking	take	VERB
fsr-3885	168	32	out	out	ADP
fsr-3885	168	33	a	a	DET
fsr-3885	168	34	30	30	NUM
fsr-3885	168	35	-	-	PUNCT
fsr-3885	168	36	year	year	NOUN
fsr-3885	168	37	fixed	fix	VERB
fsr-3885	168	38	-	-	PUNCT
fsr-3885	168	39	rate	rate	NOUN
fsr-3885	168	40	mortgage	mortgage	NOUN
fsr-3885	168	41	sometime	sometime	ADV
fsr-3885	168	42	during	during	ADP
fsr-3885	168	43	the	the	DET
fsr-3885	168	44	forthcoming	forthcoming	ADJ
fsr-3885	168	45	year	year	NOUN
fsr-3885	168	46	.	.	PUNCT
fsr-3885	169	1	the	the	DET
fsr-3885	169	2	hedge	hedge	NOUN
fsr-3885	169	3	is	be	AUX
fsr-3885	169	4	formed	form	VERB
fsr-3885	169	5	by	by	ADP
fsr-3885	169	6	selling	sell	VERB
fsr-3885	169	7	one	one	NUM
fsr-3885	169	8	futures	future	NOUN
fsr-3885	169	9	contract	contract	NOUN
fsr-3885	169	10	on	on	ADP
fsr-3885	169	11	a	a	DET
fsr-3885	169	12	treasury	treasury	NOUN
fsr-3885	169	13	bond	bond	NOUN
fsr-3885	169	14	.	.	PUNCT
fsr-3885	170	1	this	this	DET
fsr-3885	170	2	contract	contract	NOUN
fsr-3885	170	3	has	have	VERB
fsr-3885	170	4	a	a	DET
fsr-3885	170	5	face	face	NOUN
fsr-3885	170	6	,	,	PUNCT
fsr-3885	170	7	or	or	CCONJ
fsr-3885	170	8	notional	notional	ADJ
fsr-3885	170	9	,	,	PUNCT
fsr-3885	170	10	value	value	NOUN
fsr-3885	170	11	of	of	ADP
fsr-3885	170	12	$	$	SYM
fsr-3885	170	13	100,000	100,000	NUM
fsr-3885	170	14	,	,	PUNCT
fsr-3885	170	15	that	that	PRON
fsr-3885	170	16	nicely	nicely	ADV
fsr-3885	170	17	dovetails	dovetail	VERB
fsr-3885	170	18	with	with	ADP
fsr-3885	170	19	the	the	DET
fsr-3885	170	20	smiths	smith	NOUN
fsr-3885	170	21	’	'	PUNCT
fsr-3885	170	22	plans	plan	NOUN
fsr-3885	170	23	for	for	ADP
fsr-3885	170	24	taking	take	VERB
fsr-3885	170	25	out	out	ADP
fsr-3885	170	26	a	a	DET
fsr-3885	170	27	$	$	SYM
fsr-3885	170	28	100,000	100,000	NUM
fsr-3885	170	29	mortgage	mortgage	NOUN
fsr-3885	170	30	.	.	PUNCT
fsr-3885	171	1	together	together	ADV
fsr-3885	171	2	with	with	ADP
fsr-3885	171	3	their	their	PRON
fsr-3885	171	4	savings	saving	NOUN
fsr-3885	171	5	of	of	ADP
fsr-3885	171	6	$	$	SYM
fsr-3885	171	7	25,000	25,000	NUM
fsr-3885	171	8	for	for	ADP
fsr-3885	171	9	the	the	DET
fsr-3885	171	10	down	down	ADJ
fsr-3885	171	11	payment	payment	NOUN
fsr-3885	171	12	,	,	PUNCT
fsr-3885	171	13	the	the	DET
fsr-3885	171	14	smiths	smith	NOUN
fsr-3885	171	15	will	will	AUX
fsr-3885	171	16	be	be	AUX
fsr-3885	171	17	able	able	ADJ
fsr-3885	171	18	to	to	PART
fsr-3885	171	19	afford	afford	VERB
fsr-3885	171	20	a	a	DET
fsr-3885	171	21	$	$	SYM
fsr-3885	171	22	125,000	125,000	NUM
fsr-3885	171	23	home	home	NOUN
fsr-3885	171	24	.	.	PUNCT
fsr-3885	172	1	at	at	ADP
fsr-3885	172	2	the	the	DET
fsr-3885	172	3	beginning	beginning	NOUN
fsr-3885	172	4	of	of	ADP
fsr-3885	172	5	this	this	DET
fsr-3885	172	6	simulation	simulation	NOUN
fsr-3885	172	7	,	,	PUNCT
fsr-3885	172	8	january	january	PROPN
fsr-3885	172	9	1984	1984	NUM
fsr-3885	172	10	,	,	PUNCT
fsr-3885	172	11	the	the	DET
fsr-3885	172	12	price	price	NOUN
fsr-3885	172	13	of	of	ADP
fsr-3885	172	14	the	the	DET
fsr-3885	172	15	one	one	NUM
fsr-3885	172	16	year	year	NOUN
fsr-3885	172	17	futures	future	NOUN
fsr-3885	172	18	contract	contract	NOUN
fsr-3885	172	19	is	be	AUX
fsr-3885	172	20	69.16	69.16	NUM
fsr-3885	172	21	(	(	PUNCT
fsr-3885	172	22	t	t	NOUN
fsr-3885	172	23	-	-	PUNCT
fsr-3885	172	24	bond	bond	NOUN
fsr-3885	172	25	futures	future	NOUN
fsr-3885	172	26	prices	price	NOUN
fsr-3885	172	27	are	be	AUX
fsr-3885	172	28	expressed	express	VERB
fsr-3885	172	29	in	in	ADP
fsr-3885	172	30	decimal	decimal	ADJ
fsr-3885	172	31	form	form	NOUN
fsr-3885	172	32	with	with	ADP
fsr-3885	172	33	par	par	NOUN
fsr-3885	172	34	being	be	AUX
fsr-3885	172	35	equal	equal	ADJ
fsr-3885	172	36	to	to	ADP
fsr-3885	172	37	100	100	NUM
fsr-3885	172	38	)	)	PUNCT
fsr-3885	172	39	and	and	CCONJ
fsr-3885	172	40	the	the	DET
fsr-3885	172	41	smiths	smith	NOUN
fsr-3885	172	42	established	establish	VERB
fsr-3885	172	43	a	a	DET
fsr-3885	172	44	short	short	ADJ
fsr-3885	172	45	position	position	NOUN
fsr-3885	172	46	in	in	ADP
fsr-3885	172	47	t	t	NOUN
fsr-3885	172	48	-	-	PUNCT
fsr-3885	172	49	bond	bond	NOUN
fsr-3885	172	50	futures	future	NOUN
fsr-3885	172	51	by	by	ADP
fsr-3885	172	52	selling	sell	VERB
fsr-3885	172	53	a	a	DET
fsr-3885	172	54	futures	future	NOUN
fsr-3885	172	55	contract	contract	NOUN
fsr-3885	172	56	for	for	ADP
fsr-3885	172	57	$	$	SYM
fsr-3885	172	58	69,160	69,160	NUM
fsr-3885	172	59	.	.	PUNCT
fsr-3885	173	1	this	this	DET
fsr-3885	173	2	steep	steep	ADJ
fsr-3885	173	3	discount	discount	NOUN
fsr-3885	173	4	from	from	ADP
fsr-3885	173	5	the	the	DET
fsr-3885	173	6	t	t	PROPN
fsr-3885	173	7	-	-	PUNCT
fsr-3885	173	8	bond	bond	NOUN
fsr-3885	173	9	future	future	NOUN
fsr-3885	173	10	’s	’s	PART
fsr-3885	173	11	$	$	SYM
fsr-3885	173	12	100,000	100,000	NUM
fsr-3885	173	13	face	face	NOUN
fsr-3885	173	14	value	value	NOUN
fsr-3885	173	15	is	be	AUX
fsr-3885	173	16	caused	cause	VERB
fsr-3885	173	17	by	by	ADP
fsr-3885	173	18	market	market	NOUN
fsr-3885	173	19	interest	interest	NOUN
fsr-3885	173	20	rates	rate	NOUN
fsr-3885	173	21	being	be	AUX
fsr-3885	173	22	far	far	ADV
fsr-3885	173	23	above	above	ADP
fsr-3885	173	24	the	the	DET
fsr-3885	173	25	8	8	NUM
fsr-3885	173	26	%	%	NOUN
fsr-3885	173	27	rate	rate	NOUN
fsr-3885	173	28	underlying	underlie	VERB
fsr-3885	173	29	the	the	DET
fsr-3885	173	30	futures	future	NOUN
fsr-3885	173	31	contract	contract	NOUN
fsr-3885	173	32	.	.	PUNCT
fsr-3885	174	1	if	if	SCONJ
fsr-3885	174	2	the	the	DET
fsr-3885	174	3	smiths	smith	NOUN
fsr-3885	174	4	finally	finally	ADV
fsr-3885	174	5	take	take	VERB
fsr-3885	174	6	out	out	ADP
fsr-3885	174	7	a	a	DET
fsr-3885	174	8	mortgage	mortgage	NOUN
fsr-3885	174	9	in	in	ADP
fsr-3885	174	10	december	december	PROPN
fsr-3885	174	11	,	,	PUNCT
fsr-3885	174	12	and	and	CCONJ
fsr-3885	174	13	buy	buy	VERB
fsr-3885	174	14	back	back	ADP
fsr-3885	174	15	the	the	DET
fsr-3885	174	16	futures	future	NOUN
fsr-3885	174	17	contract	contract	NOUN
fsr-3885	174	18	at	at	ADP
fsr-3885	174	19	its	its	PRON
fsr-3885	174	20	then	then	ADV
fsr-3885	174	21	current	current	ADJ
fsr-3885	174	22	price	price	NOUN
fsr-3885	174	23	of	of	ADP
fsr-3885	174	24	71.06	71.06	NUM
fsr-3885	174	25	,	,	PUNCT
fsr-3885	174	26	or	or	CCONJ
fsr-3885	174	27	$	$	SYM
fsr-3885	174	28	71,060	71,060	NUM
fsr-3885	174	29	,	,	PUNCT
fsr-3885	174	30	they	they	PRON
fsr-3885	174	31	will	will	AUX
fsr-3885	174	32	lose	lose	VERB
fsr-3885	174	33	$	$	SYM
fsr-3885	174	34	1900	1900	NUM
fsr-3885	174	35	on	on	ADP
fsr-3885	174	36	their	their	PRON
fsr-3885	174	37	futures	future	NOUN
fsr-3885	174	38	transactions	transaction	NOUN
fsr-3885	174	39	.	.	PUNCT
fsr-3885	175	1	meanwhile	meanwhile	ADV
fsr-3885	175	2	,	,	PUNCT
fsr-3885	175	3	30	30	NUM
fsr-3885	175	4	-	-	PUNCT
fsr-3885	175	5	year	year	NOUN
fsr-3885	175	6	mortgage	mortgage	NOUN
fsr-3885	175	7	rates	rate	NOUN
fsr-3885	175	8	have	have	AUX
fsr-3885	175	9	declined	decline	VERB
fsr-3885	175	10	slightly	slightly	ADV
fsr-3885	175	11	,	,	PUNCT
fsr-3885	175	12	from	from	ADP
fsr-3885	175	13	12.82	12.82	NUM
fsr-3885	175	14	%	%	NOUN
fsr-3885	175	15	in	in	ADP
fsr-3885	175	16	january	january	PROPN
fsr-3885	175	17	to	to	ADP
fsr-3885	175	18	12.74	12.74	NUM
fsr-3885	175	19	%	%	NOUN
fsr-3885	175	20	in	in	ADP
fsr-3885	175	21	december	december	PROPN
fsr-3885	175	22	.	.	PUNCT
fsr-3885	176	1	the	the	DET
fsr-3885	176	2	monthly	monthly	ADJ
fsr-3885	176	3	payments	payment	NOUN
fsr-3885	176	4	they	they	PRON
fsr-3885	176	5	would	would	AUX
fsr-3885	176	6	have	have	AUX
fsr-3885	176	7	faced	face	VERB
fsr-3885	176	8	on	on	ADP
fsr-3885	176	9	the	the	DET
fsr-3885	176	10	january	january	PROPN
fsr-3885	176	11	mortgage	mortgage	NOUN
fsr-3885	176	12	would	would	AUX
fsr-3885	176	13	pay	pay	VERB
fsr-3885	176	14	for	for	ADP
fsr-3885	176	15	a	a	DET
fsr-3885	176	16	slightly	slightly	ADV
fsr-3885	176	17	larger	large	ADJ
fsr-3885	176	18	mortgage	mortgage	NOUN
fsr-3885	176	19	in	in	ADP
fsr-3885	176	20	december	december	PROPN
fsr-3885	176	21	,	,	PUNCT
fsr-3885	176	22	$	$	SYM
fsr-3885	176	23	100,570	100,570	NUM
fsr-3885	176	24	.	.	PUNCT
fsr-3885	177	1	thus	thus	ADV
fsr-3885	177	2	,	,	PUNCT
fsr-3885	177	3	the	the	DET
fsr-3885	177	4	additional	additional	ADJ
fsr-3885	177	5	$	$	SYM
fsr-3885	177	6	570	570	NUM
fsr-3885	177	7	in	in	ADP
fsr-3885	177	8	leverage	leverage	NOUN
fsr-3885	177	9	gained	gain	VERB
fsr-3885	177	10	from	from	ADP
fsr-3885	177	11	the	the	DET
fsr-3885	177	12	declining	decline	VERB
fsr-3885	177	13	interest	interest	NOUN
fsr-3885	177	14	rates	rate	NOUN
fsr-3885	177	15	mitigated	mitigate	VERB
fsr-3885	177	16	the	the	DET
fsr-3885	177	17	$	$	SYM
fsr-3885	177	18	1900	1900	NUM
fsr-3885	177	19	loss	loss	NOUN
fsr-3885	177	20	in	in	ADP
fsr-3885	177	21	the	the	DET
fsr-3885	177	22	futures	future	NOUN
fsr-3885	177	23	market	market	NOUN
fsr-3885	177	24	so	so	SCONJ
fsr-3885	177	25	that	that	SCONJ
fsr-3885	177	26	on	on	ADP
fsr-3885	177	27	balance	balance	NOUN
fsr-3885	177	28	the	the	DET
fsr-3885	177	29	smiths	smith	NOUN
fsr-3885	177	30	are	be	AUX
fsr-3885	177	31	$	$	SYM
fsr-3885	177	32	1330	1330	NUM
fsr-3885	177	33	worse	bad	ADJ
fsr-3885	177	34	off	off	ADV
fsr-3885	177	35	from	from	ADP
fsr-3885	177	36	hedging	hedge	VERB
fsr-3885	177	37	in	in	ADP
fsr-3885	177	38	this	this	DET
fsr-3885	177	39	example	example	NOUN
fsr-3885	177	40	.	.	PUNCT
fsr-3885	178	1	fig	fig	NOUN
fsr-3885	178	2	.	.	PUNCT
fsr-3885	179	1	1	1	X
fsr-3885	179	2	.	.	X
fsr-3885	179	3	historical	historical	ADJ
fsr-3885	179	4	end	end	NOUN
fsr-3885	179	5	of	of	ADP
fsr-3885	179	6	month	month	NOUN
fsr-3885	179	7	interest	interest	NOUN
fsr-3885	179	8	rates	rate	NOUN
fsr-3885	179	9	for	for	ADP
fsr-3885	179	10	mortgages	mortgage	NOUN
fsr-3885	179	11	and	and	CCONJ
fsr-3885	179	12	treasury	treasury	NOUN
fsr-3885	179	13	bills	bill	NOUN
fsr-3885	179	14	.	.	PUNCT
fsr-3885	180	1	108	108	NUM
fsr-3885	180	2	t.l	t.l	PROPN
fsr-3885	180	3	.	.	PROPN
fsr-3885	180	4	zivney	zivney	PROPN
fsr-3885	180	5	,	,	PUNCT
fsr-3885	180	6	c.f	c.f	PROPN
fsr-3885	180	7	.	.	PROPN
fsr-3885	180	8	luft	luft	PROPN
fsr-3885	180	9	/	/	SYM
fsr-3885	180	10	financial	financial	ADJ
fsr-3885	180	11	services	service	NOUN
fsr-3885	180	12	review	review	VERB
fsr-3885	180	13	8	8	NUM
fsr-3885	180	14	(	(	PUNCT
fsr-3885	180	15	1999	1999	NUM
fsr-3885	180	16	)	)	PUNCT
fsr-3885	180	17	101–115	101–115	PROPN
fsr-3885	180	18	suppose	suppose	VERB
fsr-3885	180	19	,	,	PUNCT
fsr-3885	180	20	however	however	ADV
fsr-3885	180	21	,	,	PUNCT
fsr-3885	180	22	the	the	DET
fsr-3885	180	23	smiths	smith	NOUN
fsr-3885	180	24	had	have	AUX
fsr-3885	180	25	found	find	VERB
fsr-3885	180	26	their	their	PRON
fsr-3885	180	27	dream	dream	NOUN
fsr-3885	180	28	house	house	NOUN
fsr-3885	180	29	somewhat	somewhat	ADV
fsr-3885	180	30	earlier	early	ADV
fsr-3885	180	31	in	in	ADP
fsr-3885	180	32	the	the	DET
fsr-3885	180	33	year	year	NOUN
fsr-3885	180	34	,	,	PUNCT
fsr-3885	180	35	and	and	CCONJ
fsr-3885	180	36	had	have	AUX
fsr-3885	180	37	closed	close	VERB
fsr-3885	180	38	on	on	ADP
fsr-3885	180	39	their	their	PRON
fsr-3885	180	40	mortgage	mortgage	NOUN
fsr-3885	180	41	in	in	ADP
fsr-3885	180	42	june	june	PROPN
fsr-3885	180	43	.	.	PUNCT
fsr-3885	181	1	in	in	ADP
fsr-3885	181	2	june	june	PROPN
fsr-3885	181	3	,	,	PUNCT
fsr-3885	181	4	1984	1984	NUM
fsr-3885	181	5	,	,	PUNCT
fsr-3885	181	6	fixed	fix	VERB
fsr-3885	181	7	-	-	PUNCT
fsr-3885	181	8	rate	rate	NOUN
fsr-3885	181	9	mortgages	mortgage	NOUN
fsr-3885	181	10	had	have	AUX
fsr-3885	181	11	increased	increase	VERB
fsr-3885	181	12	to	to	ADP
fsr-3885	181	13	14.67	14.67	NUM
fsr-3885	181	14	%	%	NOUN
fsr-3885	181	15	!	!	PUNCT
fsr-3885	182	1	the	the	DET
fsr-3885	182	2	original	original	ADJ
fsr-3885	182	3	monthly	monthly	ADJ
fsr-3885	182	4	payments	payment	NOUN
fsr-3885	182	5	projected	project	VERB
fsr-3885	182	6	in	in	ADP
fsr-3885	182	7	january	january	PROPN
fsr-3885	182	8	could	could	AUX
fsr-3885	182	9	now	now	ADV
fsr-3885	182	10	support	support	VERB
fsr-3885	182	11	only	only	ADV
fsr-3885	182	12	an	an	DET
fsr-3885	182	13	$	$	SYM
fsr-3885	182	14	88,210	88,210	NUM
fsr-3885	182	15	mortgage	mortgage	NOUN
fsr-3885	182	16	,	,	PUNCT
fsr-3885	182	17	exactly	exactly	ADV
fsr-3885	182	18	what	what	PRON
fsr-3885	182	19	the	the	DET
fsr-3885	182	20	smiths	smith	NOUN
fsr-3885	182	21	feared	fear	VERB
fsr-3885	182	22	.	.	PUNCT
fsr-3885	183	1	fortunately	fortunately	ADV
fsr-3885	183	2	,	,	PUNCT
fsr-3885	183	3	increasing	increase	VERB
fsr-3885	183	4	interest	interest	NOUN
fsr-3885	183	5	rates	rate	NOUN
fsr-3885	183	6	had	have	AUX
fsr-3885	183	7	caused	cause	VERB
fsr-3885	183	8	the	the	DET
fsr-3885	183	9	price	price	NOUN
fsr-3885	183	10	of	of	ADP
fsr-3885	183	11	the	the	DET
fsr-3885	183	12	treasury	treasury	PROPN
fsr-3885	183	13	bond	bond	NOUN
fsr-3885	183	14	futures	future	NOUN
fsr-3885	183	15	contract	contract	NOUN
fsr-3885	183	16	to	to	PART
fsr-3885	183	17	fall	fall	VERB
fsr-3885	183	18	to	to	ADP
fsr-3885	183	19	58.56	58.56	NUM
fsr-3885	183	20	,	,	PUNCT
fsr-3885	183	21	or	or	CCONJ
fsr-3885	183	22	$	$	SYM
fsr-3885	183	23	58,560	58,560	NUM
fsr-3885	183	24	.	.	PUNCT
fsr-3885	184	1	this	this	PRON
fsr-3885	184	2	means	mean	VERB
fsr-3885	184	3	that	that	SCONJ
fsr-3885	184	4	when	when	SCONJ
fsr-3885	184	5	the	the	DET
fsr-3885	184	6	smiths	smith	NOUN
fsr-3885	184	7	closed	close	VERB
fsr-3885	184	8	out	out	ADP
fsr-3885	184	9	their	their	PRON
fsr-3885	184	10	short	short	ADJ
fsr-3885	184	11	futures	future	NOUN
fsr-3885	184	12	position	position	NOUN
fsr-3885	184	13	,	,	PUNCT
fsr-3885	184	14	they	they	PRON
fsr-3885	184	15	netted	net	VERB
fsr-3885	184	16	$	$	SYM
fsr-3885	184	17	10,600	10,600	NUM
fsr-3885	184	18	in	in	ADP
fsr-3885	184	19	their	their	PRON
fsr-3885	184	20	margin	margin	NOUN
fsr-3885	184	21	account	account	NOUN
fsr-3885	184	22	.	.	PUNCT
fsr-3885	185	1	as	as	ADP
fsr-3885	185	2	a	a	DET
fsr-3885	185	3	result	result	NOUN
fsr-3885	185	4	of	of	ADP
fsr-3885	185	5	their	their	PRON
fsr-3885	185	6	hedging	hedging	NOUN
fsr-3885	185	7	activity	activity	NOUN
fsr-3885	185	8	,	,	PUNCT
fsr-3885	185	9	the	the	DET
fsr-3885	185	10	smith	smith	PROPN
fsr-3885	185	11	’s	’s	PART
fsr-3885	185	12	total	total	ADJ
fsr-3885	185	13	financing	financing	NOUN
fsr-3885	185	14	available	available	ADJ
fsr-3885	185	15	for	for	ADP
fsr-3885	185	16	their	their	PRON
fsr-3885	185	17	house	house	NOUN
fsr-3885	185	18	is	be	AUX
fsr-3885	185	19	$	$	SYM
fsr-3885	185	20	88,210	88,210	NUM
fsr-3885	185	21	plus	plus	CCONJ
fsr-3885	185	22	$	$	SYM
fsr-3885	185	23	10,600	10,600	NUM
fsr-3885	185	24	plus	plus	CCONJ
fsr-3885	185	25	the	the	DET
fsr-3885	185	26	$	$	SYM
fsr-3885	185	27	25,000	25,000	NUM
fsr-3885	185	28	savings	saving	NOUN
fsr-3885	185	29	,	,	PUNCT
fsr-3885	185	30	or	or	CCONJ
fsr-3885	185	31	$	$	SYM
fsr-3885	185	32	123,810	123,810	NUM
fsr-3885	185	33	.	.	PUNCT
fsr-3885	186	1	the	the	DET
fsr-3885	186	2	smiths	smith	NOUN
fsr-3885	186	3	only	only	ADV
fsr-3885	186	4	had	have	VERB
fsr-3885	186	5	to	to	PART
fsr-3885	186	6	raise	raise	VERB
fsr-3885	186	7	an	an	DET
fsr-3885	186	8	additional	additional	ADJ
fsr-3885	186	9	$	$	SYM
fsr-3885	186	10	1190	1190	NUM
fsr-3885	186	11	to	to	PART
fsr-3885	186	12	move	move	VERB
fsr-3885	186	13	into	into	ADP
fsr-3885	186	14	their	their	PRON
fsr-3885	186	15	home	home	NOUN
fsr-3885	186	16	.	.	PUNCT
fsr-3885	187	1	the	the	DET
fsr-3885	187	2	analysis	analysis	NOUN
fsr-3885	187	3	here	here	ADV
fsr-3885	187	4	ignores	ignore	VERB
fsr-3885	187	5	the	the	DET
fsr-3885	187	6	interest	interest	NOUN
fsr-3885	187	7	earned	earn	VERB
fsr-3885	187	8	on	on	ADP
fsr-3885	187	9	the	the	DET
fsr-3885	187	10	$	$	SYM
fsr-3885	187	11	25,000	25,000	NUM
fsr-3885	187	12	down	down	ADP
fsr-3885	187	13	payment	payment	NOUN
fsr-3885	187	14	while	while	SCONJ
fsr-3885	187	15	awaiting	await	VERB
fsr-3885	187	16	the	the	DET
fsr-3885	187	17	closing	closing	NOUN
fsr-3885	187	18	of	of	ADP
fsr-3885	187	19	the	the	DET
fsr-3885	187	20	transaction	transaction	NOUN
fsr-3885	187	21	.	.	PUNCT
fsr-3885	188	1	the	the	DET
fsr-3885	188	2	interest	interest	NOUN
fsr-3885	188	3	earned	earn	VERB
fsr-3885	188	4	would	would	AUX
fsr-3885	188	5	increase	increase	VERB
fsr-3885	188	6	the	the	DET
fsr-3885	188	7	purchase	purchase	NOUN
fsr-3885	188	8	capacity	capacity	NOUN
fsr-3885	188	9	in	in	ADP
fsr-3885	188	10	both	both	CCONJ
fsr-3885	188	11	the	the	DET
fsr-3885	188	12	hedged	hedge	VERB
fsr-3885	188	13	and	and	CCONJ
fsr-3885	188	14	unhedged	unhedged	ADJ
fsr-3885	188	15	cases	case	NOUN
fsr-3885	188	16	,	,	PUNCT
fsr-3885	188	17	but	but	CCONJ
fsr-3885	188	18	would	would	AUX
fsr-3885	188	19	raise	raise	VERB
fsr-3885	188	20	the	the	DET
fsr-3885	188	21	apparent	apparent	ADJ
fsr-3885	188	22	ending	ending	NOUN
fsr-3885	188	23	purchase	purchase	NOUN
fsr-3885	188	24	capacity	capacity	NOUN
fsr-3885	188	25	.	.	PUNCT
fsr-3885	189	1	repeating	repeat	VERB
fsr-3885	189	2	this	this	DET
fsr-3885	189	3	example	example	NOUN
fsr-3885	189	4	for	for	ADP
fsr-3885	189	5	the	the	DET
fsr-3885	189	6	hedging	hedging	NOUN
fsr-3885	189	7	periods	period	NOUN
fsr-3885	189	8	available	available	ADJ
fsr-3885	189	9	in	in	ADP
fsr-3885	189	10	our	our	PRON
fsr-3885	189	11	data	datum	NOUN
fsr-3885	189	12	shows	show	VERB
fsr-3885	189	13	that	that	SCONJ
fsr-3885	189	14	the	the	DET
fsr-3885	189	15	average	average	ADJ
fsr-3885	189	16	wealth	wealth	NOUN
fsr-3885	189	17	at	at	ADP
fsr-3885	189	18	the	the	DET
fsr-3885	189	19	end	end	NOUN
fsr-3885	189	20	of	of	ADP
fsr-3885	189	21	the	the	DET
fsr-3885	189	22	11	11	NUM
fsr-3885	189	23	-	-	PUNCT
fsr-3885	189	24	month	month	NOUN
fsr-3885	189	25	hedging	hedging	NOUN
fsr-3885	189	26	period	period	NOUN
fsr-3885	189	27	is	be	AUX
fsr-3885	189	28	99.20	99.20	NUM
fsr-3885	189	29	%	%	NOUN
fsr-3885	189	30	of	of	ADP
fsr-3885	189	31	the	the	DET
fsr-3885	189	32	beginning	begin	VERB
fsr-3885	189	33	home	home	NOUN
fsr-3885	189	34	buying	buying	NOUN
fsr-3885	189	35	capacity	capacity	NOUN
fsr-3885	189	36	.	.	PUNCT
fsr-3885	190	1	furthermore	furthermore	ADV
fsr-3885	190	2	,	,	PUNCT
fsr-3885	190	3	as	as	SCONJ
fsr-3885	190	4	expected	expect	VERB
fsr-3885	190	5	with	with	ADP
fsr-3885	190	6	hedging	hedging	NOUN
fsr-3885	190	7	,	,	PUNCT
fsr-3885	190	8	the	the	DET
fsr-3885	190	9	extreme	extreme	ADJ
fsr-3885	190	10	outcomes	outcome	NOUN
fsr-3885	190	11	declined	decline	VERB
fsr-3885	190	12	dramatically	dramatically	ADV
fsr-3885	190	13	.	.	PUNCT
fsr-3885	191	1	unhedged	unhedge	VERB
fsr-3885	191	2	,	,	PUNCT
fsr-3885	191	3	the	the	DET
fsr-3885	191	4	smiths	smith	NOUN
fsr-3885	191	5	faced	face	VERB
fsr-3885	191	6	a	a	DET
fsr-3885	191	7	worst	bad	ADJ
fsr-3885	191	8	case	case	NOUN
fsr-3885	191	9	shortfall	shortfall	NOUN
fsr-3885	191	10	of	of	ADP
fsr-3885	191	11	15.21	15.21	NUM
fsr-3885	191	12	%	%	NOUN
fsr-3885	191	13	in	in	ADP
fsr-3885	191	14	that	that	DET
fsr-3885	191	15	era	era	NOUN
fsr-3885	191	16	,	,	PUNCT
fsr-3885	191	17	and	and	CCONJ
fsr-3885	191	18	a	a	DET
fsr-3885	191	19	standard	standard	ADJ
fsr-3885	191	20	deviation	deviation	NOUN
fsr-3885	191	21	(	(	PUNCT
fsr-3885	191	22	sd	sd	NOUN
fsr-3885	191	23	)	)	PUNCT
fsr-3885	191	24	of	of	ADP
fsr-3885	191	25	capacity	capacity	NOUN
fsr-3885	191	26	of	of	ADP
fsr-3885	191	27	10.42	10.42	NUM
fsr-3885	191	28	%	%	NOUN
fsr-3885	191	29	.	.	PUNCT
fsr-3885	192	1	standard	standard	ADJ
fsr-3885	192	2	statistical	statistical	ADJ
fsr-3885	192	3	interpretation	interpretation	NOUN
fsr-3885	192	4	of	of	ADP
fsr-3885	192	5	the	the	DET
fsr-3885	192	6	sd	sd	NOUN
fsr-3885	192	7	means	mean	VERB
fsr-3885	192	8	that	that	SCONJ
fsr-3885	192	9	approximately	approximately	ADV
fsr-3885	192	10	16	16	NUM
fsr-3885	192	11	%	%	NOUN
fsr-3885	192	12	of	of	ADP
fsr-3885	192	13	the	the	DET
fsr-3885	192	14	time	time	NOUN
fsr-3885	192	15	the	the	DET
fsr-3885	192	16	home	home	NOUN
fsr-3885	192	17	buyer	buyer	NOUN
fsr-3885	192	18	would	would	AUX
fsr-3885	192	19	likely	likely	ADV
fsr-3885	192	20	be	be	AUX
fsr-3885	192	21	more	more	ADJ
fsr-3885	192	22	than	than	ADP
fsr-3885	192	23	10.42	10.42	NUM
fsr-3885	192	24	%	%	NOUN
fsr-3885	192	25	short	short	ADJ
fsr-3885	192	26	of	of	ADP
fsr-3885	192	27	the	the	DET
fsr-3885	192	28	purchase	purchase	NOUN
fsr-3885	192	29	price	price	NOUN
fsr-3885	192	30	of	of	ADP
fsr-3885	192	31	the	the	DET
fsr-3885	192	32	house	house	NOUN
fsr-3885	192	33	.	.	PUNCT
fsr-3885	193	1	hedged	hedge	VERB
fsr-3885	193	2	,	,	PUNCT
fsr-3885	193	3	the	the	DET
fsr-3885	193	4	worst	bad	ADJ
fsr-3885	193	5	case	case	NOUN
fsr-3885	193	6	shortfall	shortfall	NOUN
fsr-3885	193	7	is	be	AUX
fsr-3885	193	8	10.90	10.90	NUM
fsr-3885	193	9	%	%	NOUN
fsr-3885	193	10	,	,	PUNCT
fsr-3885	193	11	whereas	whereas	SCONJ
fsr-3885	193	12	the	the	DET
fsr-3885	193	13	sd	sd	NOUN
fsr-3885	193	14	is	be	AUX
fsr-3885	193	15	5.02	5.02	NUM
fsr-3885	193	16	%	%	NOUN
fsr-3885	193	17	.	.	PUNCT
fsr-3885	194	1	thus	thus	ADV
fsr-3885	194	2	,	,	PUNCT
fsr-3885	194	3	hedging	hedging	NOUN
fsr-3885	194	4	greatly	greatly	ADV
fsr-3885	194	5	improves	improve	VERB
fsr-3885	194	6	the	the	DET
fsr-3885	194	7	likelihood	likelihood	NOUN
fsr-3885	194	8	of	of	ADP
fsr-3885	194	9	the	the	DET
fsr-3885	194	10	smiths	smith	NOUN
fsr-3885	194	11	being	be	AUX
fsr-3885	194	12	able	able	ADJ
fsr-3885	194	13	to	to	PART
fsr-3885	194	14	afford	afford	VERB
fsr-3885	194	15	their	their	PRON
fsr-3885	194	16	dream	dream	NOUN
fsr-3885	194	17	home	home	NOUN
fsr-3885	194	18	.	.	PUNCT
fsr-3885	195	1	repeating	repeat	VERB
fsr-3885	195	2	the	the	DET
fsr-3885	195	3	analysis	analysis	NOUN
fsr-3885	195	4	for	for	ADP
fsr-3885	195	5	the	the	DET
fsr-3885	195	6	shorter	short	ADJ
fsr-3885	195	7	hedge	hedge	NOUN
fsr-3885	195	8	periods	period	NOUN
fsr-3885	195	9	gives	give	VERB
fsr-3885	195	10	similar	similar	ADJ
fsr-3885	195	11	results	result	NOUN
fsr-3885	195	12	.	.	PUNCT
fsr-3885	196	1	for	for	ADP
fsr-3885	196	2	the	the	DET
fsr-3885	196	3	79	79	NUM
fsr-3885	196	4	five	five	NUM
fsr-3885	196	5	-	-	PUNCT
fsr-3885	196	6	month	month	NOUN
fsr-3885	196	7	hedge	hedge	NOUN
fsr-3885	196	8	periods	period	NOUN
fsr-3885	196	9	,	,	PUNCT
fsr-3885	196	10	the	the	DET
fsr-3885	196	11	unhedged	unhedged	ADJ
fsr-3885	196	12	worst	bad	ADJ
fsr-3885	196	13	case	case	NOUN
fsr-3885	196	14	shortfall	shortfall	NOUN
fsr-3885	196	15	is	be	AUX
fsr-3885	196	16	11.79	11.79	NUM
fsr-3885	196	17	%	%	NOUN
fsr-3885	196	18	with	with	ADP
fsr-3885	196	19	a	a	DET
fsr-3885	196	20	sd	sd	NOUN
fsr-3885	196	21	of	of	ADP
fsr-3885	196	22	7.23	7.23	NUM
fsr-3885	196	23	%	%	NOUN
fsr-3885	196	24	.	.	PUNCT
fsr-3885	197	1	hedged	hedge	VERB
fsr-3885	197	2	,	,	PUNCT
fsr-3885	197	3	the	the	DET
fsr-3885	197	4	worst	bad	ADJ
fsr-3885	197	5	case	case	NOUN
fsr-3885	197	6	shortfall	shortfall	NOUN
fsr-3885	197	7	is	be	AUX
fsr-3885	197	8	12.36	12.36	NUM
fsr-3885	197	9	%	%	NOUN
fsr-3885	197	10	(	(	PUNCT
fsr-3885	197	11	100	100	NUM
fsr-3885	197	12	–	–	SYM
fsr-3885	197	13	87.64	87.64	NUM
fsr-3885	197	14	)	)	PUNCT
fsr-3885	197	15	with	with	ADP
fsr-3885	197	16	a	a	DET
fsr-3885	197	17	sd	sd	NOUN
fsr-3885	197	18	of	of	ADP
fsr-3885	197	19	4.08	4.08	NUM
fsr-3885	197	20	%	%	NOUN
fsr-3885	197	21	.	.	PUNCT
fsr-3885	198	1	the	the	DET
fsr-3885	198	2	average	average	ADJ
fsr-3885	198	3	purchase	purchase	NOUN
fsr-3885	198	4	capacity	capacity	NOUN
fsr-3885	198	5	at	at	ADP
fsr-3885	198	6	the	the	DET
fsr-3885	198	7	end	end	NOUN
fsr-3885	198	8	of	of	ADP
fsr-3885	198	9	the	the	DET
fsr-3885	198	10	hedging	hedging	NOUN
fsr-3885	198	11	period	period	NOUN
fsr-3885	198	12	is	be	AUX
fsr-3885	198	13	99.96	99.96	NUM
fsr-3885	198	14	%	%	NOUN
fsr-3885	198	15	of	of	ADP
fsr-3885	198	16	the	the	DET
fsr-3885	198	17	beginning	beginning	NOUN
fsr-3885	198	18	capacity	capacity	NOUN
fsr-3885	198	19	.	.	PUNCT
fsr-3885	199	1	when	when	SCONJ
fsr-3885	199	2	comparing	compare	VERB
fsr-3885	199	3	the	the	DET
fsr-3885	199	4	worst	bad	ADJ
fsr-3885	199	5	case	case	NOUN
fsr-3885	199	6	shortfalls	shortfall	NOUN
fsr-3885	199	7	,	,	PUNCT
fsr-3885	199	8	the	the	DET
fsr-3885	199	9	reader	reader	NOUN
fsr-3885	199	10	should	should	AUX
fsr-3885	199	11	note	note	VERB
fsr-3885	199	12	that	that	SCONJ
fsr-3885	199	13	the	the	DET
fsr-3885	199	14	hedged	hedge	VERB
fsr-3885	199	15	and	and	CCONJ
fsr-3885	199	16	unhedged	unhedged	ADJ
fsr-3885	199	17	worst	bad	ADJ
fsr-3885	199	18	cases	case	NOUN
fsr-3885	199	19	do	do	AUX
fsr-3885	199	20	not	not	PART
fsr-3885	199	21	coincide	coincide	VERB
fsr-3885	199	22	.	.	PUNCT
fsr-3885	200	1	in	in	ADP
fsr-3885	200	2	general	general	ADJ
fsr-3885	200	3	,	,	PUNCT
fsr-3885	200	4	the	the	DET
fsr-3885	200	5	worst	bad	ADJ
fsr-3885	200	6	case	case	NOUN
fsr-3885	200	7	hedged	hedge	VERB
fsr-3885	200	8	shortfall	shortfall	NOUN
fsr-3885	200	9	occurs	occur	VERB
fsr-3885	200	10	when	when	SCONJ
fsr-3885	200	11	rates	rate	NOUN
fsr-3885	200	12	drop	drop	VERB
fsr-3885	200	13	dramatically	dramatically	ADV
fsr-3885	200	14	over	over	ADP
fsr-3885	200	15	the	the	DET
fsr-3885	200	16	hedged	hedge	VERB
fsr-3885	200	17	period	period	NOUN
fsr-3885	200	18	.	.	PUNCT
fsr-3885	201	1	the	the	DET
fsr-3885	201	2	increased	increase	VERB
fsr-3885	201	3	loan	loan	NOUN
fsr-3885	201	4	capacity	capacity	NOUN
fsr-3885	201	5	is	be	AUX
fsr-3885	201	6	more	more	ADV
fsr-3885	201	7	than	than	SCONJ
fsr-3885	201	8	offset	offset	VERB
fsr-3885	201	9	by	by	ADP
fsr-3885	201	10	the	the	DET
fsr-3885	201	11	losses	loss	NOUN
fsr-3885	201	12	on	on	ADP
fsr-3885	201	13	the	the	DET
fsr-3885	201	14	futures	future	NOUN
fsr-3885	201	15	transaction	transaction	NOUN
fsr-3885	201	16	.	.	PUNCT
fsr-3885	202	1	the	the	DET
fsr-3885	202	2	worst	bad	ADJ
fsr-3885	202	3	case	case	NOUN
fsr-3885	202	4	unhedged	unhedged	ADJ
fsr-3885	202	5	shortfall	shortfall	NOUN
fsr-3885	202	6	occurs	occur	VERB
fsr-3885	202	7	when	when	SCONJ
fsr-3885	202	8	interest	interest	NOUN
fsr-3885	202	9	rates	rate	NOUN
fsr-3885	202	10	increase	increase	VERB
fsr-3885	202	11	so	so	SCONJ
fsr-3885	202	12	that	that	SCONJ
fsr-3885	202	13	although	although	SCONJ
fsr-3885	202	14	the	the	DET
fsr-3885	202	15	loan	loan	NOUN
fsr-3885	202	16	capacity	capacity	NOUN
fsr-3885	202	17	is	be	AUX
fsr-3885	202	18	diminished	diminish	VERB
fsr-3885	202	19	no	no	DET
fsr-3885	202	20	offsetting	offset	VERB
fsr-3885	202	21	gain	gain	NOUN
fsr-3885	202	22	is	be	AUX
fsr-3885	202	23	available	available	ADJ
fsr-3885	202	24	from	from	ADP
fsr-3885	202	25	the	the	DET
fsr-3885	202	26	hedge	hedge	NOUN
fsr-3885	202	27	not	not	PART
fsr-3885	202	28	taken	take	VERB
fsr-3885	202	29	.	.	PUNCT
fsr-3885	203	1	the	the	DET
fsr-3885	203	2	last	last	ADJ
fsr-3885	203	3	column	column	NOUN
fsr-3885	203	4	in	in	ADP
fsr-3885	203	5	table	table	NOUN
fsr-3885	203	6	1	1	NUM
fsr-3885	203	7	shows	show	VERB
fsr-3885	203	8	the	the	DET
fsr-3885	203	9	benefit	benefit	NOUN
fsr-3885	203	10	that	that	PRON
fsr-3885	203	11	the	the	DET
fsr-3885	203	12	borrower	borrower	NOUN
fsr-3885	203	13	obtained	obtain	VERB
fsr-3885	203	14	via	via	ADP
fsr-3885	203	15	the	the	DET
fsr-3885	203	16	hedge	hedge	NOUN
fsr-3885	203	17	.	.	PUNCT
fsr-3885	204	1	this	this	DET
fsr-3885	204	2	column	column	NOUN
fsr-3885	204	3	portrays	portray	VERB
fsr-3885	204	4	the	the	DET
fsr-3885	204	5	change	change	NOUN
fsr-3885	204	6	in	in	ADP
fsr-3885	204	7	the	the	DET
fsr-3885	204	8	dispersion	dispersion	NOUN
fsr-3885	204	9	of	of	ADP
fsr-3885	204	10	the	the	DET
fsr-3885	204	11	hedger	hedger	NOUN
fsr-3885	204	12	’s	’s	PART
fsr-3885	204	13	borrowing	borrowing	NOUN
fsr-3885	204	14	capacity	capacity	NOUN
fsr-3885	204	15	and	and	CCONJ
fsr-3885	204	16	the	the	DET
fsr-3885	204	17	numbers	number	NOUN
fsr-3885	204	18	are	be	AUX
fsr-3885	204	19	calculated	calculate	VERB
fsr-3885	204	20	as	as	ADP
fsr-3885	204	21	the	the	DET
fsr-3885	204	22	percentage	percentage	NOUN
fsr-3885	204	23	difference	difference	NOUN
fsr-3885	204	24	between	between	ADP
fsr-3885	204	25	the	the	DET
fsr-3885	204	26	sd	sd	NOUN
fsr-3885	204	27	of	of	ADP
fsr-3885	204	28	the	the	DET
fsr-3885	204	29	hedged	hedge	VERB
fsr-3885	204	30	position	position	NOUN
fsr-3885	204	31	versus	versus	ADP
fsr-3885	204	32	the	the	DET
fsr-3885	204	33	unhedged	unhedged	ADJ
fsr-3885	204	34	position	position	NOUN
fsr-3885	204	35	.	.	PUNCT
fsr-3885	205	1	for	for	ADP
fsr-3885	205	2	example	example	NOUN
fsr-3885	205	3	,	,	PUNCT
fsr-3885	205	4	the	the	DET
fsr-3885	205	5	5.02	5.02	NUM
fsr-3885	205	6	%	%	NOUN
fsr-3885	205	7	sd	sd	NOUN
fsr-3885	205	8	of	of	ADP
fsr-3885	205	9	the	the	DET
fsr-3885	205	10	11	11	NUM
fsr-3885	205	11	-	-	PUNCT
fsr-3885	205	12	month	month	NOUN
fsr-3885	205	13	hedge	hedge	NOUN
fsr-3885	205	14	is	be	AUX
fsr-3885	205	15	roughly	roughly	ADV
fsr-3885	205	16	half	half	DET
fsr-3885	205	17	the	the	DET
fsr-3885	205	18	10.42	10.42	NUM
fsr-3885	205	19	%	%	NOUN
fsr-3885	205	20	sd	sd	NOUN
fsr-3885	205	21	associated	associate	VERB
fsr-3885	205	22	with	with	ADP
fsr-3885	205	23	the	the	DET
fsr-3885	205	24	unhedged	unhedged	ADJ
fsr-3885	205	25	11	11	NUM
fsr-3885	205	26	-	-	PUNCT
fsr-3885	205	27	month	month	NOUN
fsr-3885	205	28	position	position	NOUN
fsr-3885	205	29	.	.	PUNCT
fsr-3885	206	1	this	this	DET
fsr-3885	206	2	lower	low	ADJ
fsr-3885	206	3	sd	sd	NOUN
fsr-3885	206	4	represents	represent	VERB
fsr-3885	206	5	a	a	DET
fsr-3885	206	6	51.8	51.8	NUM
fsr-3885	206	7	%	%	NOUN
fsr-3885	206	8	improvement	improvement	NOUN
fsr-3885	206	9	over	over	ADP
fsr-3885	206	10	the	the	DET
fsr-3885	206	11	unhedged	unhedged	ADJ
fsr-3885	206	12	position	position	NOUN
fsr-3885	206	13	.	.	PUNCT
fsr-3885	207	1	the	the	DET
fsr-3885	207	2	data	datum	NOUN
fsr-3885	207	3	in	in	ADP
fsr-3885	207	4	this	this	DET
fsr-3885	207	5	column	column	NOUN
fsr-3885	207	6	reveal	reveal	VERB
fsr-3885	207	7	that	that	SCONJ
fsr-3885	207	8	the	the	DET
fsr-3885	207	9	hedges	hedge	NOUN
fsr-3885	207	10	reduced	reduce	VERB
fsr-3885	207	11	the	the	DET
fsr-3885	207	12	sd	sd	NOUN
fsr-3885	207	13	of	of	ADP
fsr-3885	207	14	mortgage	mortgage	NOUN
fsr-3885	207	15	capacity	capacity	NOUN
fsr-3885	207	16	for	for	ADP
fsr-3885	207	17	every	every	DET
fsr-3885	207	18	hedge	hedge	NOUN
fsr-3885	207	19	period	period	NOUN
fsr-3885	207	20	.	.	PUNCT
fsr-3885	208	1	this	this	PRON
fsr-3885	208	2	reduces	reduce	VERB
fsr-3885	208	3	the	the	DET
fsr-3885	208	4	smith	smith	PROPN
fsr-3885	208	5	’s	’s	PART
fsr-3885	208	6	exposure	exposure	NOUN
fsr-3885	208	7	to	to	ADP
fsr-3885	208	8	changing	change	VERB
fsr-3885	208	9	interest	interest	NOUN
fsr-3885	208	10	rates	rate	NOUN
fsr-3885	208	11	,	,	PUNCT
fsr-3885	208	12	reducing	reduce	VERB
fsr-3885	208	13	the	the	DET
fsr-3885	208	14	uncertainty	uncertainty	NOUN
fsr-3885	208	15	about	about	ADP
fsr-3885	208	16	their	their	PRON
fsr-3885	208	17	borrowing	borrowing	NOUN
fsr-3885	208	18	capacity	capacity	NOUN
fsr-3885	208	19	by	by	ADP
fsr-3885	208	20	between	between	ADP
fsr-3885	208	21	43.1	43.1	NUM
fsr-3885	208	22	%	%	NOUN
fsr-3885	208	23	to	to	ADP
fsr-3885	208	24	51.8	51.8	NUM
fsr-3885	208	25	%	%	NOUN
fsr-3885	208	26	.	.	PUNCT
fsr-3885	209	1	this	this	DET
fsr-3885	209	2	finding	finding	NOUN
fsr-3885	209	3	is	be	AUX
fsr-3885	209	4	in	in	ADP
fsr-3885	209	5	accord	accord	NOUN
fsr-3885	209	6	with	with	ADP
fsr-3885	209	7	that	that	PRON
fsr-3885	209	8	of	of	ADP
fsr-3885	209	9	breeden	breeden	PROPN
fsr-3885	209	10	(	(	PUNCT
fsr-3885	209	11	1994	1994	NUM
fsr-3885	209	12	)	)	PUNCT
fsr-3885	209	13	for	for	ADP
fsr-3885	209	14	the	the	DET
fsr-3885	209	15	effectiveness	effectiveness	NOUN
fsr-3885	209	16	of	of	ADP
fsr-3885	209	17	hedging	hedge	VERB
fsr-3885	209	18	mortgage	mortgage	NOUN
fsr-3885	209	19	-	-	PUNCT
fsr-3885	209	20	backed	back	VERB
fsr-3885	209	21	securities	security	NOUN
fsr-3885	209	22	in	in	ADP
fsr-3885	209	23	the	the	DET
fsr-3885	209	24	more	more	ADV
fsr-3885	209	25	recent	recent	ADJ
fsr-3885	209	26	1992–1994	1992–1994	NUM
fsr-3885	209	27	period	period	NOUN
fsr-3885	209	28	.	.	PUNCT
fsr-3885	210	1	109t.l	109t.l	NUM
fsr-3885	210	2	.	.	PUNCT
fsr-3885	211	1	zivney	zivney	PROPN
fsr-3885	211	2	,	,	PUNCT
fsr-3885	211	3	c.f	c.f	PROPN
fsr-3885	211	4	.	.	PROPN
fsr-3885	211	5	luft	luft	PROPN
fsr-3885	211	6	/	/	SYM
fsr-3885	211	7	financial	financial	ADJ
fsr-3885	211	8	services	service	NOUN
fsr-3885	211	9	review	review	VERB
fsr-3885	211	10	8	8	NUM
fsr-3885	211	11	(	(	PUNCT
fsr-3885	211	12	1999	1999	NUM
fsr-3885	211	13	)	)	PUNCT
fsr-3885	211	14	101–115	101–115	PROPN
fsr-3885	211	15	4.2	4.2	NUM
fsr-3885	211	16	.	.	PUNCT
fsr-3885	212	1	put	put	VERB
fsr-3885	212	2	options	option	NOUN
fsr-3885	212	3	as	as	ADP
fsr-3885	212	4	insurance	insurance	NOUN
fsr-3885	212	5	against	against	ADP
fsr-3885	212	6	interest	interest	NOUN
fsr-3885	212	7	rate	rate	NOUN
fsr-3885	212	8	increases	increase	VERB
fsr-3885	212	9	the	the	DET
fsr-3885	212	10	smiths	smith	NOUN
fsr-3885	212	11	may	may	AUX
fsr-3885	212	12	wish	wish	VERB
fsr-3885	212	13	to	to	PART
fsr-3885	212	14	consider	consider	VERB
fsr-3885	212	15	buying	buy	VERB
fsr-3885	212	16	a	a	DET
fsr-3885	212	17	put	put	NOUN
fsr-3885	212	18	option	option	NOUN
fsr-3885	212	19	as	as	ADP
fsr-3885	212	20	an	an	DET
fsr-3885	212	21	alternative	alternative	NOUN
fsr-3885	212	22	to	to	ADP
fsr-3885	212	23	forming	form	VERB
fsr-3885	212	24	a	a	DET
fsr-3885	212	25	hedge	hedge	NOUN
fsr-3885	212	26	with	with	ADP
fsr-3885	212	27	futures	future	NOUN
fsr-3885	212	28	contracts	contract	NOUN
fsr-3885	212	29	.	.	PUNCT
fsr-3885	213	1	the	the	DET
fsr-3885	213	2	cbot	cbot	PROPN
fsr-3885	213	3	trades	trade	NOUN
fsr-3885	213	4	put	put	VERB
fsr-3885	213	5	and	and	CCONJ
fsr-3885	213	6	call	call	VERB
fsr-3885	213	7	options	option	NOUN
fsr-3885	213	8	on	on	ADP
fsr-3885	213	9	the	the	DET
fsr-3885	213	10	treasury	treasury	NOUN
fsr-3885	213	11	bond	bond	PROPN
fsr-3885	213	12	and	and	CCONJ
fsr-3885	213	13	treasury	treasury	PROPN
fsr-3885	213	14	note	note	NOUN
fsr-3885	213	15	futures	future	NOUN
fsr-3885	213	16	contracts	contract	NOUN
fsr-3885	213	17	.	.	PUNCT
fsr-3885	214	1	there	there	PRON
fsr-3885	214	2	are	be	VERB
fsr-3885	214	3	no	no	DET
fsr-3885	214	4	options	option	NOUN
fsr-3885	214	5	available	available	ADJ
fsr-3885	214	6	on	on	ADP
fsr-3885	214	7	the	the	DET
fsr-3885	214	8	smaller	small	ADJ
fsr-3885	214	9	mid	mid	ADJ
fsr-3885	214	10	american	american	ADJ
fsr-3885	214	11	futures	future	NOUN
fsr-3885	214	12	contracts	contract	NOUN
fsr-3885	214	13	.	.	PUNCT
fsr-3885	215	1	buying	buy	VERB
fsr-3885	215	2	a	a	DET
fsr-3885	215	3	treasury	treasury	NOUN
fsr-3885	215	4	futures	future	NOUN
fsr-3885	215	5	contract	contract	NOUN
fsr-3885	215	6	put	put	NOUN
fsr-3885	215	7	option	option	NOUN
fsr-3885	215	8	would	would	AUX
fsr-3885	215	9	give	give	VERB
fsr-3885	215	10	the	the	DET
fsr-3885	215	11	smiths	smith	NOUN
fsr-3885	215	12	the	the	DET
fsr-3885	215	13	opportunity	opportunity	NOUN
fsr-3885	215	14	to	to	PART
fsr-3885	215	15	offset	offset	VERB
fsr-3885	215	16	an	an	DET
fsr-3885	215	17	increase	increase	NOUN
fsr-3885	215	18	in	in	ADP
fsr-3885	215	19	interest	interest	NOUN
fsr-3885	215	20	rates	rate	NOUN
fsr-3885	215	21	.	.	PUNCT
fsr-3885	216	1	if	if	SCONJ
fsr-3885	216	2	interest	interest	NOUN
fsr-3885	216	3	rates	rate	NOUN
fsr-3885	216	4	increase	increase	VERB
fsr-3885	216	5	,	,	PUNCT
fsr-3885	216	6	then	then	ADV
fsr-3885	216	7	the	the	DET
fsr-3885	216	8	right	right	NOUN
fsr-3885	216	9	to	to	PART
fsr-3885	216	10	sell	sell	VERB
fsr-3885	216	11	the	the	DET
fsr-3885	216	12	futures	future	NOUN
fsr-3885	216	13	contract	contract	NOUN
fsr-3885	216	14	,	,	PUNCT
fsr-3885	216	15	that	that	PRON
fsr-3885	216	16	underlies	underlie	VERB
fsr-3885	216	17	the	the	DET
fsr-3885	216	18	put	put	NOUN
fsr-3885	216	19	option	option	NOUN
fsr-3885	216	20	,	,	PUNCT
fsr-3885	216	21	would	would	AUX
fsr-3885	216	22	increase	increase	VERB
fsr-3885	216	23	in	in	ADP
fsr-3885	216	24	value	value	NOUN
fsr-3885	216	25	.	.	PUNCT
fsr-3885	217	1	the	the	DET
fsr-3885	217	2	put	put	NOUN
fsr-3885	217	3	option	option	NOUN
fsr-3885	217	4	could	could	AUX
fsr-3885	217	5	then	then	ADV
fsr-3885	217	6	be	be	AUX
fsr-3885	217	7	resold	resold	VERB
fsr-3885	217	8	to	to	PART
fsr-3885	217	9	realize	realize	VERB
fsr-3885	217	10	this	this	DET
fsr-3885	217	11	increase	increase	NOUN
fsr-3885	217	12	in	in	ADP
fsr-3885	217	13	value	value	NOUN
fsr-3885	217	14	.	.	PUNCT
fsr-3885	218	1	the	the	DET
fsr-3885	218	2	value	value	NOUN
fsr-3885	218	3	rises	rise	VERB
fsr-3885	218	4	because	because	SCONJ
fsr-3885	218	5	the	the	DET
fsr-3885	218	6	put	put	NOUN
fsr-3885	218	7	option	option	NOUN
fsr-3885	218	8	conveys	convey	VERB
fsr-3885	218	9	the	the	DET
fsr-3885	218	10	right	right	NOUN
fsr-3885	218	11	to	to	PART
fsr-3885	218	12	sell	sell	VERB
fsr-3885	218	13	the	the	DET
fsr-3885	218	14	underlying	underlie	VERB
fsr-3885	218	15	futures	future	NOUN
fsr-3885	218	16	contract	contract	NOUN
fsr-3885	218	17	at	at	ADP
fsr-3885	218	18	specific	specific	ADJ
fsr-3885	218	19	price	price	NOUN
fsr-3885	218	20	known	know	VERB
fsr-3885	218	21	as	as	ADP
fsr-3885	218	22	the	the	DET
fsr-3885	218	23	exercise	exercise	NOUN
fsr-3885	218	24	price	price	NOUN
fsr-3885	218	25	.	.	PUNCT
fsr-3885	219	1	an	an	DET
fsr-3885	219	2	increase	increase	NOUN
fsr-3885	219	3	in	in	ADP
fsr-3885	219	4	rates	rate	NOUN
fsr-3885	219	5	would	would	AUX
fsr-3885	219	6	cause	cause	VERB
fsr-3885	219	7	the	the	DET
fsr-3885	219	8	underlying	underlie	VERB
fsr-3885	219	9	futures	future	NOUN
fsr-3885	219	10	contract	contract	NOUN
fsr-3885	219	11	price	price	NOUN
fsr-3885	219	12	to	to	PART
fsr-3885	219	13	fall	fall	VERB
fsr-3885	219	14	below	below	ADP
fsr-3885	219	15	the	the	DET
fsr-3885	219	16	previously	previously	ADV
fsr-3885	219	17	established	establish	VERB
fsr-3885	219	18	exercise	exercise	NOUN
fsr-3885	219	19	price	price	NOUN
fsr-3885	219	20	.	.	PUNCT
fsr-3885	220	1	the	the	DET
fsr-3885	220	2	put	put	NOUN
fsr-3885	220	3	option	option	NOUN
fsr-3885	220	4	would	would	AUX
fsr-3885	220	5	then	then	ADV
fsr-3885	220	6	expire	expire	VERB
fsr-3885	220	7	worthless	worthless	ADJ
fsr-3885	220	8	,	,	PUNCT
fsr-3885	220	9	and	and	CCONJ
fsr-3885	220	10	the	the	DET
fsr-3885	220	11	smiths	smith	NOUN
fsr-3885	220	12	would	would	AUX
fsr-3885	220	13	lose	lose	VERB
fsr-3885	220	14	the	the	DET
fsr-3885	220	15	amount	amount	NOUN
fsr-3885	220	16	paid	pay	VERB
fsr-3885	220	17	for	for	ADP
fsr-3885	220	18	the	the	DET
fsr-3885	220	19	put	put	NOUN
fsr-3885	220	20	option	option	NOUN
fsr-3885	220	21	.	.	PUNCT
fsr-3885	221	1	in	in	ADP
fsr-3885	221	2	general	general	ADJ
fsr-3885	221	3	,	,	PUNCT
fsr-3885	221	4	the	the	DET
fsr-3885	221	5	value	value	NOUN
fsr-3885	221	6	of	of	ADP
fsr-3885	221	7	an	an	DET
fsr-3885	221	8	option	option	NOUN
fsr-3885	221	9	contract	contract	NOUN
fsr-3885	221	10	does	do	AUX
fsr-3885	221	11	not	not	PART
fsr-3885	221	12	increase	increase	VERB
fsr-3885	221	13	dollar	dollar	NOUN
fsr-3885	221	14	for	for	ADP
fsr-3885	221	15	dollar	dollar	NOUN
fsr-3885	221	16	with	with	ADP
fsr-3885	221	17	the	the	DET
fsr-3885	221	18	value	value	NOUN
fsr-3885	221	19	of	of	ADP
fsr-3885	221	20	the	the	DET
fsr-3885	221	21	underlying	underlie	VERB
fsr-3885	221	22	futures	future	NOUN
fsr-3885	221	23	contract	contract	NOUN
fsr-3885	221	24	.	.	PUNCT
fsr-3885	222	1	the	the	DET
fsr-3885	222	2	most	most	ADV
fsr-3885	222	3	liquid	liquid	ADJ
fsr-3885	222	4	contracts	contract	NOUN
fsr-3885	222	5	are	be	AUX
fsr-3885	222	6	for	for	ADP
fsr-3885	222	7	those	those	DET
fsr-3885	222	8	options	option	NOUN
fsr-3885	222	9	with	with	ADP
fsr-3885	222	10	the	the	DET
fsr-3885	222	11	exercise	exercise	NOUN
fsr-3885	222	12	price	price	NOUN
fsr-3885	222	13	nearest	nearest	ADP
fsr-3885	222	14	the	the	DET
fsr-3885	222	15	current	current	ADJ
fsr-3885	222	16	futures	future	NOUN
fsr-3885	222	17	price	price	NOUN
fsr-3885	222	18	.	.	PUNCT
fsr-3885	223	1	for	for	ADP
fsr-3885	223	2	these	these	DET
fsr-3885	223	3	puts	put	NOUN
fsr-3885	223	4	thedelta	thedelta	NOUN
fsr-3885	223	5	is	be	AUX
fsr-3885	223	6	typically	typically	ADV
fsr-3885	223	7	about	about	ADV
fsr-3885	223	8	one	one	NUM
fsr-3885	223	9	-	-	PUNCT
fsr-3885	223	10	half	half	NOUN
fsr-3885	223	11	.	.	PUNCT
fsr-3885	224	1	that	that	PRON
fsr-3885	224	2	is	is	ADV
fsr-3885	224	3	,	,	PUNCT
fsr-3885	224	4	a	a	DET
fsr-3885	224	5	decrease	decrease	NOUN
fsr-3885	224	6	in	in	ADP
fsr-3885	224	7	the	the	DET
fsr-3885	224	8	futures	future	NOUN
fsr-3885	224	9	contract	contract	NOUN
fsr-3885	224	10	of	of	ADP
fsr-3885	224	11	one	one	NUM
fsr-3885	224	12	dollar	dollar	NOUN
fsr-3885	224	13	would	would	AUX
fsr-3885	224	14	result	result	VERB
fsr-3885	224	15	in	in	ADP
fsr-3885	224	16	an	an	DET
fsr-3885	224	17	increase	increase	NOUN
fsr-3885	224	18	in	in	ADP
fsr-3885	224	19	the	the	DET
fsr-3885	224	20	option	option	NOUN
fsr-3885	224	21	contract	contract	NOUN
fsr-3885	224	22	of	of	ADP
fsr-3885	224	23	fifty	fifty	NUM
fsr-3885	224	24	cents	cent	NOUN
fsr-3885	224	25	.	.	PUNCT
fsr-3885	225	1	therefore	therefore	ADV
fsr-3885	225	2	,	,	PUNCT
fsr-3885	225	3	to	to	PART
fsr-3885	225	4	obtain	obtain	VERB
fsr-3885	225	5	a	a	DET
fsr-3885	225	6	similar	similar	ADJ
fsr-3885	225	7	amount	amount	NOUN
fsr-3885	225	8	of	of	ADP
fsr-3885	225	9	hedging	hedging	NOUN
fsr-3885	225	10	as	as	SCONJ
fsr-3885	225	11	obtained	obtain	VERB
fsr-3885	225	12	with	with	ADP
fsr-3885	225	13	one	one	NUM
fsr-3885	225	14	futures	future	NOUN
fsr-3885	225	15	contract	contract	NOUN
fsr-3885	225	16	,	,	PUNCT
fsr-3885	225	17	the	the	DET
fsr-3885	225	18	smiths	smith	NOUN
fsr-3885	225	19	would	would	AUX
fsr-3885	225	20	need	need	VERB
fsr-3885	225	21	to	to	PART
fsr-3885	225	22	purchase	purchase	VERB
fsr-3885	225	23	two	two	NUM
fsr-3885	225	24	put	put	ADJ
fsr-3885	225	25	options	option	NOUN
fsr-3885	225	26	.	.	PUNCT
fsr-3885	226	1	if	if	SCONJ
fsr-3885	226	2	interest	interest	NOUN
fsr-3885	226	3	rates	rate	NOUN
fsr-3885	226	4	decline	decline	VERB
fsr-3885	226	5	,	,	PUNCT
fsr-3885	226	6	the	the	DET
fsr-3885	226	7	smiths	smith	NOUN
fsr-3885	226	8	would	would	AUX
fsr-3885	226	9	not	not	PART
fsr-3885	226	10	exercise	exercise	VERB
fsr-3885	226	11	their	their	PRON
fsr-3885	226	12	put	put	NOUN
fsr-3885	226	13	contract	contract	NOUN
fsr-3885	226	14	,	,	PUNCT
fsr-3885	226	15	but	but	CCONJ
fsr-3885	226	16	would	would	AUX
fsr-3885	226	17	instead	instead	ADV
fsr-3885	226	18	take	take	VERB
fsr-3885	226	19	out	out	ADP
fsr-3885	226	20	a	a	DET
fsr-3885	226	21	mortgage	mortgage	NOUN
fsr-3885	226	22	at	at	ADP
fsr-3885	226	23	the	the	DET
fsr-3885	226	24	new	new	ADJ
fsr-3885	226	25	,	,	PUNCT
fsr-3885	226	26	lower	low	ADJ
fsr-3885	226	27	rates	rate	NOUN
fsr-3885	226	28	.	.	PUNCT
fsr-3885	227	1	the	the	DET
fsr-3885	227	2	net	net	ADJ
fsr-3885	227	3	cost	cost	NOUN
fsr-3885	227	4	of	of	ADP
fsr-3885	227	5	the	the	DET
fsr-3885	227	6	hedging	hedging	NOUN
fsr-3885	227	7	position	position	NOUN
fsr-3885	227	8	would	would	AUX
fsr-3885	227	9	be	be	AUX
fsr-3885	227	10	the	the	DET
fsr-3885	227	11	cost	cost	NOUN
fsr-3885	227	12	of	of	ADP
fsr-3885	227	13	the	the	DET
fsr-3885	227	14	put	put	NOUN
fsr-3885	227	15	contracts	contract	NOUN
fsr-3885	227	16	and	and	CCONJ
fsr-3885	227	17	the	the	DET
fsr-3885	227	18	commissions	commission	NOUN
fsr-3885	227	19	.	.	PUNCT
fsr-3885	228	1	if	if	SCONJ
fsr-3885	228	2	the	the	DET
fsr-3885	228	3	smiths	smith	NOUN
fsr-3885	228	4	decide	decide	VERB
fsr-3885	228	5	against	against	ADP
fsr-3885	228	6	buying	buy	VERB
fsr-3885	228	7	a	a	DET
fsr-3885	228	8	house	house	NOUN
fsr-3885	228	9	,	,	PUNCT
fsr-3885	228	10	they	they	PRON
fsr-3885	228	11	can	can	AUX
fsr-3885	228	12	simply	simply	ADV
fsr-3885	228	13	sell	sell	VERB
fsr-3885	228	14	the	the	DET
fsr-3885	228	15	unnecessary	unnecessary	ADJ
fsr-3885	228	16	put	put	NOUN
fsr-3885	228	17	options	option	NOUN
fsr-3885	228	18	for	for	ADP
fsr-3885	228	19	whatever	whatever	DET
fsr-3885	228	20	the	the	DET
fsr-3885	228	21	then	then	ADV
fsr-3885	228	22	-	-	PUNCT
fsr-3885	228	23	current	current	ADJ
fsr-3885	228	24	price	price	NOUN
fsr-3885	228	25	table	table	NOUN
fsr-3885	228	26	1	1	NUM
fsr-3885	228	27	hedging	hedging	NOUN
fsr-3885	228	28	mortgage	mortgage	NOUN
fsr-3885	228	29	using	use	VERB
fsr-3885	228	30	futuresa	futuresa	ADJ
fsr-3885	228	31	months	month	NOUN
fsr-3885	228	32	delay	delay	VERB
fsr-3885	228	33	unhedged	unhedged	ADJ
fsr-3885	228	34	hedged	hedge	VERB
fsr-3885	228	35	with	with	ADP
fsr-3885	228	36	treasury	treasury	NOUN
fsr-3885	228	37	bond	bond	NOUN
fsr-3885	228	38	futures	future	NOUN
fsr-3885	228	39	percent	percent	NOUN
fsr-3885	228	40	reduction	reduction	NOUN
fsr-3885	228	41	average	average	NOUN
fsr-3885	228	42	sd	sd	ADP
fsr-3885	228	43	maximum	maximum	ADJ
fsr-3885	228	44	minimum	minimum	ADJ
fsr-3885	228	45	average	average	NOUN
fsr-3885	228	46	sd	sd	ADP
fsr-3885	228	47	maximum	maximum	ADJ
fsr-3885	228	48	minimum	minimum	NOUN
fsr-3885	228	49	sd	sd	NOUN
fsr-3885	228	50	with	with	ADP
fsr-3885	228	51	hedge	hedge	NOUN
fsr-3885	228	52	0	0	NUM
fsr-3885	228	53	100.00	100.00	NUM
fsr-3885	228	54	0	0	NUM
fsr-3885	228	55	100.00	100.00	NUM
fsr-3885	228	56	100.00	100.00	NUM
fsr-3885	228	57	100.00	100.00	NUM
fsr-3885	228	58	0	0	NUM
fsr-3885	228	59	100.00	100.00	NUM
fsr-3885	228	60	100.00	100.00	NUM
fsr-3885	228	61	0	0	NUM
fsr-3885	228	62	1	1	NUM
fsr-3885	228	63	100.39	100.39	NUM
fsr-3885	228	64	3.23	3.23	NUM
fsr-3885	228	65	108.43	108.43	NUM
fsr-3885	228	66	90.84	90.84	NUM
fsr-3885	228	67	100.09	100.09	NUM
fsr-3885	228	68	1.80	1.80	NUM
fsr-3885	228	69	104.75	104.75	NUM
fsr-3885	228	70	94.13	94.13	NUM
fsr-3885	229	1	44.3	44.3	NUM
fsr-3885	229	2	2	2	NUM
fsr-3885	229	3	100.80	100.80	NUM
fsr-3885	229	4	4.81	4.81	NUM
fsr-3885	229	5	110.96	110.96	NUM
fsr-3885	229	6	88.63	88.63	NUM
fsr-3885	229	7	100.17	100.17	NUM
fsr-3885	229	8	2.56	2.56	NUM
fsr-3885	229	9	105.46	105.46	NUM
fsr-3885	229	10	90.47	90.47	NUM
fsr-3885	229	11	46.8	46.8	NUM
fsr-3885	229	12	3	3	NUM
fsr-3885	229	13	101.22	101.22	NUM
fsr-3885	229	14	5.88	5.88	NUM
fsr-3885	229	15	112.94	112.94	NUM
fsr-3885	229	16	86.70	86.70	NUM
fsr-3885	229	17	99.69	99.69	NUM
fsr-3885	229	18	3.08	3.08	NUM
fsr-3885	229	19	107.72	107.72	NUM
fsr-3885	229	20	88.73	88.73	NUM
fsr-3885	229	21	47.6	47.6	NUM
fsr-3885	229	22	4	4	NUM
fsr-3885	229	23	101.66	101.66	NUM
fsr-3885	229	24	6.63	6.63	NUM
fsr-3885	229	25	116.68	116.68	NUM
fsr-3885	229	26	86.92	86.92	NUM
fsr-3885	229	27	99.81	99.81	NUM
fsr-3885	229	28	3.59	3.59	NUM
fsr-3885	229	29	109.58	109.58	NUM
fsr-3885	229	30	90.78	90.78	NUM
fsr-3885	229	31	45.9	45.9	NUM
fsr-3885	229	32	5	5	NUM
fsr-3885	229	33	102.21	102.21	NUM
fsr-3885	229	34	7.23	7.23	NUM
fsr-3885	229	35	118.84	118.84	NUM
fsr-3885	229	36	88.21	88.21	NUM
fsr-3885	229	37	99.96	99.96	NUM
fsr-3885	229	38	4.08	4.08	NUM
fsr-3885	229	39	112.61	112.61	NUM
fsr-3885	229	40	87.64	87.64	NUM
fsr-3885	229	41	43.6	43.6	NUM
fsr-3885	229	42	6	6	NUM
fsr-3885	229	43	102.78	102.78	NUM
fsr-3885	229	44	7.69	7.69	NUM
fsr-3885	229	45	120.97	120.97	NUM
fsr-3885	229	46	84.16	84.16	NUM
fsr-3885	229	47	99.42	99.42	NUM
fsr-3885	229	48	4.35	4.35	NUM
fsr-3885	229	49	110.13	110.13	NUM
fsr-3885	229	50	85.75	85.75	NUM
fsr-3885	229	51	43.4	43.4	NUM
fsr-3885	229	52	7	7	NUM
fsr-3885	229	53	103.29	103.29	NUM
fsr-3885	229	54	8.09	8.09	NUM
fsr-3885	229	55	122.26	122.26	NUM
fsr-3885	229	56	82.32	82.32	NUM
fsr-3885	229	57	99.50	99.50	NUM
fsr-3885	229	58	4.60	4.60	NUM
fsr-3885	229	59	111.29	111.29	NUM
fsr-3885	229	60	87.50	87.50	NUM
fsr-3885	229	61	43.1	43.1	NUM
fsr-3885	229	62	8	8	NUM
fsr-3885	229	63	103.80	103.80	NUM
fsr-3885	229	64	8.59	8.59	NUM
fsr-3885	229	65	122.36	122.36	NUM
fsr-3885	229	66	82.70	82.70	NUM
fsr-3885	229	67	99.61	99.61	NUM
fsr-3885	229	68	4.82	4.82	NUM
fsr-3885	229	69	110.16	110.16	NUM
fsr-3885	229	70	89.26	89.26	NUM
fsr-3885	229	71	43.9	43.9	NUM
fsr-3885	229	72	9	9	NUM
fsr-3885	229	73	104.24	104.24	NUM
fsr-3885	229	74	9.11	9.11	NUM
fsr-3885	229	75	123.69	123.69	NUM
fsr-3885	229	76	84.77	84.77	NUM
fsr-3885	229	77	99.04	99.04	NUM
fsr-3885	229	78	4.87	4.87	NUM
fsr-3885	229	79	109.66	109.66	NUM
fsr-3885	229	80	87.97	87.97	NUM
fsr-3885	229	81	46.5	46.5	NUM
fsr-3885	229	82	10	10	NUM
fsr-3885	229	83	104.69	104.69	NUM
fsr-3885	229	84	9.79	9.79	NUM
fsr-3885	229	85	128.59	128.59	NUM
fsr-3885	229	86	82.47	82.47	NUM
fsr-3885	229	87	99.14	99.14	NUM
fsr-3885	229	88	4.94	4.94	NUM
fsr-3885	229	89	108.47	108.47	NUM
fsr-3885	229	90	89.47	89.47	NUM
fsr-3885	229	91	49.5	49.5	NUM
fsr-3885	229	92	11	11	NUM
fsr-3885	229	93	105.12	105.12	NUM
fsr-3885	229	94	10.42	10.42	NUM
fsr-3885	229	95	130.97	130.97	NUM
fsr-3885	229	96	84.79	84.79	NUM
fsr-3885	229	97	99.20	99.20	NUM
fsr-3885	229	98	5.02	5.02	NUM
fsr-3885	229	99	108.36	108.36	NUM
fsr-3885	229	100	89.10	89.10	NUM
fsr-3885	229	101	51.8	51.8	NUM
fsr-3885	229	102	a	a	DET
fsr-3885	229	103	percent	percent	NOUN
fsr-3885	229	104	of	of	ADP
fsr-3885	229	105	original	original	ADJ
fsr-3885	229	106	mortgage	mortgage	NOUN
fsr-3885	229	107	capacity	capacity	NOUN
fsr-3885	229	108	based	base	VERB
fsr-3885	229	109	on	on	ADP
fsr-3885	229	110	monthly	monthly	ADJ
fsr-3885	229	111	mortgage	mortgage	NOUN
fsr-3885	229	112	payments	payment	NOUN
fsr-3885	229	113	remaining	remain	VERB
fsr-3885	229	114	constant	constant	ADJ
fsr-3885	229	115	when	when	SCONJ
fsr-3885	229	116	there	there	PRON
fsr-3885	229	117	is	be	VERB
fsr-3885	229	118	a	a	DET
fsr-3885	229	119	delay	delay	NOUN
fsr-3885	229	120	in	in	ADP
fsr-3885	229	121	closing	close	VERB
fsr-3885	229	122	mortgage	mortgage	NOUN
fsr-3885	229	123	.	.	PUNCT
fsr-3885	230	1	hedging	hedging	NOUN
fsr-3885	230	2	is	be	AUX
fsr-3885	230	3	accomplished	accomplish	VERB
fsr-3885	230	4	by	by	ADP
fsr-3885	230	5	selling	sell	VERB
fsr-3885	230	6	one	one	NUM
fsr-3885	230	7	treasury	treasury	NOUN
fsr-3885	230	8	bond	bond	NOUN
fsr-3885	230	9	futures	future	NOUN
fsr-3885	230	10	contract	contract	NOUN
fsr-3885	230	11	at	at	ADP
fsr-3885	230	12	time	time	NOUN
fsr-3885	230	13	0	0	NUM
fsr-3885	230	14	and	and	CCONJ
fsr-3885	230	15	closing	close	VERB
fsr-3885	230	16	the	the	DET
fsr-3885	230	17	position	position	NOUN
fsr-3885	230	18	when	when	SCONJ
fsr-3885	230	19	the	the	DET
fsr-3885	230	20	mortgage	mortgage	NOUN
fsr-3885	230	21	is	be	AUX
fsr-3885	230	22	obtained	obtain	VERB
fsr-3885	230	23	.	.	PUNCT
fsr-3885	231	1	the	the	DET
fsr-3885	231	2	contract	contract	NOUN
fsr-3885	231	3	sold	sell	VERB
fsr-3885	231	4	is	be	AUX
fsr-3885	231	5	the	the	DET
fsr-3885	231	6	fourth	fourth	ADJ
fsr-3885	231	7	nearest	near	ADJ
fsr-3885	231	8	contract	contract	NOUN
fsr-3885	231	9	.	.	PUNCT
fsr-3885	232	1	percent	percent	NOUN
fsr-3885	232	2	reduction	reduction	NOUN
fsr-3885	232	3	refers	refer	VERB
fsr-3885	232	4	to	to	ADP
fsr-3885	232	5	the	the	DET
fsr-3885	232	6	percentage	percentage	NOUN
fsr-3885	232	7	decrease	decrease	NOUN
fsr-3885	232	8	in	in	ADP
fsr-3885	232	9	the	the	DET
fsr-3885	232	10	standard	standard	ADJ
fsr-3885	232	11	deviations	deviation	NOUN
fsr-3885	232	12	of	of	ADP
fsr-3885	232	13	mortgage	mortgage	NOUN
fsr-3885	232	14	capacity	capacity	NOUN
fsr-3885	232	15	when	when	SCONJ
fsr-3885	232	16	hedged	hedge	VERB
fsr-3885	232	17	.	.	PUNCT
fsr-3885	233	1	110	110	NUM
fsr-3885	233	2	t.l	t.l	PROPN
fsr-3885	233	3	.	.	PUNCT
fsr-3885	233	4	zivney	zivney	PROPN
fsr-3885	233	5	,	,	PUNCT
fsr-3885	233	6	c.f	c.f	PROPN
fsr-3885	233	7	.	.	PROPN
fsr-3885	233	8	luft	luft	PROPN
fsr-3885	233	9	/	/	SYM
fsr-3885	233	10	financial	financial	ADJ
fsr-3885	233	11	services	service	NOUN
fsr-3885	233	12	review	review	VERB
fsr-3885	233	13	8	8	NUM
fsr-3885	233	14	(	(	PUNCT
fsr-3885	233	15	1999	1999	NUM
fsr-3885	233	16	)	)	PUNCT
fsr-3885	233	17	101–115	101–115	NUM
fsr-3885	233	18	is	be	AUX
fsr-3885	233	19	.	.	PUNCT
fsr-3885	234	1	this	this	DET
fsr-3885	234	2	price	price	NOUN
fsr-3885	234	3	is	be	AUX
fsr-3885	234	4	guaranteed	guarantee	VERB
fsr-3885	234	5	to	to	PART
fsr-3885	234	6	be	be	AUX
fsr-3885	234	7	non	non	ADJ
fsr-3885	234	8	-	-	ADJ
fsr-3885	234	9	negative	negative	ADJ
fsr-3885	234	10	,	,	PUNCT
fsr-3885	234	11	and	and	CCONJ
fsr-3885	234	12	may	may	AUX
fsr-3885	234	13	even	even	ADV
fsr-3885	234	14	result	result	VERB
fsr-3885	234	15	in	in	ADP
fsr-3885	234	16	a	a	DET
fsr-3885	234	17	large	large	ADJ
fsr-3885	234	18	profit	profit	NOUN
fsr-3885	234	19	if	if	SCONJ
fsr-3885	234	20	interest	interest	NOUN
fsr-3885	234	21	rates	rate	NOUN
fsr-3885	234	22	haveincreasedbut	haveincreasedbut	VERB
fsr-3885	235	1	the	the	DET
fsr-3885	235	2	smith	smith	PROPN
fsr-3885	235	3	’s	’s	PART
fsr-3885	235	4	decide	decide	NOUN
fsr-3885	235	5	against	against	ADP
fsr-3885	235	6	buying	buy	VERB
fsr-3885	235	7	a	a	DET
fsr-3885	235	8	house	house	NOUN
fsr-3885	235	9	.	.	PUNCT
fsr-3885	236	1	note	note	VERB
fsr-3885	236	2	that	that	SCONJ
fsr-3885	236	3	if	if	SCONJ
fsr-3885	236	4	the	the	DET
fsr-3885	236	5	smiths	smith	NOUN
fsr-3885	236	6	had	have	AUX
fsr-3885	236	7	used	use	VERB
fsr-3885	236	8	futures	future	NOUN
fsr-3885	236	9	contracts	contract	NOUN
fsr-3885	236	10	to	to	PART
fsr-3885	236	11	hedge	hedge	VERB
fsr-3885	236	12	and	and	CCONJ
fsr-3885	236	13	decided	decide	VERB
fsr-3885	236	14	against	against	ADP
fsr-3885	236	15	buying	buy	VERB
fsr-3885	236	16	a	a	DET
fsr-3885	236	17	house	house	NOUN
fsr-3885	236	18	,	,	PUNCT
fsr-3885	236	19	they	they	PRON
fsr-3885	236	20	would	would	AUX
fsr-3885	236	21	likely	likely	ADV
fsr-3885	236	22	reap	reap	VERB
fsr-3885	236	23	a	a	DET
fsr-3885	236	24	similar	similar	ADJ
fsr-3885	236	25	profit	profit	NOUN
fsr-3885	236	26	on	on	ADP
fsr-3885	236	27	unwinding	unwind	VERB
fsr-3885	236	28	their	their	PRON
fsr-3885	236	29	position	position	NOUN
fsr-3885	236	30	when	when	SCONJ
fsr-3885	236	31	ratesincrease	ratesincrease	NOUN
fsr-3885	236	32	.	.	PUNCT
fsr-3885	237	1	if	if	SCONJ
fsr-3885	237	2	rates	rate	NOUN
fsr-3885	237	3	decline	decline	VERB
fsr-3885	237	4	,	,	PUNCT
fsr-3885	237	5	however	however	ADV
fsr-3885	237	6	,	,	PUNCT
fsr-3885	237	7	then	then	ADV
fsr-3885	237	8	the	the	DET
fsr-3885	237	9	smiths	smith	NOUN
fsr-3885	237	10	would	would	AUX
fsr-3885	237	11	face	face	VERB
fsr-3885	237	12	substantial	substantial	ADJ
fsr-3885	237	13	losses	loss	NOUN
fsr-3885	237	14	in	in	ADP
fsr-3885	237	15	unwinding	unwind	VERB
fsr-3885	237	16	their	their	PRON
fsr-3885	237	17	futures	future	NOUN
fsr-3885	237	18	contracts	contract	NOUN
fsr-3885	237	19	without	without	ADP
fsr-3885	237	20	being	be	AUX
fsr-3885	237	21	able	able	ADJ
fsr-3885	237	22	to	to	PART
fsr-3885	237	23	use	use	VERB
fsr-3885	237	24	the	the	DET
fsr-3885	237	25	offsetting	offset	VERB
fsr-3885	237	26	gain	gain	NOUN
fsr-3885	237	27	in	in	ADP
fsr-3885	237	28	mortgage	mortgage	NOUN
fsr-3885	237	29	capacity	capacity	NOUN
fsr-3885	237	30	caused	cause	VERB
fsr-3885	237	31	by	by	ADP
fsr-3885	237	32	the	the	DET
fsr-3885	237	33	declining	decline	VERB
fsr-3885	237	34	rates	rate	NOUN
fsr-3885	237	35	.	.	PUNCT
fsr-3885	238	1	as	as	SCONJ
fsr-3885	238	2	before	before	ADV
fsr-3885	238	3	,	,	PUNCT
fsr-3885	238	4	the	the	DET
fsr-3885	238	5	breeden	breeden	PROPN
fsr-3885	238	6	and	and	CCONJ
fsr-3885	238	7	giarla	giarla	PROPN
fsr-3885	238	8	data	datum	NOUN
fsr-3885	238	9	from	from	ADP
fsr-3885	238	10	january	january	PROPN
fsr-3885	238	11	1984	1984	NUM
fsr-3885	238	12	through	through	ADP
fsr-3885	238	13	december	december	PROPN
fsr-3885	238	14	1990	1990	NUM
fsr-3885	238	15	for	for	ADP
fsr-3885	238	16	30	30	NUM
fsr-3885	238	17	-	-	PUNCT
fsr-3885	238	18	year	year	NOUN
fsr-3885	238	19	fixed	fix	VERB
fsr-3885	238	20	-	-	PUNCT
fsr-3885	238	21	rate	rate	NOUN
fsr-3885	238	22	mortgages	mortgage	NOUN
fsr-3885	238	23	and	and	CCONJ
fsr-3885	238	24	20	20	NUM
fsr-3885	238	25	-	-	PUNCT
fsr-3885	238	26	year	year	NOUN
fsr-3885	238	27	treasury	treasury	NOUN
fsr-3885	238	28	bond	bond	NOUN
fsr-3885	238	29	futures	future	NOUN
fsr-3885	238	30	are	be	AUX
fsr-3885	238	31	employed	employ	VERB
fsr-3885	238	32	in	in	ADP
fsr-3885	238	33	different	different	ADJ
fsr-3885	238	34	scenarios	scenario	NOUN
fsr-3885	238	35	to	to	PART
fsr-3885	238	36	test	test	VERB
fsr-3885	238	37	the	the	DET
fsr-3885	238	38	feasibility	feasibility	NOUN
fsr-3885	238	39	of	of	ADP
fsr-3885	238	40	hedging	hedge	VERB
fsr-3885	238	41	an	an	DET
fsr-3885	238	42	individual	individual	NOUN
fsr-3885	238	43	’s	’s	PART
fsr-3885	238	44	mortgage	mortgage	NOUN
fsr-3885	238	45	origination	origination	NOUN
fsr-3885	238	46	by	by	ADP
fsr-3885	238	47	purchasing	purchase	VERB
fsr-3885	238	48	put	put	NOUN
fsr-3885	238	49	options	option	NOUN
fsr-3885	238	50	.	.	PUNCT
fsr-3885	239	1	although	although	SCONJ
fsr-3885	239	2	liquidity	liquidity	NOUN
fsr-3885	239	3	for	for	ADP
fsr-3885	239	4	one	one	NUM
fsr-3885	239	5	year	year	NOUN
fsr-3885	239	6	put	put	NOUN
fsr-3885	239	7	options	option	NOUN
fsr-3885	239	8	on	on	ADP
fsr-3885	239	9	treasury	treasury	PROPN
fsr-3885	239	10	futures	future	NOUN
fsr-3885	239	11	contracts	contract	NOUN
fsr-3885	239	12	is	be	AUX
fsr-3885	239	13	virtually	virtually	ADV
fsr-3885	239	14	nonexistent	nonexistent	ADJ
fsr-3885	239	15	,	,	PUNCT
fsr-3885	239	16	a	a	DET
fsr-3885	239	17	complete	complete	ADJ
fsr-3885	239	18	analysis	analysis	NOUN
fsr-3885	239	19	regarding	regard	VERB
fsr-3885	239	20	the	the	DET
fsr-3885	239	21	hedging	hedging	NOUN
fsr-3885	239	22	alternatives	alternative	NOUN
fsr-3885	239	23	potentially	potentially	ADV
fsr-3885	239	24	available	available	ADJ
fsr-3885	239	25	to	to	ADP
fsr-3885	239	26	individual	individual	ADJ
fsr-3885	239	27	borrowers	borrower	NOUN
fsr-3885	239	28	requires	require	VERB
fsr-3885	239	29	that	that	SCONJ
fsr-3885	239	30	we	we	PRON
fsr-3885	239	31	simulate	simulate	VERB
fsr-3885	239	32	the	the	DET
fsr-3885	239	33	put	put	NOUN
fsr-3885	239	34	option	option	NOUN
fsr-3885	239	35	strategies	strategy	NOUN
fsr-3885	239	36	.	.	PUNCT
fsr-3885	240	1	we	we	PRON
fsr-3885	240	2	used	use	VERB
fsr-3885	240	3	the	the	DET
fsr-3885	240	4	black	black	ADJ
fsr-3885	240	5	commodity	commodity	NOUN
fsr-3885	240	6	option	option	NOUN
fsr-3885	240	7	model	model	NOUN
fsr-3885	240	8	examined	examine	VERB
fsr-3885	240	9	by	by	ADP
fsr-3885	240	10	luft	luft	PROPN
fsr-3885	240	11	and	and	CCONJ
fsr-3885	240	12	fielitz	fielitz	PROPN
fsr-3885	240	13	(	(	PUNCT
fsr-3885	240	14	1986	1986	NUM
fsr-3885	240	15	)	)	PUNCT
fsr-3885	240	16	to	to	PART
fsr-3885	240	17	approximate	approximate	VERB
fsr-3885	240	18	the	the	DET
fsr-3885	240	19	price	price	NOUN
fsr-3885	240	20	of	of	ADP
fsr-3885	240	21	the	the	DET
fsr-3885	240	22	put	put	NOUN
fsr-3885	240	23	options	option	NOUN
fsr-3885	240	24	on	on	ADP
fsr-3885	240	25	the	the	DET
fsr-3885	240	26	20	20	NUM
fsr-3885	240	27	-	-	PUNCT
fsr-3885	240	28	year	year	NOUN
fsr-3885	240	29	t	t	NOUN
fsr-3885	240	30	-	-	PUNCT
fsr-3885	240	31	bond	bond	NOUN
fsr-3885	240	32	futures	future	NOUN
fsr-3885	240	33	contracts	contract	NOUN
fsr-3885	240	34	.	.	PUNCT
fsr-3885	241	1	the	the	DET
fsr-3885	241	2	black	black	ADJ
fsr-3885	241	3	model	model	NOUN
fsr-3885	241	4	for	for	ADP
fsr-3885	241	5	a	a	DET
fsr-3885	241	6	put	put	NOUN
fsr-3885	241	7	on	on	ADP
fsr-3885	241	8	a	a	DET
fsr-3885	241	9	futures	future	NOUN
fsr-3885	241	10	contract	contract	NOUN
fsr-3885	241	11	is	be	AUX
fsr-3885	241	12	:	:	PUNCT
fsr-3885	241	13	p	p	X
fsr-3885	241	14	5	5	NUM
fsr-3885	241	15	e2rt@xn~2d2	e2rt@xn~2d2	PROPN
fsr-3885	241	16	!	!	PROPN
fsr-3885	241	17	2	2	NUM
fsr-3885	241	18	fn~2d1	fn~2d1	NOUN
fsr-3885	241	19	!	!	PUNCT
fsr-3885	242	1	#	#	NOUN
fsr-3885	242	2	(	(	PUNCT
fsr-3885	242	3	1	1	X
fsr-3885	242	4	)	)	PUNCT
fsr-3885	242	5	d1	d1	NOUN
fsr-3885	242	6	5	5	NUM
fsr-3885	242	7	$	$	SYM
fsr-3885	242	8	ln	ln	NOUN
fsr-3885	242	9	~	~	SYM
fsr-3885	242	10	f	f	X
fsr-3885	242	11	/	/	SYM
fsr-3885	242	12	x	x	NOUN
fsr-3885	242	13	!	!	NOUN
fsr-3885	242	14	1	1	NUM
fsr-3885	242	15	0.5s2t%/$s√t%	0.5s2t%/$s√t%	PROPN
fsr-3885	242	16	d2	d2	NOUN
fsr-3885	242	17	5	5	NUM
fsr-3885	242	18	d1	d1	PROPN
fsr-3885	242	19	2	2	NUM
fsr-3885	242	20	s√t	s√t	NOUN
fsr-3885	242	21	where	where	SCONJ
fsr-3885	242	22	f	f	PROPN
fsr-3885	242	23	is	be	AUX
fsr-3885	242	24	the	the	DET
fsr-3885	242	25	price	price	NOUN
fsr-3885	242	26	of	of	ADP
fsr-3885	242	27	the	the	DET
fsr-3885	242	28	underlying	underlie	VERB
fsr-3885	242	29	futures	future	NOUN
fsr-3885	242	30	contract	contract	NOUN
fsr-3885	242	31	,	,	PUNCT
fsr-3885	242	32	x	x	X
fsr-3885	242	33	is	be	AUX
fsr-3885	242	34	the	the	DET
fsr-3885	242	35	exercise	exercise	NOUN
fsr-3885	242	36	price	price	NOUN
fsr-3885	242	37	,	,	PUNCT
fsr-3885	242	38	t	t	PROPN
fsr-3885	242	39	is	be	AUX
fsr-3885	242	40	the	the	DET
fsr-3885	242	41	time	time	NOUN
fsr-3885	242	42	until	until	ADP
fsr-3885	242	43	maturity	maturity	NOUN
fsr-3885	242	44	,	,	PUNCT
fsr-3885	242	45	r	r	NOUN
fsr-3885	242	46	is	be	AUX
fsr-3885	242	47	the	the	DET
fsr-3885	242	48	rate	rate	NOUN
fsr-3885	242	49	of	of	ADP
fsr-3885	242	50	return	return	NOUN
fsr-3885	242	51	on	on	ADP
fsr-3885	242	52	a	a	DET
fsr-3885	242	53	risk	risk	NOUN
fsr-3885	242	54	free	free	ADJ
fsr-3885	242	55	bond	bond	NOUN
fsr-3885	242	56	that	that	PRON
fsr-3885	242	57	matches	match	VERB
fsr-3885	242	58	the	the	DET
fsr-3885	242	59	option	option	NOUN
fsr-3885	242	60	maturity	maturity	NOUN
fsr-3885	242	61	,	,	PUNCT
fsr-3885	242	62	and	and	CCONJ
fsr-3885	242	63	s	s	VERB
fsr-3885	242	64	is	be	AUX
fsr-3885	242	65	the	the	DET
fsr-3885	242	66	volatility	volatility	NOUN
fsr-3885	242	67	of	of	ADP
fsr-3885	242	68	the	the	DET
fsr-3885	242	69	price	price	NOUN
fsr-3885	242	70	changes	change	NOUN
fsr-3885	242	71	for	for	ADP
fsr-3885	242	72	the	the	DET
fsr-3885	242	73	underling	underling	ADJ
fsr-3885	242	74	futures	future	NOUN
fsr-3885	242	75	contract	contract	NOUN
fsr-3885	242	76	.	.	PUNCT
fsr-3885	243	1	the	the	DET
fsr-3885	243	2	breeden	breeden	PROPN
fsr-3885	243	3	and	and	CCONJ
fsr-3885	243	4	giarla	giarla	PROPN
fsr-3885	243	5	data	datum	NOUN
fsr-3885	243	6	provided	provide	VERB
fsr-3885	243	7	us	we	PRON
fsr-3885	243	8	with	with	ADP
fsr-3885	243	9	the	the	DET
fsr-3885	243	10	means	mean	NOUN
fsr-3885	243	11	to	to	PART
fsr-3885	243	12	observe	observe	VERB
fsr-3885	243	13	or	or	CCONJ
fsr-3885	243	14	compute	compute	VERB
fsr-3885	243	15	all	all	DET
fsr-3885	243	16	the	the	DET
fsr-3885	243	17	required	require	VERB
fsr-3885	243	18	inputs	input	NOUN
fsr-3885	243	19	except	except	SCONJ
fsr-3885	243	20	the	the	DET
fsr-3885	243	21	risk	risk	NOUN
fsr-3885	243	22	free	free	ADJ
fsr-3885	243	23	rates	rate	NOUN
fsr-3885	243	24	.	.	PUNCT
fsr-3885	244	1	breeden	breeden	PROPN
fsr-3885	244	2	and	and	CCONJ
fsr-3885	244	3	giarla	giarla	PROPN
fsr-3885	244	4	also	also	ADV
fsr-3885	244	5	provide	provide	VERB
fsr-3885	244	6	rates	rate	NOUN
fsr-3885	244	7	on	on	ADP
fsr-3885	244	8	1	1	NUM
fsr-3885	244	9	-	-	PUNCT
fsr-3885	244	10	year	year	NOUN
fsr-3885	244	11	,	,	PUNCT
fsr-3885	244	12	6	6	NUM
fsr-3885	244	13	-	-	PUNCT
fsr-3885	244	14	month	month	NOUN
fsr-3885	244	15	,	,	PUNCT
fsr-3885	244	16	and	and	CCONJ
fsr-3885	244	17	3	3	NUM
fsr-3885	244	18	-	-	PUNCT
fsr-3885	244	19	month	month	NOUN
fsr-3885	244	20	treasury	treasury	NOUN
fsr-3885	244	21	bills	bill	NOUN
fsr-3885	244	22	that	that	PRON
fsr-3885	244	23	match	match	VERB
fsr-3885	244	24	their	their	PRON
fsr-3885	244	25	other	other	ADJ
fsr-3885	244	26	observation	observation	NOUN
fsr-3885	244	27	dates	date	NOUN
fsr-3885	244	28	.	.	PUNCT
fsr-3885	245	1	these	these	DET
fsr-3885	245	2	rates	rate	NOUN
fsr-3885	245	3	are	be	AUX
fsr-3885	245	4	used	use	VERB
fsr-3885	245	5	during	during	ADP
fsr-3885	245	6	the	the	DET
fsr-3885	245	7	simulations	simulation	NOUN
fsr-3885	245	8	as	as	SCONJ
fsr-3885	245	9	required	require	VERB
fsr-3885	245	10	.	.	PUNCT
fsr-3885	246	1	volatility	volatility	NOUN
fsr-3885	246	2	estimation	estimation	NOUN
fsr-3885	246	3	always	always	ADV
fsr-3885	246	4	is	be	AUX
fsr-3885	246	5	a	a	DET
fsr-3885	246	6	critical	critical	ADJ
fsr-3885	246	7	issue	issue	NOUN
fsr-3885	246	8	in	in	ADP
fsr-3885	246	9	option	option	NOUN
fsr-3885	246	10	pricing	pricing	NOUN
fsr-3885	246	11	.	.	PUNCT
fsr-3885	247	1	given	give	VERB
fsr-3885	247	2	the	the	DET
fsr-3885	247	3	amount	amount	NOUN
fsr-3885	247	4	of	of	ADP
fsr-3885	247	5	monthly	monthly	ADJ
fsr-3885	247	6	data	datum	NOUN
fsr-3885	247	7	that	that	PRON
fsr-3885	247	8	we	we	PRON
fsr-3885	247	9	had	have	VERB
fsr-3885	247	10	,	,	PUNCT
fsr-3885	247	11	we	we	PRON
fsr-3885	247	12	chose	choose	VERB
fsr-3885	247	13	to	to	PART
fsr-3885	247	14	estimate	estimate	VERB
fsr-3885	247	15	the	the	DET
fsr-3885	247	16	return	return	NOUN
fsr-3885	247	17	volatility	volatility	NOUN
fsr-3885	247	18	based	base	VERB
fsr-3885	247	19	on	on	ADP
fsr-3885	247	20	the	the	DET
fsr-3885	247	21	prior	prior	ADJ
fsr-3885	247	22	year	year	NOUN
fsr-3885	247	23	’s	’s	PART
fsr-3885	247	24	worth	worth	NOUN
fsr-3885	247	25	of	of	ADP
fsr-3885	247	26	monthly	monthly	ADJ
fsr-3885	247	27	returns	return	NOUN
fsr-3885	247	28	.	.	PUNCT
fsr-3885	248	1	there	there	PRON
fsr-3885	248	2	are	be	VERB
fsr-3885	248	3	two	two	NUM
fsr-3885	248	4	consequences	consequence	NOUN
fsr-3885	248	5	to	to	ADP
fsr-3885	248	6	this	this	DET
fsr-3885	248	7	decision	decision	NOUN
fsr-3885	248	8	.	.	PUNCT
fsr-3885	249	1	first	first	ADV
fsr-3885	249	2	:	:	PUNCT
fsr-3885	249	3	it	it	PRON
fsr-3885	249	4	means	mean	VERB
fsr-3885	249	5	that	that	SCONJ
fsr-3885	249	6	we	we	PRON
fsr-3885	249	7	calculate	calculate	VERB
fsr-3885	249	8	our	our	PRON
fsr-3885	249	9	annualized	annualize	VERB
fsr-3885	249	10	sd	sd	NOUN
fsr-3885	249	11	based	base	VERB
fsr-3885	249	12	on	on	ADP
fsr-3885	249	13	only	only	ADV
fsr-3885	249	14	12	12	NUM
fsr-3885	249	15	return	return	NOUN
fsr-3885	249	16	observations	observation	NOUN
fsr-3885	249	17	.	.	PUNCT
fsr-3885	250	1	second	second	ADV
fsr-3885	250	2	:	:	PUNCT
fsr-3885	250	3	it	it	PRON
fsr-3885	250	4	means	mean	VERB
fsr-3885	250	5	that	that	SCONJ
fsr-3885	250	6	the	the	DET
fsr-3885	250	7	first	first	ADJ
fsr-3885	250	8	put	put	VERB
fsr-3885	250	9	option	option	NOUN
fsr-3885	250	10	hedge	hedge	NOUN
fsr-3885	250	11	could	could	AUX
fsr-3885	250	12	not	not	PART
fsr-3885	250	13	be	be	AUX
fsr-3885	250	14	constructed	construct	VERB
fsr-3885	250	15	until	until	ADP
fsr-3885	250	16	january	january	PROPN
fsr-3885	250	17	of	of	ADP
fsr-3885	250	18	1985	1985	NUM
fsr-3885	250	19	.	.	PUNCT
fsr-3885	251	1	if	if	SCONJ
fsr-3885	251	2	we	we	PRON
fsr-3885	251	3	lengthen	lengthen	VERB
fsr-3885	251	4	the	the	DET
fsr-3885	251	5	estimation	estimation	NOUN
fsr-3885	251	6	interval	interval	NOUN
fsr-3885	251	7	,	,	PUNCT
fsr-3885	251	8	then	then	ADV
fsr-3885	251	9	we	we	PRON
fsr-3885	251	10	obtain	obtain	VERB
fsr-3885	251	11	more	more	ADJ
fsr-3885	251	12	degrees	degree	NOUN
fsr-3885	251	13	of	of	ADP
fsr-3885	251	14	freedom	freedom	NOUN
fsr-3885	251	15	,	,	PUNCT
fsr-3885	251	16	but	but	CCONJ
fsr-3885	251	17	run	run	VERB
fsr-3885	251	18	the	the	DET
fsr-3885	251	19	risk	risk	NOUN
fsr-3885	251	20	of	of	ADP
fsr-3885	251	21	a	a	DET
fsr-3885	251	22	poor	poor	ADJ
fsr-3885	251	23	estimate	estimate	NOUN
fsr-3885	251	24	of	of	ADP
fsr-3885	251	25	current	current	ADJ
fsr-3885	251	26	volatility	volatility	NOUN
fsr-3885	251	27	because	because	SCONJ
fsr-3885	251	28	of	of	ADP
fsr-3885	251	29	extremely	extremely	ADV
fsr-3885	251	30	old	old	ADJ
fsr-3885	251	31	return	return	NOUN
fsr-3885	251	32	data	datum	NOUN
fsr-3885	251	33	.	.	PUNCT
fsr-3885	252	1	furthermore	furthermore	ADV
fsr-3885	252	2	,	,	PUNCT
fsr-3885	252	3	we	we	PRON
fsr-3885	252	4	would	would	AUX
fsr-3885	252	5	have	have	VERB
fsr-3885	252	6	fewer	few	ADJ
fsr-3885	252	7	hedging	hedging	NOUN
fsr-3885	252	8	opportunities	opportunity	NOUN
fsr-3885	252	9	.	.	PUNCT
fsr-3885	253	1	if	if	SCONJ
fsr-3885	253	2	we	we	PRON
fsr-3885	253	3	shorten	shorten	VERB
fsr-3885	253	4	the	the	DET
fsr-3885	253	5	estimation	estimation	NOUN
fsr-3885	253	6	interval	interval	NOUN
fsr-3885	253	7	then	then	ADV
fsr-3885	253	8	we	we	PRON
fsr-3885	253	9	gain	gain	VERB
fsr-3885	253	10	more	more	ADJ
fsr-3885	253	11	opportunities	opportunity	NOUN
fsr-3885	253	12	to	to	PART
fsr-3885	253	13	hedge	hedge	VERB
fsr-3885	253	14	,	,	PUNCT
fsr-3885	253	15	but	but	CCONJ
fsr-3885	253	16	our	our	PRON
fsr-3885	253	17	estimated	estimated	ADJ
fsr-3885	253	18	sds	sds	NOUN
fsr-3885	253	19	become	become	VERB
fsr-3885	253	20	unreliable	unreliable	ADJ
fsr-3885	253	21	because	because	SCONJ
fsr-3885	253	22	of	of	ADP
fsr-3885	253	23	too	too	ADV
fsr-3885	253	24	few	few	ADJ
fsr-3885	253	25	degrees	degree	NOUN
fsr-3885	253	26	of	of	ADP
fsr-3885	253	27	freedom	freedom	NOUN
fsr-3885	253	28	.	.	PUNCT
fsr-3885	254	1	we	we	PRON
fsr-3885	254	2	feel	feel	VERB
fsr-3885	254	3	comfortable	comfortable	ADJ
fsr-3885	254	4	that	that	SCONJ
fsr-3885	254	5	one	one	NUM
fsr-3885	254	6	year	year	NOUN
fsr-3885	254	7	’s	’s	PART
fsr-3885	254	8	worth	worth	NOUN
fsr-3885	254	9	of	of	ADP
fsr-3885	254	10	return	return	NOUN
fsr-3885	254	11	data	datum	NOUN
fsr-3885	254	12	is	be	AUX
fsr-3885	254	13	stable	stable	ADJ
fsr-3885	254	14	enough	enough	ADV
fsr-3885	254	15	to	to	PART
fsr-3885	254	16	captures	capture	VERB
fsr-3885	254	17	the	the	DET
fsr-3885	254	18	true	true	ADJ
fsr-3885	254	19	volatility	volatility	NOUN
fsr-3885	254	20	of	of	ADP
fsr-3885	254	21	the	the	DET
fsr-3885	254	22	underlying	underlie	VERB
fsr-3885	254	23	futures	future	NOUN
fsr-3885	254	24	contract	contract	NOUN
fsr-3885	254	25	,	,	PUNCT
fsr-3885	254	26	while	while	SCONJ
fsr-3885	254	27	providing	provide	VERB
fsr-3885	254	28	us	we	PRON
fsr-3885	254	29	with	with	ADP
fsr-3885	254	30	an	an	DET
fsr-3885	254	31	adequate	adequate	ADJ
fsr-3885	254	32	number	number	NOUN
fsr-3885	254	33	of	of	ADP
fsr-3885	254	34	hedging	hedging	NOUN
fsr-3885	254	35	opportunities	opportunity	NOUN
fsr-3885	254	36	.	.	PUNCT
fsr-3885	255	1	using	use	VERB
fsr-3885	255	2	the	the	DET
fsr-3885	255	3	breeden	breeden	PROPN
fsr-3885	255	4	giarlia	giarlia	PROPN
fsr-3885	255	5	data	data	PROPN
fsr-3885	255	6	,	,	PUNCT
fsr-3885	255	7	we	we	PRON
fsr-3885	255	8	construct	construct	VERB
fsr-3885	255	9	one	one	NUM
fsr-3885	255	10	year	year	NOUN
fsr-3885	255	11	at	at	ADP
fsr-3885	255	12	the	the	DET
fsr-3885	255	13	money	money	NOUN
fsr-3885	255	14	put	put	VERB
fsr-3885	255	15	option	option	NOUN
fsr-3885	255	16	hedges	hedge	NOUN
fsr-3885	255	17	for	for	ADP
fsr-3885	255	18	the	the	DET
fsr-3885	255	19	smiths	smith	NOUN
fsr-3885	255	20	.	.	PUNCT
fsr-3885	256	1	we	we	PRON
fsr-3885	256	2	find	find	VERB
fsr-3885	256	3	that	that	SCONJ
fsr-3885	256	4	the	the	DET
fsr-3885	256	5	average	average	ADJ
fsr-3885	256	6	annualized	annualize	VERB
fsr-3885	256	7	put	put	NOUN
fsr-3885	256	8	premiums	premium	NOUN
fsr-3885	256	9	are	be	AUX
fsr-3885	256	10	4.36	4.36	NUM
fsr-3885	256	11	%	%	NOUN
fsr-3885	256	12	,	,	PUNCT
fsr-3885	256	13	and	and	CCONJ
fsr-3885	256	14	that	that	SCONJ
fsr-3885	256	15	the	the	DET
fsr-3885	256	16	put	put	NOUN
fsr-3885	256	17	deltas	delta	NOUN
fsr-3885	256	18	are	be	AUX
fsr-3885	256	19	approximately	approximately	ADV
fsr-3885	256	20	0.5	0.5	NUM
fsr-3885	256	21	in	in	ADP
fsr-3885	256	22	absolute	absolute	ADJ
fsr-3885	256	23	value	value	NOUN
fsr-3885	256	24	as	as	SCONJ
fsr-3885	256	25	expected	expect	VERB
fsr-3885	256	26	.	.	PUNCT
fsr-3885	257	1	these	these	DET
fsr-3885	257	2	figures	figure	NOUN
fsr-3885	257	3	are	be	AUX
fsr-3885	257	4	generally	generally	ADV
fsr-3885	257	5	111t.l	111t.l	NUM
fsr-3885	257	6	.	.	PUNCT
fsr-3885	258	1	zivney	zivney	PROPN
fsr-3885	258	2	,	,	PUNCT
fsr-3885	258	3	c.f	c.f	PROPN
fsr-3885	258	4	.	.	PROPN
fsr-3885	258	5	luft	luft	PROPN
fsr-3885	258	6	/	/	SYM
fsr-3885	258	7	financial	financial	ADJ
fsr-3885	258	8	services	service	NOUN
fsr-3885	258	9	review	review	VERB
fsr-3885	258	10	8	8	NUM
fsr-3885	258	11	(	(	PUNCT
fsr-3885	258	12	1999	1999	NUM
fsr-3885	258	13	)	)	PUNCT
fsr-3885	258	14	101–115	101–115	NUM
fsr-3885	258	15	consistent	consistent	ADJ
fsr-3885	258	16	with	with	ADP
fsr-3885	258	17	the	the	DET
fsr-3885	258	18	average	average	ADJ
fsr-3885	258	19	option	option	NOUN
fsr-3885	258	20	values	value	NOUN
fsr-3885	258	21	given	give	VERB
fsr-3885	258	22	by	by	ADP
fsr-3885	258	23	maris	maris	PROPN
fsr-3885	258	24	and	and	CCONJ
fsr-3885	258	25	white	white	ADJ
fsr-3885	258	26	(	(	PUNCT
fsr-3885	258	27	1989	1989	NUM
fsr-3885	258	28	)	)	PUNCT
fsr-3885	258	29	,	,	PUNCT
fsr-3885	258	30	sharp	sharp	ADJ
fsr-3885	258	31	(	(	PUNCT
fsr-3885	258	32	1989	1989	NUM
fsr-3885	258	33	)	)	PUNCT
fsr-3885	258	34	and	and	CCONJ
fsr-3885	258	35	kutner	kutner	PROPN
fsr-3885	258	36	and	and	CCONJ
fsr-3885	258	37	seifert	seifert	PROPN
fsr-3885	258	38	(	(	PUNCT
fsr-3885	258	39	1991	1991	NUM
fsr-3885	258	40	)	)	PUNCT
fsr-3885	258	41	.	.	PUNCT
fsr-3885	259	1	the	the	DET
fsr-3885	259	2	inverse	inverse	NOUN
fsr-3885	259	3	of	of	ADP
fsr-3885	259	4	the	the	DET
fsr-3885	259	5	put	put	NOUN
fsr-3885	259	6	option	option	NOUN
fsr-3885	259	7	delta	delta	NOUN
fsr-3885	259	8	’s	’s	PART
fsr-3885	259	9	absolute	absolute	ADJ
fsr-3885	259	10	value	value	NOUN
fsr-3885	259	11	establishes	establish	VERB
fsr-3885	259	12	how	how	SCONJ
fsr-3885	259	13	many	many	ADJ
fsr-3885	259	14	put	put	VERB
fsr-3885	259	15	options	option	NOUN
fsr-3885	259	16	must	must	AUX
fsr-3885	259	17	be	be	AUX
fsr-3885	259	18	purchased	purchase	VERB
fsr-3885	259	19	when	when	SCONJ
fsr-3885	259	20	attempting	attempt	VERB
fsr-3885	259	21	to	to	PART
fsr-3885	259	22	hedge	hedge	VERB
fsr-3885	259	23	a	a	DET
fsr-3885	259	24	drop	drop	NOUN
fsr-3885	259	25	in	in	ADP
fsr-3885	259	26	the	the	DET
fsr-3885	259	27	futures	future	NOUN
fsr-3885	259	28	contract	contract	NOUN
fsr-3885	259	29	price	price	NOUN
fsr-3885	259	30	that	that	PRON
fsr-3885	259	31	is	be	AUX
fsr-3885	259	32	the	the	DET
fsr-3885	259	33	result	result	NOUN
fsr-3885	259	34	of	of	ADP
fsr-3885	259	35	rising	rise	VERB
fsr-3885	259	36	interest	interest	NOUN
fsr-3885	259	37	rates	rate	NOUN
fsr-3885	259	38	.	.	PUNCT
fsr-3885	260	1	given	give	VERB
fsr-3885	260	2	these	these	DET
fsr-3885	260	3	deltas	delta	NOUN
fsr-3885	260	4	,	,	PUNCT
fsr-3885	260	5	the	the	DET
fsr-3885	260	6	individual	individual	NOUN
fsr-3885	260	7	would	would	AUX
fsr-3885	260	8	need	need	VERB
fsr-3885	260	9	to	to	PART
fsr-3885	260	10	buy	buy	VERB
fsr-3885	260	11	two	two	NUM
fsr-3885	260	12	put	put	ADJ
fsr-3885	260	13	contracts	contract	NOUN
fsr-3885	260	14	to	to	PART
fsr-3885	260	15	give	give	VERB
fsr-3885	260	16	about	about	ADP
fsr-3885	260	17	the	the	DET
fsr-3885	260	18	same	same	ADJ
fsr-3885	260	19	protection	protection	NOUN
fsr-3885	260	20	as	as	ADP
fsr-3885	260	21	one	one	NUM
fsr-3885	260	22	futures	future	NOUN
fsr-3885	260	23	contract	contract	NOUN
fsr-3885	260	24	.	.	PUNCT
fsr-3885	261	1	thus	thus	ADV
fsr-3885	261	2	,	,	PUNCT
fsr-3885	261	3	the	the	DET
fsr-3885	261	4	individual	individual	NOUN
fsr-3885	261	5	would	would	AUX
fsr-3885	261	6	need	need	VERB
fsr-3885	261	7	to	to	PART
fsr-3885	261	8	pay	pay	VERB
fsr-3885	261	9	about	about	ADV
fsr-3885	261	10	8.72	8.72	NUM
fsr-3885	261	11	%	%	NOUN
fsr-3885	261	12	of	of	ADP
fsr-3885	261	13	the	the	DET
fsr-3885	261	14	anticipated	anticipated	ADJ
fsr-3885	261	15	mortgage	mortgage	NOUN
fsr-3885	261	16	to	to	PART
fsr-3885	261	17	provide	provide	VERB
fsr-3885	261	18	protection	protection	NOUN
fsr-3885	261	19	against	against	ADP
fsr-3885	261	20	an	an	DET
fsr-3885	261	21	increase	increase	NOUN
fsr-3885	261	22	in	in	ADP
fsr-3885	261	23	interest	interest	NOUN
fsr-3885	261	24	rates	rate	NOUN
fsr-3885	261	25	for	for	ADP
fsr-3885	261	26	one	one	NUM
fsr-3885	261	27	year	year	NOUN
fsr-3885	261	28	.	.	PUNCT
fsr-3885	262	1	individual	individual	ADJ
fsr-3885	262	2	borrowers	borrower	NOUN
fsr-3885	262	3	may	may	AUX
fsr-3885	262	4	recover	recover	VERB
fsr-3885	262	5	some	some	PRON
fsr-3885	262	6	of	of	ADP
fsr-3885	262	7	this	this	DET
fsr-3885	262	8	premium	premium	NOUN
fsr-3885	262	9	,	,	PUNCT
fsr-3885	262	10	especially	especially	ADV
fsr-3885	262	11	if	if	SCONJ
fsr-3885	262	12	they	they	PRON
fsr-3885	262	13	decide	decide	VERB
fsr-3885	262	14	against	against	ADP
fsr-3885	262	15	taking	take	VERB
fsr-3885	262	16	out	out	ADP
fsr-3885	262	17	a	a	DET
fsr-3885	262	18	mortgage	mortgage	NOUN
fsr-3885	262	19	.	.	PUNCT
fsr-3885	263	1	if	if	SCONJ
fsr-3885	263	2	interest	interest	NOUN
fsr-3885	263	3	rates	rate	NOUN
fsr-3885	263	4	increase	increase	VERB
fsr-3885	263	5	,	,	PUNCT
fsr-3885	263	6	the	the	DET
fsr-3885	263	7	individual	individual	NOUN
fsr-3885	263	8	may	may	AUX
fsr-3885	263	9	be	be	AUX
fsr-3885	263	10	able	able	ADJ
fsr-3885	263	11	to	to	PART
fsr-3885	263	12	sell	sell	VERB
fsr-3885	263	13	the	the	DET
fsr-3885	263	14	put	put	NOUN
fsr-3885	263	15	option	option	NOUN
fsr-3885	263	16	for	for	ADP
fsr-3885	263	17	more	more	ADJ
fsr-3885	263	18	than	than	ADP
fsr-3885	263	19	the	the	DET
fsr-3885	263	20	purchase	purchase	NOUN
fsr-3885	263	21	price	price	NOUN
fsr-3885	263	22	offsetting	offset	VERB
fsr-3885	263	23	the	the	DET
fsr-3885	263	24	lower	low	ADJ
fsr-3885	263	25	mortgage	mortgage	NOUN
fsr-3885	263	26	they	they	PRON
fsr-3885	263	27	would	would	AUX
fsr-3885	263	28	qualify	qualify	VERB
fsr-3885	263	29	for	for	ADP
fsr-3885	263	30	.	.	PUNCT
fsr-3885	264	1	if	if	SCONJ
fsr-3885	264	2	rates	rate	NOUN
fsr-3885	264	3	,	,	PUNCT
fsr-3885	264	4	however	however	ADV
fsr-3885	264	5	,	,	PUNCT
fsr-3885	264	6	decline	decline	VERB
fsr-3885	264	7	substantially	substantially	ADV
fsr-3885	264	8	,	,	PUNCT
fsr-3885	264	9	the	the	DET
fsr-3885	264	10	put	put	NOUN
fsr-3885	264	11	will	will	AUX
fsr-3885	264	12	become	become	VERB
fsr-3885	264	13	worthless	worthless	ADJ
fsr-3885	264	14	.	.	PUNCT
fsr-3885	265	1	table	table	NOUN
fsr-3885	265	2	2	2	NUM
fsr-3885	265	3	presents	present	VERB
fsr-3885	265	4	the	the	DET
fsr-3885	265	5	results	result	NOUN
fsr-3885	265	6	of	of	ADP
fsr-3885	265	7	the	the	DET
fsr-3885	265	8	put	put	NOUN
fsr-3885	265	9	option	option	NOUN
fsr-3885	265	10	hedging	hedging	NOUN
fsr-3885	265	11	simulations	simulation	NOUN
fsr-3885	265	12	.	.	PUNCT
fsr-3885	266	1	the	the	DET
fsr-3885	266	2	“	"	PUNCT
fsr-3885	266	3	unhedged	unhedged	ADJ
fsr-3885	266	4	”	"	PUNCT
fsr-3885	266	5	results	result	NOUN
fsr-3885	266	6	are	be	AUX
fsr-3885	266	7	identical	identical	ADJ
fsr-3885	266	8	to	to	ADP
fsr-3885	266	9	those	those	PRON
fsr-3885	266	10	presented	present	VERB
fsr-3885	266	11	in	in	ADP
fsr-3885	266	12	table	table	NOUN
fsr-3885	266	13	1	1	NUM
fsr-3885	266	14	.	.	PUNCT
fsr-3885	267	1	the	the	DET
fsr-3885	267	2	“	"	PUNCT
fsr-3885	267	3	hedged	hedge	VERB
fsr-3885	267	4	”	"	PUNCT
fsr-3885	267	5	results	result	NOUN
fsr-3885	267	6	reflect	reflect	VERB
fsr-3885	267	7	the	the	DET
fsr-3885	267	8	outcomes	outcome	NOUN
fsr-3885	267	9	of	of	ADP
fsr-3885	267	10	the	the	DET
fsr-3885	267	11	put	put	NOUN
fsr-3885	267	12	option	option	NOUN
fsr-3885	267	13	strategies	strategy	NOUN
fsr-3885	267	14	.	.	PUNCT
fsr-3885	268	1	observe	observe	VERB
fsr-3885	268	2	that	that	SCONJ
fsr-3885	268	3	on	on	ADP
fsr-3885	268	4	average	average	ADJ
fsr-3885	268	5	,	,	PUNCT
fsr-3885	268	6	the	the	DET
fsr-3885	268	7	put	put	NOUN
fsr-3885	268	8	options	option	NOUN
fsr-3885	268	9	preserve	preserve	VERB
fsr-3885	268	10	the	the	DET
fsr-3885	268	11	borrowing	borrowing	NOUN
fsr-3885	268	12	capacity	capacity	NOUN
fsr-3885	268	13	quite	quite	ADV
fsr-3885	268	14	well	well	ADV
fsr-3885	268	15	.	.	PUNCT
fsr-3885	269	1	if	if	SCONJ
fsr-3885	269	2	the	the	DET
fsr-3885	269	3	average	average	ADJ
fsr-3885	269	4	hedging	hedging	NOUN
fsr-3885	269	5	performance	performance	NOUN
fsr-3885	269	6	of	of	ADP
fsr-3885	269	7	the	the	DET
fsr-3885	269	8	put	put	NOUN
fsr-3885	269	9	options	option	NOUN
fsr-3885	269	10	is	be	AUX
fsr-3885	269	11	compared	compare	VERB
fsr-3885	269	12	with	with	ADP
fsr-3885	269	13	the	the	DET
fsr-3885	269	14	average	average	ADJ
fsr-3885	269	15	hedging	hedging	NOUN
fsr-3885	269	16	performance	performance	NOUN
fsr-3885	269	17	of	of	ADP
fsr-3885	269	18	the	the	DET
fsr-3885	269	19	futures	future	NOUN
fsr-3885	269	20	contracts	contract	NOUN
fsr-3885	269	21	,	,	PUNCT
fsr-3885	269	22	the	the	DET
fsr-3885	269	23	options	option	NOUN
fsr-3885	269	24	dominate	dominate	VERB
fsr-3885	269	25	;	;	PUNCT
fsr-3885	269	26	however	however	ADV
fsr-3885	269	27	,	,	PUNCT
fsr-3885	269	28	when	when	SCONJ
fsr-3885	269	29	the	the	DET
fsr-3885	269	30	percentage	percentage	NOUN
fsr-3885	269	31	reduction	reduction	NOUN
fsr-3885	269	32	columns	column	NOUN
fsr-3885	269	33	are	be	AUX
fsr-3885	269	34	compared	compare	VERB
fsr-3885	269	35	,	,	PUNCT
fsr-3885	269	36	the	the	DET
fsr-3885	269	37	put	put	NOUN
fsr-3885	269	38	options	option	NOUN
fsr-3885	269	39	perform	perform	VERB
fsr-3885	269	40	horribly	horribly	ADV
fsr-3885	269	41	.	.	PUNCT
fsr-3885	270	1	recall	recall	VERB
fsr-3885	270	2	that	that	SCONJ
fsr-3885	270	3	the	the	DET
fsr-3885	270	4	futures	future	NOUN
fsr-3885	270	5	hedge	hedge	NOUN
fsr-3885	270	6	reduces	reduce	VERB
fsr-3885	270	7	the	the	DET
fsr-3885	270	8	borrower	borrower	NOUN
fsr-3885	270	9	’s	’s	PART
fsr-3885	270	10	exposure	exposure	NOUN
fsr-3885	270	11	to	to	ADP
fsr-3885	270	12	changing	change	VERB
fsr-3885	270	13	interest	interest	NOUN
fsr-3885	270	14	rates	rate	NOUN
fsr-3885	270	15	in	in	ADP
fsr-3885	270	16	every	every	DET
fsr-3885	270	17	hedge	hedge	NOUN
fsr-3885	270	18	period	period	NOUN
fsr-3885	270	19	.	.	PUNCT
fsr-3885	271	1	the	the	DET
fsr-3885	271	2	data	datum	NOUN
fsr-3885	271	3	in	in	ADP
fsr-3885	271	4	the	the	DET
fsr-3885	271	5	last	last	ADJ
fsr-3885	271	6	column	column	NOUN
fsr-3885	271	7	of	of	ADP
fsr-3885	271	8	table	table	NOUN
fsr-3885	271	9	2	2	NUM
fsr-3885	271	10	show	show	VERB
fsr-3885	271	11	that	that	SCONJ
fsr-3885	271	12	the	the	DET
fsr-3885	271	13	put	put	NOUN
fsr-3885	271	14	options	option	NOUN
fsr-3885	271	15	reduce	reduce	VERB
fsr-3885	271	16	the	the	DET
fsr-3885	271	17	dispersion	dispersion	NOUN
fsr-3885	271	18	associated	associate	VERB
fsr-3885	271	19	with	with	ADP
fsr-3885	271	20	borrowing	borrowing	NOUN
fsr-3885	271	21	capacity	capacity	NOUN
fsr-3885	271	22	for	for	ADP
fsr-3885	271	23	only	only	ADV
fsr-3885	271	24	two	two	NUM
fsr-3885	271	25	hedge	hedge	NOUN
fsr-3885	271	26	periods	period	NOUN
fsr-3885	271	27	:	:	PUNCT
fsr-3885	271	28	the	the	DET
fsr-3885	271	29	10	10	NUM
fsr-3885	271	30	-	-	PUNCT
fsr-3885	271	31	month	month	NOUN
fsr-3885	271	32	and	and	CCONJ
fsr-3885	271	33	11	11	NUM
fsr-3885	271	34	-	-	PUNCT
fsr-3885	271	35	month	month	NOUN
fsr-3885	271	36	periods	period	NOUN
fsr-3885	271	37	.	.	PUNCT
fsr-3885	272	1	moreover	moreover	ADV
fsr-3885	272	2	,	,	PUNCT
fsr-3885	272	3	the	the	DET
fsr-3885	272	4	improvement	improvement	NOUN
fsr-3885	272	5	is	be	AUX
fsr-3885	272	6	minor	minor	ADJ
fsr-3885	272	7	when	when	SCONJ
fsr-3885	272	8	compared	compare	VERB
fsr-3885	272	9	to	to	ADP
fsr-3885	272	10	the	the	DET
fsr-3885	272	11	improvetable	improvetable	ADJ
fsr-3885	272	12	2	2	NUM
fsr-3885	272	13	hedging	hedging	NOUN
fsr-3885	272	14	mortgage	mortgage	NOUN
fsr-3885	272	15	using	use	VERB
fsr-3885	272	16	put	put	VERB
fsr-3885	272	17	optionsa	optionsa	ADJ
fsr-3885	272	18	months	month	NOUN
fsr-3885	272	19	delay	delay	VERB
fsr-3885	272	20	unhedged	unhedged	ADJ
fsr-3885	272	21	hedged	hedge	VERB
fsr-3885	272	22	with	with	ADP
fsr-3885	272	23	two	two	NUM
fsr-3885	272	24	treasury	treasury	NOUN
fsr-3885	272	25	bond	bond	NOUN
fsr-3885	272	26	futures	future	NOUN
fsr-3885	272	27	puts	put	VERB
fsr-3885	272	28	percent	percent	NOUN
fsr-3885	272	29	reduction	reduction	NOUN
fsr-3885	272	30	average	average	NOUN
fsr-3885	272	31	sd	sd	ADP
fsr-3885	272	32	maximum	maximum	ADJ
fsr-3885	272	33	minimum	minimum	ADJ
fsr-3885	272	34	average	average	NOUN
fsr-3885	272	35	sd	sd	ADP
fsr-3885	272	36	maximum	maximum	ADJ
fsr-3885	272	37	minimum	minimum	NOUN
fsr-3885	272	38	sd	sd	NOUN
fsr-3885	272	39	with	with	ADP
fsr-3885	272	40	hedge	hedge	NOUN
fsr-3885	272	41	0	0	NUM
fsr-3885	273	1	100.00	100.00	NUM
fsr-3885	273	2	0	0	NUM
fsr-3885	273	3	100.00	100.00	NUM
fsr-3885	273	4	100.00	100.00	NUM
fsr-3885	273	5	100.00	100.00	NUM
fsr-3885	273	6	0	0	NUM
fsr-3885	273	7	100.00	100.00	NUM
fsr-3885	273	8	100.00	100.00	NUM
fsr-3885	273	9	0	0	NUM
fsr-3885	273	10	1	1	NUM
fsr-3885	273	11	100.39	100.39	NUM
fsr-3885	273	12	3.23	3.23	NUM
fsr-3885	273	13	108.43	108.43	NUM
fsr-3885	273	14	90.84	90.84	NUM
fsr-3885	273	15	103.14	103.14	NUM
fsr-3885	273	16	10.52	10.52	NUM
fsr-3885	273	17	130.04	130.04	NUM
fsr-3885	273	18	82.77	82.77	NUM
fsr-3885	273	19	2226.7	2226.7	NUM
fsr-3885	273	20	2	2	NUM
fsr-3885	273	21	100.80	100.80	NUM
fsr-3885	273	22	4.81	4.81	NUM
fsr-3885	273	23	110.96	110.96	NUM
fsr-3885	273	24	88.63	88.63	NUM
fsr-3885	273	25	101.79	101.79	NUM
fsr-3885	273	26	10.40	10.40	NUM
fsr-3885	273	27	127.91	127.91	NUM
fsr-3885	273	28	78.52	78.52	NUM
fsr-3885	273	29	2116.2	2116.2	NUM
fsr-3885	273	30	3	3	NUM
fsr-3885	273	31	101.22	101.22	NUM
fsr-3885	273	32	5.88	5.88	NUM
fsr-3885	273	33	112.94	112.94	NUM
fsr-3885	273	34	86.70	86.70	NUM
fsr-3885	273	35	101.46	101.46	NUM
fsr-3885	273	36	9.84	9.84	NUM
fsr-3885	273	37	125.33	125.33	NUM
fsr-3885	273	38	79.58	79.58	NUM
fsr-3885	273	39	267.3	267.3	NUM
fsr-3885	273	40	4	4	NUM
fsr-3885	273	41	101.66	101.66	NUM
fsr-3885	273	42	6.63	6.63	NUM
fsr-3885	273	43	116.68	116.68	NUM
fsr-3885	273	44	86.92	86.92	NUM
fsr-3885	273	45	101.18	101.18	NUM
fsr-3885	273	46	9.56	9.56	NUM
fsr-3885	273	47	124.92	124.92	NUM
fsr-3885	273	48	75.67	75.67	NUM
fsr-3885	273	49	244.2	244.2	NUM
fsr-3885	273	50	5	5	NUM
fsr-3885	273	51	102.21	102.21	NUM
fsr-3885	273	52	7.23	7.23	NUM
fsr-3885	273	53	118.84	118.84	NUM
fsr-3885	273	54	88.21	88.21	NUM
fsr-3885	273	55	100.98	100.98	NUM
fsr-3885	273	56	9.56	9.56	NUM
fsr-3885	273	57	124.35	124.35	NUM
fsr-3885	273	58	76.07	76.07	NUM
fsr-3885	273	59	232.2	232.2	NUM
fsr-3885	273	60	6	6	NUM
fsr-3885	273	61	102.78	102.78	NUM
fsr-3885	273	62	7.69	7.69	NUM
fsr-3885	273	63	120.97	120.97	NUM
fsr-3885	273	64	84.16	84.16	NUM
fsr-3885	273	65	100.26	100.26	NUM
fsr-3885	273	66	9.83	9.83	NUM
fsr-3885	273	67	124.24	124.24	NUM
fsr-3885	273	68	78.21	78.21	NUM
fsr-3885	273	69	227.8	227.8	NUM
fsr-3885	273	70	7	7	NUM
fsr-3885	273	71	103.29	103.29	NUM
fsr-3885	273	72	8.09	8.09	NUM
fsr-3885	273	73	122.26	122.26	NUM
fsr-3885	273	74	82.32	82.32	NUM
fsr-3885	273	75	99.96	99.96	NUM
fsr-3885	273	76	9.60	9.60	NUM
fsr-3885	273	77	123.74	123.74	NUM
fsr-3885	273	78	80.30	80.30	NUM
fsr-3885	273	79	218.7	218.7	NUM
fsr-3885	273	80	8	8	NUM
fsr-3885	273	81	103.80	103.80	NUM
fsr-3885	273	82	8.59	8.59	NUM
fsr-3885	273	83	122.36	122.36	NUM
fsr-3885	273	84	82.70	82.70	NUM
fsr-3885	273	85	99.87	99.87	NUM
fsr-3885	273	86	9.69	9.69	NUM
fsr-3885	273	87	123.61	123.61	NUM
fsr-3885	273	88	79.96	79.96	NUM
fsr-3885	273	89	212.8	212.8	NUM
fsr-3885	273	90	9	9	NUM
fsr-3885	273	91	104.24	104.24	NUM
fsr-3885	273	92	9.11	9.11	NUM
fsr-3885	273	93	123.69	123.69	NUM
fsr-3885	273	94	84.77	84.77	NUM
fsr-3885	273	95	99.38	99.38	NUM
fsr-3885	273	96	9.87	9.87	NUM
fsr-3885	273	97	123.60	123.60	NUM
fsr-3885	273	98	80.75	80.75	NUM
fsr-3885	273	99	28.3	28.3	NUM
fsr-3885	273	100	10	10	NUM
fsr-3885	273	101	104.69	104.69	NUM
fsr-3885	273	102	9.79	9.79	NUM
fsr-3885	273	103	128.59	128.59	NUM
fsr-3885	273	104	82.47	82.47	NUM
fsr-3885	273	105	99.17	99.17	NUM
fsr-3885	273	106	9.64	9.64	NUM
fsr-3885	273	107	123.60	123.60	NUM
fsr-3885	273	108	83.43	83.43	NUM
fsr-3885	273	109	1.2	1.2	NUM
fsr-3885	273	110	11	11	NUM
fsr-3885	273	111	105.12	105.12	NUM
fsr-3885	273	112	10.42	10.42	NUM
fsr-3885	273	113	130.97	130.97	NUM
fsr-3885	273	114	84.79	84.79	NUM
fsr-3885	273	115	98.60	98.60	NUM
fsr-3885	273	116	9.35	9.35	NUM
fsr-3885	273	117	123.60	123.60	NUM
fsr-3885	273	118	83.73	83.73	NUM
fsr-3885	273	119	10.3	10.3	NUM
fsr-3885	273	120	a	a	DET
fsr-3885	273	121	percent	percent	NOUN
fsr-3885	273	122	of	of	ADP
fsr-3885	273	123	original	original	ADJ
fsr-3885	273	124	mortgage	mortgage	NOUN
fsr-3885	273	125	capacity	capacity	NOUN
fsr-3885	273	126	based	base	VERB
fsr-3885	273	127	on	on	ADP
fsr-3885	273	128	monthly	monthly	ADJ
fsr-3885	273	129	mortgage	mortgage	NOUN
fsr-3885	273	130	payments	payment	NOUN
fsr-3885	273	131	remaining	remain	VERB
fsr-3885	273	132	constant	constant	ADJ
fsr-3885	273	133	when	when	SCONJ
fsr-3885	273	134	there	there	PRON
fsr-3885	273	135	is	be	VERB
fsr-3885	273	136	a	a	DET
fsr-3885	273	137	delay	delay	NOUN
fsr-3885	273	138	in	in	ADP
fsr-3885	273	139	closing	close	VERB
fsr-3885	273	140	mortgage	mortgage	NOUN
fsr-3885	273	141	.	.	PUNCT
fsr-3885	274	1	hedging	hedging	NOUN
fsr-3885	274	2	is	be	AUX
fsr-3885	274	3	accomplished	accomplish	VERB
fsr-3885	274	4	by	by	ADP
fsr-3885	274	5	buying	buy	VERB
fsr-3885	274	6	two	two	NUM
fsr-3885	274	7	treasury	treasury	NOUN
fsr-3885	274	8	bond	bond	NOUN
fsr-3885	274	9	futures	future	NOUN
fsr-3885	274	10	put	put	VERB
fsr-3885	274	11	options	option	NOUN
fsr-3885	274	12	at	at	ADP
fsr-3885	274	13	time	time	NOUN
fsr-3885	274	14	0	0	NUM
fsr-3885	274	15	and	and	CCONJ
fsr-3885	274	16	closing	close	VERB
fsr-3885	274	17	the	the	DET
fsr-3885	274	18	position	position	NOUN
fsr-3885	274	19	when	when	SCONJ
fsr-3885	274	20	the	the	DET
fsr-3885	274	21	mortgage	mortgage	NOUN
fsr-3885	274	22	is	be	AUX
fsr-3885	274	23	obtained	obtain	VERB
fsr-3885	274	24	.	.	PUNCT
fsr-3885	275	1	the	the	DET
fsr-3885	275	2	put	put	NOUN
fsr-3885	275	3	option	option	NOUN
fsr-3885	275	4	bought	buy	VERB
fsr-3885	275	5	is	be	AUX
fsr-3885	275	6	the	the	DET
fsr-3885	275	7	fourth	fourth	ADJ
fsr-3885	275	8	nearest	near	ADJ
fsr-3885	275	9	contract	contract	NOUN
fsr-3885	275	10	.	.	PUNCT
fsr-3885	276	1	the	the	DET
fsr-3885	276	2	striking	striking	ADJ
fsr-3885	276	3	price	price	NOUN
fsr-3885	276	4	is	be	AUX
fsr-3885	276	5	the	the	DET
fsr-3885	276	6	nearest	near	ADJ
fsr-3885	276	7	to	to	ADP
fsr-3885	276	8	the	the	DET
fsr-3885	276	9	money	money	NOUN
fsr-3885	276	10	.	.	PUNCT
fsr-3885	277	1	percent	percent	NOUN
fsr-3885	277	2	reduction	reduction	NOUN
fsr-3885	277	3	refers	refer	VERB
fsr-3885	277	4	to	to	ADP
fsr-3885	277	5	the	the	DET
fsr-3885	277	6	percentage	percentage	NOUN
fsr-3885	277	7	decrease	decrease	NOUN
fsr-3885	277	8	in	in	ADP
fsr-3885	277	9	the	the	DET
fsr-3885	277	10	standard	standard	ADJ
fsr-3885	277	11	deviations	deviation	NOUN
fsr-3885	277	12	of	of	ADP
fsr-3885	277	13	mortgage	mortgage	NOUN
fsr-3885	277	14	capacity	capacity	NOUN
fsr-3885	277	15	when	when	SCONJ
fsr-3885	277	16	hedged	hedge	VERB
fsr-3885	277	17	.	.	PUNCT
fsr-3885	278	1	note	note	NOUN
fsr-3885	278	2	:	:	PUNCT
fsr-3885	278	3	the	the	DET
fsr-3885	278	4	negative	negative	ADJ
fsr-3885	278	5	percent	percent	NOUN
fsr-3885	278	6	reduction	reduction	NOUN
fsr-3885	278	7	in	in	ADP
fsr-3885	278	8	standard	standard	ADJ
fsr-3885	278	9	deviation	deviation	NOUN
fsr-3885	278	10	means	mean	VERB
fsr-3885	278	11	that	that	SCONJ
fsr-3885	278	12	the	the	DET
fsr-3885	278	13	short	short	ADJ
fsr-3885	278	14	-	-	PUNCT
fsr-3885	278	15	term	term	NOUN
fsr-3885	278	16	hedges	hedge	NOUN
fsr-3885	278	17	increased	increase	VERB
fsr-3885	278	18	the	the	DET
fsr-3885	278	19	risk	risk	NOUN
fsr-3885	278	20	.	.	PUNCT
fsr-3885	279	1	the	the	DET
fsr-3885	279	2	average	average	ADJ
fsr-3885	279	3	premium	premium	NOUN
fsr-3885	279	4	paid	pay	VERB
fsr-3885	279	5	for	for	ADP
fsr-3885	279	6	one	one	NUM
fsr-3885	279	7	put	put	NOUN
fsr-3885	279	8	is	be	AUX
fsr-3885	279	9	4.36	4.36	NUM
fsr-3885	279	10	(	(	PUNCT
fsr-3885	279	11	a	a	DET
fsr-3885	279	12	total	total	NOUN
fsr-3885	279	13	of	of	ADP
fsr-3885	279	14	$	$	SYM
fsr-3885	279	15	8,720	8,720	NUM
fsr-3885	279	16	for	for	ADP
fsr-3885	279	17	the	the	DET
fsr-3885	279	18	two	two	NUM
fsr-3885	279	19	puts	put	NOUN
fsr-3885	279	20	used	use	VERB
fsr-3885	279	21	in	in	ADP
fsr-3885	279	22	this	this	DET
fsr-3885	279	23	example	example	NOUN
fsr-3885	279	24	)	)	PUNCT
fsr-3885	279	25	.	.	PUNCT
fsr-3885	280	1	112	112	NUM
fsr-3885	280	2	t.l	t.l	PROPN
fsr-3885	280	3	.	.	PUNCT
fsr-3885	280	4	zivney	zivney	PROPN
fsr-3885	280	5	,	,	PUNCT
fsr-3885	280	6	c.f	c.f	PROPN
fsr-3885	280	7	.	.	PROPN
fsr-3885	280	8	luft	luft	PROPN
fsr-3885	280	9	/	/	SYM
fsr-3885	280	10	financial	financial	ADJ
fsr-3885	280	11	services	service	NOUN
fsr-3885	280	12	review	review	VERB
fsr-3885	280	13	8	8	NUM
fsr-3885	280	14	(	(	PUNCT
fsr-3885	280	15	1999	1999	NUM
fsr-3885	280	16	)	)	PUNCT
fsr-3885	280	17	101–115	101–115	PROPN
fsr-3885	280	18	ment	ment	NOUN
fsr-3885	280	19	achieved	achieve	VERB
fsr-3885	280	20	via	via	ADP
fsr-3885	280	21	the	the	DET
fsr-3885	280	22	futures	future	NOUN
fsr-3885	280	23	contracts	contract	NOUN
fsr-3885	280	24	:	:	PUNCT
fsr-3885	280	25	10.3	10.3	NUM
fsr-3885	280	26	%	%	NOUN
fsr-3885	280	27	versus	versus	ADP
fsr-3885	280	28	51.8	51.8	NUM
fsr-3885	280	29	%	%	NOUN
fsr-3885	280	30	for	for	ADP
fsr-3885	280	31	the	the	DET
fsr-3885	280	32	11	11	NUM
fsr-3885	280	33	-	-	PUNCT
fsr-3885	280	34	month	month	NOUN
fsr-3885	280	35	hedges	hedge	NOUN
fsr-3885	280	36	,	,	PUNCT
fsr-3885	280	37	and	and	CCONJ
fsr-3885	280	38	1.2	1.2	NUM
fsr-3885	280	39	%	%	NOUN
fsr-3885	280	40	versus	versus	ADP
fsr-3885	280	41	49.5	49.5	NUM
fsr-3885	280	42	%	%	NOUN
fsr-3885	280	43	for	for	ADP
fsr-3885	280	44	the	the	DET
fsr-3885	280	45	10	10	NUM
fsr-3885	280	46	-	-	PUNCT
fsr-3885	280	47	month	month	NOUN
fsr-3885	280	48	hedges	hedge	NOUN
fsr-3885	280	49	.	.	PUNCT
fsr-3885	281	1	finally	finally	ADV
fsr-3885	281	2	,	,	PUNCT
fsr-3885	281	3	the	the	DET
fsr-3885	281	4	negative	negative	ADJ
fsr-3885	281	5	values	value	NOUN
fsr-3885	281	6	indicate	indicate	VERB
fsr-3885	281	7	that	that	SCONJ
fsr-3885	281	8	the	the	DET
fsr-3885	281	9	put	put	NOUN
fsr-3885	281	10	option	option	NOUN
fsr-3885	281	11	hedges	hedge	NOUN
fsr-3885	281	12	actually	actually	ADV
fsr-3885	281	13	increase	increase	VERB
fsr-3885	281	14	the	the	DET
fsr-3885	281	15	risk	risk	NOUN
fsr-3885	281	16	to	to	ADP
fsr-3885	281	17	the	the	DET
fsr-3885	281	18	borrower	borrower	NOUN
fsr-3885	281	19	.	.	PUNCT
fsr-3885	282	1	why	why	SCONJ
fsr-3885	282	2	do	do	AUX
fsr-3885	282	3	the	the	DET
fsr-3885	282	4	options	option	NOUN
fsr-3885	282	5	perform	perform	VERB
fsr-3885	282	6	so	so	ADV
fsr-3885	282	7	poorly	poorly	ADV
fsr-3885	282	8	?	?	PUNCT
fsr-3885	283	1	we	we	PRON
fsr-3885	283	2	believe	believe	VERB
fsr-3885	283	3	that	that	SCONJ
fsr-3885	283	4	the	the	DET
fsr-3885	283	5	poor	poor	ADJ
fsr-3885	283	6	hedging	hedging	NOUN
fsr-3885	283	7	performance	performance	NOUN
fsr-3885	283	8	is	be	AUX
fsr-3885	283	9	caused	cause	VERB
fsr-3885	283	10	by	by	ADP
fsr-3885	283	11	the	the	DET
fsr-3885	283	12	fundamental	fundamental	ADJ
fsr-3885	283	13	differences	difference	NOUN
fsr-3885	283	14	between	between	ADP
fsr-3885	283	15	the	the	DET
fsr-3885	283	16	two	two	NUM
fsr-3885	283	17	types	type	NOUN
fsr-3885	283	18	of	of	ADP
fsr-3885	283	19	instruments	instrument	NOUN
fsr-3885	283	20	.	.	PUNCT
fsr-3885	284	1	first	first	ADV
fsr-3885	284	2	,	,	PUNCT
fsr-3885	284	3	when	when	SCONJ
fsr-3885	284	4	a	a	DET
fsr-3885	284	5	futures	future	NOUN
fsr-3885	284	6	hedge	hedge	NOUN
fsr-3885	284	7	is	be	AUX
fsr-3885	284	8	constructed	construct	VERB
fsr-3885	284	9	,	,	PUNCT
fsr-3885	284	10	only	only	ADV
fsr-3885	284	11	the	the	DET
fsr-3885	284	12	initial	initial	ADJ
fsr-3885	284	13	margin	margin	NOUN
fsr-3885	284	14	deposit	deposit	NOUN
fsr-3885	284	15	is	be	AUX
fsr-3885	284	16	required	require	VERB
fsr-3885	284	17	.	.	PUNCT
fsr-3885	285	1	this	this	DET
fsr-3885	285	2	$	$	SYM
fsr-3885	285	3	2,700	2,700	NUM
fsr-3885	285	4	requirement	requirement	NOUN
fsr-3885	285	5	is	be	AUX
fsr-3885	285	6	only	only	ADV
fsr-3885	285	7	a	a	DET
fsr-3885	285	8	fraction	fraction	NOUN
fsr-3885	285	9	of	of	ADP
fsr-3885	285	10	the	the	DET
fsr-3885	285	11	$	$	SYM
fsr-3885	285	12	8,720	8,720	NUM
fsr-3885	285	13	required	require	VERB
fsr-3885	285	14	to	to	PART
fsr-3885	285	15	establish	establish	VERB
fsr-3885	285	16	a	a	DET
fsr-3885	285	17	hedge	hedge	NOUN
fsr-3885	285	18	via	via	ADP
fsr-3885	285	19	the	the	DET
fsr-3885	285	20	purchase	purchase	NOUN
fsr-3885	285	21	of	of	ADP
fsr-3885	285	22	two	two	NUM
fsr-3885	285	23	put	put	ADJ
fsr-3885	285	24	options	option	NOUN
fsr-3885	285	25	.	.	PUNCT
fsr-3885	286	1	second	second	ADJ
fsr-3885	286	2	,	,	PUNCT
fsr-3885	286	3	the	the	PRON
fsr-3885	286	4	at	at	ADP
fsr-3885	286	5	the	the	DET
fsr-3885	286	6	money	money	NOUN
fsr-3885	286	7	options	option	NOUN
fsr-3885	286	8	provide	provide	VERB
fsr-3885	286	9	the	the	DET
fsr-3885	286	10	borrower	borrower	NOUN
fsr-3885	286	11	with	with	ADP
fsr-3885	286	12	full	full	ADJ
fsr-3885	286	13	insurance	insurance	NOUN
fsr-3885	286	14	against	against	ADP
fsr-3885	286	15	falling	fall	VERB
fsr-3885	286	16	interest	interest	NOUN
fsr-3885	286	17	rates	rate	NOUN
fsr-3885	286	18	for	for	ADP
fsr-3885	286	19	the	the	DET
fsr-3885	286	20	life	life	NOUN
fsr-3885	286	21	of	of	ADP
fsr-3885	286	22	the	the	DET
fsr-3885	286	23	option	option	NOUN
fsr-3885	286	24	.	.	PUNCT
fsr-3885	287	1	thus	thus	ADV
fsr-3885	287	2	,	,	PUNCT
fsr-3885	287	3	the	the	PRON
fsr-3885	287	4	longer	long	ADJ
fsr-3885	287	5	the	the	DET
fsr-3885	287	6	option	option	NOUN
fsr-3885	287	7	’s	’s	PART
fsr-3885	287	8	term	term	NOUN
fsr-3885	287	9	,	,	PUNCT
fsr-3885	287	10	the	the	PRON
fsr-3885	287	11	more	more	ADV
fsr-3885	287	12	expensive	expensive	ADJ
fsr-3885	287	13	the	the	DET
fsr-3885	287	14	insurance	insurance	NOUN
fsr-3885	287	15	coverage	coverage	NOUN
fsr-3885	287	16	.	.	PUNCT
fsr-3885	288	1	third	third	ADV
fsr-3885	288	2	,	,	PUNCT
fsr-3885	288	3	the	the	DET
fsr-3885	288	4	put	put	NOUN
fsr-3885	288	5	options	option	NOUN
fsr-3885	288	6	also	also	ADV
fsr-3885	288	7	provide	provide	VERB
fsr-3885	288	8	the	the	DET
fsr-3885	288	9	flexibility	flexibility	NOUN
fsr-3885	288	10	to	to	PART
fsr-3885	288	11	take	take	VERB
fsr-3885	288	12	advantage	advantage	NOUN
fsr-3885	288	13	of	of	ADP
fsr-3885	288	14	more	more	ADV
fsr-3885	288	15	favorable	favorable	ADJ
fsr-3885	288	16	rates	rate	NOUN
fsr-3885	288	17	.	.	PUNCT
fsr-3885	289	1	if	if	SCONJ
fsr-3885	289	2	rates	rate	NOUN
fsr-3885	289	3	fall	fall	VERB
fsr-3885	289	4	sufficiently	sufficiently	ADV
fsr-3885	289	5	far	far	ADV
fsr-3885	289	6	,	,	PUNCT
fsr-3885	289	7	then	then	ADV
fsr-3885	289	8	the	the	DET
fsr-3885	289	9	put	put	NOUN
fsr-3885	289	10	option	option	NOUN
fsr-3885	289	11	will	will	AUX
fsr-3885	289	12	expire	expire	VERB
fsr-3885	289	13	worthless	worthless	ADJ
fsr-3885	289	14	,	,	PUNCT
fsr-3885	289	15	and	and	CCONJ
fsr-3885	289	16	the	the	DET
fsr-3885	289	17	borrower	borrower	NOUN
fsr-3885	289	18	can	can	AUX
fsr-3885	289	19	capture	capture	VERB
fsr-3885	289	20	the	the	DET
fsr-3885	289	21	much	much	ADV
fsr-3885	289	22	lower	low	ADJ
fsr-3885	289	23	rate	rate	NOUN
fsr-3885	289	24	,	,	PUNCT
fsr-3885	289	25	thus	thus	ADV
fsr-3885	289	26	lowering	lower	VERB
fsr-3885	289	27	the	the	DET
fsr-3885	289	28	effective	effective	ADJ
fsr-3885	289	29	borrowing	borrowing	NOUN
fsr-3885	289	30	rate	rate	NOUN
fsr-3885	289	31	.	.	PUNCT
fsr-3885	290	1	conversely	conversely	ADV
fsr-3885	290	2	,	,	PUNCT
fsr-3885	290	3	the	the	DET
fsr-3885	290	4	futures	future	NOUN
fsr-3885	290	5	contract	contract	NOUN
fsr-3885	290	6	locks	lock	NOUN
fsr-3885	290	7	in	in	ADP
fsr-3885	290	8	a	a	DET
fsr-3885	290	9	borrowing	borrowing	NOUN
fsr-3885	290	10	rate	rate	NOUN
fsr-3885	290	11	when	when	SCONJ
fsr-3885	290	12	the	the	DET
fsr-3885	290	13	hedge	hedge	NOUN
fsr-3885	290	14	is	be	AUX
fsr-3885	290	15	established	establish	VERB
fsr-3885	290	16	.	.	PUNCT
fsr-3885	291	1	even	even	ADV
fsr-3885	291	2	if	if	SCONJ
fsr-3885	291	3	rates	rate	NOUN
fsr-3885	291	4	drop	drop	VERB
fsr-3885	291	5	dramatically	dramatically	ADV
fsr-3885	291	6	,	,	PUNCT
fsr-3885	291	7	the	the	DET
fsr-3885	291	8	borrower	borrower	NOUN
fsr-3885	291	9	’s	’s	PART
fsr-3885	291	10	effective	effective	ADJ
fsr-3885	291	11	rate	rate	NOUN
fsr-3885	291	12	is	be	AUX
fsr-3885	291	13	determined	determine	VERB
fsr-3885	291	14	by	by	ADP
fsr-3885	291	15	the	the	DET
fsr-3885	291	16	futures	future	NOUN
fsr-3885	291	17	hedge	hedge	NOUN
fsr-3885	291	18	at	at	ADP
fsr-3885	291	19	the	the	DET
fsr-3885	291	20	time	time	NOUN
fsr-3885	291	21	it	it	PRON
fsr-3885	291	22	is	be	AUX
fsr-3885	291	23	created	create	VERB
fsr-3885	291	24	.	.	PUNCT
fsr-3885	292	1	the	the	DET
fsr-3885	292	2	ability	ability	NOUN
fsr-3885	292	3	to	to	PART
fsr-3885	292	4	capture	capture	VERB
fsr-3885	292	5	a	a	DET
fsr-3885	292	6	lower	low	ADJ
fsr-3885	292	7	effective	effective	ADJ
fsr-3885	292	8	rate	rate	NOUN
fsr-3885	292	9	,	,	PUNCT
fsr-3885	292	10	coupled	couple	VERB
fsr-3885	292	11	with	with	ADP
fsr-3885	292	12	the	the	DET
fsr-3885	292	13	long	long	ADJ
fsr-3885	292	14	term	term	NOUN
fsr-3885	292	15	insurance	insurance	NOUN
fsr-3885	292	16	makes	make	VERB
fsr-3885	292	17	the	the	DET
fsr-3885	292	18	put	put	NOUN
fsr-3885	292	19	option	option	NOUN
fsr-3885	292	20	very	very	ADV
fsr-3885	292	21	expensive	expensive	ADJ
fsr-3885	292	22	.	.	PUNCT
fsr-3885	293	1	finally	finally	ADV
fsr-3885	293	2	,	,	PUNCT
fsr-3885	293	3	if	if	SCONJ
fsr-3885	293	4	interest	interest	NOUN
fsr-3885	293	5	rates	rate	NOUN
fsr-3885	293	6	remain	remain	VERB
fsr-3885	293	7	stable	stable	ADJ
fsr-3885	293	8	and	and	CCONJ
fsr-3885	293	9	prices	price	NOUN
fsr-3885	293	10	do	do	AUX
fsr-3885	293	11	not	not	PART
fsr-3885	293	12	change	change	VERB
fsr-3885	293	13	,	,	PUNCT
fsr-3885	293	14	then	then	ADV
fsr-3885	293	15	no	no	DET
fsr-3885	293	16	gains	gain	NOUN
fsr-3885	293	17	or	or	CCONJ
fsr-3885	293	18	losses	loss	NOUN
fsr-3885	293	19	accrue	accrue	VERB
fsr-3885	293	20	to	to	ADP
fsr-3885	293	21	the	the	DET
fsr-3885	293	22	futures	future	NOUN
fsr-3885	293	23	margin	margin	NOUN
fsr-3885	293	24	account	account	NOUN
fsr-3885	293	25	and	and	CCONJ
fsr-3885	293	26	the	the	DET
fsr-3885	293	27	futures	future	NOUN
fsr-3885	293	28	hedger	hedger	NOUN
fsr-3885	293	29	neither	neither	CCONJ
fsr-3885	293	30	suffers	suffer	VERB
fsr-3885	293	31	a	a	DET
fsr-3885	293	32	loss	loss	NOUN
fsr-3885	293	33	nor	nor	CCONJ
fsr-3885	293	34	enjoys	enjoy	VERB
fsr-3885	293	35	a	a	DET
fsr-3885	293	36	gain	gain	NOUN
fsr-3885	293	37	.	.	PUNCT
fsr-3885	294	1	the	the	DET
fsr-3885	294	2	options	option	NOUN
fsr-3885	294	3	hedger	hedger	NOUN
fsr-3885	294	4	will	will	AUX
fsr-3885	294	5	lose	lose	VERB
fsr-3885	294	6	the	the	DET
fsr-3885	294	7	entire	entire	ADJ
fsr-3885	294	8	amount	amount	NOUN
fsr-3885	294	9	paid	pay	VERB
fsr-3885	294	10	for	for	ADP
fsr-3885	294	11	the	the	DET
fsr-3885	294	12	options	option	NOUN
fsr-3885	294	13	,	,	PUNCT
fsr-3885	294	14	however	however	ADV
fsr-3885	294	15	.	.	PUNCT
fsr-3885	295	1	the	the	DET
fsr-3885	295	2	reason	reason	NOUN
fsr-3885	295	3	is	be	AUX
fsr-3885	295	4	that	that	SCONJ
fsr-3885	295	5	if	if	SCONJ
fsr-3885	295	6	the	the	DET
fsr-3885	295	7	market	market	NOUN
fsr-3885	295	8	remains	remain	VERB
fsr-3885	295	9	stable	stable	ADJ
fsr-3885	295	10	,	,	PUNCT
fsr-3885	295	11	then	then	ADV
fsr-3885	295	12	the	the	DET
fsr-3885	295	13	put	put	NOUN
fsr-3885	295	14	options	option	NOUN
fsr-3885	295	15	never	never	ADV
fsr-3885	295	16	gain	gain	VERB
fsr-3885	295	17	any	any	DET
fsr-3885	295	18	intrinsic	intrinsic	ADJ
fsr-3885	295	19	value	value	NOUN
fsr-3885	295	20	and	and	CCONJ
fsr-3885	295	21	thus	thus	ADV
fsr-3885	295	22	expire	expire	VERB
fsr-3885	295	23	worthless	worthless	ADJ
fsr-3885	295	24	.	.	PUNCT
fsr-3885	296	1	the	the	DET
fsr-3885	296	2	potential	potential	ADJ
fsr-3885	296	3	gains	gain	NOUN
fsr-3885	296	4	and	and	CCONJ
fsr-3885	296	5	losses	loss	NOUN
fsr-3885	296	6	due	due	ADP
fsr-3885	296	7	to	to	ADP
fsr-3885	296	8	the	the	DET
fsr-3885	296	9	put	put	NOUN
fsr-3885	296	10	option	option	NOUN
fsr-3885	296	11	’s	’s	PART
fsr-3885	296	12	flexibility	flexibility	NOUN
fsr-3885	296	13	are	be	AUX
fsr-3885	296	14	reflected	reflect	VERB
fsr-3885	296	15	in	in	ADP
fsr-3885	296	16	the	the	DET
fsr-3885	296	17	range	range	NOUN
fsr-3885	296	18	of	of	ADP
fsr-3885	296	19	outcomes	outcome	NOUN
fsr-3885	296	20	reported	report	VERB
fsr-3885	296	21	in	in	ADP
fsr-3885	296	22	table	table	NOUN
fsr-3885	296	23	2	2	NUM
fsr-3885	296	24	.	.	PUNCT
fsr-3885	296	25	note	note	VERB
fsr-3885	296	26	the	the	DET
fsr-3885	296	27	relatively	relatively	ADV
fsr-3885	296	28	large	large	ADJ
fsr-3885	296	29	differences	difference	NOUN
fsr-3885	296	30	,	,	PUNCT
fsr-3885	296	31	when	when	SCONJ
fsr-3885	296	32	compared	compare	VERB
fsr-3885	296	33	to	to	ADP
fsr-3885	296	34	the	the	DET
fsr-3885	296	35	futures	future	NOUN
fsr-3885	296	36	values	value	NOUN
fsr-3885	296	37	in	in	ADP
fsr-3885	296	38	table	table	NOUN
fsr-3885	296	39	1	1	NUM
fsr-3885	296	40	,	,	PUNCT
fsr-3885	296	41	between	between	ADP
fsr-3885	296	42	the	the	DET
fsr-3885	296	43	maximum	maximum	ADJ
fsr-3885	296	44	and	and	CCONJ
fsr-3885	296	45	minimum	minimum	ADJ
fsr-3885	296	46	values	value	NOUN
fsr-3885	296	47	for	for	ADP
fsr-3885	296	48	all	all	DET
fsr-3885	296	49	the	the	DET
fsr-3885	296	50	put	put	NOUN
fsr-3885	296	51	option	option	NOUN
fsr-3885	296	52	hedges	hedge	NOUN
fsr-3885	296	53	.	.	PUNCT
fsr-3885	297	1	given	give	VERB
fsr-3885	297	2	these	these	DET
fsr-3885	297	3	results	result	NOUN
fsr-3885	297	4	,	,	PUNCT
fsr-3885	297	5	we	we	PRON
fsr-3885	297	6	believe	believe	VERB
fsr-3885	297	7	that	that	SCONJ
fsr-3885	297	8	the	the	DET
fsr-3885	297	9	best	good	ADJ
fsr-3885	297	10	alternative	alternative	NOUN
fsr-3885	297	11	available	available	ADJ
fsr-3885	297	12	to	to	ADP
fsr-3885	297	13	an	an	DET
fsr-3885	297	14	individual	individual	ADJ
fsr-3885	297	15	borrower	borrower	NOUN
fsr-3885	297	16	for	for	ADP
fsr-3885	297	17	hedging	hedge	VERB
fsr-3885	297	18	unwanted	unwanted	ADJ
fsr-3885	297	19	mortgage	mortgage	NOUN
fsr-3885	297	20	interest	interest	NOUN
fsr-3885	297	21	rate	rate	NOUN
fsr-3885	297	22	risk	risk	NOUN
fsr-3885	297	23	is	be	AUX
fsr-3885	297	24	provided	provide	VERB
fsr-3885	297	25	by	by	ADP
fsr-3885	297	26	interest	interest	NOUN
fsr-3885	297	27	rate	rate	NOUN
fsr-3885	297	28	futures	future	NOUN
fsr-3885	297	29	contracts	contract	NOUN
fsr-3885	297	30	.	.	PUNCT
fsr-3885	298	1	mortgage	mortgage	NOUN
fsr-3885	298	2	interest	interest	NOUN
fsr-3885	298	3	rate	rate	NOUN
fsr-3885	298	4	hedges	hedge	NOUN
fsr-3885	298	5	constructed	construct	VERB
fsr-3885	298	6	via	via	ADP
fsr-3885	298	7	put	put	VERB
fsr-3885	298	8	options	option	NOUN
fsr-3885	298	9	written	write	VERB
fsr-3885	298	10	on	on	ADP
fsr-3885	298	11	interest	interest	NOUN
fsr-3885	298	12	rate	rate	NOUN
fsr-3885	298	13	futures	future	NOUN
fsr-3885	298	14	contracts	contract	NOUN
fsr-3885	298	15	do	do	VERB
fsr-3885	298	16	little	little	ADJ
fsr-3885	298	17	to	to	PART
fsr-3885	298	18	reduce	reduce	VERB
fsr-3885	298	19	a	a	DET
fsr-3885	298	20	borrower	borrower	NOUN
fsr-3885	298	21	’s	’s	PART
fsr-3885	298	22	interest	interest	NOUN
fsr-3885	298	23	rate	rate	NOUN
fsr-3885	298	24	exposure	exposure	NOUN
fsr-3885	298	25	,	,	PUNCT
fsr-3885	298	26	and	and	CCONJ
fsr-3885	298	27	are	be	AUX
fsr-3885	298	28	too	too	ADV
fsr-3885	298	29	expensive	expensive	ADJ
fsr-3885	298	30	to	to	PART
fsr-3885	298	31	justify	justify	VERB
fsr-3885	298	32	the	the	DET
fsr-3885	298	33	lower	low	ADJ
fsr-3885	298	34	equity	equity	NOUN
fsr-3885	298	35	requirements	requirement	NOUN
fsr-3885	298	36	.	.	PUNCT
fsr-3885	299	1	4.3	4.3	NUM
fsr-3885	299	2	.	.	PUNCT
fsr-3885	299	3	potential	potential	ADJ
fsr-3885	299	4	difficulties	difficulty	NOUN
fsr-3885	299	5	all	all	DET
fsr-3885	299	6	hedging	hedging	NOUN
fsr-3885	299	7	programs	program	NOUN
fsr-3885	299	8	face	face	VERB
fsr-3885	299	9	potential	potential	ADJ
fsr-3885	299	10	difficulties	difficulty	NOUN
fsr-3885	299	11	that	that	PRON
fsr-3885	299	12	may	may	AUX
fsr-3885	299	13	prevent	prevent	VERB
fsr-3885	299	14	the	the	DET
fsr-3885	299	15	hedgers	hedger	NOUN
fsr-3885	299	16	from	from	ADP
fsr-3885	299	17	completely	completely	ADV
fsr-3885	299	18	meeting	meet	VERB
fsr-3885	299	19	their	their	PRON
fsr-3885	299	20	objectives	objective	NOUN
fsr-3885	299	21	.	.	PUNCT
fsr-3885	300	1	one	one	NUM
fsr-3885	300	2	of	of	ADP
fsr-3885	300	3	these	these	DET
fsr-3885	300	4	difficulties	difficulty	NOUN
fsr-3885	300	5	involves	involve	VERB
fsr-3885	300	6	what	what	PRON
fsr-3885	300	7	is	be	AUX
fsr-3885	300	8	known	know	VERB
fsr-3885	300	9	as	as	ADP
fsr-3885	300	10	tracking	track	VERB
fsr-3885	300	11	error	error	NOUN
fsr-3885	300	12	.	.	PUNCT
fsr-3885	301	1	tracking	track	VERB
fsr-3885	301	2	error	error	NOUN
fsr-3885	301	3	springs	spring	NOUN
fsr-3885	301	4	from	from	ADP
fsr-3885	301	5	the	the	DET
fsr-3885	301	6	commodity	commodity	NOUN
fsr-3885	301	7	underlying	underlie	VERB
fsr-3885	301	8	the	the	DET
fsr-3885	301	9	futures	future	NOUN
fsr-3885	301	10	contract	contract	NOUN
fsr-3885	301	11	being	be	AUX
fsr-3885	301	12	a	a	DET
fsr-3885	301	13	different	different	ADJ
fsr-3885	301	14	commodity	commodity	NOUN
fsr-3885	301	15	than	than	SCONJ
fsr-3885	301	16	that	that	PRON
fsr-3885	301	17	traded	trade	VERB
fsr-3885	301	18	in	in	ADP
fsr-3885	301	19	the	the	DET
fsr-3885	301	20	spot	spot	NOUN
fsr-3885	301	21	market	market	NOUN
fsr-3885	301	22	.	.	PUNCT
fsr-3885	302	1	in	in	ADP
fsr-3885	302	2	the	the	DET
fsr-3885	302	3	case	case	NOUN
fsr-3885	302	4	of	of	ADP
fsr-3885	302	5	hedging	hedging	NOUN
fsr-3885	302	6	mortgages	mortgage	NOUN
fsr-3885	302	7	,	,	PUNCT
fsr-3885	302	8	no	no	DET
fsr-3885	302	9	futures	future	NOUN
fsr-3885	302	10	contract	contract	NOUN
fsr-3885	302	11	exists	exist	VERB
fsr-3885	302	12	on	on	ADP
fsr-3885	302	13	newly	newly	ADV
fsr-3885	302	14	issued	issue	VERB
fsr-3885	302	15	mortgages	mortgage	NOUN
fsr-3885	302	16	(	(	PUNCT
fsr-3885	302	17	the	the	DET
fsr-3885	302	18	spot	spot	NOUN
fsr-3885	302	19	commodity	commodity	NOUN
fsr-3885	302	20	)	)	PUNCT
fsr-3885	302	21	.	.	PUNCT
fsr-3885	303	1	therefore	therefore	ADV
fsr-3885	303	2	,	,	PUNCT
fsr-3885	303	3	the	the	DET
fsr-3885	303	4	hedger	hedger	NOUN
fsr-3885	303	5	will	will	AUX
fsr-3885	303	6	need	need	VERB
fsr-3885	303	7	to	to	PART
fsr-3885	303	8	use	use	VERB
fsr-3885	303	9	treasury	treasury	NOUN
fsr-3885	303	10	bond	bond	NOUN
fsr-3885	303	11	or	or	CCONJ
fsr-3885	303	12	treasury	treasury	PROPN
fsr-3885	303	13	note	note	NOUN
fsr-3885	303	14	futures	future	NOUN
fsr-3885	303	15	.	.	PUNCT
fsr-3885	304	1	ten	ten	NUM
fsr-3885	304	2	-	-	PUNCT
fsr-3885	304	3	year	year	NOUN
fsr-3885	304	4	treasury	treasury	NOUN
fsr-3885	304	5	note	note	NOUN
fsr-3885	304	6	futures	future	NOUN
fsr-3885	304	7	have	have	VERB
fsr-3885	304	8	a	a	DET
fsr-3885	304	9	very	very	ADV
fsr-3885	304	10	high	high	ADJ
fsr-3885	304	11	,	,	PUNCT
fsr-3885	304	12	but	but	CCONJ
fsr-3885	304	13	not	not	PART
fsr-3885	304	14	perfect	perfect	ADJ
fsr-3885	304	15	,	,	PUNCT
fsr-3885	304	16	correlation	correlation	NOUN
fsr-3885	304	17	with	with	ADP
fsr-3885	304	18	current	current	ADJ
fsr-3885	304	19	mortgage	mortgage	NOUN
fsr-3885	304	20	rates	rate	NOUN
fsr-3885	304	21	.	.	PUNCT
fsr-3885	305	1	if	if	SCONJ
fsr-3885	305	2	t	t	NOUN
fsr-3885	305	3	-	-	PUNCT
fsr-3885	305	4	note	note	NOUN
fsr-3885	305	5	rates	rate	NOUN
fsr-3885	305	6	temporarily	temporarily	ADV
fsr-3885	305	7	zig	zig	VERB
fsr-3885	305	8	while	while	SCONJ
fsr-3885	305	9	mortgage	mortgage	NOUN
fsr-3885	305	10	rates	rate	NOUN
fsr-3885	305	11	zag	zag	VERB
fsr-3885	305	12	,	,	PUNCT
fsr-3885	305	13	tracking	track	VERB
fsr-3885	305	14	error	error	NOUN
fsr-3885	305	15	will	will	AUX
fsr-3885	305	16	occur	occur	VERB
fsr-3885	305	17	.	.	PUNCT
fsr-3885	306	1	basis	basis	NOUN
fsr-3885	306	2	risk	risk	NOUN
fsr-3885	306	3	is	be	AUX
fsr-3885	306	4	another	another	DET
fsr-3885	306	5	difficulty	difficulty	NOUN
fsr-3885	306	6	faced	face	VERB
fsr-3885	306	7	by	by	ADP
fsr-3885	306	8	a	a	DET
fsr-3885	306	9	hedger	hedger	NOUN
fsr-3885	306	10	.	.	PUNCT
fsr-3885	307	1	basis	basis	NOUN
fsr-3885	307	2	risk	risk	NOUN
fsr-3885	307	3	occurs	occur	VERB
fsr-3885	307	4	because	because	SCONJ
fsr-3885	307	5	the	the	DET
fsr-3885	307	6	hedge	hedge	NOUN
fsr-3885	307	7	is	be	AUX
fsr-3885	307	8	rarely	rarely	ADV
fsr-3885	307	9	held	hold	VERB
fsr-3885	307	10	to	to	ADP
fsr-3885	307	11	maturity	maturity	NOUN
fsr-3885	307	12	.	.	PUNCT
fsr-3885	308	1	when	when	SCONJ
fsr-3885	308	2	the	the	DET
fsr-3885	308	3	futures	future	NOUN
fsr-3885	308	4	contract	contract	NOUN
fsr-3885	308	5	expires	expire	VERB
fsr-3885	308	6	,	,	PUNCT
fsr-3885	308	7	the	the	DET
fsr-3885	308	8	spot	spot	NOUN
fsr-3885	308	9	and	and	CCONJ
fsr-3885	308	10	futures	future	NOUN
fsr-3885	308	11	prices	price	NOUN
fsr-3885	308	12	are	be	AUX
fsr-3885	308	13	certain	certain	ADJ
fsr-3885	308	14	to	to	PART
fsr-3885	308	15	be	be	AUX
fsr-3885	308	16	equal	equal	ADJ
fsr-3885	308	17	;	;	PUNCT
fsr-3885	308	18	however	however	ADV
fsr-3885	308	19	,	,	PUNCT
fsr-3885	308	20	before	before	ADP
fsr-3885	308	21	maturity	maturity	NOUN
fsr-3885	308	22	,	,	PUNCT
fsr-3885	308	23	the	the	DET
fsr-3885	308	24	futures	future	NOUN
fsr-3885	308	25	and	and	CCONJ
fsr-3885	308	26	spot	spot	NOUN
fsr-3885	308	27	prices	price	NOUN
fsr-3885	308	28	can	can	AUX
fsr-3885	308	29	diverge	diverge	VERB
fsr-3885	308	30	.	.	PUNCT
fsr-3885	309	1	113t.l	113t.l	X
fsr-3885	309	2	.	.	PUNCT
fsr-3885	310	1	zivney	zivney	PROPN
fsr-3885	310	2	,	,	PUNCT
fsr-3885	310	3	c.f	c.f	PROPN
fsr-3885	310	4	.	.	PROPN
fsr-3885	310	5	luft	luft	PROPN
fsr-3885	310	6	/	/	SYM
fsr-3885	310	7	financial	financial	ADJ
fsr-3885	310	8	services	service	NOUN
fsr-3885	310	9	review	review	VERB
fsr-3885	310	10	8	8	NUM
fsr-3885	310	11	(	(	PUNCT
fsr-3885	310	12	1999	1999	NUM
fsr-3885	310	13	)	)	PUNCT
fsr-3885	310	14	101–115	101–115	PROPN
fsr-3885	310	15	although	although	SCONJ
fsr-3885	310	16	the	the	DET
fsr-3885	310	17	basis	basis	NOUN
fsr-3885	310	18	,	,	PUNCT
fsr-3885	310	19	the	the	DET
fsr-3885	310	20	difference	difference	NOUN
fsr-3885	310	21	between	between	ADP
fsr-3885	310	22	the	the	DET
fsr-3885	310	23	spot	spot	NOUN
fsr-3885	310	24	price	price	NOUN
fsr-3885	310	25	and	and	CCONJ
fsr-3885	310	26	futures	future	NOUN
fsr-3885	310	27	prices	price	NOUN
fsr-3885	310	28	,	,	PUNCT
fsr-3885	310	29	tends	tend	VERB
fsr-3885	310	30	to	to	PART
fsr-3885	310	31	decline	decline	VERB
fsr-3885	310	32	over	over	ADP
fsr-3885	310	33	time	time	NOUN
fsr-3885	310	34	,	,	PUNCT
fsr-3885	310	35	this	this	DET
fsr-3885	310	36	decline	decline	NOUN
fsr-3885	310	37	is	be	AUX
fsr-3885	310	38	not	not	PART
fsr-3885	310	39	perfectly	perfectly	ADV
fsr-3885	310	40	predictable	predictable	ADJ
fsr-3885	310	41	except	except	SCONJ
fsr-3885	310	42	at	at	ADP
fsr-3885	310	43	the	the	DET
fsr-3885	310	44	moment	moment	NOUN
fsr-3885	310	45	of	of	ADP
fsr-3885	310	46	delivery	delivery	NOUN
fsr-3885	310	47	.	.	PUNCT
fsr-3885	311	1	a	a	DET
fsr-3885	311	2	third	third	ADJ
fsr-3885	311	3	potential	potential	ADJ
fsr-3885	311	4	difficulty	difficulty	NOUN
fsr-3885	311	5	with	with	ADP
fsr-3885	311	6	a	a	DET
fsr-3885	311	7	mortgage	mortgage	NOUN
fsr-3885	311	8	hedging	hedging	NOUN
fsr-3885	311	9	program	program	NOUN
fsr-3885	311	10	for	for	ADP
fsr-3885	311	11	individuals	individual	NOUN
fsr-3885	311	12	is	be	AUX
fsr-3885	311	13	that	that	SCONJ
fsr-3885	311	14	the	the	DET
fsr-3885	311	15	individual	individual	NOUN
fsr-3885	311	16	may	may	AUX
fsr-3885	311	17	decide	decide	VERB
fsr-3885	311	18	not	not	PART
fsr-3885	311	19	to	to	PART
fsr-3885	311	20	buy	buy	VERB
fsr-3885	311	21	a	a	DET
fsr-3885	311	22	house	house	NOUN
fsr-3885	311	23	.	.	PUNCT
fsr-3885	312	1	this	this	PRON
fsr-3885	312	2	means	mean	VERB
fsr-3885	312	3	that	that	SCONJ
fsr-3885	312	4	the	the	DET
fsr-3885	312	5	individual	individual	NOUN
fsr-3885	312	6	will	will	AUX
fsr-3885	312	7	need	need	VERB
fsr-3885	312	8	to	to	PART
fsr-3885	312	9	unwind	unwind	VERB
fsr-3885	312	10	the	the	DET
fsr-3885	312	11	hedging	hedging	NOUN
fsr-3885	312	12	position	position	NOUN
fsr-3885	312	13	.	.	PUNCT
fsr-3885	313	1	in	in	ADP
fsr-3885	313	2	the	the	DET
fsr-3885	313	3	case	case	NOUN
fsr-3885	313	4	of	of	ADP
fsr-3885	313	5	the	the	DET
fsr-3885	313	6	futures	future	NOUN
fsr-3885	313	7	contract	contract	NOUN
fsr-3885	313	8	,	,	PUNCT
fsr-3885	313	9	this	this	PRON
fsr-3885	313	10	is	be	AUX
fsr-3885	313	11	easily	easily	ADV
fsr-3885	313	12	done	do	VERB
fsr-3885	313	13	by	by	ADP
fsr-3885	313	14	entering	enter	VERB
fsr-3885	313	15	an	an	DET
fsr-3885	313	16	offsetting	offset	VERB
fsr-3885	313	17	contract	contract	NOUN
fsr-3885	313	18	.	.	PUNCT
fsr-3885	314	1	this	this	DET
fsr-3885	314	2	offsetting	offset	VERB
fsr-3885	314	3	contract	contract	NOUN
fsr-3885	314	4	will	will	AUX
fsr-3885	314	5	lock	lock	VERB
fsr-3885	314	6	in	in	ADP
fsr-3885	314	7	any	any	DET
fsr-3885	314	8	gains	gain	NOUN
fsr-3885	314	9	or	or	CCONJ
fsr-3885	314	10	losses	loss	NOUN
fsr-3885	314	11	in	in	ADP
fsr-3885	314	12	the	the	DET
fsr-3885	314	13	futures	future	NOUN
fsr-3885	314	14	market	market	NOUN
fsr-3885	314	15	.	.	PUNCT
fsr-3885	315	1	because	because	SCONJ
fsr-3885	315	2	,	,	PUNCT
fsr-3885	315	3	however	however	ADV
fsr-3885	315	4	,	,	PUNCT
fsr-3885	315	5	the	the	DET
fsr-3885	315	6	individual	individual	NOUN
fsr-3885	315	7	will	will	AUX
fsr-3885	315	8	not	not	PART
fsr-3885	315	9	be	be	AUX
fsr-3885	315	10	taking	take	VERB
fsr-3885	315	11	out	out	ADP
fsr-3885	315	12	a	a	DET
fsr-3885	315	13	mortgage	mortgage	NOUN
fsr-3885	315	14	,	,	PUNCT
fsr-3885	315	15	there	there	PRON
fsr-3885	315	16	is	be	VERB
fsr-3885	315	17	no	no	DET
fsr-3885	315	18	offsetting	offset	VERB
fsr-3885	315	19	loss	loss	NOUN
fsr-3885	315	20	or	or	CCONJ
fsr-3885	315	21	gain	gain	NOUN
fsr-3885	315	22	in	in	ADP
fsr-3885	315	23	the	the	DET
fsr-3885	315	24	spot	spot	NOUN
fsr-3885	315	25	market	market	NOUN
fsr-3885	315	26	.	.	PUNCT
fsr-3885	316	1	thus	thus	ADV
fsr-3885	316	2	,	,	PUNCT
fsr-3885	316	3	if	if	SCONJ
fsr-3885	316	4	interest	interest	NOUN
fsr-3885	316	5	rates	rate	NOUN
fsr-3885	316	6	have	have	AUX
fsr-3885	316	7	fallen	fall	VERB
fsr-3885	316	8	when	when	SCONJ
fsr-3885	316	9	the	the	DET
fsr-3885	316	10	individual	individual	NOUN
fsr-3885	316	11	decides	decide	VERB
fsr-3885	316	12	to	to	PART
fsr-3885	316	13	close	close	VERB
fsr-3885	316	14	out	out	ADP
fsr-3885	316	15	the	the	DET
fsr-3885	316	16	futures	future	NOUN
fsr-3885	316	17	position	position	NOUN
fsr-3885	316	18	,	,	PUNCT
fsr-3885	316	19	there	there	PRON
fsr-3885	316	20	will	will	AUX
fsr-3885	316	21	be	be	AUX
fsr-3885	316	22	a	a	DET
fsr-3885	316	23	net	net	ADJ
fsr-3885	316	24	loss	loss	NOUN
fsr-3885	316	25	or	or	CCONJ
fsr-3885	316	26	decrease	decrease	NOUN
fsr-3885	316	27	in	in	ADP
fsr-3885	316	28	wealth	wealth	NOUN
fsr-3885	316	29	.	.	PUNCT
fsr-3885	317	1	this	this	DET
fsr-3885	317	2	take	take	VERB
fsr-3885	317	3	-	-	PUNCT
fsr-3885	317	4	down	down	ADP
fsr-3885	317	5	risk	risk	NOUN
fsr-3885	317	6	is	be	AUX
fsr-3885	317	7	diversifiable	diversifiable	ADJ
fsr-3885	317	8	in	in	ADP
fsr-3885	317	9	the	the	DET
fsr-3885	317	10	case	case	NOUN
fsr-3885	317	11	of	of	ADP
fsr-3885	317	12	the	the	DET
fsr-3885	317	13	lender	lender	NOUN
fsr-3885	317	14	,	,	PUNCT
fsr-3885	317	15	but	but	CCONJ
fsr-3885	317	16	is	be	AUX
fsr-3885	317	17	not	not	PART
fsr-3885	317	18	for	for	ADP
fsr-3885	317	19	the	the	DET
fsr-3885	317	20	individual	individual	NOUN
fsr-3885	317	21	.	.	PUNCT
fsr-3885	318	1	a	a	DET
fsr-3885	318	2	hedge	hedge	NOUN
fsr-3885	318	3	using	use	VERB
fsr-3885	318	4	options	option	NOUN
fsr-3885	318	5	is	be	AUX
fsr-3885	318	6	also	also	ADV
fsr-3885	318	7	subject	subject	ADJ
fsr-3885	318	8	to	to	ADP
fsr-3885	318	9	volatility	volatility	NOUN
fsr-3885	318	10	risk	risk	NOUN
fsr-3885	318	11	.	.	PUNCT
fsr-3885	319	1	volatility	volatility	NOUN
fsr-3885	319	2	risk	risk	NOUN
fsr-3885	319	3	causes	cause	VERB
fsr-3885	319	4	the	the	DET
fsr-3885	319	5	hedge	hedge	NOUN
fsr-3885	319	6	option	option	NOUN
fsr-3885	319	7	to	to	PART
fsr-3885	319	8	less	less	ADV
fsr-3885	319	9	perfectly	perfectly	ADV
fsr-3885	319	10	track	track	VERB
fsr-3885	319	11	the	the	DET
fsr-3885	319	12	underlying	underlie	VERB
fsr-3885	319	13	asset	asset	NOUN
fsr-3885	319	14	’s	’s	PART
fsr-3885	319	15	price	price	NOUN
fsr-3885	319	16	.	.	PUNCT
fsr-3885	320	1	if	if	SCONJ
fsr-3885	320	2	interest	interest	NOUN
fsr-3885	320	3	rate	rate	NOUN
fsr-3885	320	4	volatility	volatility	NOUN
fsr-3885	320	5	increases	increase	NOUN
fsr-3885	320	6	,	,	PUNCT
fsr-3885	320	7	as	as	SCONJ
fsr-3885	320	8	is	be	AUX
fsr-3885	320	9	often	often	ADV
fsr-3885	320	10	the	the	DET
fsr-3885	320	11	case	case	NOUN
fsr-3885	320	12	when	when	SCONJ
fsr-3885	320	13	rates	rate	NOUN
fsr-3885	320	14	increase	increase	VERB
fsr-3885	320	15	,	,	PUNCT
fsr-3885	320	16	the	the	DET
fsr-3885	320	17	value	value	NOUN
fsr-3885	320	18	of	of	ADP
fsr-3885	320	19	the	the	DET
fsr-3885	320	20	option	option	NOUN
fsr-3885	320	21	increases	increase	VERB
fsr-3885	320	22	explosively	explosively	ADJ
fsr-3885	320	23	.	.	PUNCT
fsr-3885	321	1	conversely	conversely	ADV
fsr-3885	321	2	,	,	PUNCT
fsr-3885	321	3	if	if	SCONJ
fsr-3885	321	4	rates	rate	NOUN
fsr-3885	321	5	stabilize	stabilize	VERB
fsr-3885	321	6	,	,	PUNCT
fsr-3885	321	7	the	the	DET
fsr-3885	321	8	volatility	volatility	NOUN
fsr-3885	321	9	declines	decline	VERB
fsr-3885	321	10	,	,	PUNCT
fsr-3885	321	11	dragging	drag	VERB
fsr-3885	321	12	down	down	ADP
fsr-3885	321	13	the	the	DET
fsr-3885	321	14	value	value	NOUN
fsr-3885	321	15	of	of	ADP
fsr-3885	321	16	the	the	DET
fsr-3885	321	17	option	option	NOUN
fsr-3885	321	18	,	,	PUNCT
fsr-3885	321	19	so	so	SCONJ
fsr-3885	321	20	that	that	SCONJ
fsr-3885	321	21	less	less	ADJ
fsr-3885	321	22	of	of	ADP
fsr-3885	321	23	the	the	DET
fsr-3885	321	24	original	original	ADJ
fsr-3885	321	25	premium	premium	NOUN
fsr-3885	321	26	will	will	AUX
fsr-3885	321	27	be	be	AUX
fsr-3885	321	28	recovered	recover	VERB
fsr-3885	321	29	when	when	SCONJ
fsr-3885	321	30	the	the	DET
fsr-3885	321	31	hedging	hedging	NOUN
fsr-3885	321	32	position	position	NOUN
fsr-3885	321	33	is	be	AUX
fsr-3885	321	34	unwound	unwound	ADJ
fsr-3885	321	35	.	.	PUNCT
fsr-3885	322	1	5	5	NUM
fsr-3885	322	2	.	.	X
fsr-3885	322	3	conclusions	conclusion	NOUN
fsr-3885	322	4	simulation	simulation	NOUN
fsr-3885	322	5	shows	show	VERB
fsr-3885	322	6	that	that	SCONJ
fsr-3885	322	7	hedging	hedge	VERB
fsr-3885	322	8	individual	individual	ADJ
fsr-3885	322	9	mortgage	mortgage	NOUN
fsr-3885	322	10	rate	rate	NOUN
fsr-3885	322	11	risk	risk	NOUN
fsr-3885	322	12	with	with	ADP
fsr-3885	322	13	futures	future	NOUN
fsr-3885	322	14	contracts	contract	NOUN
fsr-3885	322	15	reduces	reduce	VERB
fsr-3885	322	16	the	the	DET
fsr-3885	322	17	sd	sd	NOUN
fsr-3885	322	18	in	in	ADP
fsr-3885	322	19	wealth	wealth	NOUN
fsr-3885	322	20	available	available	ADJ
fsr-3885	322	21	for	for	ADP
fsr-3885	322	22	housing	housing	NOUN
fsr-3885	322	23	by	by	ADP
fsr-3885	322	24	about	about	ADV
fsr-3885	322	25	50	50	NUM
fsr-3885	322	26	%	%	NOUN
fsr-3885	322	27	.	.	PUNCT
fsr-3885	323	1	although	although	SCONJ
fsr-3885	323	2	total	total	ADJ
fsr-3885	323	3	variation	variation	NOUN
fsr-3885	323	4	is	be	AUX
fsr-3885	323	5	reduced	reduce	VERB
fsr-3885	323	6	,	,	PUNCT
fsr-3885	323	7	substantial	substantial	ADJ
fsr-3885	323	8	downside	downside	ADJ
fsr-3885	323	9	risk	risk	NOUN
fsr-3885	323	10	remains	remain	VERB
fsr-3885	323	11	.	.	PUNCT
fsr-3885	324	1	the	the	DET
fsr-3885	324	2	expected	expect	VERB
fsr-3885	324	3	cost	cost	NOUN
fsr-3885	324	4	of	of	ADP
fsr-3885	324	5	this	this	DET
fsr-3885	324	6	hedge	hedge	NOUN
fsr-3885	324	7	is	be	AUX
fsr-3885	324	8	near	near	ADP
fsr-3885	324	9	zero	zero	NUM
fsr-3885	324	10	.	.	PUNCT
fsr-3885	325	1	hedging	hedge	VERB
fsr-3885	325	2	with	with	ADP
fsr-3885	325	3	put	put	ADJ
fsr-3885	325	4	options	option	NOUN
fsr-3885	325	5	on	on	ADP
fsr-3885	325	6	futures	future	NOUN
fsr-3885	325	7	contracts	contract	NOUN
fsr-3885	325	8	is	be	AUX
fsr-3885	325	9	much	much	ADV
fsr-3885	325	10	less	less	ADV
fsr-3885	325	11	effective	effective	ADJ
fsr-3885	325	12	in	in	ADP
fsr-3885	325	13	reducing	reduce	VERB
fsr-3885	325	14	downside	downside	ADJ
fsr-3885	325	15	risk	risk	NOUN
fsr-3885	325	16	,	,	PUNCT
fsr-3885	325	17	and	and	CCONJ
fsr-3885	325	18	has	have	VERB
fsr-3885	325	19	a	a	DET
fsr-3885	325	20	substantially	substantially	ADV
fsr-3885	325	21	greater	great	ADJ
fsr-3885	325	22	cost	cost	NOUN
fsr-3885	325	23	.	.	PUNCT
fsr-3885	326	1	the	the	DET
fsr-3885	326	2	typical	typical	ADJ
fsr-3885	326	3	annualized	annualize	VERB
fsr-3885	326	4	put	put	VERB
fsr-3885	326	5	premium	premium	NOUN
fsr-3885	326	6	(	(	PUNCT
fsr-3885	326	7	the	the	DET
fsr-3885	326	8	cost	cost	NOUN
fsr-3885	326	9	of	of	ADP
fsr-3885	326	10	buying	buy	VERB
fsr-3885	326	11	the	the	DET
fsr-3885	326	12	put	put	NOUN
fsr-3885	326	13	options	option	NOUN
fsr-3885	326	14	)	)	PUNCT
fsr-3885	326	15	is	be	AUX
fsr-3885	326	16	about	about	ADV
fsr-3885	326	17	5–10	5–10	ADJ
fsr-3885	326	18	%	%	NOUN
fsr-3885	326	19	of	of	ADP
fsr-3885	326	20	the	the	DET
fsr-3885	326	21	mortgage	mortgage	NOUN
fsr-3885	326	22	value	value	NOUN
fsr-3885	326	23	in	in	ADP
fsr-3885	326	24	our	our	PRON
fsr-3885	326	25	simulation	simulation	NOUN
fsr-3885	326	26	time	time	NOUN
fsr-3885	326	27	period	period	NOUN
fsr-3885	326	28	.	.	PUNCT
fsr-3885	327	1	the	the	DET
fsr-3885	327	2	actual	actual	ADJ
fsr-3885	327	3	cost	cost	NOUN
fsr-3885	327	4	could	could	AUX
fsr-3885	327	5	be	be	AUX
fsr-3885	327	6	greater	great	ADJ
fsr-3885	327	7	or	or	CCONJ
fsr-3885	327	8	less	less	ADJ
fsr-3885	327	9	,	,	PUNCT
fsr-3885	327	10	depending	depend	VERB
fsr-3885	327	11	upon	upon	SCONJ
fsr-3885	327	12	interest	interest	NOUN
fsr-3885	327	13	rate	rate	NOUN
fsr-3885	327	14	dynamics	dynamic	NOUN
fsr-3885	327	15	.	.	PUNCT
fsr-3885	328	1	furthermore	furthermore	ADV
fsr-3885	328	2	,	,	PUNCT
fsr-3885	328	3	there	there	PRON
fsr-3885	328	4	is	be	VERB
fsr-3885	328	5	minimal	minimal	ADJ
fsr-3885	328	6	reduction	reduction	NOUN
fsr-3885	328	7	in	in	ADP
fsr-3885	328	8	variation	variation	NOUN
fsr-3885	328	9	of	of	ADP
fsr-3885	328	10	wealth	wealth	NOUN
fsr-3885	328	11	available	available	ADJ
fsr-3885	328	12	for	for	ADP
fsr-3885	328	13	housing	housing	NOUN
fsr-3885	328	14	when	when	SCONJ
fsr-3885	328	15	hedging	hedge	VERB
fsr-3885	328	16	with	with	ADP
fsr-3885	328	17	put	put	NOUN
fsr-3885	328	18	options	option	NOUN
fsr-3885	328	19	.	.	PUNCT
fsr-3885	329	1	this	this	DET
fsr-3885	329	2	paper	paper	NOUN
fsr-3885	329	3	has	have	AUX
fsr-3885	329	4	established	establish	VERB
fsr-3885	329	5	that	that	SCONJ
fsr-3885	329	6	hedging	hedge	VERB
fsr-3885	329	7	interest	interest	NOUN
fsr-3885	329	8	rate	rate	NOUN
fsr-3885	329	9	risk	risk	NOUN
fsr-3885	329	10	before	before	ADP
fsr-3885	329	11	taking	take	VERB
fsr-3885	329	12	out	out	ADP
fsr-3885	329	13	a	a	DET
fsr-3885	329	14	mortgage	mortgage	NOUN
fsr-3885	329	15	is	be	AUX
fsr-3885	329	16	feasible	feasible	ADJ
fsr-3885	329	17	for	for	ADP
fsr-3885	329	18	individuals	individual	NOUN
fsr-3885	329	19	,	,	PUNCT
fsr-3885	329	20	and	and	CCONJ
fsr-3885	329	21	potentially	potentially	ADV
fsr-3885	329	22	effective	effective	ADJ
fsr-3885	329	23	by	by	ADP
fsr-3885	329	24	normal	normal	ADJ
fsr-3885	329	25	financial	financial	ADJ
fsr-3885	329	26	measures	measure	NOUN
fsr-3885	329	27	.	.	PUNCT
fsr-3885	330	1	yet	yet	ADV
fsr-3885	330	2	,	,	PUNCT
fsr-3885	330	3	the	the	DET
fsr-3885	330	4	practice	practice	NOUN
fsr-3885	330	5	is	be	AUX
fsr-3885	330	6	virtually	virtually	ADV
fsr-3885	330	7	unknown	unknown	ADJ
fsr-3885	330	8	.	.	PUNCT
fsr-3885	331	1	a	a	DET
fsr-3885	331	2	possible	possible	ADJ
fsr-3885	331	3	explanation	explanation	NOUN
fsr-3885	331	4	is	be	AUX
fsr-3885	331	5	that	that	SCONJ
fsr-3885	331	6	individuals	individual	NOUN
fsr-3885	331	7	are	be	AUX
fsr-3885	331	8	not	not	PART
fsr-3885	331	9	aware	aware	ADJ
fsr-3885	331	10	of	of	ADP
fsr-3885	331	11	the	the	DET
fsr-3885	331	12	potential	potential	ADJ
fsr-3885	331	13	advantages	advantage	NOUN
fsr-3885	331	14	to	to	ADP
fsr-3885	331	15	entering	enter	VERB
fsr-3885	331	16	a	a	DET
fsr-3885	331	17	mortgage	mortgage	NOUN
fsr-3885	331	18	hedge	hedge	NOUN
fsr-3885	331	19	and	and	CCONJ
fsr-3885	331	20	need	need	VERB
fsr-3885	331	21	education	education	NOUN
fsr-3885	331	22	on	on	ADP
fsr-3885	331	23	the	the	DET
fsr-3885	331	24	process	process	NOUN
fsr-3885	331	25	.	.	PUNCT
fsr-3885	332	1	this	this	DET
fsr-3885	332	2	paper	paper	NOUN
fsr-3885	332	3	provides	provide	VERB
fsr-3885	332	4	a	a	DET
fsr-3885	332	5	basis	basis	NOUN
fsr-3885	332	6	for	for	SCONJ
fsr-3885	332	7	a	a	DET
fsr-3885	332	8	financial	financial	ADJ
fsr-3885	332	9	planner	planner	NOUN
fsr-3885	332	10	to	to	PART
fsr-3885	332	11	aid	aid	VERB
fsr-3885	332	12	an	an	DET
fsr-3885	332	13	individual	individual	NOUN
fsr-3885	332	14	in	in	ADP
fsr-3885	332	15	making	make	VERB
fsr-3885	332	16	this	this	DET
fsr-3885	332	17	choice	choice	NOUN
fsr-3885	332	18	;	;	PUNCT
fsr-3885	332	19	however	however	ADV
fsr-3885	332	20	,	,	PUNCT
fsr-3885	332	21	a	a	DET
fsr-3885	332	22	financial	financial	ADJ
fsr-3885	332	23	planner	planner	NOUN
fsr-3885	332	24	may	may	AUX
fsr-3885	332	25	want	want	VERB
fsr-3885	332	26	to	to	PART
fsr-3885	332	27	consider	consider	VERB
fsr-3885	332	28	how	how	SCONJ
fsr-3885	332	29	this	this	DET
fsr-3885	332	30	process	process	NOUN
fsr-3885	332	31	would	would	AUX
fsr-3885	332	32	seem	seem	VERB
fsr-3885	332	33	to	to	ADP
fsr-3885	332	34	an	an	DET
fsr-3885	332	35	individual	individual	ADJ
fsr-3885	332	36	client	client	NOUN
fsr-3885	332	37	.	.	PUNCT
fsr-3885	333	1	a	a	DET
fsr-3885	333	2	number	number	NOUN
fsr-3885	333	3	of	of	ADP
fsr-3885	333	4	papers	paper	NOUN
fsr-3885	333	5	in	in	ADP
fsr-3885	333	6	behavioral	behavioral	ADJ
fsr-3885	333	7	finance	finance	NOUN
fsr-3885	333	8	have	have	AUX
fsr-3885	333	9	suggested	suggest	VERB
fsr-3885	333	10	that	that	SCONJ
fsr-3885	333	11	people	people	NOUN
fsr-3885	333	12	perform	perform	VERB
fsr-3885	333	13	mental	mental	ADJ
fsr-3885	333	14	accounting	accounting	NOUN
fsr-3885	333	15	that	that	PRON
fsr-3885	333	16	segregates	segregate	VERB
fsr-3885	333	17	gains	gain	NOUN
fsr-3885	333	18	and	and	CCONJ
fsr-3885	333	19	losses	loss	NOUN
fsr-3885	333	20	.	.	PUNCT
fsr-3885	334	1	this	this	PRON
fsr-3885	334	2	means	mean	VERB
fsr-3885	334	3	that	that	SCONJ
fsr-3885	334	4	,	,	PUNCT
fsr-3885	334	5	rather	rather	ADV
fsr-3885	334	6	than	than	ADP
fsr-3885	334	7	integrating	integrate	VERB
fsr-3885	334	8	the	the	DET
fsr-3885	334	9	gains	gain	NOUN
fsr-3885	334	10	and	and	CCONJ
fsr-3885	334	11	losses	loss	NOUN
fsr-3885	334	12	(	(	PUNCT
fsr-3885	334	13	the	the	DET
fsr-3885	334	14	essence	essence	NOUN
fsr-3885	334	15	of	of	ADP
fsr-3885	334	16	a	a	DET
fsr-3885	334	17	hedging	hedge	VERB
fsr-3885	334	18	policy	policy	NOUN
fsr-3885	334	19	)	)	PUNCT
fsr-3885	334	20	,	,	PUNCT
fsr-3885	334	21	individuals	individual	NOUN
fsr-3885	334	22	focus	focus	VERB
fsr-3885	334	23	on	on	ADP
fsr-3885	334	24	the	the	DET
fsr-3885	334	25	losing	lose	VERB
fsr-3885	334	26	side	side	NOUN
fsr-3885	334	27	of	of	ADP
fsr-3885	334	28	the	the	DET
fsr-3885	334	29	hedge	hedge	NOUN
fsr-3885	334	30	.	.	PUNCT
fsr-3885	335	1	because	because	SCONJ
fsr-3885	335	2	all	all	DET
fsr-3885	335	3	effective	effective	ADJ
fsr-3885	335	4	hedges	hedge	NOUN
fsr-3885	335	5	will	will	AUX
fsr-3885	335	6	have	have	VERB
fsr-3885	335	7	a	a	DET
fsr-3885	335	8	losing	losing	ADJ
fsr-3885	335	9	side	side	NOUN
fsr-3885	335	10	,	,	PUNCT
fsr-3885	335	11	the	the	DET
fsr-3885	335	12	individual	individual	NOUN
fsr-3885	335	13	needs	need	VERB
fsr-3885	335	14	to	to	PART
fsr-3885	335	15	be	be	AUX
fsr-3885	335	16	educated	educate	VERB
fsr-3885	335	17	in	in	ADP
fsr-3885	335	18	financial	financial	ADJ
fsr-3885	335	19	thinking	thinking	NOUN
fsr-3885	335	20	.	.	PUNCT
fsr-3885	336	1	this	this	PRON
fsr-3885	336	2	is	be	AUX
fsr-3885	336	3	a	a	DET
fsr-3885	336	4	time	time	NOUN
fsr-3885	336	5	-	-	PUNCT
fsr-3885	336	6	consuming	consume	VERB
fsr-3885	336	7	project	project	NOUN
fsr-3885	336	8	,	,	PUNCT
fsr-3885	336	9	that	that	PRON
fsr-3885	336	10	needs	need	VERB
fsr-3885	336	11	to	to	PART
fsr-3885	336	12	be	be	AUX
fsr-3885	336	13	accomplished	accomplish	VERB
fsr-3885	336	14	each	each	DET
fsr-3885	336	15	time	time	NOUN
fsr-3885	336	16	a	a	DET
fsr-3885	336	17	client	client	NOUN
fsr-3885	336	18	faces	face	VERB
fsr-3885	336	19	this	this	DET
fsr-3885	336	20	prospect	prospect	NOUN
fsr-3885	336	21	.	.	PUNCT
fsr-3885	337	1	furthermore	furthermore	ADV
fsr-3885	337	2	,	,	PUNCT
fsr-3885	337	3	about	about	ADP
fsr-3885	337	4	half	half	NOUN
fsr-3885	337	5	of	of	ADP
fsr-3885	337	6	the	the	DET
fsr-3885	337	7	time	time	NOUN
fsr-3885	337	8	,	,	PUNCT
fsr-3885	337	9	an	an	DET
fsr-3885	337	10	individual	individual	NOUN
fsr-3885	337	11	will	will	AUX
fsr-3885	337	12	observeex	observeex	VERB
fsr-3885	337	13	postthat	postthat	ADP
fsr-3885	337	14	they	they	PRON
fsr-3885	337	15	would	would	AUX
fsr-3885	337	16	have	have	AUX
fsr-3885	337	17	been	be	AUX
fsr-3885	337	18	better	well	ADJ
fsr-3885	337	19	off	off	ADP
fsr-3885	337	20	without	without	ADP
fsr-3885	337	21	the	the	DET
fsr-3885	337	22	hedge	hedge	NOUN
fsr-3885	337	23	and	and	CCONJ
fsr-3885	337	24	perhaps	perhaps	ADV
fsr-3885	337	25	blame	blame	VERB
fsr-3885	337	26	the	the	DET
fsr-3885	337	27	advisor	advisor	NOUN
fsr-3885	337	28	.	.	PROPN
fsr-3885	337	29	114	114	NUM
fsr-3885	337	30	t.l	t.l	PROPN
fsr-3885	337	31	.	.	PUNCT
fsr-3885	337	32	zivney	zivney	PROPN
fsr-3885	337	33	,	,	PUNCT
fsr-3885	337	34	c.f	c.f	PROPN
fsr-3885	337	35	.	.	PROPN
fsr-3885	337	36	luft	luft	PROPN
fsr-3885	337	37	/	/	SYM
fsr-3885	337	38	financial	financial	ADJ
fsr-3885	337	39	services	service	NOUN
fsr-3885	337	40	review	review	VERB
fsr-3885	337	41	8	8	NUM
fsr-3885	337	42	(	(	PUNCT
fsr-3885	337	43	1999	1999	NUM
fsr-3885	337	44	)	)	PUNCT
fsr-3885	337	45	101–115	101–115	NUM
fsr-3885	337	46	acknowledgment	acknowledgment	NOUN
fsr-3885	337	47	the	the	DET
fsr-3885	337	48	authors	author	NOUN
fsr-3885	337	49	thank	thank	VERB
fsr-3885	337	50	barrett	barrett	PROPN
fsr-3885	337	51	lewald	lewald	PROPN
fsr-3885	337	52	of	of	ADP
fsr-3885	337	53	the	the	DET
fsr-3885	337	54	lind	lind	NOUN
fsr-3885	337	55	-	-	PUNCT
fsr-3885	337	56	waldock	waldock	NOUN
fsr-3885	337	57	brokerage	brokerage	NOUN
fsr-3885	337	58	firm	firm	NOUN
fsr-3885	337	59	for	for	ADP
fsr-3885	337	60	insightful	insightful	ADJ
fsr-3885	337	61	discussions	discussion	NOUN
fsr-3885	337	62	on	on	ADP
fsr-3885	337	63	the	the	DET
fsr-3885	337	64	institutional	institutional	ADJ
fsr-3885	337	65	details	detail	NOUN
fsr-3885	337	66	of	of	ADP
fsr-3885	337	67	trading	trading	NOUN
fsr-3885	337	68	futures	future	NOUN
fsr-3885	337	69	and	and	CCONJ
fsr-3885	337	70	futures	future	NOUN
fsr-3885	337	71	options	option	NOUN
fsr-3885	337	72	.	.	PUNCT
fsr-3885	338	1	references	reference	NOUN
fsr-3885	338	2	berkovitch	berkovitch	VERB
fsr-3885	338	3	,	,	PUNCT
fsr-3885	338	4	e.	e.	PROPN
fsr-3885	338	5	&	&	CCONJ
fsr-3885	338	6	greenbaum	greenbaum	PROPN
fsr-3885	338	7	,	,	PUNCT
fsr-3885	338	8	s.	s.	PROPN
fsr-3885	338	9	i.	i.	PROPN
fsr-3885	338	10	(	(	PUNCT
fsr-3885	338	11	1991	1991	NUM
fsr-3885	338	12	)	)	PUNCT
fsr-3885	338	13	.	.	PUNCT
fsr-3885	339	1	the	the	DET
fsr-3885	339	2	loan	loan	NOUN
fsr-3885	339	3	commitment	commitment	NOUN
fsr-3885	339	4	as	as	ADP
fsr-3885	339	5	an	an	DET
fsr-3885	339	6	optimal	optimal	ADJ
fsr-3885	339	7	financing	financing	NOUN
fsr-3885	339	8	contract.journal	contract.journal	NOUN
fsr-3885	339	9	of	of	ADP
fsr-3885	339	10	financial	financial	ADJ
fsr-3885	339	11	and	and	CCONJ
fsr-3885	339	12	quantitative	quantitative	ADJ
fsr-3885	339	13	analysis	analysis	NOUN
fsr-3885	339	14	,	,	PUNCT
fsr-3885	339	15	26(1	26(1	NUM
fsr-3885	339	16	)	)	PUNCT
fsr-3885	339	17	,	,	PUNCT
fsr-3885	339	18	83–95	83–95	NUM
fsr-3885	339	19	.	.	PUNCT
fsr-3885	340	1	breeden	breeden	PROPN
fsr-3885	340	2	,	,	PUNCT
fsr-3885	340	3	d.	d.	PROPN
fsr-3885	340	4	t.	t.	PROPN
fsr-3885	340	5	(	(	PUNCT
fsr-3885	340	6	1991	1991	NUM
fsr-3885	340	7	)	)	PUNCT
fsr-3885	340	8	.	.	PUNCT
fsr-3885	341	1	risk	risk	NOUN
fsr-3885	341	2	,	,	PUNCT
fsr-3885	341	3	return	return	NOUN
fsr-3885	341	4	,	,	PUNCT
fsr-3885	341	5	and	and	CCONJ
fsr-3885	341	6	hedging	hedging	NOUN
fsr-3885	341	7	of	of	ADP
fsr-3885	341	8	fixed	fix	VERB
fsr-3885	341	9	rate	rate	NOUN
fsr-3885	341	10	mortgages.journal	mortgages.journal	PROPN
fsr-3885	341	11	of	of	ADP
fsr-3885	341	12	fixed	fix	VERB
fsr-3885	341	13	income	income	NOUN
fsr-3885	341	14	1(2	1(2	NUM
fsr-3885	341	15	)	)	PUNCT
fsr-3885	341	16	,	,	PUNCT
fsr-3885	341	17	85–94	85–94	NUM
fsr-3885	341	18	.	.	PUNCT
fsr-3885	342	1	breeden	breeden	PROPN
fsr-3885	342	2	,	,	PUNCT
fsr-3885	342	3	d.	d.	PROPN
fsr-3885	342	4	t.	t.	PROPN
fsr-3885	342	5	(	(	PUNCT
fsr-3885	342	6	1994	1994	NUM
fsr-3885	342	7	)	)	PUNCT
fsr-3885	342	8	.	.	PUNCT
fsr-3885	343	1	complexities	complexity	NOUN
fsr-3885	343	2	of	of	ADP
fsr-3885	343	3	hedging	hedge	VERB
fsr-3885	343	4	mortgages.journal	mortgages.journal	PROPN
fsr-3885	343	5	of	of	ADP
fsr-3885	343	6	fixed	fix	VERB
fsr-3885	343	7	income	income	NOUN
fsr-3885	343	8	4(3	4(3	NUM
fsr-3885	343	9	)	)	PUNCT
fsr-3885	343	10	,	,	PUNCT
fsr-3885	343	11	6–41	6–41	PROPN
fsr-3885	343	12	.	.	PUNCT
fsr-3885	343	13	breeden	breeden	PROPN
fsr-3885	343	14	,	,	PUNCT
fsr-3885	343	15	d.	d.	PROPN
fsr-3885	343	16	t.	t.	PROPN
fsr-3885	343	17	&	&	CCONJ
fsr-3885	343	18	giarla	giarla	PROPN
fsr-3885	343	19	,	,	PUNCT
fsr-3885	343	20	m.	m.	NOUN
fsr-3885	343	21	j.	j.	PROPN
fsr-3885	343	22	(	(	PUNCT
fsr-3885	343	23	1992	1992	NUM
fsr-3885	343	24	)	)	PUNCT
fsr-3885	343	25	.	.	PUNCT
fsr-3885	344	1	hedging	hedge	VERB
fsr-3885	344	2	interest	interest	NOUN
fsr-3885	344	3	rate	rate	NOUN
fsr-3885	344	4	risks	risk	NOUN
fsr-3885	344	5	with	with	ADP
fsr-3885	344	6	futures	future	NOUN
fsr-3885	344	7	,	,	PUNCT
fsr-3885	344	8	swaps	swap	NOUN
fsr-3885	344	9	,	,	PUNCT
fsr-3885	344	10	and	and	CCONJ
fsr-3885	344	11	options	option	NOUN
fsr-3885	344	12	.	.	PUNCT
fsr-3885	345	1	in	in	ADP
fsr-3885	345	2	f.	f.	PROPN
fsr-3885	345	3	j.	j.	PROPN
fsr-3885	345	4	fabozzi	fabozzi	PROPN
fsr-3885	345	5	(	(	PUNCT
fsr-3885	345	6	ed.),handbook	ed.),handbook	NOUN
fsr-3885	345	7	of	of	ADP
fsr-3885	345	8	mortgage	mortgage	NOUN
fsr-3885	345	9	-	-	PUNCT
fsr-3885	345	10	backed	back	VERB
fsr-3885	345	11	securities(3rd	securities(3rd	PROPN
fsr-3885	345	12	edition	edition	NOUN
fsr-3885	345	13	,	,	PUNCT
fsr-3885	345	14	chap	chap	PROPN
fsr-3885	345	15	.	.	PROPN
fsr-3885	345	16	35	35	NUM
fsr-3885	345	17	)	)	PUNCT
fsr-3885	345	18	.	.	PUNCT
fsr-3885	346	1	chicago	chicago	PROPN
fsr-3885	346	2	:	:	PUNCT
fsr-3885	346	3	probus	probus	PROPN
fsr-3885	346	4	publishing	publishing	PROPN
fsr-3885	346	5	.	.	PUNCT
fsr-3885	347	1	chiang	chiang	PROPN
fsr-3885	347	2	,	,	PUNCT
fsr-3885	347	3	r.	r.	PROPN
fsr-3885	347	4	,	,	PUNCT
fsr-3885	347	5	gosnell	gosnell	PROPN
fsr-3885	347	6	,	,	PUNCT
fsr-3885	347	7	t.	t.	PROPN
fsr-3885	347	8	f.	f.	PROPN
fsr-3885	347	9	&	&	CCONJ
fsr-3885	347	10	heuson	heuson	PROPN
fsr-3885	347	11	,	,	PUNCT
fsr-3885	347	12	a.	a.	PROPN
fsr-3885	347	13	j.	j.	PROPN
fsr-3885	347	14	(	(	PUNCT
fsr-3885	347	15	1997	1997	NUM
fsr-3885	347	16	)	)	PUNCT
fsr-3885	347	17	.	.	PUNCT
fsr-3885	348	1	evaluating	evaluate	VERB
fsr-3885	348	2	the	the	DET
fsr-3885	348	3	interest	interest	NOUN
fsr-3885	348	4	-	-	PUNCT
fsr-3885	348	5	rate	rate	NOUN
fsr-3885	348	6	risk	risk	NOUN
fsr-3885	348	7	of	of	ADP
fsr-3885	348	8	adjustable	adjustable	ADJ
fsr-3885	348	9	-	-	PUNCT
fsr-3885	348	10	rate	rate	NOUN
fsr-3885	348	11	mortgage	mortgage	NOUN
fsr-3885	348	12	loans.journal	loans.journal	ADJ
fsr-3885	348	13	of	of	ADP
fsr-3885	348	14	real	real	ADJ
fsr-3885	348	15	estate	estate	NOUN
fsr-3885	348	16	research	research	NOUN
fsr-3885	348	17	,	,	PUNCT
fsr-3885	348	18	13(1	13(1	NUM
fsr-3885	348	19	)	)	PUNCT
fsr-3885	348	20	,	,	PUNCT
fsr-3885	348	21	77–94	77–94	NUM
fsr-3885	348	22	.	.	PUNCT
fsr-3885	349	1	cross	cross	PROPN
fsr-3885	349	2	,	,	PUNCT
fsr-3885	349	3	c.	c.	PROPN
fsr-3885	349	4	(	(	PUNCT
fsr-3885	349	5	1998	1998	NUM
fsr-3885	349	6	)	)	PUNCT
fsr-3885	349	7	.	.	PUNCT
fsr-3885	350	1	cutting	cut	VERB
fsr-3885	350	2	the	the	DET
fsr-3885	350	3	hedge	hedge	NOUN
fsr-3885	350	4	gap.mortgage	gap.mortgage	NOUN
fsr-3885	350	5	marketplace	marketplace	NOUN
fsr-3885	350	6	21(25	21(25	PROPN
fsr-3885	350	7	)	)	PUNCT
fsr-3885	350	8	,	,	PUNCT
fsr-3885	350	9	2	2	X
fsr-3885	350	10	.	.	X
fsr-3885	350	11	fernald	fernald	PROPN
fsr-3885	350	12	,	,	PUNCT
fsr-3885	350	13	j.	j.	PROPN
fsr-3885	350	14	d.	d.	PROPN
fsr-3885	350	15	,	,	PUNCT
fsr-3885	350	16	keane	keane	PROPN
fsr-3885	350	17	,	,	PUNCT
fsr-3885	350	18	f.	f.	PROPN
fsr-3885	350	19	&	&	CCONJ
fsr-3885	350	20	mosser	mosser	PROPN
fsr-3885	350	21	,	,	PUNCT
fsr-3885	350	22	p.	p.	PROPN
fsr-3885	350	23	c.	c.	PROPN
fsr-3885	350	24	(	(	PUNCT
fsr-3885	350	25	1994	1994	NUM
fsr-3885	350	26	)	)	PUNCT
fsr-3885	350	27	.	.	PUNCT
fsr-3885	351	1	mortgage	mortgage	NOUN
fsr-3885	351	2	security	security	NOUN
fsr-3885	351	3	hedging	hedging	NOUN
fsr-3885	351	4	and	and	CCONJ
fsr-3885	351	5	the	the	DET
fsr-3885	351	6	yield	yield	NOUN
fsr-3885	351	7	curve.frb	curve.frb	X
fsr-3885	351	8	new	new	PROPN
fsr-3885	351	9	york	york	PROPN
fsr-3885	351	10	-	-	PUNCT
fsr-3885	351	11	economic	economic	ADJ
fsr-3885	351	12	policy	policy	NOUN
fsr-3885	351	13	review	review	NOUN
fsr-3885	351	14	,	,	PUNCT
fsr-3885	351	15	19(2	19(2	NUM
fsr-3885	351	16	)	)	PUNCT
fsr-3885	351	17	,	,	PUNCT
fsr-3885	351	18	92–100	92–100	NUM
fsr-3885	351	19	.	.	PUNCT
fsr-3885	351	20	follain	follain	PROPN
fsr-3885	351	21	,	,	PUNCT
fsr-3885	351	22	j.	j.	PROPN
fsr-3885	351	23	r.	r.	PROPN
fsr-3885	351	24	&	&	CCONJ
fsr-3885	351	25	park	park	PROPN
fsr-3885	351	26	,	,	PUNCT
fsr-3885	351	27	h.	h.	PROPN
fsr-3885	351	28	y.	y.	PROPN
fsr-3885	351	29	(	(	PUNCT
fsr-3885	351	30	1989	1989	NUM
fsr-3885	351	31	)	)	PUNCT
fsr-3885	351	32	.	.	PUNCT
fsr-3885	352	1	hedging	hedge	VERB
fsr-3885	352	2	the	the	DET
fsr-3885	352	3	interest	interest	NOUN
fsr-3885	352	4	rate	rate	NOUN
fsr-3885	352	5	risk	risk	NOUN
fsr-3885	352	6	of	of	ADP
fsr-3885	352	7	mortgages	mortgage	NOUN
fsr-3885	352	8	with	with	ADP
fsr-3885	352	9	prepayment	prepayment	NOUN
fsr-3885	352	10	options.review	options.review	NUM
fsr-3885	352	11	of	of	ADP
fsr-3885	352	12	futures	future	NOUN
fsr-3885	352	13	markets	market	NOUN
fsr-3885	352	14	8(1	8(1	NOUN
fsr-3885	352	15	)	)	PUNCT
fsr-3885	352	16	,	,	PUNCT
fsr-3885	352	17	62–78	62–78	PROPN
fsr-3885	352	18	.	.	PUNCT
fsr-3885	353	1	goodman	goodman	PROPN
fsr-3885	353	2	,	,	PUNCT
fsr-3885	353	3	l.	l.	PROPN
fsr-3885	353	4	s.	s.	PROPN
fsr-3885	353	5	&	&	CCONJ
fsr-3885	353	6	ho	ho	PROPN
fsr-3885	353	7	,	,	PUNCT
fsr-3885	353	8	j.	j.	PROPN
fsr-3885	353	9	(	(	PUNCT
fsr-3885	353	10	1997	1997	NUM
fsr-3885	353	11	)	)	PUNCT
fsr-3885	353	12	.	.	PUNCT
fsr-3885	354	1	mortgage	mortgage	NOUN
fsr-3885	354	2	hedge	hedge	NOUN
fsr-3885	354	3	ratios	ratio	NOUN
fsr-3885	354	4	:	:	PUNCT
fsr-3885	354	5	which	which	PRON
fsr-3885	354	6	one	one	NUM
fsr-3885	354	7	works	work	VERB
fsr-3885	354	8	best?journal	best?journal	PROPN
fsr-3885	354	9	of	of	ADP
fsr-3885	354	10	fixed	fix	VERB
fsr-3885	354	11	income	income	NOUN
fsr-3885	354	12	,	,	PUNCT
fsr-3885	354	13	7(3	7(3	NUM
fsr-3885	354	14	)	)	PUNCT
fsr-3885	354	15	,	,	PUNCT
fsr-3885	354	16	23–34	23–34	NUM
fsr-3885	354	17	.	.	PUNCT
fsr-3885	355	1	hochstein	hochstein	ADJ
fsr-3885	355	2	,	,	PUNCT
fsr-3885	355	3	m.	m.	NOUN
fsr-3885	355	4	(	(	PUNCT
fsr-3885	355	5	1998	1998	NUM
fsr-3885	355	6	)	)	PUNCT
fsr-3885	355	7	.	.	PUNCT
fsr-3885	356	1	rate	rate	NOUN
fsr-3885	356	2	jump	jump	NOUN
fsr-3885	356	3	halts	halt	VERB
fsr-3885	356	4	refis	refis	NOUN
fsr-3885	356	5	,	,	PUNCT
fsr-3885	356	6	puts	put	VERB
fsr-3885	356	7	locked	lock	VERB
fsr-3885	356	8	-	-	PUNCT
fsr-3885	356	9	in	in	ADP
fsr-3885	356	10	lenders	lender	NOUN
fsr-3885	356	11	in	in	ADP
fsr-3885	356	12	a	a	DET
fsr-3885	356	13	bind.american	bind.american	PROPN
fsr-3885	356	14	banker	banker	NOUN
fsr-3885	356	15	,	,	PUNCT
fsr-3885	356	16	163(200	163(200	NUM
fsr-3885	356	17	)	)	PUNCT
fsr-3885	356	18	,	,	PUNCT
fsr-3885	356	19	11	11	NUM
fsr-3885	356	20	.	.	PUNCT
fsr-3885	357	1	johnston	johnston	PROPN
fsr-3885	357	2	,	,	PUNCT
fsr-3885	357	3	e.	e.	PROPN
fsr-3885	357	4	t.	t.	PROPN
fsr-3885	357	5	&	&	CCONJ
fsr-3885	357	6	mcconnell	mcconnell	PROPN
fsr-3885	357	7	,	,	PUNCT
fsr-3885	357	8	j.	j.	PROPN
fsr-3885	357	9	j.	j.	PROPN
fsr-3885	357	10	(	(	PUNCT
fsr-3885	357	11	1989	1989	NUM
fsr-3885	357	12	)	)	PUNCT
fsr-3885	357	13	.	.	PUNCT
fsr-3885	358	1	requiem	requiem	NOUN
fsr-3885	358	2	for	for	ADP
fsr-3885	358	3	a	a	DET
fsr-3885	358	4	market	market	NOUN
fsr-3885	358	5	:	:	PUNCT
fsr-3885	358	6	an	an	DET
fsr-3885	358	7	analysis	analysis	NOUN
fsr-3885	358	8	of	of	ADP
fsr-3885	358	9	the	the	DET
fsr-3885	358	10	rise	rise	NOUN
fsr-3885	358	11	and	and	CCONJ
fsr-3885	358	12	fall	fall	NOUN
fsr-3885	358	13	of	of	ADP
fsr-3885	358	14	a	a	DET
fsr-3885	358	15	financial	financial	ADJ
fsr-3885	358	16	futures	future	NOUN
fsr-3885	358	17	contract.review	contract.review	NOUN
fsr-3885	358	18	of	of	ADP
fsr-3885	358	19	financial	financial	ADJ
fsr-3885	358	20	studies	study	NOUN
fsr-3885	358	21	,	,	PUNCT
fsr-3885	358	22	2(1	2(1	NUM
fsr-3885	358	23	)	)	PUNCT
fsr-3885	358	24	,	,	PUNCT
fsr-3885	358	25	1–24	1–24	PROPN
fsr-3885	358	26	.	.	PUNCT
fsr-3885	359	1	luft	luft	PROPN
fsr-3885	359	2	,	,	PUNCT
fsr-3885	359	3	c.	c.	PROPN
fsr-3885	359	4	f.	f.	PROPN
fsr-3885	359	5	&	&	CCONJ
fsr-3885	359	6	fielitz	fielitz	PROPN
fsr-3885	359	7	,	,	PUNCT
fsr-3885	359	8	b.	b.	PROPN
fsr-3885	359	9	d.	d.	PROPN
fsr-3885	359	10	(	(	PUNCT
fsr-3885	359	11	1986	1986	NUM
fsr-3885	359	12	)	)	PUNCT
fsr-3885	359	13	.	.	PUNCT
fsr-3885	360	1	an	an	DET
fsr-3885	360	2	empirical	empirical	ADJ
fsr-3885	360	3	test	test	NOUN
fsr-3885	360	4	of	of	ADP
fsr-3885	360	5	the	the	DET
fsr-3885	360	6	commodity	commodity	NOUN
fsr-3885	360	7	option	option	NOUN
fsr-3885	360	8	pricing	pricing	NOUN
fsr-3885	360	9	model	model	NOUN
fsr-3885	360	10	using	use	VERB
fsr-3885	360	11	ginnie	ginnie	PROPN
fsr-3885	360	12	mae	mae	PROPN
fsr-3885	360	13	call	call	PROPN
fsr-3885	360	14	options.journal	options.journal	PROPN
fsr-3885	360	15	of	of	ADP
fsr-3885	360	16	financial	financial	ADJ
fsr-3885	360	17	research	research	NOUN
fsr-3885	360	18	,	,	PUNCT
fsr-3885	360	19	9(2	9(2	NUM
fsr-3885	360	20	)	)	PUNCT
fsr-3885	360	21	,	,	PUNCT
fsr-3885	360	22	137–151	137–151	NUM
fsr-3885	360	23	.	.	PUNCT
fsr-3885	361	1	kutner	kutner	PROPN
fsr-3885	361	2	,	,	PUNCT
fsr-3885	361	3	g.	g.	PROPN
fsr-3885	361	4	w.	w.	PROPN
fsr-3885	361	5	&	&	CCONJ
fsr-3885	361	6	seifert	seifert	PROPN
fsr-3885	361	7	,	,	PUNCT
fsr-3885	361	8	j.	j.	PROPN
fsr-3885	361	9	a.	a.	PROPN
fsr-3885	361	10	(	(	PUNCT
fsr-3885	361	11	1991	1991	NUM
fsr-3885	361	12	)	)	PUNCT
fsr-3885	361	13	.	.	PUNCT
fsr-3885	362	1	pricing	price	VERB
fsr-3885	362	2	the	the	DET
fsr-3885	362	3	interest	interest	NOUN
fsr-3885	362	4	rate	rate	NOUN
fsr-3885	362	5	commitment	commitment	NOUN
fsr-3885	362	6	cost	cost	NOUN
fsr-3885	362	7	in	in	ADP
fsr-3885	362	8	residential	residential	ADJ
fsr-3885	362	9	real	real	ADJ
fsr-3885	362	10	estate	estate	NOUN
fsr-3885	362	11	lending	lending	NOUN
fsr-3885	362	12	.	.	PUNCT
fsr-3885	363	1	real	real	ADJ
fsr-3885	363	2	estate	estate	NOUN
fsr-3885	363	3	finance	finance	NOUN
fsr-3885	363	4	journal	journal	NOUN
fsr-3885	363	5	,	,	PUNCT
fsr-3885	363	6	7(2	7(2	NUM
fsr-3885	363	7	)	)	PUNCT
fsr-3885	363	8	,	,	PUNCT
fsr-3885	363	9	74–76	74–76	NUM
fsr-3885	363	10	.	.	PUNCT
fsr-3885	364	1	maris	maris	PROPN
fsr-3885	364	2	,	,	PUNCT
fsr-3885	364	3	b.	b.	PROPN
fsr-3885	364	4	a.	a.	PROPN
fsr-3885	364	5	&	&	CCONJ
fsr-3885	364	6	white	white	PROPN
fsr-3885	364	7	,	,	PUNCT
fsr-3885	364	8	h.	h.	PROPN
fsr-3885	364	9	l.	l.	PROPN
fsr-3885	364	10	(	(	PUNCT
fsr-3885	364	11	1989	1989	NUM
fsr-3885	364	12	)	)	PUNCT
fsr-3885	364	13	.	.	PUNCT
fsr-3885	365	1	valuing	value	VERB
fsr-3885	365	2	and	and	CCONJ
fsr-3885	365	3	hedging	hedge	VERB
fsr-3885	365	4	fixed	fix	VERB
fsr-3885	365	5	-	-	PUNCT
fsr-3885	365	6	rate	rate	NOUN
fsr-3885	365	7	mortgage	mortgage	NOUN
fsr-3885	365	8	commitments.journal	commitments.journal	PROPN
fsr-3885	365	9	of	of	ADP
fsr-3885	365	10	real	real	ADJ
fsr-3885	365	11	estate	estate	NOUN
fsr-3885	365	12	finance	finance	NOUN
fsr-3885	365	13	and	and	CCONJ
fsr-3885	365	14	economics	economic	NOUN
fsr-3885	365	15	,	,	PUNCT
fsr-3885	365	16	2(3	2(3	NUM
fsr-3885	365	17	)	)	PUNCT
fsr-3885	365	18	,	,	PUNCT
fsr-3885	365	19	223–232	223–232	NUM
fsr-3885	365	20	.	.	PUNCT
fsr-3885	365	21	murphy	murphy	PROPN
fsr-3885	365	22	,	,	PUNCT
fsr-3885	365	23	a.	a.	PROPN
fsr-3885	365	24	&	&	CCONJ
fsr-3885	365	25	gordon	gordon	PROPN
fsr-3885	365	26	,	,	PUNCT
fsr-3885	365	27	d.	d.	PROPN
fsr-3885	365	28	(	(	PUNCT
fsr-3885	365	29	1990	1990	NUM
fsr-3885	365	30	)	)	PUNCT
fsr-3885	365	31	.	.	PUNCT
fsr-3885	366	1	an	an	DET
fsr-3885	366	2	empirical	empirical	ADJ
fsr-3885	366	3	note	note	NOUN
fsr-3885	366	4	on	on	ADP
fsr-3885	366	5	hedging	hedge	VERB
fsr-3885	366	6	mortgages	mortgage	NOUN
fsr-3885	366	7	with	with	ADP
fsr-3885	366	8	puts.journal	puts.journal	PROPN
fsr-3885	366	9	of	of	ADP
fsr-3885	366	10	futures	future	NOUN
fsr-3885	366	11	markets	market	NOUN
fsr-3885	366	12	,	,	PUNCT
fsr-3885	366	13	10(1	10(1	NUM
fsr-3885	366	14	)	)	PUNCT
fsr-3885	366	15	,	,	PUNCT
fsr-3885	366	16	75–78	75–78	NUM
fsr-3885	366	17	.	.	PUNCT
fsr-3885	367	1	patel	patel	PROPN
fsr-3885	367	2	,	,	PUNCT
fsr-3885	367	3	k.	k.	PROPN
fsr-3885	367	4	(	(	PUNCT
fsr-3885	367	5	1994	1994	NUM
fsr-3885	367	6	)	)	PUNCT
fsr-3885	367	7	.	.	PUNCT
fsr-3885	368	1	lessons	lesson	NOUN
fsr-3885	368	2	from	from	ADP
fsr-3885	368	3	the	the	DET
fsr-3885	368	4	fox	fox	PROPN
fsr-3885	368	5	residential	residential	ADJ
fsr-3885	368	6	property	property	NOUN
fsr-3885	368	7	futures	future	NOUN
fsr-3885	368	8	and	and	CCONJ
fsr-3885	368	9	mortgage	mortgage	NOUN
fsr-3885	368	10	interest	interest	NOUN
fsr-3885	368	11	rate	rate	NOUN
fsr-3885	368	12	futures	future	NOUN
fsr-3885	368	13	market	market	NOUN
fsr-3885	368	14	.	.	PUNCT
fsr-3885	369	1	housing	housing	NOUN
fsr-3885	369	2	policy	policy	NOUN
fsr-3885	369	3	debate	debate	NOUN
fsr-3885	369	4	,	,	PUNCT
fsr-3885	369	5	5(3	5(3	NUM
fsr-3885	369	6	)	)	PUNCT
fsr-3885	369	7	,	,	PUNCT
fsr-3885	369	8	343–360	343–360	NUM
fsr-3885	369	9	.	.	PUNCT
fsr-3885	370	1	sharp	sharp	ADJ
fsr-3885	370	2	,	,	PUNCT
fsr-3885	370	3	k.	k.	PROPN
fsr-3885	370	4	p.	p.	PROPN
fsr-3885	370	5	(	(	PUNCT
fsr-3885	370	6	1989	1989	NUM
fsr-3885	370	7	)	)	PUNCT
fsr-3885	370	8	.	.	PUNCT
fsr-3885	371	1	mortgage	mortgage	NOUN
fsr-3885	371	2	rate	rate	NOUN
fsr-3885	371	3	insurance	insurance	NOUN
fsr-3885	371	4	pricing	pricing	NOUN
fsr-3885	371	5	under	under	ADP
fsr-3885	371	6	an	an	DET
fsr-3885	371	7	interest	interest	NOUN
fsr-3885	371	8	rate	rate	NOUN
fsr-3885	371	9	diffusion	diffusion	NOUN
fsr-3885	371	10	with	with	ADP
fsr-3885	371	11	drift.journal	drift.journal	PROPN
fsr-3885	371	12	of	of	ADP
fsr-3885	371	13	risk	risk	NOUN
fsr-3885	371	14	and	and	CCONJ
fsr-3885	371	15	insurance	insurance	NOUN
fsr-3885	371	16	,	,	PUNCT
fsr-3885	371	17	56(1	56(1	NUM
fsr-3885	371	18	)	)	PUNCT
fsr-3885	371	19	,	,	PUNCT
fsr-3885	371	20	34–49	34–49	NUM
fsr-3885	371	21	.	.	PUNCT
fsr-3885	372	1	templeton	templeton	PROPN
fsr-3885	372	2	,	,	PUNCT
fsr-3885	372	3	w.	w.	PROPN
fsr-3885	372	4	k.	k.	PROPN
fsr-3885	372	5	,	,	PUNCT
fsr-3885	372	6	main	main	PROPN
fsr-3885	372	7	,	,	PUNCT
fsr-3885	372	8	r.	r.	PROPN
fsr-3885	372	9	s.	s.	PROPN
fsr-3885	372	10	&	&	CCONJ
fsr-3885	372	11	orris	orris	PROPN
fsr-3885	372	12	,	,	PUNCT
fsr-3885	372	13	j.	j.	PROPN
fsr-3885	372	14	b.	b.	PROPN
fsr-3885	372	15	(	(	PUNCT
fsr-3885	372	16	1996	1996	NUM
fsr-3885	372	17	)	)	PUNCT
fsr-3885	372	18	.	.	PUNCT
fsr-3885	373	1	a	a	DET
fsr-3885	373	2	simulation	simulation	NOUN
fsr-3885	373	3	approach	approach	NOUN
fsr-3885	373	4	to	to	ADP
fsr-3885	373	5	the	the	DET
fsr-3885	373	6	choice	choice	NOUN
fsr-3885	373	7	between	between	ADP
fsr-3885	373	8	fixed	fix	VERB
fsr-3885	373	9	and	and	CCONJ
fsr-3885	373	10	adjustable	adjustable	ADJ
fsr-3885	373	11	rate	rate	NOUN
fsr-3885	373	12	mortgages.financial	mortgages.financial	PROPN
fsr-3885	373	13	services	service	NOUN
fsr-3885	373	14	review	review	NOUN
fsr-3885	373	15	,	,	PUNCT
fsr-3885	373	16	5(2	5(2	NUM
fsr-3885	373	17	)	)	PUNCT
fsr-3885	373	18	,	,	PUNCT
fsr-3885	373	19	101–117	101–117	NUM
fsr-3885	373	20	.	.	PUNCT
fsr-3885	374	1	115t.l	115t.l	X
fsr-3885	374	2	.	.	PUNCT
fsr-3885	375	1	zivney	zivney	PROPN
fsr-3885	375	2	,	,	PUNCT
fsr-3885	375	3	c.f	c.f	PROPN
fsr-3885	375	4	.	.	PROPN
fsr-3885	375	5	luft	luft	PROPN
fsr-3885	375	6	/	/	SYM
fsr-3885	375	7	financial	financial	ADJ
fsr-3885	375	8	services	service	NOUN
fsr-3885	375	9	review	review	VERB
fsr-3885	375	10	8	8	NUM
fsr-3885	375	11	(	(	PUNCT
fsr-3885	375	12	1999	1999	NUM
fsr-3885	375	13	)	)	PUNCT
fsr-3885	375	14	101–115	101–115	NUM