LAS VEGAS - If potential mortgage-backed securities investors at last week's American Securitization Forum's ASF 2006 conference remember one word, it should be "pre-payments," according to Nomura Securities International director and head of structured finance research Mark Adelson.

Attendees at Adelson's introductory MBS panel, MBS Market: Concepts and Topics, absorbed much of the sector's basics, from the ins and outs of the government sponsored enterprises to the cash flow of a mortgage pass-through.

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