Remics will fly, but not that high.

The Ginnie Mae Remic program is the talk of Wall Street and a handful of investment firms are eagerly awaiting Ginnie's decision on who will be their financial adviser. They should know by mid-January.

A lot of prestige goes with the position and there are certainly profits to be made, but the Clinton administration's goals might be a little far-fetched, and many of the firms vying for the position have acknowledged that.

Reaching the $50 billion target in issuances won't be difficult But the $146 million in profits from those issuances in the first year and $730 million over five years seems pie in the sky at best.

The full faith and credit of the government guaranty is a considerable marketing tool, but to reach those lofty goals Ginnie will have to raise its guaranty fees, something that could have investors looking to Fannie Mae and Freddie Mac's Remics instead. They'll also have overhead-trustee, accounting and servicing fees will require capital as well.

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