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By Lawrence Jones | 10-12-2009 06:37 AM

Gundlach: Mortgage Markets Haven't Really Improved

TCW CIO Jeffrey Gundlach says default rates and building delinquencies argue for continued caution in mortgages, but they still look attractive on a risk-adjusted basis.

Securities mentioned in this video
TGLMX TCW Total Return Bond I
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Lawrence Jones: Hi, I'm Lawrence Jones, senior mutual fund analyst with Morningstar, and I have the pleasure of speaking to Jeffrey Gundlach today, who is manager of TGLMX, the TCW Total Return Bond Fund, and CIO of the firm TCW.

Thanks for joining me, Jeffrey.

Jeffrey Gundlach: Thanks, Larry.

Jones: The first thing I'm hoping you can inform our viewers about today is your view on the current place of the mortgage markets, which is obviously where your fund plays primarily.

Can you talk a little about where you see the mortgage markets going at the end of '09 here and the beginning of 2010?

Gundlach: I think, contrary to popular belief, the trends of the mortgage market haven't really improved, in terms of default rates, in terms of building delinquencies. And so there's certain variables that would argue for caution.

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