Nice to hear from all of you.  Now I would like to ask if you have any thoughts on the Vanguard or T Rowe Price GNMA funds. As you know, these are Mortgage-backed securities, and supposedly backed by the full faith and credit of the US Government.  

I'm reading all these horror stories about Freddie and Fannie, the plunge in their stock price, the talk about the Government having to bail them out..... Will GNMAs be affected by any of this?  

I've always felt perfectly comfortable owning VFIIX.... Bob Brinker (does anyone listen to his show?) still highly recommends GNMAs. VFIIX has always been a very solid fund, very good yield, very little price-fluctuation. Only one minimal down year in it's 26-year history. 

Does anyone have any thoughts on GNMAs, or bond funds in general? Thanks very much.