>2) Interest rates rising - he discusses this in the article. If interest rates go up from 5 to 10% then any notes I held on a 5% loan are worth less. Maybe yo

>2) Interest rates rising - he discusses this in the article. If interest rates go up from 5 to 10% then any notes I held on a 5% loan are worth less. Maybe you meant this and just wrote it differently, but I'd argue it isn't that it is worth less so much as its liquidity has declined. You felt good enough about that 5% at the time you bought out the mortgage, but now it isn't as good a return as you would get if rates were at 10%, thus it may be difficult for you to sell that mortgage off to someone else given their opportunity cost. On the other hand, rates (at least in the US) are unlikely to jump even a full 1%,let alone 5%, in such a timeline that you couldn't retrench if you believed you were better off to liquidate and move on to higher yielding assets.