As Ms. Golden began to analyze Travelers' motivations in issuing this CMO, several questions ran through her mind. Why did Travelers choose to liquidate its GNMA portfolio? Given the decision to liquidate, why hadn't Travelers merely sold the GNMAs and reinvested in another five-year maturity rather than issuing an instrument as complex as the CMO? Maureen suspected that CMO issuance provided Travelers with something more than a convenient vehicle for liquidating its pass-through portfolio