Process for the preparation of solvent poor, externally emulsified, aqueous binders and their use

A low-solvent paint binder contains an emulsifier resin (B) with carboxyl and hydroxyl groups, obtained by reacting a water-insoluble, hydroxy-functional resin (B1) with a carboxy-functional resin (B2). The binder also contains a water-insoluble resin (A) and enough neutralizing agent (C) to neutralize 25-150% of the carboxyl groups in (B). An Independent claim is also included for the production of this binder by: (1) mixing components B1 and B2 in bulk or in solution, (2) removing any organic solvent by heating under reduced pressure until the solid content is at least 85 wt%, (3) heating at 90-150 degrees C until the reaction product forms a homogeneous emulsion in a wt. ratio of 3 parts resin to 7 parts water, (4) adding sufficient neutralizing agent C to neutralize 25-150% of the remaining COOH groups in B, (5) adding resin A and (6) emulsifying the mixture in water.