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Mortgage-backed security - Wikipedia, the free encyclopedia Collateralized mortgage obligation (CMO) is a more complex MBS in which the mortgages are ordered into tranches by some quality (such as repayment time), with each tranche sold as a separate security. Mortgage prepayments are most often made because a home is sold or because the homeowner is refinancing to a new mortgage, presumably with a lower rate or shorter term. Pooling many mortgages with similar default probabilities creates a bond with a much lower probability of total default, in which no homeowners are able to make their payments (see Copula). www.wikipedia.org /wiki/Mortgage-backed_security   (1297 words)

"Mortgage-Backed Security" "Mortgage-Backed Obligation" definition Similar securities or bonds backed by other forms of collateral or assets, such as credit-card receivables, car loans or mobile home loans, are called ‘asset-backed securities or bonds’, as distinguished from the various forms of ‘mortgage-related securities’. Alternatively, the security may be a ‘modified-pass-through’ so that the holder of the security is guaranteed monthly payments of interest, regardless of whether the payments of interest and principal are adequate to meet such payments. Pass-through, unlike non-pass-through, securities are not retained on the balance sheet of the originator or issuer of the securities. www.deltaalpha.com /terms/mortgagebacked.html   (295 words)

Homeglossary.com - The World's Most Complete Real Estate Directory A mortgage bond may have a closed-end provision that prevents the firm from issuing additional bonds of the same priority against the same property or may be an open-end mortgage that allows the issuance of additional bonds having equal status with the original issue. A written mortgage document which states the terms of the mortgage including the interest rate, length of payments, payment dates and remedies the bank is entitled to in the event of the mortgagor's failure to pay as required including late charges. Principle in mortgage risk is that a maximum of 28% of the mortgagor's salary being devoted to the mortgage payment and 33% to total debt payments (including the mortgage). www.yourwebassistant.net /glossary/m11.htm   (1486 words)

Mortgage-Backed Securities Mortgage-backed securities (MBS) are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by a governmental, quasi-governmental, or private entity. The entity then issues securities that represent claims on the principal and interest payments made by borrowers on the loans in the pool, a process known as securitization. www.sec.gov /answers/mortgagesecurities.htm   (289 words)

Types of Bonds The ability to securitize mortgage loans enables mortgage lenders and mortgage bankers to access a larger reservoir of capital, to make financing available to home buyers at lower costs and to spread the flow of funds to areas of the country where capital may be scarce. Mortgage securities represent an ownership interest in mortgage loans made by financial institutions (savings and loans, commercial banks or mortgage companies) to finance the borrower’s purchase of a home or other real estate. Mortgage securities are created when these loans are packaged, or “pooled,” by issuers or servicers for sale to investors. www.investinginbonds.com /info/igmbs/what.htm   (402 words)

Campbell R. Harvey's Hypertextual Finance Glossary An index of a group of securities computed by calculating a weighted average of the returns on each security in the index, where the weights are proportional to outstanding market value. A tax-exempt bond issued by a municipality or a state financial intermediary that is backed by the moral, but not legal, obligation of a state government to appropriate funds in case of default. Securities that are easily convertible to cash because there is high demand allowing them to be sold quickly. www.duke.edu /~charvey/Classes/wpg/bfglosm.htm   (7774 words)

Mortgage-Backed Securities The simplest form of mortgage-backed security is a mortgage pass-through. If a pool of mortgages has an average mortgage rate of 8.50% and the servicing fee is 0.25% annualized, then investors in the pool receive an average yield of 8.25% annualized. Although the scheduled payments on a mortgage are fixed from one month to the next, the cash flows to the holder of a mortgage pass-through are not fixed. www.riskglossary.com /articles/mortgage_backed_security.htm   (1046 words)

commercial mortgage backed security a mortgage with the interest rate changes periodically, according to index was selected when the mortgage is the initial interest rate is than that of fixed& 8211;rate mortgages, but monthly payments go up or down as rate was adjusted. when principal amount of new mortgage involved in refinancing is than principal amount outstanding of existing mortgage being refinanced, and or the portion of equity is converted cash. the mortgage loan which can be to another person without the change in the terms of loan. www.onmortgages.net /commercialmortgagebackedsecurity.htm   (1219 words)

Mortgage Backed Securities... Look before you leap - Fiscal Agents Money Management Newsletter - Canadian Before jumping into a Mortgage Backed Security (MBS) there are a few details that should be understood so that an informed decision can be made on what is being purchased. Individuals invested in "open pools" can expect to receive lump sums of their principal back at various times as mortgagors in the pool take advantage of prepayment privileges. Income flow from an MBS is always monthly and is disbursed to holders on the 15th of the month but may be as late as the 18th allowing for long weekends. www.fiscalagents.com /newsletter/4mbslook.shtml   (895 words)

"Mortgage backed security" Definition Mortgage backed security : a security, backed by one or more mortgages. A security, backed by one or more mortgages. Mortgage backed security - A security, backed by one or more mortgages. dictionary.itlocus.com /m/mortgage_backed_security.html   (40 words)

Ginnie Mae Mortgage Backed Security Program changes For example, a mortgage with an interest rate of 6.25 percent could be pooled into a 5.5 percent security by issuers that want to create a long-term cash flow with income from loan servicing. When the changes are implemented, the GNMA II security will more closely resemble the agency's GNMA I security, the flagship of the mortgage finance market for more than 30 years. By cutting in half the range of mortgage rates that can be pooled together, investors are more able to predict the performance of the securities. housing-bubble.com /news/ginnie-mae-mortgage-150103.html   (417 words)

Regulation 114 Trust & Commercial Mortgage-Backed Securities Commercial mortgage-backed securities are subject to the 5% per mortgage-related security investment limitation of N.Y. Ins. Accordingly, the Asset Manager may purchase the commercial mortgage-backed securities of American institutions as an investment for the Trust if such obligations satisfy all of the qualifications of N.Y. Ins. Law § 1404(a)(2) (McKinney 2000) authorizes the asset manager to purchase the commercial mortgage-backed securities of American institutions as an investment for a reinsurance trust created pursuant to N.Y. Comp. www.ins.state.ny.us /rg030147.htm   (572 words)

CompassWeb Brokerage - Mutual Fund Glossary A security that returns principal and interest monthly as payments are received on the underlying mortgages. They are made up of individual home mortgages guaranteed by the government agencies. Securities and Investment Products are not FDIC insured, may lose value and have no bank guarantee. broker.compassweb.com /mfgM.htm   (693 words)

mortgage-backed security A mortgage-backed security is a security evidencing either the ownership of an interest in a mortgage loan or pools of mortgage loans, or a separate obligation secured by a mortgage loan or pool of mortgage loans. mortgage risk » mortgage servicing » mortgage-backed certificate » mortgage-backed security » mortgagee » mortgager » mortgagor You are here: Home » Investment Dictionary » Banking Terms » mortgage-backed security www.investionary.com /glossary/mortgage-backed-security.htm   (66 words)

mortgage-backed security A mortgage-backed security, or MBS, is based on a pool of underlying mortgages. Total lender-originated mortgage-backed security issues fell to $41.6 billion in October from $61 billion in September. Hashim said her firm spent $10 million developing a US mortgage backed security. finance.za-news.com /news/mortgage-backed_security.html   (311 words)

mortgage backed security A security secured by a pool of mortgages and the income from the interest paid on the mortgage portfolio. Examples are securities issued by the Federal National Mortgage Association (FNMA, or Fannie Maes), by the Government National Mortgage Association (GNMA, or Ginnie Maes), and by the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Macs). www.nils.com /rupps/mortgage-backed-security.htm   (55 words)

Mass. Dept. of Revenue - Letter Ruling 93-8: Security Corporation Classification; Mortgage-backed Securities Each of the Interests confer part ownership in a pool of mortgages and the resultant cash flows.  The policy behind the creation of the Intrests is to convert single mortgages into pools of safer, more liquid investments.  This policy is intended to help stimulate mortage lending by increasing the source of lendable funds. Unlike pass-through certificates, which "pass through" mortgage payments pro-rata, the payments on the CMOs are allocated based upon the terms of the obligation. The CMOs are pay-through bonds that direct the payments on an underlying mortgage pool to obligations of different maturities paying different rates. www.massdor.com /rul_reg/lr/LR_93_8.htm   (737 words)

MSN Encarta - Search Results - mortgage-backed security MSN Encarta - Search Results - mortgage-backed security Search for books about your topic, "mortgage-backed security" Mortgage, legal instrument that pledges a house or other real estate as security for repayment of a loan. encarta.msn.com /mortgage-backed_security.html   (112 words)

U.S. Mortgage-Backed Bonds Rise, Erase Early Loss By Richard Leong NEW YORK, April 2 (Reuters) - U.S. mortgage-backed security prices ended higher late on Tuesday, rebounding with the rest of the bond market on the heels of a weak report on factory orders after a string of data suggesting a manufacturing recovery. Mortgage bonds lagged U.S. Treasuries as their spreads, or yield premiums, over comparable Treasuries widened one to three basis points from late Monday. www.webprowire.com /summaries/55878.html   (310 words)

Financial Express: NHB to unveil mortgage-backed security issue Over a period of time, the spread will be passed back to the concerned housing finance companies either in the shape of premium at purchase of the mortgage or as service charges, he said. The new initiative is aimed at developing a secondary mortgage market and allow banks to deal in property transactions smoothening the process for average consumer forming bulk of the market. The whole mechanism would work in such a way that a pool of mortgaged assets would be sold by the housing finance companies to NHB which would in turn introduce a special purpose vehicle (SPV) and offer it to investors as pass-through certificates"NHB chairman and managing director PP Vora said. www.expressindia.com /fe/daily/19990813/fco13031p.html   (512 words)

Mortgage-backed security The most common type of pass-through security, secured by homeowners' mortgages and sometimes guaranteed by the Veteran's Administration, the Farmer's Home Administration, or the Federal Housing Administration. www.investorterms.com /terms/Mortgage-backed_security.htm   (39 words)

Media: News Releases: Fannie Mae Offers New Standard 5/1 Adjustable-Rate Mortgage (ARM) Mortgage-Backed Security Pooling Option; Designed to Enhance Uniformity and Liquidity in the ARM Market NEW YORK, NY -- In support of its mission to increase efficiency in the secondary mortgage market and increase the affordability of homeownership for Americans, Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, today announced a new standard mortgage backed security (MBS) pooling option for conventional hybrid adjustable-rate mortgages (ARMs). It operates pursuant to a federal charter and is the nation' largest source of financing for home mortgages. The historically low interest rates of recent years have fueled refinances, and many borrowers are choosing ARMs because they can obtain a mortgage interest rate that is a full percentage point or more below fixed rate mortgage options. www.fanniemae.com /newsreleases/2003/2473.jhtml   (563 words)

DD K-M A security, such as a bond, pass-through, CMO, or REMIC that derives its cash flows and market value from underlying Mortgage Backed Securities and/or Mortgage Bonds, Loans, and/or Notes. A residential mortgage loan typically contains a prepayment option, which is the borrower's call option on the loan and which becomes valuable when interest rates decline. For example, people trade securities in the securities market, bonds in the bond market, commodities in the commodities market, currency in the foreign exchange market, futures contracts in the futures market, options in the options market, and shares in the stock market.Cf. www.margrabe.com /Dictionary/DictionaryKM.html   (2598 words)

How To Live Mortgage Free - Financial Secrets Revealed Copyright 2004 mortgage backed security quote Company All Rights Reserved. The Fannie Mae Discounted Mortgage-Backed Security (DMBS) Program is a variable rate financing facility for property... are linked mortgage backed securities quotes The quotes when it comes california mortgage quote be insured... www.livemortgagefree.com /mortgage/mortgage-backed-security-quote.htm   (682 words)

Pricing Mortgage-Backed Securities in a Multifactor Interest Rate Environment: A Multivariate Density Estimation Approach Multivariate density estimation (MDE) suggests that mortgage-backed security (MBS) prices can be well described as a function of the level and slope of the term structure. "Optimal Recursive Refinancing and the Valuation of Mortgage-Backed Securities," NBER Working Papers 10422, National Bureau of Economic Research, Inc. An important finding is that the interest rate level proxies for the moneyness of the option, the expected level of prepayments, and the average life of the cash flows, while the term structure slope controls for the average rate at which these cash flows should be discounted. ideas.repec.org /a/oup/rfinst/v10y1997i2p405-46.html   (389 words)

On the Seasonalities of Mortgage-Backed Security Prices While the striking similarity of such seasonalities exists in both the financial asset prices of mortgage-backed securities and of the equity markets, it does not suggest that the underlying real estate assets also follow the same pattern. Since both the GNMA pass-throughs and common stocks are backed by vastly different real assets, the common evidence of seasonalities would only imply that the seasonalities may have been a result of capital market trading phenomena. Parallel evidence to the equity markets is found in the GNMA pass-through markets for the existence of the day-of-the-week effect, the turn-of-the-month effect, the holiday effect, and the turn-of-the-year effect. www.ideas.uqam.ca /ideas/data/Articles/jreissuedv:6:n:1:1991:p:19-38.html   (309 words)

Mortgage-Backed Security A security backed by mortgages issued by the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. Investors in mortgage backed certificates receive payments derived from the interest and principal of the underlying mortgages. Click to read what Kiplingers, USA Today, and others say about our annuity services... www.totalreturnannuities.com /annuity-glossary/m/mortgage-backed-security.html   (67 words)

mortgage-backed security Definition Security backed by a pool of mortgages, such as those issued by Ginnie Mae and Freddie Mac. Looking for a second mortgage or to borrow against the money you have down on your house? Learn the steps you need to take to sell your home, and how to get the best price. www.investorwords.com /3126/mortgage_backed_security.html   (178 words)

Mortgage-Backed Securities: Basics of Fannie Mae MBS The mortgage-backed security process begins with a mortgage loan. A Fannie Mae ARM MBS is backed by a pool of mortgages with adjustable rates. Finally, Basics of SMBS details structure, construction, and classes of stripped mortgage-backed securities (SMBS), which are separate interest-only and principal-only securities. www.fanniemae.com /mbs/mbsbasics/index.jhtml?p=Mortgage-Backed+Securities&s=Basics+of+Fannie+Mae+MBS   (370 words)

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