581:
42:
1031:, or "pay-through bond", is a debt obligation of a legal entity that is collateralized by the assets it owns. Pay-through bonds are typically divided into classes that have different maturities and different priorities for the receipt of principal and in some cases of interest. They often contain a sequential pay security structure, with at least two classes of mortgage-backed securities issued, with one class receiving scheduled principal payments and prepayments before any other class. Pay-through securities are classified as debt for income tax purposes. A
1612:, guarantee against homeowner default risk. In the case of Ginnie Mae, this guarantee is backed with the full faith and credit of the US federal government. This is not the case with Fannie Mae and Freddie Mac, but these two entities have lines of credit with the US federal government; however, these lines of credit are extremely small compared to the average amount of money circulated through these entities in one day's business. Additionally, Fannie Mae and Freddie Mac generally require private mortgage insurance on loans in which the borrower provides a
661:, a US government-sponsored enterprise backed by the full faith and credit of the US government, guarantees that its investors receive timely payments but buys limited numbers of mortgage notes. Some private institutions also securitize mortgages, known as "private-label" mortgage securities. Issuances of private-label mortgage-backed securities increased dramatically from 2001 to 2007 and then ended abruptly in 2008, when real estate markets began to falter. An example of a private-label issuer is the
1097:
961:
1200:, this article describes a pass-through MBS as a $ 3 billion pass-through with 6% pass-through rate, a 6.5% WAC, and 340-month WAM. The pass-through rate is different from the WAC; it is the rate that the investor would receive if he/she held this pass-through MBS, and the pass-through rate is almost always less than the WAC. The difference goes to servicing costs (i.e., costs incurred in collecting the loan payments and transferring the payments to the investors).
5552:
4806:
4832:
4113:
4819:
990:
taxed as a direct owner of the portion of the trust allocatable to the certificate. In order for the issuer to be recognized as a trust for tax purposes, there can be no significant power under the trust agreement to change the composition of the asset pool or otherwise to reinvest payments received, and the trust must have, with limited exceptions, only a single class of ownership interests.
569:
529:(French for "slices"), each with a different level of priority in the debt repayment stream, giving them different levels of risk and reward. Tranches of an MBS—especially the lower-priority, higher-interest tranches—are/were often further repackaged and resold as collateralized debt obligations. These subprime MBSs issued by investment banks were a major issue in the
682:. Unlike the traditional localized, inefficient mortgage market where there might be a shortage or surplus of funds at any one time, MBSs were national and international in scope and regionally diversified. Mortgage-backed securities helped move interest rates out of the banking sector and facilitated greater specialization among financial institutions.
1736:(MERS) created in the 1990s, which created a private system wherein underlying mortgages were assigned and reassigned outside of the traditional county-level recording process. The legitimacy and overall accuracy of this alternative recording system have faced serious challenges with the onset of the mortgage crisis: as the US courts flood with
1741:
trust) and note (obligation to pay the debt) paperwork outside of the traditional US county courts (and without recordation fee payment) is subject to legal challenge. Legal inconsistencies in MERS originally appeared trivial, but they may reflect dysfunctionality in the entire US mortgage securitization industry.
544:
in an MBS is not paid back as a single payment to the bond holder at maturity but rather is paid along with the interest in each periodic payment (monthly, quarterly, etc.). This decrease in face value is measured by the MBS's "factor", the percentage of the original "face" that remains to be repaid.
1688:
Conversely, it may be advantageous to the bondholder for the borrower to prepay if the low-coupon MBS pool was bought at a discount (<100). This is due to the fact that when the borrower pays back the mortgage, he or she does so at "par". If an investor purchases a bond at 95 cents on the dollar,
727:
did not yet exist at this time, the law deemed it illegal for a banking institution to both sponsor debts and design investment vehicles or market-making tools as the selfsame entity. In other words, the
Mortgage-Backed Security could probably not have existed at this time (without a little tweaking
1497:
Theoretical pricing models must take into account the link between interest rates and loan prepayment speed. Mortgage prepayments are usually made because a home is sold or because the homeowner is refinancing to a new mortgage, presumably with a lower rate or shorter term. Prepayment is classified
1170:
As of the second quarter of 2011, there was about $ 13.7 trillion in total outstanding US mortgage debt. There were about $ 8.5 trillion in total US mortgage-related securities, with about $ 7 trillion of that securitized or guaranteed by government-sponsored enterprises or government agencies, and
989:
are issued by a trust and allocate the cash flows from the underlying pool to the securities holders on a pro rata basis. A trust that issues pass-through certificates is taxed under the grantor trust rules of the
Internal Revenue Code. Under these rules, the holder of a pass-through certificate is
1715:
TBA: > $ 275,000 The plurality of factors makes it difficult to calculate the value of an MBS security. Often market participants do not concur, resulting in large differences in quoted prices for the same instrument. Practitioners constantly try to improve prepayment models and hope to measure
685:
However, mortgage-backed securities may have "led inexorably to the rise of the subprime industry" and "created hidden, systemic risks". They also "undid the connection between borrowers and lenders". Historically, "less than 2% of people lost their homes to foreclosure", but with securitization,
1740:
cases, the inadequacies of the MERS model are being exposed, and both local and federal governments have begun to take action through suits of their own and the refusal (in some jurisdictions) of the courts to recognize the legal authority of MERS assignments. The assignment of mortgage (deed of
1692:
The price of an MBS pool is also influenced by the loan balance. Common specifications for MBS pools are loan amount ranges that each mortgage in the pool must pass. Typically, high-premium (high-coupon) MBSs backed by mortgages with an original loan balance no larger than $ 85,000 command the
1174:
As of 2021, the volume of mortgage-backed securities (MBS) outstanding in the United States has surpassed 12 trillion U.S. dollars, marking a significant growth in the market size. This expansion reflects the increasing role of MBS in the financing of residential real estate, demonstrating the
641:
features to mitigate the risk of prepayment and default associated with these mortgages. Since residential mortgage holders in the United States have the option to pay more than the required monthly payment (curtailment) or to pay off the loan in its entirety usually without financial penalty
1181:
2005: USD 0.967 trillion 2004: USD 1.019 trillion 2003: USD 2.131 trillion 2002: USD 1.444 trillion 2001: USD 1.093 trillion This data underscores the fluctuating nature of the MBS market over time, influenced by varying economic conditions, interest rates, and housing market dynamics.
1344:
The weightings are computed by dividing each outstanding loan amount by total amount outstanding in the mortgage pool (i.e., $ 900,000). These amounts are the outstanding amounts at the issuance or initiation of the MBS. The WAM for the above example is computed as follows:
2177:
The 21 states that utilized the exemption provisions were Alaska, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maryland, Michigan, Missouri, Nebraska, New
Hampshire, New York, North Carolina, Ohio, South Dakota, Utah, Virginia, and West
1195:
The weighted-average maturity (WAM) and weighted average coupon (WAC) are used for valuation of a pass-through MBS, and they form the basis for computing cash flows from that mortgage pass-through. Just as this article describes a bond as a 30-year bond with 6%
1684:
at risk for prepayment. If the purchase price was 105, the investor loses 5 cents for every dollar prepaid, which may significantly decrease the yield. This is likely to happen as holders of higher-coupon mortgages can have a larger incentive to refinance.
673:
The securitization of mortgages in the 1970s had the advantage of providing more capital for housing at a time when the demographic bulge of baby boomers created a housing shortage and inflation was undermining a traditional source of housing funding, the
2251:
2014. ^ Peters, Gerhard; Woolley, John T. "William J. Clinton: "Statement on
Signing the Gramm–Leach–Bliley Act," November 12, 1999". The American Presidency Project. University of California – Santa Barbara. Archived from the original on February 7,
922:, and allowed sole, in-house creation (by solitary banking institutions) of Mortgage-Backed Securities as investment and derivatives instruments. This legislative decision did not just tweak or finesse the preexisting law, it effectively repealed the
1465:. The level of difficulty rises with the complexity of the IR model and the sophistication of the prepayment IR dependence, to the point that no closed-form solution (i.e., one that could be written down) is widely known. In models of this type,
518:. More generally, bonds which are secured by the pledge of specific assets are called mortgage bonds. Mortgage bonds can pay interest in either monthly, quarterly or semiannual periods. The prevalence of mortgage bonds is commonly credited to
630:(CMBS) is secured by commercial and multi-family properties, such as apartment buildings, retail or office properties, hotels, schools, industrial properties, and other commercial sites. A CMBS is usually structured as a different type of
778:(FmHA) insured mortgages, with the full faith and credit of the US government. In 1970, the federal government authorized Fannie Mae to purchase conventional mortgages—that is, those not insured by the FHA, VA, or FmHA, and created
1333:(WAM) of a pass-through MBS is the average of the maturities of the mortgages in the pool, weighted by their balances at the issue of the MBS. Note that this is an average across mortgages, as distinct from concepts such as
1653:
Because of the diversity in MBS types, there is a wide variety of pricing sources. In general, the more uniform or liquid the MBS, the greater the transparency or availability of prices. Most traders and money managers use
1669:
Complex structured products tend to trade less frequently and involve more negotiation. Prices for these more complicated MBSs, as well as for CMOs and CDOs, tend to be more subjective, often available only from dealers.
971:
backed by mortgages are classified as an MBS. This can be confusing because a security derived from an MBS is also called an MBS. To distinguish the basic MBS bond from other mortgage-backed instruments, the qualifier
4976:
1689:
as the borrower prepays the investor gets the full dollar back, increasing their yield. However, this is less likely to occur, as borrowers with low-coupon mortgages have lower, or no, incentives to refinance.
698:
bonds of the early 18th century and the farm railroad mortgage bonds of the mid-19th century which may have contributed to the panic of 1857. There was also an extensive commercial MBS market in the 1920s.
1087:
mortgages are an ill-defined category, generally prime borrowers but non-conforming in some way, often lower documentation (or in some other way: vacation home, etc.) Alt-A mortgages tend to be larger in
1135:
allow issuers to remove assets from their balance sheet, which can help to improve various financial ratios, utilize capital more efficiently, and achieve compliance with risk-based capital standards
484:, where the interest and principal payments from the borrower or homebuyer pass through it to the MBS holder, or it may be more complex, made up of a pool of other MBSs. Other types of MBS include
1019:
property. In addition to single-family residential mortgages, Fannie Mae and
Freddie Mac also issue multi-family securities, expanding the diversity and reach of their securitization activities.
1666:, Barclays POINT, and BlackRock's AnSer are also prevalent across Wall Street, especially for multi–asset class managers. Some institutions have also developed their own proprietary software.
1203:
To illustrate these concepts, consider a mortgage pool with just three mortgage loans that have the following outstanding mortgage balances, mortgage rates, and months remaining to maturity:
2051:
Benston, George J. (1990), The
Separation of Commercial and Investment Banking: The Glass–Steagall Act Revisited and Reconsidered, New York: Oxford University Press, ISBN 978-0-19-520830-6.
1645:
against borrowers with improving credit (from MBSs pooled by initial credit quality) who would have an incentive to refinance (ultimately joining an MBS pool with a higher credit rating).
1619:
Pooling many mortgages with uncorrelated default probabilities creates a bond with a much lower probability of total default, in which no homeowners are able to make their payments (see
904:
1597:
originations include research on the mortgage borrower's ability to repay, and will try to lend only to the creditworthy. An important exception to this is "no-doc" or "low-doc" loans.
1502:
for the MBS investor despite the fact that they receive the money, because it tends to occur when floating rates drop and the fixed income of the bond would be more valuable (negative
1397:(WAC) of a pass-through MBS is the average of the coupons of the mortgages in the pool, weighted by their original balances at the issuance of the MBS. For the above example this is:
1126:
between the origination of an underlying mortgage (private market transaction) and the yield demanded by bond investors through bond issuance (typically a public market transaction)
596:
within which the process is conducted. Among other things, securitization distributes risk and permits investors to choose different levels of investment and risk. The basics are:
3175:
762:
to create a liquid secondary market in these mortgages and thereby free up the loan originators to originate more loans, primarily by buying FHA-insured mortgages. As part of the
580:
5244:
1693:
largest pay-ups. Even though the borrower is paying an above market yield, he or she is dissuaded from refinancing a small loan balance due to the high fixed cost involved.
5148:
1641:
If the MBS was not underwritten by the original real estate and the issuer's guarantee, the rating of the bonds would be much lower. Part of the reason is the expected
1446:). The number of homeowners in residential MBS securitizations who prepay increases when interest rates decrease. One reason for this phenomenon is that homeowners can
477:, depending on whether the underlying asset is mortgages owned by borrowers or assets for commercial purposes ranging from office space to multi-dwelling buildings.
790:
Ginnie Mae guaranteed the first mortgage pass-through security of an approved lender in 1968. In 1971, Freddie Mac issued its first mortgage pass-through, called a
2261:
Barth, James R.; Brumbaugh Jr., R. Dan; Wilcox, James A. (2000), "The Repeal of Glass–Steagall and the Advent of Broad
Banking", Journal of Economic Perspectives.
3950:
1637:. Although real estate prices can move below the value of the original loan, this increases the solidity of the payment guarantees and deters borrower default.
5425:
3045:
1585:
The credit risk of mortgage-backed securities depends on the likelihood of the borrower paying the promised cash flows (principal and interest) on time. The
845:
4992:
3862:
1147:
need not deal with the difficulties of theoretical pricing described below; the price of any bond is essentially quoted at fair value, with a very narrow
5447:
2488:
469:, or packages, the loans together into a security that investors can buy. Bonds securitizing mortgages are usually treated as a separate class, termed
1455:
2299:
Trust must satisfy the restrictions of Treas. Reg. § 301.7701-4(c) to prevent recharacterization of the trust as a business entity for tax purposes.
1720:
for related instruments and changing liquidity over time make this a difficult task. One factor used to express the price of an MBS security is the
5005:
1663:
5028:
1104:
There are many reasons for mortgage originators to finance their activities by issuing mortgage-backed securities. Mortgage-backed securities:
678:(or thrifts), which were limited to providing uncompetitive 5.75% interest rates on savings accounts and consequently losing savers' money to
4790:
5185:
5143:
5116:
3656:
3231:
3079:
495:
In the U.S. the MBS market has more than $ 11 trillion in outstanding securities and almost $ 300 billion in average daily trading volume.
1529:
prepayment models that models homeowner behavior as a function of projected mortgage rates. Given the market price, the model produces an
465:
or collection of mortgages. The mortgages are aggregated and sold to a group of individuals (a government agency or investment bank) that
2366:
2008:
Thompson, Howard E.; Riddiough, Timothy J. (2012-04-18). "DĂ©jĂ Vu All Over Again: Agency, Uncertainty, Leverage and the Panic of 1857".
5033:
4745:
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3033:
1129:
are often a more efficient and lower-cost source of financing in comparison with other bank and capital markets financing alternatives.
17:
2228:
The Tax Reform Act of 1986 significantly acted to reduce real estate values and to weaken the profit positions of
Savings and Loans...
1630:
is theoretically identical between a mortgage ensemble and the average mortgage within it, the chance of catastrophic loss is reduced.
4969:
841:
763:
747:
to assist in the construction, acquisition, and rehabilitation of residential properties. The FHA helped develop and standardize the
1039:
and partly used to pay the interest on it. These two components can be separated to create SMBS's, of which there are two subtypes:
5406:
5200:
5170:
5163:
5128:
5111:
5038:
3039:
1733:
1461:
Since these two sources of risk (IR and prepayment) are linked, solving mathematical models of MBS value is a difficult problem in
1132:
allow issuers to diversify their financing sources by offering alternatives to more traditional forms of debt and equity financing
5195:
5158:
4870:
4251:
3996:
1895:
892:
662:
1077:
mortgages are conforming mortgages with prime borrowers, full documentation (such as verification of income and assets), strong
637:
These securitization trusts may be structured by government-sponsored enterprises as well as by private entities that may offer
5411:
5289:
5095:
5090:
4760:
3686:
914:
of 2008 (other than the neglectful actions of banking institutions) was the
Financial Services Moderation Act (also called the
665:(REMIC), a tax-structure entity usually used for CMOs; among other things, a REMIC structure avoids so-called double taxation.
2610:
5592:
4986:
4150:
2646:
2567:
2548:
2221:
771:
723:, providing safeguards against possible corruption with many types of investment securities (like the MBS). Even though the
5216:
4954:
4750:
1486:
998:
623:
470:
432:
324:
2272:
5190:
5153:
5121:
4924:
3818:
2969:
1011:
627:
474:
319:
2453:
41:
5075:
5013:
4775:
3169:
2964:
1027:
814:
799:
485:
344:
5577:
4573:
4256:
3554:
2399:
2344:
1806:
952:. By 2012 the market for high-quality mortgage-backed securities had recovered and was a profit center for US banks.
907:, which dramatically changed the savings and loan industry and its federal regulation, encouraging loan origination.
877:
794:, composed primarily of conventional mortgages. In 1981, Fannie Mae issued its first mortgage pass-through, called a
1842:
5367:
4056:
3224:
3072:
686:"once a lender sold a mortgage, it no longer had a stake in whether the borrower could make his or her payments."
4934:
2616:
1115:
allow mortgage originators to replenish their funds, which can then be used for additional origination activities
1065:(PO) is a bond with cash flows backed by the principal repayment component of property owner's mortgage payments.
949:
853:
712:
549:
1798:
The
Mechanics of Securitization: A Practical Guide to Structuring and Closing Asset-Backed Security Transactions
4730:
4710:
4175:
3991:
3636:
3187:
3181:
3163:
2959:
2835:
1659:
1482:
915:
873:
740:
646:), the monthly cash flow of an MBS is not known in advance, and an MBS therefore presents a risk to investors.
525:
The shares of subprime MBSs issued by various structures, such as CMOs, are not identical but rather issued as
489:
339:
334:
1506:). In other words, the proceeds received would need to be reinvested at a lower interest rate. Hence the term
5374:
5226:
5048:
4964:
4959:
4899:
4836:
1677:. When a mortgage refinances or the borrower prepays during the month, the prepayment measurement increases.
2486:
1984:
5519:
4740:
4684:
4289:
1776:
806:
744:
675:
1438:
Pricing a "vanilla" corporate bond is based on two sources of uncertainty: default risk (credit risk) and
5582:
4919:
4891:
4863:
4689:
4679:
4246:
4031:
3569:
3423:
3217:
3065:
2775:
865:
775:
5587:
4929:
4346:
4236:
3887:
3828:
3650:
3104:
2815:
1755:
1049:(IO) is a bond with cash flows backed by the interest component of property owner's mortgage payments.
833:
782:
to perform a role similar to that of Fannie Mae. Ginnie Mae does not invest in conventional mortgages.
118:
1680:
If an investor has acquired a pool at a premium (>100), as is common for higher coupons, then they
4981:
4949:
4294:
4191:
4143:
3932:
3743:
2639:
1382:
5236:
5133:
4206:
4046:
1514:
945:
935:
911:
752:
530:
425:
2601:
5310:
5282:
5274:
4822:
4488:
4377:
4226:
4001:
3701:
3671:
3646:
3529:
3370:
3302:
900:
899:
for the express purpose of issuing pass-throughs. The Tax Reform Act may have contributed to the
896:
805:
In 1960 the government enacted the Real Estate Investment Trust Act to allow the creation of the
609:
229:
108:
2505:
1909:
1673:
The price of an MBS pool is influenced by prepayment speed, usually measured in units of CPR or
1469:
provide approximate theoretical prices. These are also required in most models that specify the
5555:
5457:
5390:
5231:
4856:
4588:
4548:
4314:
3798:
3783:
3748:
3691:
2908:
2810:
1530:
888:
708:
568:
151:
2373:
2017:
1533:, a valuation metric that takes into account the risks inherent in these complex securities.
5358:
5303:
4649:
4629:
4603:
4593:
4553:
4421:
4382:
4284:
4241:
4231:
4216:
4196:
4011:
3778:
3676:
3355:
3140:
2954:
2918:
2755:
2714:
2594:
Vink, Dennis and Thibeault, André (2008). "ABS, MBS and CDO Compared: An Empirical Analysis"
1334:
481:
454:
309:
1865:
1536:
There are other drivers of the prepayment function (or prepayment risk), independent of the
4810:
4563:
4493:
4356:
4299:
4221:
4211:
4201:
4136:
3965:
3922:
3912:
3902:
3897:
3623:
3564:
3499:
3453:
3448:
3322:
3282:
3249:
2632:
1923:
1674:
1634:
1627:
1123:
861:
829:
458:
367:
264:
73:
8:
5507:
5440:
4999:
4720:
4543:
4538:
4372:
4277:
4272:
3970:
3758:
3681:
3504:
3193:
3157:
2724:
2315:, Economic Commentary, Federal Reserve Bank of Cleveland, Issue Q I, pages 13-19, (1995).
1620:
1451:
876:
companies) unless overridden by state law before October 1991 (which 21 states did), and
748:
724:
418:
5382:
5334:
5257:
5175:
5138:
5064:
4939:
4770:
4644:
4598:
4578:
4411:
4392:
4334:
4309:
4021:
4006:
3975:
3960:
3927:
3793:
3584:
3549:
3312:
3277:
3240:
3198:
3109:
3088:
2800:
2538:
2308:
1655:
1518:
1443:
1159:
1144:
923:
720:
716:
643:
638:
631:
536:
The total face value of an MBS decreases over time, because like mortgages, and unlike
349:
292:
146:
51:
33:
618:
The purchaser or assignee securitizes the pools by issuing mortgage-backed securities.
5541:
5430:
5416:
5296:
5250:
5180:
4674:
4483:
4466:
4426:
4351:
4341:
4319:
4304:
4026:
4016:
3955:
3942:
3917:
3803:
3589:
3385:
3152:
3124:
3007:
2933:
2785:
2707:
2563:
2544:
2534:
2395:
2217:
2013:
1891:
1802:
1717:
1642:
1466:
926:
of 1933, the only remaining statutory safeguard poised against the ensuing disaster.
919:
694:
Among the early examples of mortgage-backed securities in the United States were the
679:
399:
394:
5057:
5023:
4944:
4694:
4669:
4568:
4510:
4471:
4431:
3907:
3846:
3841:
3823:
3753:
3519:
3514:
3486:
3438:
3317:
3257:
3119:
2997:
2868:
2840:
2780:
2765:
2530:
2416:
2349:
1175:
importance of these securities in the overall financial system and housing market.
1148:
1140:
977:
941:
837:
826:
736:
605:
572:
Value of mortgage-backed security issuances in $ US trillions, 1990–2009. (source:
560:, or they can be "private-label", issued by structures set up by investment banks.
384:
379:
374:
212:
166:
161:
113:
103:
91:
1544:
economic growth, which is correlated with increased turnover in the housing market
5319:
4558:
4505:
4117:
4087:
4082:
4036:
3872:
3867:
3813:
3723:
3631:
3604:
3544:
3539:
3509:
3458:
3443:
3360:
3340:
3012:
3002:
2805:
2795:
2790:
2719:
2492:
1796:
1112:, individual financial assets into liquid and tradable capital market instruments
869:
857:
810:
404:
304:
279:
259:
247:
234:
224:
189:
141:
2031:
573:
5483:
5477:
5435:
5351:
5264:
4785:
4765:
4725:
4664:
4446:
4416:
4092:
4077:
3877:
3788:
3738:
3715:
3696:
3524:
3466:
3433:
3428:
3408:
3332:
3096:
2913:
2898:
2863:
2850:
2825:
2729:
2697:
2666:
1570:
profile, which can make fixed rate mortgages relatively more or less attractive
1503:
1178:
According to the Bond Market Association, gross US issuance of agency MBS was:
968:
695:
589:
537:
503:
466:
389:
354:
299:
194:
184:
156:
63:
1162:
rates (a critical business risk for any company specializing in refinancing).
1036:
5571:
4879:
4583:
4515:
4500:
4329:
4072:
4041:
3882:
3808:
3768:
3763:
3599:
3471:
3418:
3413:
3395:
3292:
3272:
3017:
2992:
2903:
2888:
2878:
2830:
2770:
2760:
1765:
1594:
1586:
1567:
1537:
1439:
1338:
849:
822:
649:
In the United States, the most common securitization trusts are sponsored by
615:
The purchaser or assignee assembles these loans into collections, or "pools".
601:
507:
462:
2353:
1732:
One critical component of the securitization system in the US market is the
1143:
of most mortgage-backed securities means that an investor wishing to take a
1096:
844:
to improve the marketability of private label pass-throughs, which declared
5534:
5471:
4755:
4654:
4639:
4613:
4436:
4402:
3892:
3666:
3594:
3574:
3534:
3403:
3375:
3365:
3307:
2928:
2873:
2820:
2750:
2676:
1624:
1613:
1078:
960:
881:
818:
593:
98:
758:
In 1938, the government also created the government-sponsored corporation
5513:
5501:
5489:
5326:
4780:
4634:
4456:
4451:
4324:
4159:
3773:
3641:
3612:
3608:
3559:
3350:
3345:
2984:
2923:
2883:
2858:
2734:
2702:
2692:
2655:
2560:
Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities
1771:
1760:
1737:
1727:
1721:
1605:
1580:
1563:
1526:
1522:
1478:
1470:
1197:
1155:
1119:
1035:(SMBS) where each mortgage payment is partly used to pay down the loan's
1003:
779:
654:
557:
519:
511:
488:(CMOs, often structured as real estate mortgage investment conduits) and
254:
123:
1171:
the remaining $ 1.5 trillion being pooled by private mortgage conduits.
1158:) for entering the market include the desire to hedge against a drop in
1071:
There are a variety of underlying mortgage classifications in the pool:
1056:(NIMS) is re-securitized residual interest of a mortgage-backed security
5495:
5465:
5342:
5018:
4735:
4608:
4097:
3733:
3728:
3494:
3380:
2342:
Keith L. Krasney, "Legal Structure of Net Interest Margin Securities",
1609:
1601:
1474:
910:
Nevertheless, probably the most influential action that encouraged the
767:
759:
658:
650:
553:
274:
269:
199:
1843:"Mortgage-Backed Securities (MBS): Definition and Types of Investment"
3287:
3209:
3057:
2671:
2367:"A Journey to the Alt-A Zone: A Brief Primer on Alt-A Mortgage Loans"
1548:
1447:
1228:
626:(RMBS) is secured by single-family, one- to four-unit real estate, a
68:
2593:
4715:
4659:
4461:
4387:
4170:
3857:
3579:
3476:
3297:
2938:
2893:
1109:
1016:
905:
Financial Institutions Reform, Recovery and Enforcement Act of 1989
732:
58:
2324:
These securities are referred to as Fast-pay, Slow-pay securities.
2193:
2149:
2147:
2110:
2108:
2095:
2093:
2078:
2054:
1924:"The Budget and Economic Outlook: Fiscal Years 2010 to 2020 - CBO"
1658:
and Intex to analyze MBS pools and more esoteric products such as
3114:
1750:
1557:
1462:
852:
mortgage-backed securities to be legal investments equivalent to
548:
In the United States, MBSs may be issued by structures set up by
526:
329:
4848:
4520:
4112:
2233:
2181:
2159:
2144:
2132:
2120:
2105:
2090:
2066:
1866:
How can mortgage-backed securities bring down the U.S. economy?
755:
by insuring them, and helped the mortgage design garner usage.
584:
Single-family home mortgage-backed security issuance, 2003–2017
4128:
2624:
1633:
If the property owner should default, the property remains as
4476:
1083:
515:
219:
78:
2577:
Lemke, Thomas P.; Lins, Gerald T.; Picard, Marie E. (2017).
1442:(IR) exposure. The MBS adds a third risk: early redemption (
4441:
604:) are purchased from banks and other lenders, and possibly
541:
1716:
values for input variables implied by the market. Varying
1560:
in a country change this can change the market profoundly)
1492:
813:
issued the first private label pass-through. In 1983 the
2506:"HSBC Bank USA, N.A. v Taher (2011 NY Slip Op 51208(U))"
2454:"Mortgage-backed securities are offering decent returns"
809:(REIT) to encourage real estate investment, and in 1977
2010:
Hong Kong Institute for Monetary and Financial Research
1341:, which are averages across payments of a single loan.
766:, Fannie Mae was split into the current Fannie Mae and
1728:
Recording and Mortgage Electronic Registration Systems
976:
is used, in the same way that "vanilla" designates an
3046:
Securities Industry and Financial Markets Association
846:
nationally recognized statistical rating organization
4993:
Ronald Reagan Speaks Out Against Socialized Medicine
2617:
TBA Trading and Liquidity in the Agency MBS Market,
1015:(CMBS) is a pass-through MBS backed by mortgages on
1002:(RMBS) is a pass-through MBS backed by mortgages on
2434:
868:), state-chartered financial institutions (such as
2529:
2469:
2467:
2239:
2199:
2187:
2165:
2153:
2138:
2126:
2114:
2099:
2084:
2072:
2060:
2007:
940:Low-quality mortgage-backed securities backed by
770:to support the FHA-insured mortgages, as well as
5569:
2543:. Boston, Mass.: Harvard Business School Press.
2273:"With Rates Low, Banks Increase Mortgage Profit"
1942:
1940:
1454:. Commercial MBS often mitigate this risk using
1063:principal-only stripped mortgage-backed security
2540:Mortgage and Mortgage-Backed Securities Markets
2392:Essentials of Corporate Finance, Fourth Edition
1047:interest-only stripped mortgage-backed security
668:
2464:
2372:. Nomura Fixed Income Research. Archived from
1556:regulatory risk (if borrowing requirements or
983:Subtypes of mortgage-backed security include:
540:, and most other fixed-income securities, the
4864:
4791:List of housing markets by real estate prices
4144:
3225:
3073:
2640:
1937:
1871:
426:
2383:
2212:Cebula, Richard J.; Hung, Chao-shun (1992).
1985:"Banking on Slavery in the Antebellum South"
1832:, Chapters 4 and 5 (Thomson West, 2013 ed.).
1702:Super High Loan Balance: $ 150,000–$ 175,000
1616:that is less than 20% of the property value.
1324:
1225:Percentage of pool's total $ 900,000 balance
1165:
903:of the 1980s and 1990s that resulted in the
2270:
929:
5034:Ronald and Nancy Reagan Research Institute
4871:
4857:
4831:
4151:
4137:
3232:
3218:
3080:
3066:
3034:Commercial Mortgage Securities Association
2647:
2633:
2348:, Spring 2007, Vol. 13, No. 1: pp. 54-59,
2211:
1388:
433:
419:
2414:
1517:models to value MBS. These models deploy
842:Secondary Mortgage Market Enhancement Act
764:Housing and Urban Development Act of 1968
480:The structure of the MBS may be known as
3040:International Capital Market Association
2576:
2394:. McGraw-Hill/Irwin. pp. 158, 186.
1734:Mortgage Electronic Registration Systems
1095:
959:
798:. In 1983, Freddie Mac issued the first
739:, the US federal government created the
715:. This legislative initiative separated
579:
567:
4057:Power reverse dual-currency note (PRDC)
3997:Constant proportion portfolio insurance
2619:by the Federal Reserve Bank of New York
2417:"Call Protection In Mortgage Contracts"
2264:
1896:U.S. Securities and Exchange Commission
893:real estate mortgage investment conduit
891:allowed the creation of the tax-exempt
860:for federally chartered banks (such as
663:real estate mortgage investment conduit
657:, US government-sponsored enterprises.
14:
5570:
3239:
3087:
2390:Ross, Stephen A.; et al. (2004).
1794:
1700:High Loan Balance: $ 110,000–$ 150,000
1521:scenarios consistent with the current
1493:Interest rate risk and prepayment risk
1433:
592:is complex and depends greatly on the
4852:
4132:
3213:
3061:
2628:
2557:
2477:, Chapter 5 (Thomson West, 2013 ed.).
2440:
1950:, Chapter 4 (Thomson West, 2013 ed.).
1881:, Chapter 1 (Thomson West, 2013 ed.).
1648:
1513:Professional investors generally use
1100:Risk, Return, Rating and Yield relate
918:). It was signed into law in 1999 by
4818:
3992:Collateralized debt obligation (CDO)
2389:
1698:Mid Loan Balance: $ 85,000–$ 110,000
999:residential mortgage-backed security
840:. In 1984 the government passed the
624:residential mortgage-backed security
574:sifma statistics, structured finance
325:Residential mortgage-backed security
4892:40th President of the United States
2970:Commercial mortgage-backed security
2611:What Is a Mortgage-Backed Security?
1012:commercial mortgage-backed security
785:
628:commercial mortgage-backed security
486:collateralized mortgage obligations
320:Commercial mortgage-backed security
24:
4776:Undergraduate real estate programs
3170:Collateralized mortgage obligation
2965:Collateralized mortgage obligation
2613:by Chris Wilson, in Slate Magazine
1381:Another measure often used is the
1154:Reasons (other than investment or
1028:collateralized mortgage obligation
800:collateralized mortgage obligation
345:Collateralized mortgage obligation
25:
5604:
4878:
4574:Investment rating for real estate
2596:The Journal of Structured Finance
2587:
2345:The Journal of Structured Finance
1033:stripped mortgage-backed security
563:
5551:
5550:
5368:Call of Duty: Black Ops Cold War
5134:"Let's make America great again"
4830:
4817:
4805:
4804:
4111:
1662:, although tools such as Citi's
948:that played a major role in the
702:
550:government-sponsored enterprises
40:
5014:Presidential Library and Museum
4935:General Electric Showcase House
4158:
2654:
2522:
2498:
2480:
2446:
2408:
2359:
2336:
2327:
2318:
2302:
2293:
2255:
2245:
2205:
2171:
2045:
2024:
2001:
1977:
1965:
1953:
1696:Low Loan Balance: < $ 85,000
1589:of MBS is fairly high because:
1483:specialised Monte Carlo methods
950:2007–08 global financial crisis
713:President Franklin D. Roosevelt
490:collateralized debt obligations
4731:Graduate real estate education
4176:Tertiary sector of the economy
3819:Year-on-year inflation-indexed
3188:Collateralized fund obligation
3182:Collateralized loan obligation
3176:Collateralized bond obligation
3164:Collateralized debt obligation
2960:Collateralized debt obligation
2836:Reverse convertible securities
2271:Peter Eavis (August 8, 2012).
1916:
1902:
1884:
1868:| Josh Clark| How Stuff Works.
1859:
1835:
1822:
1788:
1574:
1481:. Practitioners typically use
944:in the United States caused a
741:Federal Housing Administration
340:Collateralized fund obligation
335:Collateralized debt obligation
13:
1:
3829:Zero-coupon inflation-indexed
2313:Derivative Mechanics: The CMO
2240:Fabozzi & Modigliani 1992
2200:Fabozzi & Modigliani 1992
2188:Fabozzi & Modigliani 1992
2166:Fabozzi & Modigliani 1992
2154:Fabozzi & Modigliani 1992
2139:Fabozzi & Modigliani 1992
2127:Fabozzi & Modigliani 1992
2115:Fabozzi & Modigliani 1992
2100:Fabozzi & Modigliani 1992
2085:Fabozzi & Modigliani 1992
2073:Fabozzi & Modigliani 1992
2061:Fabozzi & Modigliani 1992
2032:"Securitization in the 1920s"
1782:
1212:Outstanding mortgage balance
676:savings and loan associations
230:Initial public offering (IPO)
119:Over-the-counter market (OTC)
27:Type of asset-backed security
5593:United States housing bubble
4685:Real estate investment trust
4290:Extraterrestrial real estate
1974:, MacLean and Nocera, p. 19.
1892:"Mortgage-Backed securities"
1777:United States housing bubble
1190:
1054:net interest margin security
866:federal savings associations
807:real estate investment trust
745:National Housing Act of 1934
669:Advantages and disadvantages
7:
4900:33rd Governor of California
4690:Real property administrator
4680:Real estate investment club
4032:Foreign exchange derivative
3424:Callable bull/bear contract
2776:Contingent convertible bond
2214:The Savings and Loan Crisis
1962:, MacLean and Nocera, p. 5.
1744:
776:Farmers Home Administration
10:
5609:
4965:1969 People's Park protest
4960:Governorship of California
4347:Private equity real estate
3105:Securitization transaction
2816:Inverse floating rate note
2579:Mortgage-Backed Securities
2491:November 25, 2011, at the
2475:Mortgage-Backed Securities
1948:Mortgage-Backed Securities
1879:Mortgage-Backed Securities
1830:Mortgage-Backed Securities
1756:Bank of America Home Loans
1704:New Loan Balance Buckets:
1600:Some MBS issuers, such as
1578:
1185:
980:with no special features.
933:
689:
265:Exchange-traded fund (ETF)
18:Mortgage-backed securities
5542:George H. W. Bush →
5529:
5456:
5399:
5215:
5104:
5083:
5074:
5047:
4987:Pre-presidential speeches
4982:Citizens for the Republic
4910:
4886:
4799:
4703:
4622:
4529:
4401:
4365:
4295:International real estate
4265:
4184:
4166:
4106:
4065:
3984:
3941:
3933:Stock market index future
3837:
3714:
3622:
3485:
3394:
3331:
3265:
3256:
3247:
3133:
3095:
3026:
2983:
2947:
2849:
2743:
2685:
2662:
1795:Moorad, Choudhry (2013).
1383:Weighted-average loan age
1331:weighted-average maturity
1325:Weighted-average maturity
1166:Market size and liquidity
792:participation certificate
751:as an alternative to the
461:") which is secured by a
5578:Mortgage-backed security
5237:Let Them Eat Jellybeans!
4052:Mortgage-backed security
4047:Interest rate derivative
4022:Equity-linked note (ELN)
4007:Credit-linked note (CLN)
3147:Mortgage-backed security
2975:Mortgage-backed security
2744:Types of bonds by payout
2686:Types of bonds by issuer
2604:by Mortgage News Daily,
2473:Lemke, Lins and Picard,
2415:LaCour-Little, Michael.
1946:Lemke, Lins and Picard,
1877:Lemke, Lins and Picard,
1828:Lemke, Lins and Picard,
1801:. Wiley Finance Series.
955:
936:Subprime mortgage crisis
930:Subprime mortgage crisis
912:subprime mortgage crisis
825:to use pass-throughs as
796:mortgage-backed security
753:balloon payment mortgage
531:subprime mortgage crisis
447:mortgage-backed security
315:Mortgage-backed security
5407:Namesakes and memorials
5391:"What would Reagan do?"
5312:The Day Reagan Was Shot
5283:The Dark Knight Returns
5275:A Mind Forever Voyaging
5039:Death and state funeral
4489:Real estate transaction
4378:Real estate development
4002:Contract for difference
3303:Risk-free interest rate
2558:Hayre, Lakhbir (2001).
2354:10.3905/jsf.2007.684867
1972:All the Devils Are Here
1960:All the Devils Are Here
1566:trends, and a shifting
1395:weighted-average coupon
1389:Weighted-average coupon
1091:
987:Pass-through securities
901:savings and loan crisis
897:special purpose vehicle
772:Veterans Administration
711:was signed into law by
610:special purpose vehicle
109:Foreign exchange market
5426:Ronald Reagan Building
5149:running mate selection
4977:Rockefeller Commission
4589:Real estate derivative
4549:Effective gross income
4315:Healthcare real estate
3784:Forward Rate Agreement
2909:Option-adjusted spread
2811:Inflation-indexed bond
1531:option-adjusted spread
1487:modified Binomial Tree
1122:banks to monetize the
1101:
964:
916:Gramm–Leach–Bliley Act
889:Tax Reform Act of 1986
585:
577:
152:Inflation-indexed bond
5006:States' rights speech
5000:"A Time for Choosing"
4746:Industry trade groups
4650:Exclusive buyer agent
4604:Real estate valuation
4594:Real estate economics
4554:Gross rent multiplier
4383:Real estate investing
4285:Corporate Real Estate
4012:Credit default option
3356:Employee stock option
3141:Asset-backed security
2955:Asset-backed security
2919:Weighted-average life
2756:Auction rate security
1926:. Cbo.gov. 2010-01-26
1489:numerical solutions.
1335:weighted-average life
1108:transform relatively
1099:
963:
862:federal savings banks
815:Federal Reserve Board
583:
571:
455:asset-backed security
310:Asset-backed security
5535:← Jimmy Carter
5176:"Morning in America"
5139:"There you go again"
4564:Highest and best use
4530:Economics, financing
4494:Real estate contract
4388:Real estate flipping
4357:Residential property
4300:Lease administration
4252:United Arab Emirates
3966:Inflation derivative
3951:Commodity derivative
3923:Single-stock futures
3913:Normal backwardation
3903:Interest rate future
3744:Conditional variance
3250:Derivative (finance)
2948:Securitized products
1768:, the father of MBSs
1477:function with an IR
506:backed by a pool of
5508:Nelle Wilson Reagan
5441:Ronald Reagan Trail
5412:U.S. Capitol statue
5261:(1983 comic series)
5245:U.S. Postage stamps
5181:"Bear in the woods"
4955:Political positions
4544:Capitalization rate
4539:Asset-based lending
4373:Property management
4278:Commercial building
4273:Commercial property
4118:Business portal
3971:Property derivative
3194:Senior stretch loan
3158:Credit default swap
3134:Types of securities
2725:Infrastructure bond
2460:. October 21, 2010.
2422:. AREUEA. p. 2
1713:$ 250,000–$ 275,000
1711:$ 225,000–$ 250,000
1709:$ 200,000–$ 225,000
1707:$ 175,000–$ 200,000
1452:fixed interest rate
1434:Theoretical pricing
1222:months to maturity
878:Department of Labor
854:Treasury securities
749:fixed-rate mortgage
725:fixed-rate mortgage
473:; another class is
5583:Structured finance
5339:(2011 documentary)
5258:Ed the Happy Clown
5065:The Reagan Diaries
5029:1989 trip to Japan
4940:668 St. Cloud Road
4771:Real estate trends
4675:Real estate broker
4645:Chartered Surveyor
4599:Real estate bubble
4579:Mortgage insurance
4412:Adverse possession
4335:Luxury real estate
4310:Garden real estate
3976:Weather derivative
3961:Freight derivative
3943:Exotic derivatives
3863:Commodities future
3550:Intermarket spread
3313:Synthetic position
3241:Derivatives market
3199:Structured product
3110:Credit enhancement
3089:Structured finance
2801:Floating rate note
2535:Modigliani, Franco
2309:Joseph G. Haubrich
2280:The New York Times
1718:liquidity premiums
1649:Real-world pricing
1525:as drivers of the
1409:% Ă— 6.25%) + (33.3
1405:% Ă— 6.00%) + (44.4
1102:
965:
942:subprime mortgages
924:Glass-Steagall Act
856:and other federal
721:investment banking
717:commercial banking
709:Glass–Steagall Act
707:In June 1933, the
680:money market funds
639:credit enhancement
586:
578:
350:Credit-linked note
293:Structured finance
147:Floating rate note
5588:Financial capital
5565:
5564:
5436:Reagan Day Dinner
5431:Ronald Reagan Day
5379:(2020 miniseries)
5297:Land of Confusion
5251:Rap Master Ronnie
5211:
5210:
4846:
4845:
4484:Property abstract
4467:Land registration
4427:Concurrent estate
4352:Real estate owned
4342:Off-plan property
4320:Vacation property
4305:Niche real estate
4126:
4125:
4027:Equity derivative
4017:Credit derivative
3985:Other derivatives
3956:Energy derivative
3918:Perpetual futures
3799:Overnight indexed
3749:Constant maturity
3710:
3709:
3657:Finite difference
3590:Protective option
3207:
3206:
3153:Credit derivative
3055:
3054:
3008:Exchangeable bond
2934:Yield to maturity
2786:Exchangeable bond
2708:Subordinated debt
2569:978-0-471-38587-5
2550:978-0-87584-322-3
2531:Fabozzi, Frank J.
2223:978-0-8403-7620-6
2202:, pp. 33–34.
2087:, pp. 19–20.
2063:, pp. 18–19.
2012:. Rochester, NY.
1643:adverse selection
1515:arbitrage-pricing
1467:numerical methods
1322:
1321:
920:President Clinton
838:convertible bonds
443:
442:
400:Credit derivative
213:Equities (stocks)
16:(Redirected from
5600:
5554:
5553:
5081:
5080:
5058:An American Life
5024:Reagan coalition
4945:Rancho del Cielo
4903:
4895:
4873:
4866:
4859:
4850:
4849:
4834:
4833:
4821:
4820:
4808:
4807:
4751:Investment firms
4670:Property manager
4569:Home equity loan
4472:Leasehold estate
4432:Conditional sale
4153:
4146:
4139:
4130:
4129:
4116:
4115:
3888:Forwards pricing
3662:Garman–Kohlhagen
3263:
3262:
3234:
3227:
3220:
3211:
3210:
3120:Orphan structure
3082:
3075:
3068:
3059:
3058:
2998:Convertible bond
2841:Zero-coupon bond
2781:Convertible bond
2766:Commercial paper
2649:
2642:
2635:
2626:
2625:
2582:
2573:
2554:
2517:
2516:
2514:
2513:
2502:
2496:
2484:
2478:
2471:
2462:
2461:
2450:
2444:
2438:
2432:
2431:
2429:
2427:
2421:
2412:
2406:
2405:
2387:
2381:
2380:
2378:
2371:
2363:
2357:
2340:
2334:
2331:
2325:
2322:
2316:
2306:
2300:
2297:
2291:
2290:
2288:
2286:
2277:
2268:
2262:
2259:
2253:
2249:
2243:
2237:
2231:
2230:
2209:
2203:
2197:
2191:
2185:
2179:
2175:
2169:
2163:
2157:
2151:
2142:
2136:
2130:
2124:
2118:
2112:
2103:
2097:
2088:
2082:
2076:
2070:
2064:
2058:
2052:
2049:
2043:
2042:
2040:
2039:
2028:
2022:
2021:
2005:
1999:
1998:
1996:
1995:
1989:
1981:
1975:
1969:
1963:
1957:
1951:
1944:
1935:
1934:
1932:
1931:
1920:
1914:
1913:
1906:
1900:
1899:
1888:
1882:
1875:
1869:
1863:
1857:
1856:
1854:
1853:
1839:
1833:
1826:
1820:
1819:
1817:
1815:
1792:
1623:). Although the
1430:
1428:
1424:
1420:
1416:
1413:% Ă— 6.50%) = 1.3
1412:
1408:
1404:
1378:
1376:
1372:
1368:
1364:
1360:
1357:% Ă— 260) + (33.3
1356:
1353:% Ă— 300) + (44.4
1352:
1315:
1308:
1293:
1272:
1251:
1206:
1205:
1149:bid/offer spread
870:depository banks
858:government bonds
834:over-the-counter
832:, equivalent to
737:Great Depression
600:Mortgage loans (
514:asset such as a
435:
428:
421:
248:Investment funds
167:Commercial paper
162:Zero-coupon bond
114:Futures exchange
104:Commodity market
44:
30:
29:
21:
5608:
5607:
5603:
5602:
5601:
5599:
5598:
5597:
5568:
5567:
5566:
5561:
5525:
5452:
5395:
5290:film adaptation
5218:
5207:
5100:
5070:
5043:
4912:
4906:
4898:
4890:
4882:
4877:
4847:
4842:
4795:
4699:
4618:
4559:Hard money loan
4531:
4525:
4506:Rent regulation
4397:
4361:
4261:
4180:
4162:
4157:
4127:
4122:
4110:
4102:
4088:Great Recession
4083:Government debt
4061:
4037:Fund derivative
3980:
3937:
3898:Futures pricing
3873:Dividend future
3868:Currency future
3851:
3833:
3706:
3682:Put–call parity
3618:
3605:Vertical spread
3540:Diagonal spread
3510:Calendar spread
3481:
3390:
3327:
3252:
3243:
3238:
3208:
3203:
3129:
3091:
3086:
3056:
3051:
3022:
3013:Extendible bond
3003:Embedded option
2979:
2943:
2845:
2806:High-yield debt
2796:Fixed rate bond
2791:Extendible bond
2739:
2720:Government bond
2715:Distressed debt
2681:
2658:
2653:
2590:
2585:
2581:. Thomson West.
2570:
2551:
2525:
2520:
2511:
2509:
2504:
2503:
2499:
2493:Wayback Machine
2485:
2481:
2472:
2465:
2452:
2451:
2447:
2439:
2435:
2425:
2423:
2419:
2413:
2409:
2402:
2388:
2384:
2376:
2369:
2365:
2364:
2360:
2341:
2337:
2332:
2328:
2323:
2319:
2307:
2303:
2298:
2294:
2284:
2282:
2276:(Dealbook blog)
2275:
2269:
2265:
2260:
2256:
2250:
2246:
2238:
2234:
2224:
2210:
2206:
2198:
2194:
2186:
2182:
2176:
2172:
2164:
2160:
2152:
2145:
2137:
2133:
2125:
2121:
2113:
2106:
2098:
2091:
2083:
2079:
2071:
2067:
2059:
2055:
2050:
2046:
2037:
2035:
2030:
2029:
2025:
2006:
2002:
1993:
1991:
1987:
1983:
1982:
1978:
1970:
1966:
1958:
1954:
1945:
1938:
1929:
1927:
1922:
1921:
1917:
1910:"Risk Glossary"
1908:
1907:
1903:
1890:
1889:
1885:
1876:
1872:
1864:
1860:
1851:
1849:
1841:
1840:
1836:
1827:
1823:
1813:
1811:
1809:
1793:
1789:
1785:
1747:
1730:
1714:
1712:
1710:
1708:
1703:
1701:
1699:
1697:
1651:
1583:
1577:
1508:prepayment risk
1495:
1456:call protection
1436:
1426:
1422:
1418:
1414:
1410:
1406:
1402:
1400:
1391:
1374:
1370:
1366:
1362:
1361:% Ă— 280) = 66.6
1358:
1354:
1350:
1348:
1327:
1313:
1306:
1291:
1270:
1249:
1226:
1221:
1216:
1193:
1188:
1168:
1118:can be used by
1094:
958:
938:
932:
811:Bank of America
788:
743:(FHA) with the
731:As part of the
705:
692:
671:
588:The process of
566:
453:) is a type of
439:
410:
409:
405:Hybrid security
370:
360:
359:
305:Agency security
295:
285:
284:
280:Segregated fund
260:Closed-end fund
250:
240:
239:
215:
205:
204:
190:Government bond
180:
179:Bonds by issuer
172:
171:
142:Fixed rate bond
137:
136:Bonds by coupon
129:
128:
94:
84:
83:
54:
28:
23:
22:
15:
12:
11:
5:
5606:
5596:
5595:
5590:
5585:
5580:
5563:
5562:
5560:
5559:
5546:
5545:
5538:
5530:
5527:
5526:
5524:
5523:
5517:
5511:
5505:
5499:
5493:
5487:
5484:Michael Reagan
5481:
5478:Maureen Reagan
5475:
5469:
5462:
5460:
5454:
5453:
5451:
5450:
5445:
5444:
5443:
5438:
5433:
5428:
5423:
5414:
5403:
5401:
5397:
5396:
5394:
5393:
5388:
5380:
5372:
5364:
5360:Killing Reagan
5356:
5352:Killing Reagan
5348:
5340:
5332:
5324:
5316:
5308:
5300:
5294:
5293:
5292:
5279:
5271:
5266:Spitting Image
5262:
5254:
5247:
5242:
5241:
5240:
5229:
5223:
5221:
5213:
5212:
5209:
5208:
5206:
5205:
5204:
5203:
5198:
5193:
5188:
5183:
5178:
5168:
5167:
5166:
5161:
5156:
5151:
5146:
5141:
5136:
5126:
5125:
5124:
5119:
5108:
5106:
5102:
5101:
5099:
5098:
5093:
5087:
5085:
5078:
5072:
5071:
5069:
5068:
5061:
5053:
5051:
5045:
5044:
5042:
5041:
5036:
5031:
5026:
5021:
5016:
5011:
5010:
5009:
5003:
4997:
4984:
4979:
4974:
4973:
4972:
4967:
4957:
4952:
4947:
4942:
4937:
4932:
4927:
4922:
4916:
4914:
4908:
4907:
4905:
4904:
4896:
4887:
4884:
4883:
4876:
4875:
4868:
4861:
4853:
4844:
4843:
4841:
4840:
4837:List of topics
4827:
4814:
4800:
4797:
4796:
4794:
4793:
4788:
4786:Urban planning
4783:
4778:
4773:
4768:
4766:Property cycle
4763:
4758:
4753:
4748:
4743:
4738:
4733:
4728:
4726:Gentrification
4723:
4718:
4713:
4707:
4705:
4701:
4700:
4698:
4697:
4692:
4687:
4682:
4677:
4672:
4667:
4665:Moving company
4662:
4657:
4652:
4647:
4642:
4637:
4632:
4626:
4624:
4620:
4619:
4617:
4616:
4611:
4606:
4601:
4596:
4591:
4586:
4581:
4576:
4571:
4566:
4561:
4556:
4551:
4546:
4541:
4535:
4533:
4527:
4526:
4524:
4523:
4518:
4513:
4508:
4503:
4498:
4497:
4496:
4486:
4481:
4480:
4479:
4469:
4464:
4459:
4454:
4449:
4447:Eminent domain
4444:
4439:
4434:
4429:
4424:
4419:
4417:Chain of title
4414:
4408:
4406:
4405:and regulation
4399:
4398:
4396:
4395:
4390:
4385:
4380:
4375:
4369:
4367:
4363:
4362:
4360:
4359:
4354:
4349:
4344:
4339:
4338:
4337:
4332:
4327:
4322:
4317:
4312:
4302:
4297:
4292:
4287:
4282:
4281:
4280:
4269:
4267:
4263:
4262:
4260:
4259:
4257:United Kingdom
4254:
4249:
4244:
4239:
4234:
4229:
4224:
4219:
4214:
4209:
4204:
4199:
4194:
4188:
4186:
4182:
4181:
4179:
4178:
4173:
4167:
4164:
4163:
4156:
4155:
4148:
4141:
4133:
4124:
4123:
4121:
4120:
4107:
4104:
4103:
4101:
4100:
4095:
4093:Municipal debt
4090:
4085:
4080:
4078:Corporate debt
4075:
4069:
4067:
4063:
4062:
4060:
4059:
4054:
4049:
4044:
4039:
4034:
4029:
4024:
4019:
4014:
4009:
4004:
3999:
3994:
3988:
3986:
3982:
3981:
3979:
3978:
3973:
3968:
3963:
3958:
3953:
3947:
3945:
3939:
3938:
3936:
3935:
3930:
3925:
3920:
3915:
3910:
3905:
3900:
3895:
3890:
3885:
3880:
3878:Forward market
3875:
3870:
3865:
3860:
3854:
3852:
3850:
3849:
3844:
3838:
3835:
3834:
3832:
3831:
3826:
3821:
3816:
3811:
3806:
3801:
3796:
3791:
3786:
3781:
3776:
3771:
3766:
3761:
3759:Credit default
3756:
3751:
3746:
3741:
3736:
3731:
3726:
3720:
3718:
3712:
3711:
3708:
3707:
3705:
3704:
3699:
3694:
3689:
3684:
3679:
3674:
3669:
3664:
3659:
3654:
3644:
3639:
3634:
3628:
3626:
3620:
3619:
3617:
3616:
3602:
3597:
3592:
3587:
3582:
3577:
3572:
3567:
3562:
3557:
3555:Iron butterfly
3552:
3547:
3542:
3537:
3532:
3527:
3525:Covered option
3522:
3517:
3512:
3507:
3502:
3497:
3491:
3489:
3483:
3482:
3480:
3479:
3474:
3469:
3464:
3463:Mountain range
3461:
3456:
3451:
3446:
3441:
3436:
3431:
3426:
3421:
3416:
3411:
3406:
3400:
3398:
3392:
3391:
3389:
3388:
3383:
3378:
3373:
3368:
3363:
3358:
3353:
3348:
3343:
3337:
3335:
3329:
3328:
3326:
3325:
3320:
3315:
3310:
3305:
3300:
3295:
3290:
3285:
3280:
3275:
3269:
3267:
3260:
3254:
3253:
3248:
3245:
3244:
3237:
3236:
3229:
3222:
3214:
3205:
3204:
3202:
3201:
3196:
3191:
3185:
3179:
3173:
3167:
3161:
3155:
3150:
3144:
3137:
3135:
3131:
3130:
3128:
3127:
3122:
3117:
3112:
3107:
3101:
3099:
3097:Securitization
3093:
3092:
3085:
3084:
3077:
3070:
3062:
3053:
3052:
3050:
3049:
3043:
3037:
3030:
3028:
3024:
3023:
3021:
3020:
3015:
3010:
3005:
3000:
2995:
2989:
2987:
2981:
2980:
2978:
2977:
2972:
2967:
2962:
2957:
2951:
2949:
2945:
2944:
2942:
2941:
2936:
2931:
2926:
2921:
2916:
2914:Risk-free bond
2911:
2906:
2901:
2899:Mortgage yield
2896:
2891:
2886:
2881:
2876:
2871:
2866:
2861:
2855:
2853:
2851:Bond valuation
2847:
2846:
2844:
2843:
2838:
2833:
2828:
2826:Perpetual bond
2823:
2818:
2813:
2808:
2803:
2798:
2793:
2788:
2783:
2778:
2773:
2768:
2763:
2758:
2753:
2747:
2745:
2741:
2740:
2738:
2737:
2732:
2730:Municipal bond
2727:
2722:
2717:
2712:
2711:
2710:
2705:
2698:Corporate bond
2695:
2689:
2687:
2683:
2682:
2680:
2679:
2674:
2669:
2663:
2660:
2659:
2652:
2651:
2644:
2637:
2629:
2623:
2622:
2614:
2608:
2606:MBS Commentary
2599:
2589:
2588:External links
2586:
2584:
2583:
2574:
2568:
2555:
2549:
2526:
2524:
2521:
2519:
2518:
2508:. Nycourts.gov
2497:
2479:
2463:
2445:
2433:
2407:
2400:
2382:
2379:on 2006-09-01.
2358:
2335:
2326:
2317:
2301:
2292:
2263:
2254:
2244:
2232:
2222:
2216:. p. 57.
2204:
2192:
2180:
2170:
2158:
2143:
2131:
2119:
2104:
2089:
2077:
2065:
2053:
2044:
2023:
2000:
1976:
1964:
1952:
1936:
1915:
1901:
1883:
1870:
1858:
1834:
1821:
1807:
1786:
1784:
1781:
1780:
1779:
1774:
1769:
1763:
1758:
1753:
1746:
1743:
1729:
1726:
1664:The Yield Book
1650:
1647:
1639:
1638:
1631:
1617:
1598:
1579:Main article:
1576:
1573:
1572:
1571:
1561:
1554:
1551:
1545:
1494:
1491:
1435:
1432:
1390:
1387:
1326:
1323:
1320:
1319:
1316:
1310:
1303:
1300:
1296:
1295:
1288:
1285:
1282:
1279:
1275:
1274:
1267:
1264:
1261:
1258:
1254:
1253:
1246:
1243:
1240:
1237:
1233:
1232:
1223:
1218:
1213:
1210:
1192:
1189:
1187:
1184:
1167:
1164:
1137:
1136:
1133:
1130:
1127:
1116:
1113:
1093:
1090:
1069:
1068:
1067:
1066:
1059:
1058:
1057:
1023:
1022:
1021:
1020:
1007:
957:
954:
934:Main article:
931:
928:
823:broker-dealers
787:
786:Securitization
784:
735:following the
728:of the laws).
704:
701:
696:slave mortgage
691:
688:
670:
667:
634:than an RMBS.
620:
619:
616:
613:
602:mortgage notes
590:securitization
565:
564:Securitization
562:
533:of 2006–2008.
482:"pass-through"
441:
440:
438:
437:
430:
423:
415:
412:
411:
408:
407:
402:
397:
392:
387:
382:
377:
371:
366:
365:
362:
361:
358:
357:
355:Unsecured debt
352:
347:
342:
337:
332:
327:
322:
317:
312:
307:
302:
300:Securitization
296:
291:
290:
287:
286:
283:
282:
277:
272:
267:
262:
257:
251:
246:
245:
242:
241:
238:
237:
232:
227:
222:
216:
211:
210:
207:
206:
203:
202:
197:
195:Municipal bond
192:
187:
185:Corporate bond
181:
178:
177:
174:
173:
170:
169:
164:
159:
157:Perpetual bond
154:
149:
144:
138:
135:
134:
131:
130:
127:
126:
121:
116:
111:
106:
101:
95:
90:
89:
86:
85:
82:
81:
76:
71:
66:
61:
55:
50:
49:
46:
45:
37:
36:
26:
9:
6:
4:
3:
2:
5605:
5594:
5591:
5589:
5586:
5584:
5581:
5579:
5576:
5575:
5573:
5558:
5557:
5548:
5547:
5544:
5543:
5539:
5537:
5536:
5532:
5531:
5528:
5521:
5518:
5515:
5512:
5509:
5506:
5503:
5500:
5497:
5494:
5491:
5488:
5486:(adopted son)
5485:
5482:
5479:
5476:
5474:(second wife)
5473:
5470:
5467:
5464:
5463:
5461:
5459:
5455:
5449:
5446:
5442:
5439:
5437:
5434:
5432:
5429:
5427:
5424:
5422:
5420:
5419:Ronald Reagan
5415:
5413:
5410:
5409:
5408:
5405:
5404:
5402:
5398:
5392:
5389:
5386:
5385:
5381:
5378:
5377:
5373:
5370:
5369:
5365:
5362:
5361:
5357:
5354:
5353:
5349:
5346:
5345:
5341:
5338:
5337:
5333:
5330:
5329:
5325:
5322:
5321:
5317:
5314:
5313:
5309:
5306:
5305:
5301:
5298:
5295:
5291:
5288:
5287:
5285:
5284:
5280:
5277:
5276:
5272:
5269:
5267:
5263:
5260:
5259:
5255:
5253:
5252:
5248:
5246:
5243:
5238:
5235:
5234:
5233:
5230:
5228:
5225:
5224:
5222:
5220:
5214:
5202:
5199:
5197:
5194:
5192:
5189:
5187:
5184:
5182:
5179:
5177:
5174:
5173:
5172:
5171:1984 campaign
5169:
5165:
5162:
5160:
5157:
5155:
5152:
5150:
5147:
5145:
5142:
5140:
5137:
5135:
5132:
5131:
5130:
5129:1980 campaign
5127:
5123:
5120:
5118:
5115:
5114:
5113:
5112:1976 campaign
5110:
5109:
5107:
5103:
5097:
5094:
5092:
5089:
5088:
5086:
5084:Gubernatorial
5082:
5079:
5077:
5073:
5067:
5066:
5062:
5060:
5059:
5055:
5054:
5052:
5050:
5046:
5040:
5037:
5035:
5032:
5030:
5027:
5025:
5022:
5020:
5017:
5015:
5012:
5007:
5004:
5001:
4998:
4995:
4994:
4990:
4989:
4988:
4985:
4983:
4980:
4978:
4975:
4971:
4968:
4966:
4963:
4962:
4961:
4958:
4956:
4953:
4951:
4948:
4946:
4943:
4941:
4938:
4936:
4933:
4931:
4928:
4926:
4923:
4921:
4918:
4917:
4915:
4909:
4901:
4897:
4893:
4889:
4888:
4885:
4881:
4880:Ronald Reagan
4874:
4869:
4867:
4862:
4860:
4855:
4854:
4851:
4839:
4838:
4828:
4826:
4825:
4815:
4813:
4812:
4802:
4801:
4798:
4792:
4789:
4787:
4784:
4782:
4779:
4777:
4774:
4772:
4769:
4767:
4764:
4762:
4759:
4757:
4754:
4752:
4749:
4747:
4744:
4742:
4739:
4737:
4734:
4732:
4729:
4727:
4724:
4722:
4719:
4717:
4714:
4712:
4709:
4708:
4706:
4702:
4696:
4693:
4691:
4688:
4686:
4683:
4681:
4678:
4676:
4673:
4671:
4668:
4666:
4663:
4661:
4658:
4656:
4653:
4651:
4648:
4646:
4643:
4641:
4638:
4636:
4633:
4631:
4628:
4627:
4625:
4621:
4615:
4612:
4610:
4607:
4605:
4602:
4600:
4597:
4595:
4592:
4590:
4587:
4585:
4584:Mortgage loan
4582:
4580:
4577:
4575:
4572:
4570:
4567:
4565:
4562:
4560:
4557:
4555:
4552:
4550:
4547:
4545:
4542:
4540:
4537:
4536:
4534:
4532:and valuation
4528:
4522:
4519:
4517:
4516:Torrens title
4514:
4512:
4509:
4507:
4504:
4502:
4501:Real property
4499:
4495:
4492:
4491:
4490:
4487:
4485:
4482:
4478:
4475:
4474:
4473:
4470:
4468:
4465:
4463:
4460:
4458:
4455:
4453:
4450:
4448:
4445:
4443:
4440:
4438:
4435:
4433:
4430:
4428:
4425:
4423:
4420:
4418:
4415:
4413:
4410:
4409:
4407:
4404:
4400:
4394:
4391:
4389:
4386:
4384:
4381:
4379:
4376:
4374:
4371:
4370:
4368:
4364:
4358:
4355:
4353:
4350:
4348:
4345:
4343:
4340:
4336:
4333:
4331:
4330:Golf property
4328:
4326:
4323:
4321:
4318:
4316:
4313:
4311:
4308:
4307:
4306:
4303:
4301:
4298:
4296:
4293:
4291:
4288:
4286:
4283:
4279:
4276:
4275:
4274:
4271:
4270:
4268:
4264:
4258:
4255:
4253:
4250:
4248:
4245:
4243:
4240:
4238:
4235:
4233:
4230:
4228:
4225:
4223:
4220:
4218:
4215:
4213:
4210:
4208:
4205:
4203:
4200:
4198:
4195:
4193:
4190:
4189:
4187:
4183:
4177:
4174:
4172:
4169:
4168:
4165:
4161:
4154:
4149:
4147:
4142:
4140:
4135:
4134:
4131:
4119:
4114:
4109:
4108:
4105:
4099:
4096:
4094:
4091:
4089:
4086:
4084:
4081:
4079:
4076:
4074:
4073:Consumer debt
4071:
4070:
4068:
4066:Market issues
4064:
4058:
4055:
4053:
4050:
4048:
4045:
4043:
4042:Fund of funds
4040:
4038:
4035:
4033:
4030:
4028:
4025:
4023:
4020:
4018:
4015:
4013:
4010:
4008:
4005:
4003:
4000:
3998:
3995:
3993:
3990:
3989:
3987:
3983:
3977:
3974:
3972:
3969:
3967:
3964:
3962:
3959:
3957:
3954:
3952:
3949:
3948:
3946:
3944:
3940:
3934:
3931:
3929:
3926:
3924:
3921:
3919:
3916:
3914:
3911:
3909:
3906:
3904:
3901:
3899:
3896:
3894:
3891:
3889:
3886:
3884:
3883:Forward price
3881:
3879:
3876:
3874:
3871:
3869:
3866:
3864:
3861:
3859:
3856:
3855:
3853:
3848:
3845:
3843:
3840:
3839:
3836:
3830:
3827:
3825:
3822:
3820:
3817:
3815:
3812:
3810:
3807:
3805:
3802:
3800:
3797:
3795:
3794:Interest rate
3792:
3790:
3787:
3785:
3782:
3780:
3777:
3775:
3772:
3770:
3767:
3765:
3762:
3760:
3757:
3755:
3752:
3750:
3747:
3745:
3742:
3740:
3737:
3735:
3732:
3730:
3727:
3725:
3722:
3721:
3719:
3717:
3713:
3703:
3700:
3698:
3695:
3693:
3690:
3688:
3687:MC Simulation
3685:
3683:
3680:
3678:
3675:
3673:
3670:
3668:
3665:
3663:
3660:
3658:
3655:
3652:
3648:
3647:Black–Scholes
3645:
3643:
3640:
3638:
3635:
3633:
3630:
3629:
3627:
3625:
3621:
3614:
3610:
3606:
3603:
3601:
3600:Risk reversal
3598:
3596:
3593:
3591:
3588:
3586:
3583:
3581:
3578:
3576:
3573:
3571:
3568:
3566:
3563:
3561:
3558:
3556:
3553:
3551:
3548:
3546:
3543:
3541:
3538:
3536:
3533:
3531:
3530:Credit spread
3528:
3526:
3523:
3521:
3518:
3516:
3513:
3511:
3508:
3506:
3503:
3501:
3498:
3496:
3493:
3492:
3490:
3488:
3484:
3478:
3475:
3473:
3470:
3468:
3465:
3462:
3460:
3457:
3455:
3454:Interest rate
3452:
3450:
3449:Forward start
3447:
3445:
3442:
3440:
3437:
3435:
3432:
3430:
3427:
3425:
3422:
3420:
3417:
3415:
3412:
3410:
3407:
3405:
3402:
3401:
3399:
3397:
3393:
3387:
3384:
3382:
3379:
3377:
3376:Option styles
3374:
3372:
3369:
3367:
3364:
3362:
3359:
3357:
3354:
3352:
3349:
3347:
3344:
3342:
3339:
3338:
3336:
3334:
3330:
3324:
3321:
3319:
3316:
3314:
3311:
3309:
3306:
3304:
3301:
3299:
3296:
3294:
3293:Open interest
3291:
3289:
3286:
3284:
3281:
3279:
3276:
3274:
3273:Delta neutral
3271:
3270:
3268:
3264:
3261:
3259:
3255:
3251:
3246:
3242:
3235:
3230:
3228:
3223:
3221:
3216:
3215:
3212:
3200:
3197:
3195:
3192:
3189:
3186:
3183:
3180:
3177:
3174:
3171:
3168:
3165:
3162:
3159:
3156:
3154:
3151:
3148:
3145:
3142:
3139:
3138:
3136:
3132:
3126:
3125:Shell company
3123:
3121:
3118:
3116:
3113:
3111:
3108:
3106:
3103:
3102:
3100:
3098:
3094:
3090:
3083:
3078:
3076:
3071:
3069:
3064:
3063:
3060:
3047:
3044:
3041:
3038:
3035:
3032:
3031:
3029:
3025:
3019:
3018:Puttable bond
3016:
3014:
3011:
3009:
3006:
3004:
3001:
2999:
2996:
2994:
2993:Callable bond
2991:
2990:
2988:
2986:
2982:
2976:
2973:
2971:
2968:
2966:
2963:
2961:
2958:
2956:
2953:
2952:
2950:
2946:
2940:
2937:
2935:
2932:
2930:
2927:
2925:
2922:
2920:
2917:
2915:
2912:
2910:
2907:
2905:
2904:Nominal yield
2902:
2900:
2897:
2895:
2892:
2890:
2887:
2885:
2882:
2880:
2879:Current yield
2877:
2875:
2874:Credit spread
2872:
2870:
2867:
2865:
2862:
2860:
2857:
2856:
2854:
2852:
2848:
2842:
2839:
2837:
2834:
2832:
2831:Puttable bond
2829:
2827:
2824:
2822:
2819:
2817:
2814:
2812:
2809:
2807:
2804:
2802:
2799:
2797:
2794:
2792:
2789:
2787:
2784:
2782:
2779:
2777:
2774:
2772:
2769:
2767:
2764:
2762:
2761:Callable bond
2759:
2757:
2754:
2752:
2749:
2748:
2746:
2742:
2736:
2733:
2731:
2728:
2726:
2723:
2721:
2718:
2716:
2713:
2709:
2706:
2704:
2701:
2700:
2699:
2696:
2694:
2691:
2690:
2688:
2684:
2678:
2675:
2673:
2670:
2668:
2665:
2664:
2661:
2657:
2650:
2645:
2643:
2638:
2636:
2631:
2630:
2627:
2621:
2620:
2615:
2612:
2609:
2607:
2603:
2600:
2598:
2597:
2592:
2591:
2580:
2575:
2571:
2565:
2561:
2556:
2552:
2546:
2542:
2541:
2536:
2532:
2528:
2527:
2507:
2501:
2494:
2490:
2487:
2483:
2476:
2470:
2468:
2459:
2455:
2449:
2443:, p. 29.
2442:
2437:
2418:
2411:
2403:
2401:0-07-251076-5
2397:
2393:
2386:
2375:
2368:
2362:
2355:
2351:
2347:
2346:
2339:
2330:
2321:
2314:
2310:
2305:
2296:
2281:
2274:
2267:
2258:
2248:
2242:, p. 26.
2241:
2236:
2229:
2225:
2219:
2215:
2208:
2201:
2196:
2190:, p. 32.
2189:
2184:
2174:
2168:, p. 34.
2167:
2162:
2156:, p. 31.
2155:
2150:
2148:
2141:, p. 25.
2140:
2135:
2129:, p. 23.
2128:
2123:
2117:, p. 21.
2116:
2111:
2109:
2102:, p. 20.
2101:
2096:
2094:
2086:
2081:
2075:, p. 19.
2074:
2069:
2062:
2057:
2048:
2033:
2027:
2019:
2015:
2011:
2004:
1986:
1980:
1973:
1968:
1961:
1956:
1949:
1943:
1941:
1925:
1919:
1911:
1905:
1897:
1893:
1887:
1880:
1874:
1867:
1862:
1848:
1844:
1838:
1831:
1825:
1810:
1808:9781118234549
1804:
1800:
1799:
1791:
1787:
1778:
1775:
1773:
1770:
1767:
1766:Lewis Ranieri
1764:
1762:
1759:
1757:
1754:
1752:
1749:
1748:
1742:
1739:
1735:
1725:
1723:
1719:
1705:
1694:
1690:
1686:
1683:
1678:
1676:
1671:
1667:
1665:
1661:
1657:
1646:
1644:
1636:
1632:
1629:
1628:credit spread
1626:
1622:
1618:
1615:
1611:
1607:
1603:
1599:
1596:
1592:
1591:
1590:
1588:
1587:credit rating
1582:
1569:
1568:risk aversion
1565:
1562:
1559:
1555:
1552:
1550:
1546:
1543:
1542:
1541:
1539:
1538:interest rate
1534:
1532:
1528:
1524:
1520:
1519:interest rate
1516:
1511:
1509:
1505:
1501:
1490:
1488:
1484:
1480:
1476:
1472:
1468:
1464:
1459:
1457:
1453:
1449:
1445:
1441:
1440:interest rate
1431:
1398:
1396:
1386:
1384:
1379:
1346:
1342:
1340:
1336:
1332:
1317:
1311:
1304:
1301:
1299:Overall Pool
1298:
1297:
1289:
1286:
1283:
1280:
1277:
1276:
1268:
1265:
1262:
1259:
1256:
1255:
1247:
1244:
1241:
1238:
1235:
1234:
1230:
1227:(the loan's "
1224:
1219:
1214:
1211:
1208:
1207:
1204:
1201:
1199:
1183:
1179:
1176:
1172:
1163:
1161:
1157:
1152:
1150:
1146:
1142:
1134:
1131:
1128:
1125:
1124:credit spread
1121:
1117:
1114:
1111:
1107:
1106:
1105:
1098:
1089:
1086:
1085:
1080:
1079:credit scores
1076:
1072:
1064:
1060:
1055:
1051:
1050:
1048:
1044:
1043:
1042:
1041:
1040:
1038:
1034:
1030:
1029:
1018:
1014:
1013:
1008:
1005:
1001:
1000:
995:
994:
993:
992:
991:
988:
984:
981:
979:
975:
970:
962:
953:
951:
947:
943:
937:
927:
925:
921:
917:
913:
908:
906:
902:
898:
894:
890:
885:
883:
882:pension funds
879:
875:
871:
867:
863:
859:
855:
851:
847:
843:
839:
835:
831:
828:
824:
820:
816:
812:
808:
803:
801:
797:
793:
783:
781:
777:
773:
769:
765:
761:
756:
754:
750:
746:
742:
738:
734:
729:
726:
722:
718:
714:
710:
703:US government
700:
697:
687:
683:
681:
677:
666:
664:
660:
656:
652:
647:
645:
640:
635:
633:
629:
625:
617:
614:
611:
607:
603:
599:
598:
597:
595:
591:
582:
575:
570:
561:
559:
555:
551:
546:
543:
539:
534:
532:
528:
523:
521:
517:
513:
509:
505:
501:
500:mortgage bond
496:
493:
491:
487:
483:
478:
476:
472:
468:
464:
460:
456:
452:
448:
436:
431:
429:
424:
422:
417:
416:
414:
413:
406:
403:
401:
398:
396:
393:
391:
388:
386:
383:
381:
378:
376:
373:
372:
369:
364:
363:
356:
353:
351:
348:
346:
343:
341:
338:
336:
333:
331:
328:
326:
323:
321:
318:
316:
313:
311:
308:
306:
303:
301:
298:
297:
294:
289:
288:
281:
278:
276:
273:
271:
268:
266:
263:
261:
258:
256:
253:
252:
249:
244:
243:
236:
235:Short selling
233:
231:
228:
226:
223:
221:
218:
217:
214:
209:
208:
201:
198:
196:
193:
191:
188:
186:
183:
182:
176:
175:
168:
165:
163:
160:
158:
155:
153:
150:
148:
145:
143:
140:
139:
133:
132:
125:
122:
120:
117:
115:
112:
110:
107:
105:
102:
100:
97:
96:
93:
88:
87:
80:
77:
75:
72:
70:
67:
65:
62:
60:
57:
56:
53:
48:
47:
43:
39:
38:
35:
32:
31:
19:
5549:
5540:
5533:
5472:Nancy Reagan
5468:(first wife)
5418:
5383:
5375:
5366:
5359:
5350:
5343:
5335:
5327:
5320:Reagan's War
5318:
5311:
5302:
5281:
5273:
5265:
5256:
5249:
5227:Bibliography
5105:Presidential
5063:
5056:
4991:
4930:Boyhood home
4925:Pitney Store
4835:
4823:
4809:
4756:Land banking
4655:Land banking
4640:Buyer broker
4614:Rental value
4437:Conveyancing
4247:Saudi Arabia
4051:
3893:Forward rate
3804:Total return
3692:Real options
3595:Ratio spread
3575:Naked option
3535:Debit spread
3366:Fixed income
3308:Strike price
3146:
3027:Institutions
2985:Bond options
2974:
2929:Yield spread
2821:Lottery bond
2751:Accrual bond
2677:Fixed income
2618:
2605:
2595:
2578:
2559:
2539:
2523:Bibliography
2510:. Retrieved
2500:
2482:
2474:
2457:
2448:
2436:
2424:. Retrieved
2410:
2391:
2385:
2374:the original
2361:
2343:
2338:
2329:
2320:
2312:
2304:
2295:
2283:. Retrieved
2279:
2266:
2257:
2247:
2235:
2227:
2213:
2207:
2195:
2183:
2173:
2161:
2134:
2122:
2080:
2068:
2056:
2047:
2036:. Retrieved
2026:
2009:
2003:
1992:. Retrieved
1979:
1971:
1967:
1959:
1955:
1947:
1928:. Retrieved
1918:
1904:
1886:
1878:
1873:
1861:
1850:. Retrieved
1847:Investopedia
1846:
1837:
1829:
1824:
1812:. Retrieved
1797:
1790:
1731:
1706:
1695:
1691:
1687:
1681:
1679:
1672:
1668:
1652:
1640:
1625:risk neutral
1614:down payment
1584:
1553:unemployment
1547:home prices
1535:
1512:
1507:
1499:
1496:
1460:
1437:
1399:
1394:
1392:
1380:
1347:
1343:
1330:
1328:
1202:
1194:
1180:
1177:
1173:
1169:
1153:
1138:
1103:
1082:
1074:
1073:
1070:
1062:
1053:
1046:
1032:
1026:
1024:
1010:
997:
986:
985:
982:
974:pass-through
973:
966:
939:
909:
886:
819:Regulation T
804:
795:
791:
789:
757:
730:
706:
693:
684:
672:
648:
636:
621:
594:jurisdiction
587:
547:
535:
524:
499:
497:
494:
479:
450:
446:
444:
314:
99:Stock market
5514:Neil Reagan
5502:Jack Reagan
5490:Patti Davis
5387:(2024 film)
5376:The Reagans
5371:(2020 game)
5363:(2016 film)
5355:(2015 book)
5347:(2013 film)
5331:(2003 film)
5328:The Reagans
5323:(2002 book)
5315:(2001 film)
5307:(1991 film)
5299:(1986 song)
5278:(1985 game)
5268:(TV series)
4970:Tyler Prize
4950:Filmography
4902:(1967–1975)
4894:(1981–1989)
4781:Urban decay
4635:Buyer agent
4457:Foreclosure
4452:Encumbrance
4325:Arable land
4237:Puerto Rico
4185:By location
4160:Real estate
3824:Zero Coupon
3754:Correlation
3702:Vanna–Volga
3560:Iron condor
3346:Bond option
2924:Yield curve
2884:Dirty price
2859:Clean price
2735:Global bond
2703:Senior debt
2693:Agency bond
2656:Bond market
2426:30 November
1772:New Century
1761:Dollar roll
1738:foreclosure
1722:pool factor
1606:Freddie Mac
1581:Credit risk
1575:Credit risk
1564:demographic
1540:, such as:
1527:econometric
1523:yield curve
1479:correlation
1471:credit risk
1450:at a lower
1401:WAC = (22.2
1349:WAM = (22.2
1198:coupon rate
1156:speculation
1120:Wall Street
1004:residential
880:–regulated
780:Freddie Mac
655:Freddie Mac
558:Freddie Mac
520:Mike Vranos
512:real estate
471:residential
467:securitizes
368:Derivatives
255:Mutual fund
124:Spot market
5572:Categories
5496:Ron Reagan
5492:(daughter)
5480:(daughter)
5466:Jane Wyman
5344:The Butler
5219:depictions
5191:convention
5154:convention
5122:convention
5019:Reagan era
4920:Birthplace
4736:Green belt
4609:Remortgage
4393:Relocation
4192:Bangladesh
4098:Tax policy
3814:Volatility
3724:Amortising
3565:Jelly roll
3500:Box spread
3495:Backspread
3487:Strategies
3323:Volatility
3318:the Greeks
3283:Expiration
2602:MBS Basics
2512:2014-08-23
2441:Hayre 2001
2333:IRC § 385.
2038:2014-08-23
2034:. Nber.org
1994:2020-07-04
1990:. yale.edu
1930:2014-08-23
1852:2024-09-18
1783:References
1635:collateral
1610:Ginnie Mae
1602:Fannie Mae
1475:stochastic
1444:prepayment
1312:WAM: 275.5
1302:$ 900,000
1281:$ 300,000
1260:$ 400,000
1239:$ 200,000
1160:prepayment
1017:commercial
830:collateral
768:Ginnie Mae
760:Fannie Mae
659:Ginnie Mae
651:Fannie Mae
644:prepayment
554:Fannie Mae
475:commercial
459:instrument
275:Index fund
270:Hedge fund
200:Pfandbrief
74:Derivative
52:Securities
34:Securities
5516:(brother)
5448:Accolades
5304:Pizza Man
5217:Cultural
5186:primaries
5144:primaries
5117:primaries
5076:Elections
4721:Filtering
4711:Companies
4630:Appraiser
4511:Severance
4207:Indonesia
3789:Inflation
3739:Commodity
3697:Trinomial
3632:Bachelier
3624:Valuation
3505:Butterfly
3439:Commodore
3288:Moneyness
2864:Convexity
2672:Debenture
2562:. Wiley.
2458:USA Today
2285:August 9,
2178:Virginia.
1814:2 October
1656:Bloomberg
1549:inflation
1504:convexity
1448:refinance
1305:WAC: 6.27
1229:weighting
1220:Remaining
1191:Valuation
1141:liquidity
1139:The high
1037:principal
1006:property.
874:insurance
821:to allow
774:(VA) and
542:principal
508:mortgages
69:Debenture
5556:Category
5510:(mother)
5504:(father)
5421:(CVN-76)
5232:In music
5201:election
5164:election
4913:politics
4911:Life and
4811:Category
4716:Eviction
4660:Landlord
4462:Land law
4227:Pakistan
4171:Property
3928:Slippage
3858:Contango
3842:Forwards
3809:Variance
3769:Dividend
3764:Currency
3677:Margrabe
3672:Lattices
3651:equation
3637:Binomial
3585:Strangle
3580:Straddle
3477:Swaption
3459:Lookback
3444:Compound
3386:Warrants
3361:European
3341:American
3333:Vanillas
3298:Pin risk
3278:Exercise
2939:Z-spread
2894:I-spread
2889:Duration
2537:(1992).
2489:Archived
1745:See also
1595:mortgage
1558:tax laws
1425:% = 6.27
1421:% + 2.16
1339:duration
1215:Mortgage
1145:position
1110:illiquid
895:(REMIC)
817:amended
733:New Deal
632:security
622:While a
606:assigned
527:tranches
492:(CDOs).
463:mortgage
59:Banknote
5286:(1986)
5196:debates
5159:debates
4824:Commons
4741:Indices
4623:Parties
4422:Closing
4366:Sectors
3847:Futures
3467:Rainbow
3434:Cliquet
3429:Chooser
3409:Barrier
3396:Exotics
3258:Options
3115:Tranche
3048:(SIFMA)
2018:2042316
1751:A notes
1463:finance
1417:% + 2.7
1373:= 275.5
1365:+ 115.5
1278:Loan 3
1257:Loan 2
1236:Loan 1
1186:Pricing
1081:, etc.
690:History
395:Warrant
380:Futures
375:Forward
330:Tranche
92:Markets
5458:Family
5400:Legacy
5384:Reagan
5336:Reagan
5270:(1984)
5239:(1981)
5008:, 1980
5002:, 1964
4996:, 1961
4829:
4816:
4803:
4761:People
4695:Tenant
4521:Zoning
4242:Russia
4232:Panama
4217:Turkey
4197:Canada
3908:Margin
3774:Equity
3667:Heston
3570:Ladder
3520:Condor
3515:Collar
3472:Spread
3419:Binary
3414:Basket
3042:(ICMA)
3036:(CMSA)
2869:Coupon
2771:Consol
2566:
2547:
2398:
2220:
2016:
1805:
1621:Copula
1608:, and
1377:months
1369:+ 93.3
1284:6.50%
1263:6.25%
1242:6.00%
978:option
946:crisis
827:margin
612:(SPV).
385:Option
5522:(dog)
5498:(son)
5049:Books
4704:Other
4477:Lease
4266:Types
4222:Kenya
4212:Italy
4202:China
3779:Forex
3734:Basis
3729:Asset
3716:Swaps
3642:Black
3545:Fence
3404:Asian
3266:Terms
3190:(CFO)
3184:(CLO)
3178:(CBO)
3172:(CMO)
3166:(CDO)
3160:(CDS)
3149:(MBS)
3143:(ABS)
2420:(PDF)
2377:(PDF)
2370:(PDF)
2252:2016.
1988:(PDF)
1593:Most
1498:as a
1473:as a
1318:100%
1217:rate
1209:Loan
1084:Alt-A
1075:Prime
969:bonds
967:Most
956:Types
850:rated
719:from
608:to a
552:like
538:bonds
516:house
510:on a
502:is a
457:(an "
225:Share
220:Stock
79:Stock
5417:USS
5096:1970
5091:1966
4442:Deed
3613:Bull
3609:Bear
3351:Call
2667:Bond
2564:ISBN
2545:ISBN
2428:2012
2396:ISBN
2287:2012
2218:ISBN
2014:SSRN
1816:2019
1803:ISBN
1660:CDOs
1500:risk
1393:The
1337:and
1329:The
1290:33.3
1287:280
1269:44.4
1266:260
1248:22.2
1245:300
1092:Uses
887:The
872:and
864:and
836:non-
653:and
504:bond
390:Swap
64:Bond
5520:Rex
4403:Law
3381:Put
2350:doi
1682:are
1675:PSA
1485:or
1231:")
1045:An
848:AA-
556:or
451:MBS
5574::
3611:,
3371:FX
2533:;
2466:^
2456:.
2311:,
2278:.
2226:.
2146:^
2107:^
2092:^
1939:^
1894:.
1845:.
1724:.
1604:,
1510:.
1458:.
1385:.
1309:%
1294:%
1273:%
1252:%
1151:.
1061:A
1052:A
1025:A
1009:A
996:A
884:.
802:.
522:.
498:A
445:A
4872:e
4865:t
4858:v
4152:e
4145:t
4138:v
3653:)
3649:(
3615:)
3607:(
3233:e
3226:t
3219:v
3081:e
3074:t
3067:v
2648:e
2641:t
2634:v
2572:.
2553:.
2515:.
2495:.
2430:.
2404:.
2356:.
2352::
2289:.
2041:.
2020:.
1997:.
1933:.
1912:.
1898:.
1855:.
1818:.
1429:%
1427:7
1423:6
1419:7
1415:3
1411:3
1407:4
1403:2
1375:5
1371:3
1367:5
1363:6
1359:3
1355:4
1351:2
1314:5
1307:7
1292:3
1271:4
1250:2
642:(
576:)
449:(
434:e
427:t
420:v
20:)
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