Advertisement

Mortgage-backed Securities and Associated Derivatives

  • Erik Banks
Part of the Finance and Capital Markets Series book series (FCMS)

Abstract

Mortgage-backed securities (MBSs), or pass-through securities, are instruments backed by ‘pools’ of mortgages, which pay a periodic (generally monthly) coupon of interest and principal. In essence, MBSs represent the securitised and tradeable form of residential and commercial mortgages. The most commonly traded MBSs are based on mortgages packaged by loan originators and guaranteed by one of three US Government agencies: the Government National Mortgage Association (GNMA or Ginnie Mae), the Federal National Mortgage Association (FNMA or Fannie Mae) and the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac).

Keywords

Credit Risk Market Risk Strike Price Private Label Federal Housing Administration 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© Erik Banks 1993

Authors and Affiliations

  • Erik Banks
    • 1
  1. 1.TokyoJapan

Personalised recommendations