Mortgage-backed Securities and Associated Derivatives

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


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).


Credit Risk Market Risk Strike Price Private Label Federal Housing Administration 
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Copyright information

© Erik Banks 1993

Authors and Affiliations

  • Erik Banks
    • 1
  1. 1.TokyoJapan

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