Abstract
A mortgage-backed security (MBS) is a pass-through security so structured that all the payments made by mortgage holders, except for servicing fees, go to the investors who purchase the securities. In the case of residential mortgage, the payments are usually protected against the default risk of mortgagors by a guaranty institution. A class of residential mortgages is pooled and collateralized, on which MBS’s are securitized.
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© 2003 Springer Science+Business Media New York
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Kariya, T., Liu, R.Y. (2003). Pricing Mortgage-Backed Securities. In: Asset Pricing. Springer, Boston, MA. https://doi.org/10.1007/978-1-4419-9230-7_14
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DOI: https://doi.org/10.1007/978-1-4419-9230-7_14
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4613-4849-8
Online ISBN: 978-1-4419-9230-7
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