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mortgage-backed security

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amortization

Overview page. Subjects: Financial Institutions and Services.

1 The process of treating as an expense the annual amount deemed to waste away from a fixed asset. The concept is particularly applied to leases, which are acquired for a given...

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asset financing

Overview page. Subjects: Financial Institutions and Services.

Methods of financing based around the pledging of assets to raise debt. Such methods include asset-backed and mortgage-backed as well as forfaiting and receivables financing.

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asset-backed

Overview page. Subjects: Economics.

Generic term for securities or financing methods where the underlying obligation and the source of interest and principal repayment is the cash flow from a particular financial asset or a...

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asset-based

Overview page. Subjects: Economics.

Any form of lending which involves a pledge of the underlying assets. See asset-backed security; debenture; lien; mortgage-backed securities.

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backed note

Overview page. Subjects: Economics.

1 A shipping term for a receiving note bearing the endorsement of a ship broker or agent. It is an authority for goods to be brought in barges (or other ...

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collateralized mortgage obligation

Overview page. Subjects: Economics.

(CMO) (Bonds; USA).

A type of mortgaged-backed bond where the repayments of principal are separated into different maturity streams (cf. asset-backed). CMOs were developed to...

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conditional prepayment rate

Overview page. Subjects: Economics.

(CPR).

A calculation made for prepayment models typically used for mortgage-backed securities where the paydown rate is stated in annualized terms and which assumes constant...

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convexity

Overview page. Subjects: Economics.

A mathematical expression of how the duration of a bond will change when its yield changes. It measures the stability of the relationship between the price of a bond and its yield, when the...

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dollar roll

Overview page. Subjects: Economics.

(Bonds; USA).

The simultaneous buying and selling of a mortgaged-backed security where the security is sold for near month settlement and bought back for forward month settlement...

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early amortization

Overview page. Subjects: Economics.

(Bonds; USA).

Earlier than anticipated repayments of principal on asset-backed securities. Typically this is a problem with mortgage-backed bonds where the expected repayments are...

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embedded option

Overview page. Subjects: Economics.

Those features of the terms and conditions of securities which have option characteristics (i.e. the right but not the obligation to exercise) but which cannot be unbundled to be traded ...

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equipment trust certificate

Overview page. Subjects: Business and Management — Economics.

In the USA, a document setting out the details of a loan used to fund the purchase of equipment. The holder of the certificate has a secured interest in the asset in the event of a...

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extension risk

Overview page. Subjects: Financial Institutions and Services.

The risk associated with an agreement that permits one of the partners to extend its term, so that payments take place later than expected. It is the opposite of prepayment risk.

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Farmer Mac

Overview page. Subjects: Financial Institutions and Services.

(Bonds; USA).

Mortgage-backed securities that are pools of agricultural and rural housing loans and largely guaranteed by the Federal Agricultural Mortgage Corporation.

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federal agencies

Overview page. Subjects: Economics.

Institutions founded by the US federal government, which de facto guarantees their debt. The institutions are responsible for providing different types of credit. The key institutions are:...

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FHA experience

Overview page. Subjects: Economics.

(Bonds; USA).

The prepayment experience of the federal housing administration mortgages often used to model the prepayment risk of mortgage-backed issues in the US domestic market....

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fixed debenture

Overview page. Subjects: Economics.

(Bonds; UK).

Equivalent to a mortgage-backed bond, since the issue is backed by a fixed charge on a specific asset or group of assets of the issuer (cf. floating debenture;...

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fixed payment bond

Overview page. Subjects: Economics.

A type of mortgage-backed issue where the amortization of the securities is predetermined at the onset, thus reducing the prepayment risk. See collateralized mortgage obligations.

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Freddie Mac

Overview page. Subjects: Financial Institutions and Services.

Colloquial name in the USA for the Federal Home Loan Mortgage Corporation.

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Government National Mortgage Association

Overview page. Subjects: Financial Institutions and Services.

(GNMA)

A US government agency that guarantees payment on securities backed by mortgages granted by such national organizations as the Federal Housing Association. See also Ginnie...

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