Mortgage-backed security - Knowledge (XXG)

581: 42: 5049: 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 5056: 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 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). 1097: 961: 5568: 4806: 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.

4832: 4113: 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 4819: 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 569: 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.

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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.

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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,

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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

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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

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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

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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

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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

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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,

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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

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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

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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

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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

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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.

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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:

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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

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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%

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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.

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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

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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 4976: 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 580: 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

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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.

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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

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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.

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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.

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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

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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.

5164: 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:

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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.

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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).

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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

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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.

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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: 5260: 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)

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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:

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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

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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.

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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 5005: 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. 5028: 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

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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.

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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

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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

5033: 4745: 3033: 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 4969: 841: 763: 41: 5422: 5216: 5186: 5179: 5144: 5127: 5038: 3039: 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.

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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

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There are many reasons for mortgage originators to finance their activities by issuing mortgage-backed securities. Mortgage-backed securities:

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In the U.S. the MBS market has more than $ 11 trillion in outstanding securities and almost $ 300 billion in average daily trading volume.

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prepayment models that models homeowner behavior as a function of projected mortgage rates. Given the market price, the model produces an

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or collection of mortgages. The mortgages are aggregated and sold to a group of individuals (a government agency or investment bank) that

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Thompson, Howard E.; Riddiough, Timothy J. (2012-04-18). "Déjà Vu All Over Again: Agency, Uncertainty, Leverage and the Panic of 1857".

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are often a more efficient and lower-cost source of financing in comparison with other bank and capital markets financing alternatives.

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The Tax Reform Act of 1986 significantly acted to reduce real estate values and to weaken the profit positions of Savings and Loans...

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is theoretically identical between a mortgage ensemble and the average mortgage within it, the chance of catastrophic loss is reduced.

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to assist in the construction, acquisition, and rehabilitation of residential properties. The FHA helped develop and standardize the

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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:

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Since these two sources of risk (IR and prepayment) are linked, solving mathematical models of MBS value is a difficult problem in

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allow issuers to diversify their financing sources by offering alternatives to more traditional forms of debt and equity financing

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mortgages are conforming mortgages with prime borrowers, full documentation (such as verification of income and assets), strong

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These securitization trusts may be structured by government-sponsored enterprises as well as by private entities that may offer

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of 2008 (other than the neglectful actions of banking institutions) was the Financial Services Moderation Act (also called the

853: 712: 665:(REMIC), a tax-structure entity usually used for CMOs; among other things, a REMIC structure avoids so-called double taxation. 549: 2610: 4730: 4710: 4175: 3991: 3636: 3187: 3181: 3163: 2959: 2835: 1659: 1486: 1482: 873: 740: 489: 339: 334: 723:, providing safeguards against possible corruption with many types of investment securities (like the MBS). Even though the 5390: 5242: 5064: 4964: 4959: 4899: 4836: 2272: 5535: 4740: 4684: 4289: 2453: 1776: 806: 744: 675: 5598: 4919: 4891: 4863: 4689: 4679: 4246: 4031: 3569: 3423: 3217: 3065: 2775: 865: 775: 3650: 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. 794:, composed primarily of conventional mortgages. In 1981, Fannie Mae issued its first mortgage pass-through, called a 3175: 1842: 568: 5603: 4929: 4346: 4236: 3828: 3104: 2815: 1755: 833: 118: 5055: 686:"once a lender sold a mortgage, it no longer had a stake in whether the borrower could make his or her payments." 4981: 4949: 4294: 4191: 4143: 3932: 3743: 2639: 2616: 1382: 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. 1798:

The Mechanics of Securitization: A Practical Guide to Structuring and Closing Asset-Backed Security Transactions

5252: 5149: 4206: 4046: 1514: 945: 935: 911: 752: 646:), the monthly cash flow of an MBS is not known in advance, and an MBS therefore presents a risk to investors. 530: 525:

The shares of subprime MBSs issued by various structures, such as CMOs, are not identical but rather issued as

425: 3701: 3646: 1506:). In other words, the proceeds received would need to be reinvested at a lower interest rate. Hence the term 1677:. When a mortgage refinances or the borrower prepays during the month, the prepayment measurement increases. 5326: 5298: 5290: 4488: 4377: 4226: 4001: 3671: 3661: 3529: 3370: 3302: 2486: 1984: 900: 896: 609: 229: 108: 708: 5571: 5473: 5406: 5247: 4856: 4588: 4548: 4314: 3950: 3798: 3783: 3748: 3691: 2908: 2810: 1530: 1438:

Pricing a "vanilla" corporate bond is based on two sources of uncertainty: default risk (credit risk) and

888: 151: 5374: 5319: 4649: 4629: 4603: 4593: 4553: 4421: 4382: 4284: 4241: 4231: 4216: 4196: 4011: 3862: 3778: 3355: 3140: 2954: 2918: 2755: 2714: 1334: 481: 454: 309: 3676: 1049:(IO) is a bond with cash flows backed by the interest component of property owner's mortgage payments. 782:

to perform a role similar to that of Fannie Mae. Ginnie Mae does not invest in conventional mortgages.

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If an investor has acquired a pool at a premium (>100), as is common for higher coupons, then they

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for the express purpose of issuing pass-throughs. The Tax Reform Act may have contributed to the

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In 1960 the government enacted the Real Estate Investment Trust Act to allow the creation of the

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The price of an MBS pool is influenced by prepayment speed, usually measured in units of CPR or

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provide approximate theoretical prices. These are also required in most models that specify the

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Vink, Dennis and Thibeault, André (2008). "ABS, MBS and CDO Compared: An Empirical Analysis"

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There are other drivers of the prepayment function (or prepayment risk), independent of the

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companies) unless overridden by state law before October 1991 (which 21 states did), and

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The total face value of an MBS decreases over time, because like mortgages, and unlike

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The purchaser or assignee securitizes the pools by issuing mortgage-backed securities.

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of 1933, the only remaining statutory safeguard poised against the ensuing disaster.

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Among the early examples of mortgage-backed securities in the United States were the

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importance of these securities in the overall financial system and housing market.

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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. 98: 1544:

economic growth, which is correlated with increased turnover in the housing market

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profile, which can make fixed rate mortgages relatively more or less attractive

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According to the Bond Market Association, gross US issuance of agency MBS was:

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rates (a critical business risk for any company specializing in refinancing).

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In the United States, the most common securitization trusts are sponsored by

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The purchaser or assignee assembles these loans into collections, or "pools".

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One critical component of the securitization system in the US market is the

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of most mortgage-backed securities means that an investor wishing to take a

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to improve the marketability of private label pass-throughs, which declared

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In 1938, the government also created the government-sponsored corporation

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Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities

1109: 1035:(SMBS) where each mortgage payment is partly used to pay down the loan's 1016: 732: 488:(CMOs, often structured as real estate mortgage investment conduits) and 58: 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 3114: 2342:

Keith L. Krasney, "Legal Structure of Net Interest Margin Securities",

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Nevertheless, probably the most influential action that encouraged the

526: 329: 1843:"Mortgage-Backed Securities (MBS): Definition and Types of Investment" 4520: 3209: 3057: 2367:"A Journey to the Alt-A Zone: A Brief Primer on Alt-A Mortgage Loans" 626:(RMBS) is secured by single-family, one- to four-unit real estate, a 2593: 905:

Financial Institutions Reform, Recovery and Enforcement Act of 1989

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These securities are referred to as Fast-pay, Slow-pay securities.

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and Intex to analyze MBS pools and more esoteric products such as

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mortgage-backed securities to be legal investments equivalent to

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In the United States, MBSs may be issued by structures set up by

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How can mortgage-backed securities bring down the U.S. economy?

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by insuring them, and helped the mortgage design garner usage.

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Single-family home mortgage-backed security issuance, 2003–2017

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If the property owner should default, the property remains as

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Lemke, Thomas P.; Lins, Gerald T.; Picard, Marie E. (2017).

1442:(IR) exposure. The MBS adds a third risk: early redemption ( 604:) are purchased from banks and other lenders, and possibly 1716:

values for input variables implied by the market. Varying

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in a country change this can change the market profoundly)

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 5472: 5415: 5231: 5120: 5099: 5090: 5063: 4910: 4703: 4622: 4529: 4401: 4365: 4265: 4184: 4065: 3984: 3941: 3837: 3714: 3622: 3485: 3394: 3331: 3265: 3256: 3133: 3095: 3026: 2983: 2947: 2849: 2743: 2685: 868:), state-chartered financial institutions (such as 2469: 2467: 2239: 2199: 2187: 2165: 2153: 2138: 2126: 2114: 2099: 2084: 2072: 2060: 940:Low-quality mortgage-backed securities backed by 770:to support the FHA-insured mortgages, as well as 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 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: 426: 8: 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. 1225:Percentage of pool's total $ 900,000 balance 903:of the 1980s and 1990s that resulted in the 5096: 5034:Ronald and Nancy Reagan Research Institute 4871: 4857: 4849: 4831: 4151: 4137: 4129: 3262: 3232: 3218: 3210: 3080: 3066: 3058: 3034:Commercial Mortgage Securities Association 2647: 2633: 2625: 2348:, Spring 2007, Vol. 13, No. 1: pp. 54-59, 433: 419: 29: 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 2394:. McGraw-Hill/Irwin. pp. 158, 186. 1734:Mortgage Electronic Registration Systems 1205: 798:. In 1983, Freddie Mac issued the first 739:, the US federal government created the 715:. This legislative initiative separated 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" 1896:U.S. Securities and Exchange Commission 1787: 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. 32: 2390:Ross, Stephen A.; et al. (2004). 1700:High Loan Balance: $ 110,000–$ 150,000 1521:scenarios consistent with the current 1493:Interest rate risk and prepayment risk 592:is complex and depends greatly on the 2477:, Chapter 5 (Thomson West, 2013 ed.). 2440: 1950:, Chapter 4 (Thomson West, 2013 ed.). 1881:, Chapter 1 (Thomson West, 2013 ed.). 1513:Professional investors generally use 1100:Risk, Return, Rating and Yield relate 918:). It was signed into law in 1999 by 7: 4818: 3992:Collateralized debt obligation (CDO) 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 628:commercial mortgage-backed security 486:collateralized mortgage obligations 320:Commercial mortgage-backed security 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: 4574:Investment rating for real estate 2596:The Journal of Structured Finance 2345:The Journal of Structured Finance 1033:stripped mortgage-backed security 5567: 5566: 5384:Call of Duty: Black Ops Cold War 5150:"Let's make America great again" 5054: 5047: 4830: 4817: 4805: 4804: 4111: 1662:, although tools such as Citi's 948:that played a major role in the 550:government-sponsored enterprises 40: 5014:Presidential Library and Museum 4935:General Electric Showcase House 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). 1868:| Josh Clark| How Stuff Works. 1481:. Practitioners typically use 944:in the United States caused a 741:Federal Housing Administration 340:Collateralized fund obligation 335:Collateralized debt obligation 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" 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 5609: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 1054:net interest margin security 866:federal savings associations 807:real estate investment trust 745:National Housing Act of 1934 669:Advantages and disadvantages 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. 776:Farmers Home Administration 5625: 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: 980:with no special features. 933: 265:Exchange-traded fund (ETF) 18:Mortgage-backed securities 5558:George H. W. Bush → 5545: 5045: 4987:Pre-presidential speeches 4982:Citizens for the Republic 4886: 4799: 4295:International real estate 4166: 4106: 3933:Stock market index future 3247: 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 5594:Mortgage-backed security 5253: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. 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 5423:Namesakes and memorials 5407:"What would Reagan do?" 5328:The Day Reagan Was Shot 5299:The Dark Knight Returns 5291: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 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 5442:Ronald Reagan Building 5165: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 5551:← Jimmy Carter 5192:"Morning in America" 5155:"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 5524:Nelle Wilson Reagan 5457:Ronald Reagan Trail 5428:U.S. Capitol statue 5277:(1983 comic series) 5261:U.S. Postage stamps 5197:"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 5599:Structured finance 5355:(2011 documentary) 5274:Ed the Happy Clown 5081: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:% × 6.25%) + (33.3 1405:% × 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 5604:Financial capital 5581: 5580: 5452:Reagan Day Dinner 5447:Ronald Reagan Day 5395:(2020 miniseries) 5313:Land of Confusion 5267:Rap Master Ronnie 5227: 5226: 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 5616: 5570: 5569: 5097: 5074:An American Life 5058: 5051: 5050: 5024:Reagan coalition 4945:Rancho del Cielo 4903: 4895: 4873: 4866: 4859: 4850: 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: 4116: 4115: 3888:Forwards pricing 3662:Garman–Kohlhagen 3263: 3234: 3227: 3220: 3211: 3120:Orphan structure 3082: 3075: 3068: 3059: 2998:Convertible bond 2841:Zero-coupon bond 2781:Convertible bond 2766:Commercial paper 2649: 2642: 2635: 2626: 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:% × 6.50%) = 1.3 1412: 1408: 1404: 1378: 1376: 1372: 1368: 1364: 1360: 1357:% × 260) + (33.3 1356: 1353:% × 300) + (44.4 1352: 1315: 1308: 1293: 1272: 1251: 1206: 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: 21: 5624: 5623: 5619: 5618: 5617: 5615: 5614: 5613: 5584: 5583: 5582: 5577: 5541: 5468: 5411: 5306:film adaptation 5234: 5223: 5116: 5086: 5059: 5053: 5052: 5048: 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. 2576: 2570: 2557: 2551: 2529: 2525: 2520: 2511: 2509: 2504: 2503: 2499: 2493:Wayback Machine 2485: 2481: 2472: 2465: 2452: 2451: 2447: 2439: 2435: 2425: 2423: 2419: 2414: 2413: 2409: 2402: 2389: 2388: 2384: 2376: 2369: 2365: 2364: 2360: 2341: 2337: 2332: 2328: 2323: 2319: 2307: 2303: 2298: 2294: 2284: 2282: 2276:(Dealbook blog) 2275: 2270: 2269: 2265: 2260: 2256: 2250: 2246: 2238: 2234: 2224: 2211: 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: 2007: 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: 1794: 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:% × 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: 5622: 5620: 5612: 5611: 5606: 5601: 5596: 5586: 5585: 5579: 5578: 5576: 5575: 5562: 5561: 5554: 5546: 5543: 5542: 5540: 5539: 5533: 5527: 5521: 5515: 5509: 5503: 5500:Michael Reagan 5497: 5494:Maureen Reagan 5491: 5485: 5478: 5476: 5470: 5469: 5467: 5466: 5461: 5460: 5459: 5454: 5449: 5444: 5439: 5430: 5419: 5417: 5413: 5412: 5410: 5409: 5404: 5396: 5388: 5380: 5376:Killing Reagan 5372: 5368:Killing Reagan 5364: 5356: 5348: 5340: 5332: 5324: 5316: 5310: 5309: 5308: 5295: 5287: 5282:Spitting Image 5278: 5270: 5263: 5258: 5257: 5256: 5245: 5239: 5237: 5229: 5228: 5225: 5224: 5222: 5221: 5220: 5219: 5214: 5209: 5204: 5199: 5194: 5184: 5183: 5182: 5177: 5172: 5167: 5162: 5157: 5152: 5142: 5141: 5140: 5135: 5124: 5122: 5118: 5117: 5115: 5114: 5109: 5103: 5101: 5094: 5088: 5087: 5085: 5084: 5077: 5069: 5067: 5061: 5060: 5046: 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: 4878: 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: 4158: 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: 3239: 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: 3087: 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: 2654: 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: 24: 14: 13: 10: 9: 6: 4: 3: 2: 5621: 5610: 5607: 5605: 5602: 5600: 5597: 5595: 5592: 5591: 5589: 5574: 5573: 5564: 5563: 5560: 5559: 5555: 5553: 5552: 5548: 5547: 5544: 5537: 5534: 5531: 5528: 5525: 5522: 5519: 5516: 5513: 5510: 5507: 5504: 5502:(adopted son) 5501: 5498: 5495: 5492: 5490:(second wife) 5489: 5486: 5483: 5480: 5479: 5477: 5475: 5471: 5465: 5462: 5458: 5455: 5453: 5450: 5448: 5445: 5443: 5440: 5438: 5436: 5435:Ronald Reagan 5431: 5429: 5426: 5425: 5424: 5421: 5420: 5418: 5414: 5408: 5405: 5402: 5401: 5397: 5394: 5393: 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: 5311: 5307: 5304: 5303: 5301: 5300: 5296: 5293: 5292: 5288: 5285: 5283: 5279: 5276: 5275: 5271: 5269: 5268: 5264: 5262: 5259: 5254: 5251: 5250: 5249: 5246: 5244: 5241: 5240: 5238: 5236: 5230: 5218: 5215: 5213: 5210: 5208: 5205: 5203: 5200: 5198: 5195: 5193: 5190: 5189: 5188: 5187:1984 campaign 5185: 5181: 5178: 5176: 5173: 5171: 5168: 5166: 5163: 5161: 5158: 5156: 5153: 5151: 5148: 5147: 5146: 5145:1980 campaign 5143: 5139: 5136: 5134: 5131: 5130: 5129: 5128:1976 campaign 5126: 5125: 5123: 5119: 5113: 5110: 5108: 5105: 5104: 5102: 5100:Gubernatorial 5098: 5095: 5093: 5089: 5083: 5082: 5078: 5076: 5075: 5071: 5070: 5068: 5066: 5062: 5057: 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: 2587: 2580: 2575: 2571: 2565: 2561: 2556: 2552: 2546: 2542: 2541: 2536: 2532: 2528: 2527: 2522: 2507: 2501: 2498: 2494: 2490: 2487: 2483: 2480: 2476: 2470: 2468: 2464: 2459: 2455: 2449: 2446: 2443:, p. 29. 2442: 2437: 2434: 2418: 2411: 2408: 2403: 2401:0-07-251076-5 2397: 2393: 2386: 2383: 2375: 2368: 2362: 2359: 2355: 2351: 2347: 2346: 2339: 2336: 2330: 2327: 2321: 2318: 2314: 2310: 2305: 2302: 2296: 2293: 2281: 2274: 2267: 2264: 2258: 2255: 2248: 2245: 2242:, p. 26. 2241: 2236: 2233: 2229: 2225: 2219: 2215: 2208: 2205: 2201: 2196: 2193: 2190:, p. 32. 2189: 2184: 2181: 2174: 2171: 2168:, p. 34. 2167: 2162: 2159: 2156:, p. 31. 2155: 2150: 2148: 2144: 2141:, p. 25. 2140: 2135: 2132: 2129:, p. 23. 2128: 2123: 2120: 2117:, p. 21. 2116: 2111: 2109: 2105: 2102:, p. 20. 2101: 2096: 2094: 2090: 2086: 2081: 2078: 2075:, p. 19. 2074: 2069: 2066: 2062: 2057: 2054: 2048: 2045: 2033: 2027: 2024: 2019: 2015: 2011: 2004: 2001: 1986: 1980: 1977: 1973: 1968: 1965: 1961: 1956: 1953: 1949: 1943: 1941: 1937: 1925: 1919: 1916: 1911: 1905: 1902: 1897: 1893: 1887: 1884: 1880: 1874: 1871: 1867: 1862: 1859: 1848: 1844: 1838: 1835: 1831: 1825: 1822: 1810: 1808:9781118234549 1804: 1800: 1799: 1791: 1788: 1782: 1778: 1775: 1773: 1770: 1767: 1766:Lewis Ranieri 1764: 1762: 1759: 1757: 1754: 1752: 1749: 1748: 1744: 1742: 1739: 1735: 1727: 1725: 1723: 1719: 1705: 1694: 1690: 1686: 1683: 1678: 1676: 1671: 1667: 1665: 1661: 1657: 1648: 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: 1574: 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: 1492: 1490: 1488: 1484: 1480: 1476: 1472: 1468: 1464: 1459: 1457: 1453: 1449: 1445: 1441: 1440:interest rate 1433: 1431: 1398: 1396: 1388: 1386: 1384: 1379: 1346: 1342: 1340: 1336: 1332: 1324: 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: 1190: 1185: 1183: 1179: 1176: 1172: 1165: 1163: 1161: 1157: 1152: 1150: 1146: 1142: 1134: 1131: 1128: 1125: 1124:credit spread 1121: 1117: 1114: 1111: 1107: 1106: 1105: 1098: 1091: 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: 955: 953: 951: 947: 943: 937: 929: 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: 785: 783: 781: 777: 773: 769: 765: 761: 756: 754: 750: 746: 742: 738: 734: 729: 726: 722: 718: 714: 710: 703:US government 702: 700: 697: 689: 687: 683: 681: 677: 668: 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: 563: 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: 31: 19: 5565: 5556: 5549: 5488:Nancy Reagan 5484:(first wife) 5434: 5399: 5391: 5382: 5375: 5366: 5359: 5351: 5343: 5336:Reagan's War 5334: 5327: 5318: 5297: 5289: 5281: 5272: 5265: 5243:Bibliography 5121:Presidential 5079: 5072: 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:. 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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 5532:(brother) 5464:Accolades 5320:Pizza Man 5233:Cultural 5202:primaries 5160:primaries 5133:primaries 5092: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 5572:Category 5526:(mother) 5520:(father) 5437:(CVN-76) 5248:In music 5217:election 5180: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 5302:(1986) 5212:debates 5175: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 5474:Family 5416:Legacy 5400:Reagan 5352:Reagan 5286:(1984) 5255:(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 5538:(dog) 5514:(son) 5065: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 5433:USS 5112:1970 5107:1966 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 5536:Rex 4403:Law 3381:Put 2350:doi 1682:are 1675:PSA 1485:or 1231:") 1045:An 848:AA- 556:or 451:MBS 5590:: 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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