Transcription of Mortgage -Backed Securities
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Mortgage -Backed Securities
Giddy/ABSM ortgage -Backed Securities /1 Mortgage -Backed SecuritiesProf. Ian GiddyStern School of BusinessNew York UniversityAsset -Backed SecuritiesCopyright 1999 Ian H. GiddyMortgage -Backed Securities 3 Mortgages and MBSlMortgage LoanslPass-throughsand PrepaymentslCMOslAnalysis of MBS Pricing and ConvexityGiddy/ABSM ortgage -Backed Securities /2 Copyright 1999 Ian H. GiddyMortgage -Backed Securities 4 Structure of the US MBS MarketMortgage LoanBank ( Mortgage originator) makes a whole loanAncillary: brokers,servicers, insurersMortgage LoanBank ( Mortgage originator) makes a whole loanAncillary: brokers,servicers, insurersMortgage Pass-ThroughFNMA or GMAC (conduit) poolsmortgage loans with similar characteristicsMortgage Pass-ThroughFNMA or GMAC (conduit) poolsmortgage loans with similar characteristicsCMO or REMICT akes a Mortgage pool and makes the cash flows more predictable by assigningpriority of claims to the cash flowsCMO or REMICT akes a Mortgage pool and makes the cash flows more predictable by assigningpriority of claims to the cash flowsMBS PortfolioInstitutional investor evaluates risk/return behavior of Mortgage -Backed Securities throughoption-adjust
mortgage loans with similar characteristics Mortgage Pass -Through FNMA or GMAC (conduit) pools mortgage loans with similar characteristics CMO or REMIC Takes a mortgage pool and makes the cash flows more predictable by assigning priority of claims to the cash flows CMO or REMIC Takes a mortgage pool and makes the cash flows more predictable by ...
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