Mortgage finance bubble analysis includes two distinct facets of asset speculation: Exuberant borrowing to finance home and property purchases, as well as aggressive speculator leveraging in agency and mortgage-backed securities
The market for mortgage-backed securities
grew rapidly, reaching $1 trillion of outstanding debt by 1991.
3 billion of commercial mortgage-backed securities
were issued in 1998, according to E&Y Kenneth Leventhal's seventh annual CMBS Market Update.
He will oversee sales of mortgage-backed securities
, certificates of deposit, and other debt securities.
The insurer's concentration of investments in mortgage-backed securities
represents nearly three-fourths of invested assets.
Last year, several black investment banks made inroads in corporate finance, advisory services and in the mortgage-backed securities
government securities, and mortgage-backed securities
This issue, Exchange of InterestOnly and Pyincipal-Only Securities for a Mortgage-Backed Security, concerns exchange transactions involving mortgage-backed securities
Proceeds from the issuance will be invested in a static portfolio of RMBS, asset-backed securities (ABS), commercial mortgage-backed securities
(CMBS), and collateralized debt obligations (CDOs).
Beginning with the first securities it guaranteed in 1970, GNMA's initial acclaim was for pioneering a "modified pass-through" which provided liquidity for the mortgage-backed securities
(MBSs) it guaranteed.
Unit trusts are portfolios of fixed-income securities and usually hold a small, diversified number of corporate, municipal or government bonds, mortgage-backed securities
or preferred stock.
Exhibits 3 Mortgages and mortgage-backed securities
and 4 Interest rate swaps show how two kinds of compound instruments--mortgages and mortgage-backed securities
and interest rate swaps--can be broken down into fundamental instruments.
Soon, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), both government-sponsored agencies, also developed mortgage-backed securities
The proceeds of the all classes of notes, except for class P-1, are used to purchase a diversified portfolio of primarily floating-rate agency and 'AAA' rated private-label residential mortgage-backed securities
(RMBS), commercial mortgage-backed securities
(CMBS), and asset-backed securities (ABS).
We now have a mortgage company which not only has the capacity to act as an originator of multi-family and commercial mortgage loans but also will issue its own Commercial Mortgage-Backed Securities