The US Agency Mortgage- Backed Securities (MBS) Market

Attila Tapaszti () and Tamás Tóth ()
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Attila Tapaszti: Magyar Nemzeti Bank
Tamás Tóth: Magyar Nemzeti Bank

MNB Handbook, 2016, vol. 1, issue 5, 48

Abstract: Mortgage bonds, a trailblazing instruments in securitisation, emerged and quickly gained popularity in the second half of the 1970s to facilitate home ownership, which is part of the American Dream. Mortgage-backed securities consolidate cash flows from a large number of combined mortgages, and, after deducting the costs of debt servicing, pass them on to bond buyers proportionately (participatory notes). In the jargon, they are called pools, a term which refers to the underlying mortgages, or they are denoted using the acronyms PT (pass-through), MBS (mortgage-backed securities) or RMBS (residential MBS – as opposed to commercial MBS [CMBS]).

Keywords: agency mortgage; bank securities market (search for similar items in EconPapers)
Date: 2016
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