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125 relations: Adverse selection, Alt-A, Arbitrage pricing theory, Asset-backed security, Assignment (law), Balloon payment mortgage, Bank of America, Bank of America Home Loans, Bid–ask spread, Bloomberg Terminal, Bond (finance), Bond convexity, Bond duration, Bond Market Association, Broker-dealer, Collateral (finance), Collateralized debt obligation, Collateralized mortgage obligation, Commerce, Commercial mortgage-backed security, Convertible bond, Copula (probability theory), Correlation and dependence, Coupon (bond), Covered bond, Credit enhancement, Credit rating, Credit risk, Credit score, Debt, Demography, Depository bank, Dollar roll, Down payment, Econometrics, Eurohypo, Fannie Mae, Farmers Home Administration, Federal Housing Administration, Federal Reserve Board of Governors, Federal savings association, Federal savings bank, Finance, Financial crisis of 2007–2008, Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Fixed-rate mortgage, Foreclosure, Freddie Mac, Government bond, Government National Mortgage Association, ..., Government-sponsored enterprise, Great Depression, Harvard Business School, House, Housing and Urban Development Act of 1968, Inflation, Insurance in the United States, Interest, Interest rate, Interest rate risk, Joseph G. Haubrich, Jumbo mortgage, Jurisdiction, Leverage (finance), Lewis Ranieri, Liquidity premium, Margin (finance), Market liquidity, Mike Vranos, Money market fund, Monte Carlo methods in finance, Mortgage Electronic Registration Systems, Mortgage loan, Mortgage note, National Housing Act of 1934, Nationally recognized statistical rating organization, New Century, New Deal, Numerical analysis, Off-balance-sheet, Option (finance), Option-adjusted spread, Over-the-counter (finance), Pension fund, Pfandbrief, Pool factor, Position (finance), Prepayment of loan, PSA prepayment model, Real estate, Real estate investment trust, Real estate mortgage investment conduit, Refinancing, Regulation T, Residential area, Residential mortgage-backed security, Risk aversion, Risk neutral preferences, Savings and loan association, Savings and loan crisis, Secondary Mortgage Market Enhancement Act, Securitization, Security (finance), Special-purpose entity, Speculation, Stochastic, Subprime lending, Subprime mortgage crisis, Tax law, Tax Reform Act of 1986, The Journal of Structured Finance, To be announced, Tradeweb, Tranche, U.S. Securities and Exchange Commission, United States Department of Labor, United States Department of Veterans Affairs, United States housing bubble, United States Treasury security, Wall Street, Weighted-average life, Weighted-average loan age, Weighting, Yield curve, Yield spread. Expand index (75 more) »
Adverse selection
Adverse selection is a term commonly used in economics, insurance, and risk management that describes a situation where market participation is affected by asymmetric information.
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Alt-A
An Alt-A mortgage, short for Alternative A-paper, is a type of U.S. mortgage that, for various reasons, is considered riskier than A-paper, or "prime", and less risky than "subprime," the riskiest category.
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Arbitrage pricing theory
In finance, arbitrage pricing theory (APT) is a general theory of asset pricing that holds that the expected return of a financial asset can be modeled as a linear function of various factors or theoretical market indices, where sensitivity to changes in each factor is represented by a factor-specific beta coefficient.
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Asset-backed security
An asset-backed security (ABS) is a security whose income payments and hence value are derived from and collateralized (or "backed") by a specified pool of underlying assets.
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Assignment (law)
An assignment is a legal term used in the context of the law of contract and of real estate.
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Balloon payment mortgage
A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity.
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Bank of America
Bank of America Corporation (abbreviated as BofA) is an American multinational financial services company headquartered in Charlotte, North Carolina.
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Bank of America Home Loans
Bank of America Home Loans is the mortgage unit of Bank of America.
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Bid–ask spread
The bid–ask spread (also bid–offer or bid/ask and buy/sell in the case of a market maker), is the difference between the prices quoted (either by a single market maker or in a limit order book) for an immediate sale (offer) and an immediate purchase (bid) for stocks, futures contracts, options, or currency pairs.
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Bloomberg Terminal
The Bloomberg Terminal is a computer software system provided by the financial data vendor Bloomberg L.P. that enables professionals in the financial service sector and other industries to access the Bloomberg Professional service through which users can monitor and analyze real-time financial market data and place trades on the electronic trading platform.
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Bond (finance)
In finance, a bond is an instrument of indebtedness of the bond issuer to the holders.
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Bond convexity
In finance, bond convexity is a measure of the non-linear relationship of bond prices to changes in interest rates, the second derivative of the price of the bond with respect to interest rates (duration is the first derivative).
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Bond duration
In finance, the duration of a financial asset that consists of fixed cash flows, for example a bond, is the weighted average of the times until those fixed cash flows are received.
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Bond Market Association
The Bond Market Association (TBMA, previously Public Securities Association or PSA until 1997) was the international trade association for the bond market industry.
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Broker-dealer
In financial services, a broker-dealer is a natural person, company or other organization that engages in the business of trading securities for its own account or on behalf of its customers.
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Collateral (finance)
In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan.
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Collateralized debt obligation
A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS).
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Collateralized mortgage obligation
A collateralized mortgage obligation (CMO) is a type of complex debt security that repackages and directs the payments of principal and interest from a collateral pool to different types and maturities of securities, thereby meeting investor needs.
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Commerce
Commerce relates to "the exchange of goods and services, especially on a large scale.” Commerce includes legal, economic, political, social, cultural and technological systems that operate in any country or internationally.
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Commercial mortgage-backed security
Commercial mortgage-backed securities (CMBS) are a type of mortgage-backed security backed by commercial mortgages rather than residential real estate.
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Convertible bond
In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value.
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Copula (probability theory)
In probability theory and statistics, a copula is a multivariate probability distribution for which the marginal probability distribution of each variable is uniform.
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Correlation and dependence
In statistics, dependence or association is any statistical relationship, whether causal or not, between two random variables or bivariate data.
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Coupon (bond)
A coupon payment on a bond is the annual interest payment that the bondholder receives from the bond's issue date until it matures.
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Covered bond
Covered bonds are debt securities issued by a bank or mortgage institution and collateralised against a pool of assets that, in case of failure of the issuer, can cover claims at any point of time.
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Credit enhancement
Credit enhancement is the improvement of the credit profile of a structured financial transaction or the methods used to improve the credit profiles of such products or transactions.
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Credit rating
A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting.
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Credit risk
A credit risk is the risk of default on a debt that may arise from a borrower failing to make required payments.
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Credit score
A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual.
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Debt
Debt is when something, usually money, is owed by one party, the borrower or debtor, to a second party, the lender or creditor.
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Demography
Demography (from prefix demo- from Ancient Greek δῆμος dēmos meaning "the people", and -graphy from γράφω graphō, implies "writing, description or measurement") is the statistical study of populations, especially human beings.
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Depository bank
A depository bank (U.S. usage) or depositary bank (predominantly EU usage) is a specialist financial entity which, depending on jurisdiction, facilitates investment in securities markets.
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Dollar roll
A dollar roll is similar to a reverse repurchase agreement and provides a form of collateralized short-term financing with mortgage-backed securities comprising the collateral.
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Down payment
Down payment (or downpayment, also called a deposit in British English), is a payment used in the context of the purchase of expensive items such as a car and a house, whereby the payment is the initial upfront portion of the total amount due and it is usually given in cash at the time of finalizing the transaction.
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Econometrics
Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations.
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Eurohypo
Hypothekenbank Frankfurt AG, previously Eurohypo AG, was wound down in 2016.
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Fannie Mae
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company.
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Farmers Home Administration
The Farmers Home Administration (FmHA) is a former U.S. government agency, which was established in August 1946 to replace the Farm Security Administration.
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Federal Housing Administration
The Federal Housing Administration (FHA) is a United States government agency created in part by the National Housing Act of 1934.
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Federal Reserve Board of Governors
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System.
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Federal savings association
Federal savings associations (also called "federal thrifts" or "federal Savings Banks"), in the United States, are institutions chartered by the Office of Thrift Supervision which is now administered by Office of the Comptroller of the Currency after the agencies merged.
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Federal savings bank
In United States banking, a federal savings bank (FSB) is a savings bank that is created (or chartered) under and regulated by United States federal law, and administered by the United States Department of the Treasury's Office of the Comptroller of the Currency.
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Finance
Finance is a field that is concerned with the allocation (investment) of assets and liabilities (known as elements of the balance statement) over space and time, often under conditions of risk or uncertainty.
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Financial crisis of 2007–2008
The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.
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Financial Institutions Reform, Recovery, and Enforcement Act of 1989
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.
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Fixed-rate mortgage
A fixed-rate mortgage (FRM), often referred to as a "vanilla wafer" mortgage loan, is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float".
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Foreclosure
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
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Freddie Mac
The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, is a public government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia.
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Government bond
A government bond or sovereign bond is a bond issued by a national government, generally with a promise to pay periodic interest payments and to repay the face value on the maturity date.
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Government National Mortgage Association
The Government National Mortgage Association (GNMA), or Ginnie Mae, was established in the United States in 1968 to promote home ownership.
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Government-sponsored enterprise
A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress.
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Great Depression
The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.
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Harvard Business School
Harvard Business School (HBS) is the graduate business school of Harvard University in Boston, Massachusetts.
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House
A house is a building that functions as a home.
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Housing and Urban Development Act of 1968
The Housing and Urban Development Act of 1968,, was passed during the Lyndon B. Johnson Administration.
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Inflation
In economics, inflation is a sustained increase in price level of goods and services in an economy over a period of time.
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Insurance in the United States
Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume.
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Interest
Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (i.e., the amount borrowed), at a particular rate.
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Interest rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principal sum).
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Interest rate risk
Interest rate risk is the risk that arises for bond owners from fluctuating interest rates.
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Joseph G. Haubrich
Joseph Gerard Haubrich (born September 10, 1958) is an economist and consultant.
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Jumbo mortgage
In the United States, a jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits.
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Jurisdiction
Jurisdiction (from the Latin ius, iuris meaning "law" and dicere meaning "to speak") is the practical authority granted to a legal body to administer justice within a defined field of responsibility, e.g., Michigan tax law.
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Leverage (finance)
In finance, leverage (sometimes referred to as gearing in the United Kingdom and Australia) is any technique involving the use of borrowed funds in the purchase of an asset, with the expectation that the after tax income from the asset and asset price appreciation will exceed the borrowing cost.
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Lewis Ranieri
Lewis S. Ranieri (born 1947) is a former bond trader, founding partner and current chairman of Ranieri Partners,http://www.ranieripartners.com/ranieri-senior-executive-team-1/lewis-s-ranieri a real estate firm.
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Liquidity premium
In economics, a liquidity premium is the explanation for a difference between two types of financial securities (e.g. stocks), that have all the same qualities except liquidity.
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Margin (finance)
In finance, margin is collateral that the holder of a financial instrument has to deposit with a counterparty (most often their broker or an exchange) to cover some or all of the credit risk the holder poses for the counterparty.
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Market liquidity
In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can quickly purchase or sell an asset without causing a drastic change in the asset's price.
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Mike Vranos
Michael W. "Mike" Vranos is an American hedge fund manager and philanthropist who in the 1990s was referred to by some as the "most powerful man on Wall Street." In 1993, he reportedly earned $15 million from trading mortgage bonds.
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Money market fund
A money market fund (also called a money market mutual fund) is an open-ended mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper.
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Monte Carlo methods in finance
Monte Carlo methods are used in finance and mathematical finance to value and analyze (complex) instruments, portfolios and investments by simulating the various sources of uncertainty affecting their value, and then determining the distribution of their value over the range of resultant outcomes.
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Mortgage Electronic Registration Systems
Mortgage Electronic Registration Systems, Inc.
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Mortgage loan
A mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.
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Mortgage note
In the United States, a mortgage note (also known as a real estate lien note, borrower's note) is a promissory note secured by a specified mortgage loan.
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National Housing Act of 1934
The National Housing Act of 1934,,, also called the Capehart Act, was part of the New Deal passed during the Great Depression in order to make housing and home mortgages more affordable.
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Nationally recognized statistical rating organization
A nationally recognized statistical rating organization (NRSRO) is a credit rating agency (CRA) that issues credit ratings that the U.S. Securities and Exchange Commission (SEC) permits other financial firms to use for certain regulatory purposes.
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New Century
New Century Financial Corporation was a real estate investment trust that originated mortgage loans in the United States through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation.
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New Deal
The New Deal was a series of programs, public work projects, financial reforms and regulations enacted in the United States 1933-36, in response to the Great Depression.
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Numerical analysis
Numerical analysis is the study of algorithms that use numerical approximation (as opposed to general symbolic manipulations) for the problems of mathematical analysis (as distinguished from discrete mathematics).
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Off-balance-sheet
Off-balance sheet (OBS), or Incognito Leverage, usually means an asset or debt or financing activity not on the company's balance sheet.
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Option (finance)
In finance, an option is a contract which gives the buyer (the owner or holder of the option) the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price on a specified date, depending on the form of the option.
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Option-adjusted spread
Option-adjusted spread (OAS) is the yield spread which has to be added to a benchmark yield curve to discount a security's payments to match its market price, using a dynamic pricing model that accounts for embedded options.
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Over-the-counter (finance)
Over-the-counter (OTC) or off-exchange trading is done directly between two parties, without the supervision of an exchange.
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Pension fund
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income.
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Pfandbrief
The Pfandbrief (plural: Pfandbriefe), a mostly triple-A rated German bank debenture, has become the blueprint of many covered bond models in Europe and beyond.
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Pool factor
In finance, a pool factor is the amount of the initial principal of the underlying mortgage loans that remain in a mortgage-backed security transaction.
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Position (finance)
In finance, a position is the amount of a particular security, commodity or currency held or owned by a person or entity.
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Prepayment of loan
Prepayment is the early repayment of a loan by a borrower, in part or in full, often as a result of optional refinancing to take advantage of lower interest rates.
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PSA prepayment model
The PSA Prepayment Model is a prepayment scale developed by the Public Securities Association in 1985 for analyzing American mortgage-backed securities.
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Real estate
Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
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Real estate investment trust
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate.
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Real estate mortgage investment conduit
A real estate mortgage investment conduit (REMIC) is "an entity that holds a fixed pool of mortgages and issues multiple classes of interests in itself to investors" under U.S. Federal income tax law and is "treated like a partnership for Federal income tax purposes with its income passed through to its interest holders".
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Refinancing
Refinancing is the replacement of an existing debt obligation with another debt obligation under different terms.
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Regulation T
Federal Reserve Board Regulation T (also referred to as Reg T) is 12 CFR §220 – Code of Federal Regulations, Title 12, Chapter II, Subchapter A, Part 220 (Credit by Brokers and Dealers).
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Residential area
A residential area is a land used in which housing predominates, as opposed to industrial and commercial areas.
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Residential mortgage-backed security
A residential mortgage-backed security (RMBS) is a reference to the general package of financial agreements that typically represents cash yields that are paid to investors and that are supported by cash payments received from homeowners who pay interest and principal according to terms agreed to with their lenders; it is a funding instrument created by the "originator" or "sponsor" of the mortgage loan; without cross-collateralizing individual loans and mortgages (because it would be impossible to receive permission from individual homeowners), it is a funding instrument that pools the cash flow received from individuals and pays these cash receipts out with waterfall priorities that enable investors to become comfortable with the certainty of receipt of cash at any point in time.
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Risk aversion
In economics and finance, risk aversion is the behavior of humans (especially consumers and investors), when exposed to uncertainty, in attempting to lower that uncertainty.
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Risk neutral preferences
In economics and finance, risk neutral preferences are preferences that are neither risk averse nor risk seeking.
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Savings and loan association
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings, deposits, and making mortgage and other loans.
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Savings and loan crisis
The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of 1,043 out of the 3,234 savings and loan associations in the United States from 1986 to 1995: the Federal Savings and Loan Insurance Corporation (FSLIC) closed or otherwise resolved 296 institutions from 1986 to 1989 and the Resolution Trust Corporation (RTC) closed or otherwise resolved 747 institutions from 1989 to 1995.
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Secondary Mortgage Market Enhancement Act
The Secondary Mortgage Market Enhancement Act of 1984 (SMMEA) was an Act of Congress intended to improve the marketability of private label mortgage-backed security passthroughs.
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Securitization
Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs).
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Security (finance)
A security is a tradable financial asset.
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Special-purpose entity
A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV, or, in some cases in each EU jurisdiction – FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives.
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Speculation
Speculation is the purchase of an asset (a commodity, goods, or real estate) with the hope that it will become more valuable at a future date.
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Stochastic
The word stochastic is an adjective in English that describes something that was randomly determined.
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Subprime lending
In finance, subprime lending (also referred to as near-prime, subpar, non-prime, and second-chance lending) means making loans to people who may have difficulty maintaining the repayment schedule, sometimes reflecting setbacks, such as unemployment, divorce, medical emergencies, etc.
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Subprime mortgage crisis
The United States subprime mortgage crisis was a nationwide banking emergency, occurring between 2007 and 2010, that contributed to the U.S. recession of December 2007 – June 2009.
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Tax law
Tax law is an area of legal study dealing with the constitutional, common-law, statutory, tax treaty, and regulatory rules that constitute the law applicable to taxation.
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Tax Reform Act of 1986
The U.S. Congress passed the Tax Reform Act of 1986 (TRA) to simplify the income tax code, broaden the tax base and eliminate many tax shelters.
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The Journal of Structured Finance
The Journal of Structured Finance is a quarterly academic journal on structuring and investing in all types of structured finance, such as asset-backed securities, mortgage-backed securities, collateralized debt and loan obligations, and life settlements.
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To be announced
To be announced (TBA), to be confirmed (TBC), and to be determined (or to be decided) (TBD) are placeholder terms used very broadly in event planning to indicate that although something is scheduled or expected to happen, a particular aspect of that remains to be arranged or confirmed.
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Tradeweb
Tradeweb Markets LLC (Tradeweb) is an international financial services company that builds and operates electronic over-the-counter (OTC) marketplaces for companies that trade fixed income products and derivatives.
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Tranche
In structured finance, a tranche is one of a number of related securities offered as part of the same transaction.
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U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government.
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United States Department of Labor
The United States Department of Labor (DOL) is a cabinet-level department of the U.S. federal government responsible for occupational safety, wage and hour standards, unemployment insurance benefits, reemployment services, and some economic statistics; many U.S. states also have such departments.
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United States Department of Veterans Affairs
The United States Department of Veterans Affairs (VA) is a federal Cabinet-level agency that provides near-comprehensive healthcare services to eligible military veterans at VA medical centers and outpatient clinics located throughout the country; several non-healthcare benefits including disability compensation, vocational rehabilitation, education assistance, home loans, and life insurance; and provides burial and memorial benefits to eligible veterans and family members at 135 national cemeteries.
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United States housing bubble
The United States housing bubble was a real estate bubble affecting over half of the U.S. states.
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United States Treasury security
A United States Treasury security is an IOU from the US Government.
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Wall Street
Wall Street is an eight-block-long street running roughly northwest to southeast from Broadway to South Street, at the East River, in the Financial District of Lower Manhattan in New York City.
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Weighted-average life
In finance, the weighted-average life (WAL) of an amortizing loan or amortizing bond, also called average life, is the weighted average of the times of the principal repayments: it's the average time until a dollar of principal is repaid.
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Weighted-average loan age
The weighted-average loan age (WALA) is measure used in pools of mortgage backed securities that defines the average number of months since the date of note origination of all the loans in a pool weighted by remaining principal balance.
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Weighting
The process of weighting involves emphasizing the contribution of some aspects of a phenomenon (or of a set of data) to a final effect or result, giving them more weight in the analysis.
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Yield curve
In finance, the yield curve is a curve showing several yields or interest rates across different contract lengths (2 month, 2 year, 20 year, etc....) for a similar debt contract.
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Yield spread
In finance, the yield spread or credit spread is the difference between the quoted rates of return on two different investments, usually of different credit qualities but similar maturities.
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Mortagage-backed securities, Mortgage Backed Securities, Mortgage Backed Security, Mortgage and Asset Backed Securities, Mortgage backed derivatives, Mortgage backed securities, Mortgage backed security, Mortgage bond, Mortgage securities, Mortgage securitization, Mortgage-backed Securities, Mortgage-backed Security, Mortgage-backed securities, Net interest margin securities, Weighted Average Maturity.
References
[1] https://en.wikipedia.org/wiki/Mortgage-backed_security
