Business and Personal Finance Dictionary

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• MORTGAGE BACKED SECURITIES
  
  Is a broad term which encompasses both generic and pool specific securities predicated on real property. The term also refers to private label or agency securities, pass-throughs, or derivatives such as Collateralized Mortgage Obligations. It can refer to the Over-the-Counter options on mortgage backed securities as well. These mortgage backed securities are viewed as either plain vanilla or exotic. Some of the more common issues are: Accrual or Accretion Bond, ARMs, Companion or Support, Constant Maturity Treasury (CMT), Floaters, Gnomes, Gold, Inverse Floaters or Reverse Floaters, IO or Interest Only, IO-ette or IOette, Jump Bonds, Jump Z, Mega, PAC PO, Pass Throughs, Planned Amortization Class, PO or Principal Only, Reverse TAC, Scheduled Bonds, Stripped Mortgage Backed Securities, Super Floater, Super PAC, Super PO, Support, Targeted Amortization Class, VADM Z Bond, and Z PAC. There are other types and the list is growing because of the unique nature of these instruments.
  
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