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The US Agency Mortgage- Backed Securities (MBS) Market

Author

Listed:
  • Attila Tapaszti

    (Magyar Nemzeti Bank)

  • Tamás Tóth

    (Magyar Nemzeti Bank)

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]).

Suggested Citation

  • Attila Tapaszti & Tamás Tóth, 2016. "The US Agency Mortgage- Backed Securities (MBS) Market," MNB Handbook, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 1(5), pages 1-48.
    • Handle: RePEc:mnb:handbk:v:1:y:2016:i:5:p:48
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    File URL: https://www.mnb.hu/letoltes/mnb-oktatasi-fuzetek-5-eng-digit.pdf
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    Keywords

    agency mortgage; bank securities market;

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