|Government National Mortgage Association (Ginnie Mae)|
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Definition of Government National Mortgage Association (Ginnie Mae)
Government National Mortgage Association (Ginnie Mae)
A wholly owned U.S. government corporation
Variations of mortgage instruments such as adjustable-rate and variablerate
An international bank headquartered in Basel, Switzerland, which
An association of most of the life and health insurance companies in Canada that conducts research and compiles information about the life and health insurance industry in Canada.
mortgage against which no additional debt may be issued.
A security backed by a pool of pass-throughs , structured so that
A loan made on real estate collateral, other than a residential property, in which a mortgage is given to secure payment of principal and interest.
A loan based on the credit of the borrower and on the collateral for the mortgage.
A U.S. corporation that receives a tax incentive for
A Congressionally chartered corporation that
mortgages in which annual increases in monthly payments are used to
See:government national mortgage association.
First issued by Freddie Mac in 1975, GMCs, like PCs, represent
See: government securities.
Negotiable U.S. Treasury securities.
Privately owned, publicly chartered entities, such as the Student Loan
Graduated-payment mortgages (GPMs)
A type of stepped-payment loan in which the borrower's payments
Gross National Product
Total output of final goods and services produced by a country's citizens during a year.
Gross national product (GNP)
Measures and economy's total income. It is equal to GDP plus the income
An insured mortgage protects only the mortgage lender in case you do not make your mortgage payments. This coverage is provided by CMHC [Canada mortgage and Housing Corporation] and is required if a person has a high-ratio mortgage. [A mortgage is high-ratio if the amount borrowed is more than 75% of the purchase price or appraised value, whichever is less.]
International Bank for Reconstruction and Development - IBRD or World Bank
International Bank for Reconstruction and Development makes loans at nearly conventional terms to countries for projects of high
International Banking Facility (IBF)
International Banking Facility. A branch that an American bank
A collective term that refers to global bonds, Eurobonds, and foreign bonds.
International Depository Receipt (IDR)
A receipt issued by a bank as evidence of ownership of one or more
The attempt to reduce risk by investing in the more than one nation. By
International finance subsidiary
A subsidiary incorporated in the U.S., usually in Delaware, whose sole
International Fisher effect
States that the interest rate differential between two countries should be an
international Fisher effect
Theory that real interest rates in all countries should be equal, with differences in nominal rates reflecting differences in expected inflation.
A mutual fund that can invest only outside the United States.
A mutual fund that can invest in securities issued anywhere outside of Canada.
Related: See external market.
International Monetary Fund
An organization founded in 1944 to oversee exchange arrangements of
International Monetary Fund (IMF)
Organization originally established to manage the postwar fixed exchange rate system.
International Monetary Market (IMM)
A division of the CME established in 1972 for trading financial
See foreign exchange reserves.
London International Financial Futures Exchange (LIFFE)
A London exchange where Eurodollar futures
London International Financial Futures Exchange (LIFFE)
London exchange where Eurodollar futures as well as futures-style options are traded.
A loan secured by the collateral of some specified real estate property which obliges the borrower
Debt instrument by which the borrower (mortgagor) gives the lender (mortgagee) a lien on property as security for the repayment of a loan.
Securities backed by a pool of mortgage loans.
Mortgage-Backed Securities Clearing Corporation
A wholly owned subsidiary of the Midwest Stock
A bond in which the issuer has granted the bondholders a lien against the pledged assets.
Mortgage (Credit Insurance)
An agreement between a creditor and a borrower, where the creditor has loaned an amount to the borrower for purposes of purchasing a loan secured by a home.
A modification of standard duration to account for the impact on duration of MBSs of
Commonly sold in the form of reducing term life insurance by lending institutions, this is life insurance with a death benefit reducing to zero over a specific period of time, usually 20 to 25 years. In most instances, the cost of coverage remains level, while the death benefit continues to decline. Re-stated, the cost of this kind of insurance is actually increasing since less death benefit is paid as the outstanding mortgage balance decreases while the cost remains the same. Lending institutions are the most popular sources for this kind of coverage because it is usually sold during the purchase of a new mortgage. The untrained institution mortgage sales person often gives the impression that this is the only place mortgage insurance can be purchased but it is more efficiently purchased at a lower cost and with more flexibility, directly from traditional life insurance companies. No matter where it is purchased, the reducing term insurance death benefit reduces over a set period of years. Most consumers are up-sizing their residences, not down-sizing, so it is likely that more coverage is required as years pass, rather than less coverage.
Mortgage Life insurance (Credit Insurance)
Decreasing term life insurance that provides a death benefit amount corresponding to the decreasing amount owed on a mortgage.
Mortgage pass-through security
Also called a passthrough, a security created when one or more mortgage
The period from the taking of applications from prospective mortgage borrowers to the
The risk associated with taking applications from prospective mortgage borrowers
The interest rate on a mortgage loan.
The lender of a loan secured by property.
The borrower of a loan secured by property.
A firm that operates in more than one country.
The debt owed by the government as a result of earlier borrowing to finance budget deficits. That part of the debt not held by the central bank is the publically held national debt.
National Futures Association (NFA)
The futures industry self regulatory organization established in 1982.
GDP with some adjustments to remove items that do not make it into anyone's hands as income, such as indirect taxes and depreciation. Loosely speaking, it is interpreted as being equal to GDP.
National Income and Product Accounts
The national accounting system that records economic activity such as GDP and related measures.
Related: internal market
Private saving plus public saving. That part of national income which is not spent on consumption goods or government spending.
A government takeover of a private company.
Net National Product
GNP minus depreciation.
mortgage against which additional debts may be issued. Related: closed-end mortgage.
Publicly Held National Debt
See national debt.
RAMs (Reverse-annuity mortgages)
mortgages in which the bank makes a loan for an amount equal to a
REMIC (real estate mortgage investment conduit)
A pass-through tax entity that can hold mortgages
Savings and Loan association
national- or state-chartered institution that accepts savings deposits and
SIMEX (Singapore International Monetary Exchange)
A leading futures and options exchange in Singapore.
Strip mortgage participation certificate (strip PC)
Ownership interests in specified mortgages purchased
Stripped mortgage-backed securities (SMBSs)
Securities that redistribute the cash flows from the
Wholesale mortgage banking
The purchasing of loans originated by others, with the servicing rights
mortgage pass-through securities whose principal and interest payments are
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