|Mortgage-Backed Securities Clearing Corporation|
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Definition of Mortgage-Backed Securities Clearing Corporation
Mortgage-Backed Securities Clearing Corporation
A wholly owned subsidiary of the Midwest Stock
Variations of mortgage instruments such as adjustable-rate and variablerate
Legal document establishing a corporation and its structure and purpose.
Bond or note secured by assets of company.
A security that is collateralized by loans, leases, receivables, or installment contracts
A collection of 32 regional electronic interbank networks used to
A banking clearinghouse that processes direct
The Treasury and federal agencies are moving to a book-entry system in which securities are not represented by engraved pieces of paper but are maintained in computerized records at the
Better known as CDIC, this is an organization which insures qualifying deposits and GICs at savings institutions, mainly banks and trust companys, which belong to the CDIC for amounts up to $60,000 and for terms of up to five years. Many types of deposits are not insured, such as mortgage-backed deposits, annuities of duration of more than five years, and mutual funds.
A computerized clearing system for sterling funds
An adjunct to a futures exchange through which transactions executed its floor are settled by a
An international wire transfer system for high-value
A member firm of a clearing house. Each clearing member must also be a member of the
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.
Controlled foreign corporation (CFC)
A foreign corporation whose voting stock is more than 50% owned
A loan based on the credit of the borrower and on the collateral for the mortgage.
A legal "person" that is separate and distinct from its owners. A corporation is allowed to own
A legal entity, organized under state laws, whose investors purchase
Business owned by stockholders who are not personally
IOUs created through loan-type transactions - commercial paper, bank CDs, bills, bonds, and
Non-interest-bearing money market instruments that are issued at a discount and
Domestic International Sales Corporation (DISC)
A U.S. corporation that receives a tax incentive for
Specialized banking institutions, authorized and chartered by the Federal Reserve Board
Instruments exempt from the registration requirements of the securities Act of 1933 or the
Federal agency securities
securities issued by corporations and agencies created by the U.S. government,
Federal Deposit Insurance Corporation (FDIC)
A federal institution that insures bank deposits.
Foreign Sales Corporation (FSC)
A special type of corporation created by the Tax Reform Act of 1984 that
Freddie Mac (Federal Home Loan Mortgage Corporation)
A Congressionally chartered corporation that
GEMs (growing-equity mortgages)
mortgages in which annual increases in monthly payments are used to
GMCs (guaranteed mortgage certificates)
First issued by Freddie Mac in 1975, GMCs, like PCs, represent
Government National Mortgage Association (Ginnie Mae)
A wholly owned U.S. government corporation
Negotiable U.S. Treasury securities.
Graduated-payment mortgages (GPMs)
A type of stepped-payment loan in which the borrower's payments
Process by which a company receives its Articles of Incorporation allowing it to operate as a corporation.
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.]
Joint clearing members
Firms that clear on more than one exchange.
Manufactured housing securities (MHSs)
Loans on manufactured homes - that is, factory-built or
Total demand for loans by borrowers equals total supply of loans from lenders. The market,
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.
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.
mortgage against which additional debts may be issued. Related: closed-end mortgage.
A pool of fixed-income securities backed by a package of assets (i.e. mortgages)
Pension Benefit Guaranty Corporation (PBGC)
A federal agency that insures the vested benefits of
A type of corporation permitted under the U.S. tax code whereby a branch operation
Preferred Stock Stock that has a claim on assets and dividends of a corporation that are prior
to that of common stock. Preferred stock typically does not carry the right to vote.
Private Export Funding Corporation (PEFCO)
Company that mobilizes private capital for financing the
Project loan securities
securities backed by a variety of FHA-insured loan types - primarily multi-family
Public Securities Administration (PSA)
The trade association for primary dealers in U.S. government
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
A general term for stock, bonds, or other other financial assets.
Securities and Exchange Commission (SEC)
The federal agency that
Securities and Exchange Commission (SEC)
Federal agency responsible for regulation of securities markets in the United
Securities and Exchange Commission (SEC)
A federal agency that administers securities legislation,
Securities & Exchange Commission
The SEC is a federal agency that regulates the U.S.financial markets.
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
securities issued by the U.S. Department of the Treasury.
Wholesale mortgage banking
The purchasing of loans originated by others, with the servicing rights
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