A mortgage backed security ( MBS ) is a type of security supported asset that is secured by a mortgage or mortgage collection. Mortgages are sold to a group of individuals (government agencies or investment banks) that secures, or packages, loans together into security that can be bought by investors. The mortgage of an MBS may be either residential or commercial, depending on whether it is an MBS Agent or Non-Agency MBS; in the United States they may be issued by structures formed by government-sponsored companies such as Fannie Mae or Freddie Mac, or they can be "private labels", issued by structures formed by investment banks. The MBS structure can be known as a "pass-through", in which interest and principal payments from the borrower or home buyer pass through it to the MBS holders, or perhaps more complicated, consist of other MBS collections. Other types of MBS include debt guarantees (CMOs, often structured as real estate mortgage investment channels) and secured debt bonds (CDOs).
Bond mortgage is a bond backed by a collection of mortgages on a real estate asset such as a home. More commonly, bonds secured by certain mortgage assets are called mortgage bonds. Mortgage bonds can pay interest either in monthly, quarterly, or semi-annual periods. The prevalence of mortgage bonds is generally credited to Mike Vranos.
MBS subprime shares issued by various structures, such as CMO, are not identical but rather issued as tranche (French for "slices"), each with different priority levels in debt repayment flows, giving them different levels of risk and rewards. Tranche - especially lower priority, higher interest rates - of MBS are/are often more repackaged and resold as a guaranteed debt obligation. The subprime MBS issued by the investment bank is a major problem in the subprime mortgage crisis of 2006-2008.
The total nominal value of MBS declines over time, because like a mortgage, and unlike bonds, and most other fixed income securities, the principal in MBS is not paid back as a single payment to the bondholders at maturity but is paid with interest in each payment periodic (monthly, quarterly, etc.). This decrease in face value is measured by the MBS "factor", the percentage of the original "face" that remains to be repaid.
Video Mortgage-backed security
Securitization
The process of securitization is complex and relies heavily on the jurisdiction in which the process is carried out. Among these, securitization distributes risks and allows investors to choose different levels of investment and risk. The basics are:
- Mortgage loans (mortgage notes) are purchased from banks and other lenders, and may be assigned to special purpose vehicles (SPV).
- The buyer or recipient collects this loan into a collection, or "collection".
- The buyer or assignee secures the pool by issuing mortgage-backed securities.
While mortgage-backed home security (RMBS) is secured by a single family or two to four real estate families, commercial mortgage-backed security (CMBS) is secured by commercial and multi-family properties, such as apartment buildings, retail or office properties, hotels, schools , industrial property, and other commercial sites. CMBS is usually organized as a different type of security than RMBS.
This securitization trust can be composed by government-sponsored companies as well as by private entities that can offer credit upgrade features to reduce upfront payment risks and failures associated with this mortgage. Since mortgage holders in the United States have the option of paying more than the necessary monthly payments (kurtailment) or paying off the entire loan (prepay), the monthly cash flow from MBS is not known beforehand, and therefore MBS presents a risk to investors.
In the United States, the most common securitization trust is sponsored by Fannie Mae and Freddie Mac, a US government-sponsored corporation. Ginnie Mae, a US government-sponsored company backed by full confidence and credit from the US government, ensures that its investors receive timely payments but purchase a limited number of mortgage records. Some private institutions also secure mortgages, known as "private-label" mortgage securities. Private asset-backed securities issuance increased dramatically from 2001 to 2007 and then ended unexpectedly in 2008, when the real estate market began to falter. An example of a private-label publisher is the real estate mortgage investment channel (REMIC), the tax structure entity typically used for CMOs; among other things, the REMIC structure avoids so-called double taxation.
Advantages and disadvantages
Mortgage securitization in the 1970s had the advantage of providing more capital for housing at a time when the demographic boom of baby boomers created housing shortages and inflation undermined the traditional source of housing finance, savings associations and loans (or savings), which were limited to provide interest rates 5, 75% are not competitive on savings accounts and consequently lose savers' money for money market funds. Unlike localized and inefficient local mortgage markets where there may be shortages or excess funds at one time, SBM is nationally regional and diversified. Mortgage-backed securities help move interest rates out of the banking sector and facilitate greater specialization among financial institutions.
However, mortgage-based securities may "inevitably lead to the revival of the subprime industry" and "create a hidden, systemic risk". They also "open relationships between borrowers and lenders". Historically, "less than 2% of people lost their homes due to foreclosures", but with securitization, "once a lender sells a mortgage, it no longer has an interest in whether the borrower can make the payments."
Maps Mortgage-backed security
History
Among the earliest examples of mortgage backed securities in the United States were railroad mortgage agricultural bonds from the mid-19th century that may have contributed to the 1857 panic. There was also a broad commercial MBS market in the 1920s.
US Government
As part of the New Deal after the Great Depression, the US federal government created the Federal Housing Administration (FHA) with the National Housing Act of 1934 to assist in the construction, acquisition and rehabilitation of residential properties. The FHA helps develop and standardize fixed-rate mortgages as an alternative to paying mortgage balloons by insuring them, and helping the use of garner design mortgages.
In 1938, the government also created government-sponsored company Fannie Mae to create a liquid secondary market in this mortgage and thereby free the loan initiators to generate more loans, especially by buying mortgages guaranteed by FHA. As part of the 1968 Housing and Urban Development Act, Fannie Mae is divided into the current Fannie Mae and Ginnie Mae to support the FHA guaranteed mortgage, as well as the Veterans Administration (VA) and the Farm House Administration (FmHA) insure the mortgage, with full confidence and credit from the US government. In 1970, the federal government allowed Fannie Mae to buy a personal mortgage - that is, those uninsured by FHA, VA, or FmHA, and created Freddie Mac to perform a role similar to Fannie Mae. Ginnie Mae does not invest in a personal mortgage.
Securitization
Ginnie Mae secured the securing of the first mortgage loan from a lender approved in 1968. In 1971, Freddie Mac issued his first mortgage pass-through, called the participation certificate , which consisted primarily of a personal mortgage. In 1981, Fannie Mae issued her first mortgage mortgage, called mortgage-backed security . In 1983, Freddie Mac issued the first mortgage bonds that were pledged.
In 1960 the government passed the Real Estate Investment Investment Act to allow real estate investment confidence (REIT) to encourage real estate investment, and in 1977 Bank of America issued its first private pass-through label. In 1983, the Federal Reserve Board amended Regulation T to allow merchant brokers to use pass-throughs as margin guarantees, equivalent to over-the-counter non-convertible bonds. In 1984 the government passed the Secondary Mortgage Market Enhancement Law to increase the affordability of individual pass-through labels, which declared a nationally recognized statewide rank organization as AA-rated mortgage securities as a legal investment equivalent to Treasury securities and other federal government bonds for federally-mapped banks (such as federal savings banks and federal savings associations), state-funded financial institutions (such as depository banks and insurance companies) unless excluded by state law before October 1991 (of which 21 states do) , and the Ministry of Labor regulated Pension fund.
The 1986 Tax Reform Act allows the creation of special tax exemption specialty tax (REMIC) vehicles for the purpose of disclosing the pass-through issuance. The Tax Reform Act significantly contributed to the saving and lending crisis of the 1980s and 1990s which resulted in the Reform of the Financial Institution, Recovery and Enforcement Act of 1989, which dramatically altered the saving industry and federal lending and regulations, the incidence of loans.
Subprime mortgage crisis
Low-quality mortgage-backed securities backed by subprime mortgages in the United States led to a crisis that played a major role in the 2007-12 global financial crisis. In 2012 the market for high-quality mortgage-backed securities has recovered and is a profit center for US banks.
Type
Most bonds backed by mortgages are classified as MBS. This can be confusing, because the security that comes from MBS is also called MBS. To differentiate MBS basic bonds from other mortgage-backed instruments, pass-through qualifications are used, in the same way as "vanilla" indicates an option with no special features.
Mortgage backed security subtypes include:
- Securities securities are issued by trust and allocate cash flows from the underlying pool to the holders on a pro rata basis. Trusts that issue pass-through certificates are taxed under the Internal Revenue Code's trust rules. Under this rule, the pass-through certificate holder is taxed as the direct owner of a portion of trust that can be allocated to the certificate. In order for an issuer to be recognized as a trust for tax purposes, there will be no significant force under a trust agreement to change the asset composition or otherwise to reinvest the payments received, and trust must have, with limited exceptions, only one class of ownership.
- A mortgage-backed home security (RMBS) is a MBS pass-through supported by mortgages on residential properties.
- Muted-backed commercial security (CMBS) is a MBS pass-through supported by mortgages on commercial properties.
- Collateral mortgage liability , or "pay-pay bond", is a debt obligation of a legal entity that is secured by its assets. The pay-through bond is usually divided into classes that have different maturities and different priorities for principal acceptance and in some interesting cases. They often contain a security structure of sequential payments, with at least two classes of mortgage-backed securities issued, with one class receiving principal payments and prepayment scheduled before other classes. The securities are classified as debt for income tax purposes.
- A remove a mortgage backed mortgage (SMBS) where each partial mortgage payment is used to pay the principal and partly to pay the interest. These two components can be separated to create SMBS, where there are two subtypes:
- A limited mortgage backed by limited interest (OI) is a bond with cash flow backed by the interest component of the mortgage payments of the property owner.
- A net interest margin security (NIMS) is a secured residual interest of a security backed by a mortgage
- A mortgage backed by principal only (PO) is a bond with cash flow that is supported by the principal repayment component of the mortgage payments of the property owner.
- A limited mortgage backed by limited interest (OI) is a bond with cash flow backed by the interest component of the mortgage payments of the property owner.
There are various underlying mortgage classifications in the pool: Mortgage adjust the mortgage with the primary borrower, complete documentation (such as income and asset verification), strong credit score, etc.
These types are not limited to Mortgage Backed Securities. Bonds are backed by mortgages but it's not MBSs can also have these subtypes.
There are two types of classification based on security publisher:
- Agents, or governments, issue securities by government-sponsored corporations, such as Fannie Mae, Freddie Mac, and Ginnie Mae.
- Fannie Mae and Freddie Mac sell short-term (3-6 month) bills in the auction with weekly schedules, and long-term (1-10 years) notes at a monthly auction.
- The underlying mortgages for the MBS Agent are one to four family-only mortgage housing.
- Non-agencies, or private labels, securities by non-governmental publishers, such as trusts and other special-purpose entities such as real estate mortgage investment channels.
- The underlying mortgages for Non-Agents MBS are supported by second mortgage loans, manufactured housing loans, and various commercial real estate loans, in addition to single family housing mortgages.
Secondary mortgage market
Secondary mortgage market is a market where network lenders sell, and investors buy, existing mortgages or MBS. Most of the newly sold mortgages are sold by originators to these large and liquid markets where they are bundled into MBS and sold to public and private investors, including Fannie Mae, Freddie Mac, pension funds, insurance companies, mutual funds and hedge funds..
Due to the long-term nature of the mortgage, the secondary market is an important factor in maintaining the liquidity of the lender. The infusion of capital from investors provides mortgage lenders such as banks, banks, mortgage bankers and other loan initiators with a market for their loans. In addition to providing liquidity and improving overall efficiency, the secondary market can smooth the geographic credit gap. However, in some cases, especially where subprime and other risky mortgages are involved, secondary mortgage markets can exacerbate certain risks and volatility.
TBAs
TBAs - short for "to be announced" securities - involves special trading types of mortgage-backed securities. TBAs is the most liquid and important secondary mortgage market, with trillions of dollars a year. Shamans are traded by MBS merchants with notional amount. There are settlement days when traders should do well in their trades. At that time, they chose fractions from various pools to form their TBAs. Only securities agents are backed up by trade mortgages in the TBA market. "In the TBA transaction, the parties agree to the price to provide a certain volume of Mortgage-Backed Intercompany Securities on a specific date.The distinguishing feature of the TBA transaction is that the true identity of the securities to be delivered on settlement is not specified on the execution date (" Date Trade "). Instead, the parties in the trade agree on only five general parameters of the securities to be delivered: issuer, type of mortgage, term, coupon, and month of settlement."
TBAs are very important in determining the final interest rate that mortgage borrowers pay, since the mortgage initiator can "lock" the tariff and use the shaman to protect their exposure. DBAs are also used to protect many mortgage products that do not meet TBA, such as hybrid ARM and non-institutional mortgages.
Closed bond
In Europe there is a kind of asset-backed bond called a closed bond, commonly known as the German Pfandbriefe . Closed bonds were first created in 19th century Germany when Frankfurter Hypo began issuing mortgage-backed bonds. The market has been regulated since the creation of laws governing securities in Germany in 1900. The main difference between closed bonds and mortgage-backed securities or asset-backed securities is that banks that lend and pack them into closed bonds keep these loans their books. This means that when a company with a mortgage asset in his book issues a closed bond, its balance sheet grows, which will not happen if it publishes SBM, although it may still guarantee the payment of securities.
Usage
There are many reasons for mortgage initiators to finance their activities by issuing mortgage-backed securities. Mortgage-backed securities:
- transforming a relatively illiquid financial assets into a liquid and tradable capital market instrument
- allows mortgage makers to refill their funds, which can then be used for additional additional activities
- can be used by Wall Street banks to monetize the spread of credits between the origin of the underlying mortgage (private market transactions) and the yields demanded by bond investors through the issuance of bonds (usually public market transactions)
- is often a more efficient and cheaper source of financing compared to other bank funding and capital market alternatives.
- enables issuers to diversify their financing sources by offering an alternative to more traditional forms of debt and equity financing
- enables publishers to remove assets from their balance sheets, which can help improve various financial ratios, capitalize on more efficiently, and achieve compliance with risk-based capital standards
The highest liquidity of mortgage-based securities means that the investor who wants to take a position does not have to deal with the theoretical price difficulties described below; the price of each bond is essentially quoted at fair value, with a very narrow bid/bid spread.
Reasons (other than investment or speculation) to enter the market include a desire to hedge against a decline in the prepaid rate (an important business risk for any company specializing in refinancing).
Criticism
Critics have suggested that the complexity inherent in securitization may limit the ability of investors to monitor risk, and that a competitive securitization market with some securitizers may be particularly vulnerable to sharp declines in the underwriting standards. Private and competitive mortgage securitization is believed to play an important role in the US subprime mortgage crisis. In addition, off-balance sheet treatment for securitization coupled with guarantees from issuers is said to make leverage of securitization firms less transparent, thus facilitating risky capital structures and enabling less valuable credit risk. Off-balance sheet securitizations are believed to have played a major role in the high leverage ratios of US financial institutions before the financial crisis.
Market size and liquidity
In the second quarter of 2011, there were approximately $ 13.7 trillion in total US mortgage debt. There are about $ 8.5 trillion of total US mortgage-related securities. Around $ 7 trillion of that is securitized or secured by government-sponsored companies or government agencies, the remaining $ 1.5 trillion collected by private mortgage channels.
According to the Bond Markets Association, the US MBS publishing agency is (see also chart above):
- 2005: USD 0.967 trillion
- 2004: USD 1.019 trillion
- 2003: USD 2.131 trillion
- 2002: USD 1.444 trillion
- 2001: USD 1.093 trillion
Pricing
Assessment
Weighted weighted average (WAM) and weighted average coupon (WAC) are used for assessment of MBS pass-through, and they form the basis for calculating cash flow from a pass-through mortgage. Just as this article describes the bond as a 30-year bond with a coupon rate of 6%, this article describes the MBS pass-through as $ 3 billion pass-through with 6% pass-through rate, a WAC of 6.5%, and 340-month WAM. Pass-through rate is different from WAC; it is the level that the investor will receive if he holds this MBS pass-through, and the pass-through rate is almost always less than the WAC. The difference is in service costs (ie, costs incurred in collecting loan payments and transferring payments to investors.)
To illustrate these concepts, consider a mortgage pool with just three mortgage loans that have mortgage balances, mortgage rates, and months remaining to maturity:
Average weighted average
The weighted average maturity (WAM) of MBS pass-through is the average of the mortgage maturity in the pool, weighted by their balances on the MBS issue. Note that this is the average of the entire mortgage, as it differs from concepts like life and the weighted average duration, which averages across single loan payments.
Weights are calculated by dividing each outstanding loan amount by the total amount outstanding in the mortgage pool (ie, $ 900,000). This amount is an extraordinary amount at the time of publication or MBS initiation. WAM for the above example is calculated as follows:
WAM = (22,2 2 % ÃÆ' 300) (44,4 4 % ÃÆ' 260) (33,3 3 % ÃÆ' 280) = 66,6 6 115,5 5 93,3 3 = 275,5 5 bulan
Another commonly used measure is the weighted average loan age.
Weighted average coupons
The weighted average coupon (WAC) of the MBS pass-through is the average of the mortgage coupons in the pool, weighed by their original balance on MBS issuance. For the above example this is:
WAC = (22,2 2 % ÃÆ' 6,00%) (44,4 4 % ÃÆ' 6,25%) (33,3 3 % ÃÆ' 6,5%) = 1,3 3 % 2,7 7 % 2,16 6 % = 6,27 7 %
Harga teoritis
The "vanilla" corporate bond pricing is based on two sources of uncertainty: default risk (credit risk) and interest rate (IR) exposure. MBS adds a third risk: early redemption (prepay). The number of homeowners in mortgage-backed SBM housing securities increases as interest rates decrease. One reason for this phenomenon is that homeowners can refinance at a lower fixed rate. Commercial MBS often reduces this risk using call protection.
Since both risk sources (IR and prepaid) are related, solving the mathematical model of MBS value is a difficult issue in finance. The difficulty level increases with the complexity of the IR model and the sophistication of IR pre-payment dependence, to the point that no closed form solution (ie, writable) is widely known. In this type of model, numerical methods provide an approximate theoretical price. It is also necessary in most models that define credit risk as a stochastic function with IR correlation. Practitioners usually use a special Monte Carlo method or modify the Binomial Tree numerical solution.
Interest rate risk and prepay risk
The theoretical pricing model should take into consideration the relationship between interest rates and the speed of loan repayment. Prepaid mortgage payments are usually made because the house is sold or because the homeowner is doing refinancing for a new mortgage, possibly with a lower or shorter interest rate. Advance payments are classified as risk for MBS investors despite the fact that they receive money, as they tend to occur when a floating interest rate reduction and fixed income bonds will be more valuable (negative convexity). In other words, the results received will need to be reinvested at lower rates. Therefore, the term prepayment risk .
Professional investors generally use the arbitrage-pricing model to assess SBM. These models apply interest rate scenarios consistent with the current yield curve as a driver of an econometric prepaid model that modeled the behavior of the homeowner as a function of the projected mortgage interest rate. Given market prices, the model generates spreads tailored to the option, a valuation metric that takes into account the risks inherent in these complex securities.
There are other drivers of prepaid function (or upfront payment risk), independent of interest rates, such as:
- economic growth, which correlates with an increase in turnover in the housing market
- house price inflation
- unemployment
- the risk of regulation (if loan terms or tax laws in a country change this can change the market in depth)
- demographic trends, and shifting risk aversion profiles, which can keep interest rate mortgages relatively more or less attractive
Credit risk
The mortgage-based mortgage loan risk depends on the likelihood of the borrower paying the promised cash flows (principal and interest) on time. MBS credit rating is quite high because:
- Most credit claims include research on the ability of a mortgage borrower to repay, and will try to lend only to a viable lender. Important exceptions to this are "no-document" or "low-document" loans.
- Some MBS publishers, such as Fannie Mae, Freddie Mac, and Ginnie Mae, guarantee the default risk of homeowners. In the case of Ginnie Mae, this guarantee is backed with full confidence and credit from the US federal government. This is not the case with Fannie Mae and Freddie Mac, but these two entities have credit lines with the US federal government; however, this line of credit is very small compared to the average amount of money circulated through these entities within a business day. In addition, Fannie Mae and Freddie Mac generally require personal mortgage insurance for loans where the borrower provides an advance of less than 20% of the value of the property.
- Bringing together many mortgages with a non-correlated default probability creates a bond with a much lower total default probability, where no homeowner can make payments (see Copula). Although the spread of credit neutral risk is identically theoretically between the mortgage ensemble and the average mortgage in it, the chances of catastrophic loss are reduced.
- If the property owner must default, the property remains as collateral. Although real estate prices may move below the original loan value, this increases the solidity of the payment guarantee and deters the defaulted borrower.
If MBS is not borne by the original real estate and guarantees the issuer, the bond rating will be much lower. Part of the reason is the expected disadvantageous selection of borrowers with credit increases (from MBS collected by initial credit quality) that will have an incentive to refinance (eventually joining the MBS pool with a higher credit rating).
Real world prices
Due to the diversity of MBS types, there are various sources of pricing. In general, the more uniform or liquid the MBS, the greater the transparency or availability of the price. Most merchants and money managers use Bloomberg and Intex to analyze MBS pools and more esoteric products such as CDOs, although tools like Citi Outcomes Book and Barclays POINT are also common on Wall Street, especially for multi-asset class managers. Some agencies have also developed their own proprietary software. Tradeweb is used by the largest bond dealer ("predecessor") to make large lot transactions ($ 1 million and larger).
Complex, structured products tend to trade less frequently and involve more negotiations. Prices for this more complicated MBS, as well as for CMO and CDO, tend to be more subjective, often only available from dealers.
For a 30-year pool (FN/FG/GN) "vanilla" or "generic" coupon with 3.5% -7% coupon, one can see the price posted on the TradeWeb screen by a primary called To Be Allocated (TBA). This is because the actual pool is not displayed. This is the price ahead for the next 3 months since the pool has not been cut; only the issuing agent, the coupon, and the dollar amount revealed. Specific sets of known characteristics will usually trade "TBA plus {x} ticks" or "pay-ups", depending on the characteristics. This is called a "certain pool", because the buyer determines the characteristics of the pool he wants to "pay".
The price of the MBS pool is influenced by the prepaid speed, usually measured in units of CPR or PSA. When mortgage refinances or prepaid borrowers during the month, advance payment measurements increase.
If lovina obtains pool at premium (& gt; 100), as usual for higher coupons, then they are at risk for prepayment. If the purchase price is 105, the investor loses 5 cents for each dollar paid upfront, which can significantly decrease the yield. This may be the case because MBS holders with higher coupons have a good incentive to refinance.
On the other hand, it may be advantageous for bondholders for borrowers to pay in advance if low-coupon MBS collections are purchased at a discount (& lt; 100). This is due to the fact that when the borrower repays the mortgage, he does it in "par". So, if the investor buys a 95 cents bond, because the borrower pays, he will get the full dollar back and the yield increases. However, this is unlikely, because borrowers with low coupon mortgages have very little incentive to refinance.
The price of an MBS pool is also affected by the loan balance. The general specification for the MBS pool is the range of loan amounts that each mortgage in the pool must pass. Usually, high-coupon supported by mortgage with original loan balance is not more than $ 85,000, the biggest payment order. Although the borrower pays above market results, he is persuaded from refinancing small loan balances due to the high fixed costs involved.
Low Loan Balance: & lt; $ 85.000
Mid Loan Balance: $ 85,000- $ 110,000
High Loan Balance: $ 110,000 - $ 150,000
High Super Loan Balance: $ 150,000- $ 175,000
TBA: & gt; $ 175,000
The number of factors makes it difficult to calculate the value of MBS security. Often market participants disagree, resulting in a large difference in the quotation price for the same instrument. Practitioners continue to try to improve the prepaid model and hope to measure the value for input variables implied by the market. Varying liquidity premiums for related instruments and changing liquidity over time makes this a difficult task. One of the factors used to express the security of MBS is the pool factor.
Recording and Mortgage Electronic Registration System
One of the most important components of the securitization system in the US market is the Mortgage Electronic Registration System (MERS) created in the 1990s, which created a personal system in which the underlying mortgage is assigned and moved outside the traditional district-level recording process. The validity and overall accuracy of this alternative recording system has faced serious challenges with the onset of the mortgage crisis: when US courts face foreclosure cases, the insufficiency of the MERS model is exposed, and both local and federal governments have begun to take action through their own lawsuits and rejection (in some jurisdictions ) court to acknowledge the MES assignment law authority. The determination of a mortgage (a trust deed) and a note (obligation to repay debt) documents outside a traditional US court (and without paying record fees) are subject to legal challenges. Legal inconsistencies at MERS initially seem trivial, but they may reflect dysfunctionality throughout the US mortgage securitization industry.
See also
- Note
- Bank of America Home Loans
- The Dollar Scroll
- Lewis Ranieri, father of MBS
- New Century
- the housing bubble of the United States
References
Bibliography
External links
- Vink, Dennis and Thibeault, Andrà © © (2008). "ABS, MBS and CDO Compared: Empirical Analysis" The Journal of Structured Finance
- More Mortgage Madness by Kai Wright, The Nation , April 29, 2009
- MBS Basics by Mortgage News Daily, MBS Commentary
- http://www.slate.com/articles/news_and_politics/explainer/2008/03/what_is_a_mortgagebacked_security.html] What is Mortgage Supported Security? by Chris Wilson, in Slate Magazine
- TBA Trafficking and Liquidity at the MBS Market Agency, by the Federal Reserve Bank of New York
Source of the article : Wikipedia
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