A security that "passes through" monthly the interest and principal cash flows from a pool of underlying mortgage loans.
The servicer of a pool of mortgages collects the borrower’s monthly payments and, after deducting a fee, remits or passes them through to the security holders or investors. The pas-through is the most common structure for mortgage-backed securities.
A bond, certificate, or other form of security collateralized by a block of mortgage loans. Monthly payments on the mortgage loans are "passed through" a trustee to the holder of the securities.
A security granting the holder an interest in a pool of mortgages. A portion of the payments of principal and interest from the underlying mortgages are passed through to the holder of the security.... read full article
A security issued by the Government National Mortgage Association (Ginnie Mae) to mortgage investors. Cash flows from the underlying block individual mortgage loans are "passed through" to the holders of the securities in pro rata share, including loan prepayments. With a mortgage-backed security, the timely payment of principal and interest is guaranteed by Ginnie Mae. In 1982, the Federal National Mortgage Association (Fannie Mae) instituted its own mortgage-backed securities program designed to attract billions of dollars into the conventional mortgage market from pension funds and other investors. ( See FHA , Fannie Mae , Freddie Mac , Ginnie Mae , mortgage-backed securities , VA loan )
Instrument representing an interest in a pool of mortgages. Pass-throughs pay interest and principal on a monthly basis.
A type of mortgage-backed security in which the cash flow from a mortgage pool is distributed to investors on a pro rata basis.
Security, representing pooled debt obligations repackaged as shares, that passes income from debtors through the intermediary to investors. The most common type of pass-through is a mortgage-backed certificate, usually government-guaranteed, where homeowners' principal and interest payments pass from the originating bank or savings and loan through a government agency or investment bank to investors, net of service charges,. Pass-throughs representing other types of assets, such as auto loan paper or student loans, are also widely marketed. See also Certificate of Automobile Receivables (CARS); Collateralized Mortgage Obligation, REMIC.