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CHAP8 -Chap12
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*securitization
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1010550055005.5*
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Credit asset*
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Non-performing loan, NPL*
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Originator/ServicerIssuer*
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Trusetee
*
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(Guarantor)Credit enhancementgovernment national mortgage
association, GNMAfederal national mortgage association, FNMAfederal
home loan mortgage company, FHLMC
*
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12.1 *
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-Mortgage-backed securities, MBSResidential Mortgage
LoansAsset-backed securities, ABSHome equity loans,
HELsmanufactured house loans, MHLsABS*
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second-lien mortgage*
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-(Pass-Through structure)(Pay-Through structure)Prepayment
risk
*
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Collateralized mortgage obligations, CMOS:MBSMBSCMOs
*
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MBSGNMAFHMAFHLMCMBSMBSMBSPrivate-label MBS
*
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Internal credit enhancement:*
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Senior(Subordinated):
*
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Reverse fundCash reverse fundExcess servicing spread
*
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(EXTERNAL CREDIT ENHANCEMENT)(Stand-by letter of credit)
*
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12.2 *
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GNMAMBSFNMAFHLMCMBS
MBSMBS
*
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*
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12.3 MBS*
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*
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(Veterans Administration, VA)(Federal Housing Administration,
FHA)
*
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Federal National Mortgage Association, FNMAFannie
Mae1938FHAFHAVA1968
*
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Government National Mortgage Association, GNMAGinnie
MaeFNMA70MBSFHAVA
*
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Federal Home Loan Mortgage Company, FHLMCFreddie Mac:FHLMC
*
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GNMAMBSPrivate label pass through*
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GNMA12.4 GNMAMBS*
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GNMAGNMAGNMAPerformance guaranteeMBSGNMAMBS*
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GNMAMBSGNMA IGNMA IIGNMA IGNMA II*
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MBSFHLMCMBSGNMAFHLMCparticipation certificates, PCPCMBSPC*
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FHLMCMBSGNMAMBSPCFHAVAFHLMC*
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FHLMCMBSFHLMCFHLMCPCFHLMC
*
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FHLMCMBSFHLMCSWAPPCFHLMCFHLMCPCFHLMC
*
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FHLMCMBSFHLMCGNMAFHLMC*
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FNMAMBSFNMAMBSFHAVAFNMA
*
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MBS
*
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Pay through MBS*
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34
*
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FHAVA
*
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MBS
*
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collateralized mortgage obligations, CMOsMBStrancheCMOs
*
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CMOS*
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CMOSresidual account
re-securitization
CMOs*
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planned amortization class, PAC(residual class)CMOs
*
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STRIPPED MBSPrincipal only class, POInterest only class, IO*
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(ASSET-BACK SECURITIES, ABS)Auto-loan Asset-back
securitiesABS
*
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-ABS*
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12.6 ABS*
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ABSMBS*
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ABSMBS(Soft Bullet Structure)ABSExpected single-bullet principal
payment
*
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Principal funding accountABSBAS*
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(Controlled Amortization Structure)ABSABS
*
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*
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ABSABSSubsidize Stafford loans:FFELPFederal family education
loan program,
*
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(parental loans for undergraduate students, PLUS):
*
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FFELPconsolidation loanMABS*
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12.9 ABS*
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ABS
*
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*
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12.10 ABS*
