Mortgage-backed Securities
Investment grade securities backed by a pool of mortgages. The issuer uses the cash flow from mortgages to meet interest payments on the bonds.
"Mortgage-backed Securities" In Context
"TCF Financial's shares jumped 6.5 percent Tuesday after the Wayzata-based bank holding company said it would restructure its balance sheet, selling $1.9 billion in mortgage-backed securities and refinancing $3.6 billion in debt at a lower rate." This Insurance Word is available for Sponsorship Sponsor this Definition Today.