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| Author: | |
| Title: | Collateralised mortgage obligations. |
| Journal: | Banker
1987 : AUG, VOL. 137:738, p. 11 |
| Index terms: | STOCK MARKETS MORTGAGES USA |
| Language: | eng |
| Abstract: | The market in collateralized mortgage obligations (CMOs) is relatively new. It is a market in securities which are backed (collateralized) by mortgages. In one sense, the CMO was well-known in West Germany and Denmark. What is perhaps new is the sophistication the US investment banks have brought to the mortgage-backed market to create new securities with desired characteristics. The aim was to overcome the cash-flow problems arising with mortgage-backed issuers, stemming from the fixed rate of US mortgages. |
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