Collateralized Mortgage Obligation
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A collateralized mortgage obligation (CMO) is a financial debt vehicle that was first created in June 1983 by the investment banks Salomon Brothers and First Boston for Freddie Mac. (The First Boston team was led by Dexter Senft . Legally, a CMO is a special purpose entity that is wholly separate from the institution(s) that create it. The entity is the legal owner of a set of mortgages, called a pool. Investors in a CMO buy bonds issued by the entity, and receive payments according to a defined set of rules. The mortgages themselves are called the collateral, the bonds are called tranches…mehr

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Produktbeschreibung
A collateralized mortgage obligation (CMO) is a financial debt vehicle that was first created in June 1983 by the investment banks Salomon Brothers and First Boston for Freddie Mac. (The First Boston team was led by Dexter Senft . Legally, a CMO is a special purpose entity that is wholly separate from the institution(s) that create it. The entity is the legal owner of a set of mortgages, called a pool. Investors in a CMO buy bonds issued by the entity, and receive payments according to a defined set of rules. The mortgages themselves are called the collateral, the bonds are called tranches (also called classes), and the set of rules that dictates how money received from the collateral will be distributed is called the structure. The legal entity, collateral, and structure are collectively referred to as the deal.