TAILIEUCHUNG - Mortgage-backed Securities & Collateralized Mortgage Obligations: Prudent CRA INVESTMENT Opportunities

Once you are satisfied that you are getting an even cut (and be prepared for a few failures at first, so use test pieces), resaw the piece all the way through. If you are trying to get more than two pieces from your stock, flip it over and resaw again referring off the other flat face. Now you are left with two pieces that are surfaced on one side and rough on the other, and one piece that is rough on both sides. Depending on the thickness you started with and the thicknesses of the two cuts you made, the. | . Mortgage-backed Securities Collateralized Mortgage Obligations Prudent CRA INVEStMeNt Opportunities by Andrew Kelman Director National Business Development Securities Sales and Trading Group Freddie Mac Mortgage-backed securities MBS have become a popular vehicle for financial institutions looking for investment opportunities in their communities. CRA officers and bank investment officers appreciate the return and safety that MBSs provide and they are widely available compared to other qualified investments. Mortgage securities play a crucial role in housing finance in the . making financing available to home buyers at lower costs and ensuring that funds are available throughout the country. The MBS market is enormous with the volume of outstanding MBSs exceeding trillion. Investors include corporations banks and thrifts insurance companies and pension funds. MBSs are popular because they provide a number of benefits to investors including liquidity yield and capital management flexibility. CRA officers should understand these benefits to enable them to work with bank investment officers. Understanding MBSs An MBS is similar to a loan. When a bank purchases an MBS it effectively lends money to the borrower home-owner who promises to pay interest and to repay the principal. The purchase effectively enables the lender to make more mortgage loans. MBSs are known as fixed-income investments and represent an ownership interest in mortgage loans. Other types of bonds include . government securities municipal bonds corporate bonds and federal agency debt securities. Here is how MBSs work. Lenders originate mortgages and provide groups of similar mortgage loans to organizations like Freddie Mac and Fannie Mae which then securitize them. Originators use the cash they receive to provide additional mortgages in their communities. The resulting MBSs carry a guarantee of timely payment of principal and interest to the investor and are further backed by the .

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