Mortgage Markets参考.pptVIP

5.1 Use of Mortgage-Backed Securities Ginnie Mae mortgage-backed securities Government National Mortgage Association Guarantees timely interest and principal payments to investors Pool of loans with the same interest rate Purchasers receive slightly lower rate than that on the loans to cover service and guarantee 5.2 Use of Mortgage-Backed Securities Fannie Mae mortgage-backed securities Uses funds from mortgage-backed pass-through securities to purchase mortgages Channel funds from investors to institutions that want to sell mortgages Guarantee timely payments to investors Some securities