Agency pass-throughs

Agency pass-throughs

Agency Pass-Throughs

Mortgage-backed pass-through securities with principals and interest guaranteed by a U.S. Government agency. A pass-through security is backed by assets or debt; in an agency pass-through security, a government agency reduces the risk of default to the pass-through holder by guaranteeing payment. Ginnie Mae makes most of these guarantees, but Freddie Mac and Fannie Mae do as well.
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Among agency pass-throughs, GNMA issuance will expand to $90 billion (26 percent of the total versus only 18 percent in 1992) at the expense of conventional MBS issuance.

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