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CMO REIT

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CMO REIT
A very risky type of Real Estate Investment Trust investing in the residual cash flows of Collateralized Mortgage Obligation (CMOs). CMO cash flows are derived from the difference between the rates paid by the mortgage loan holders and the lower, shorter-term rates paid to CMO investors.
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In addition, the purchase of shares in a publicly-traded CMO REIT enables investors to take advantage of the highly advantageous tax treatment provided to REITs by the Internal Revenue Code, A REIT's earnings are not taxed prior to their distribution as cash dividends to stockholders.
CMO residuals: the last can be first by Browne, Spencer I. / Chief Executive (U.S.)
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