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Guaranteed Mortgage Certificate
(redirected from GMCS)

   Also found in: Acronyms 0.03 sec.
Guaranteed Mortgage Certificate
A mortgage-backed security issued by Freddie Mac. As with all mortgage-backed securities, the coupons on guaranteed mortgage certificates are paid out of the principal and interest on a pool of mortgages underlying the securities. However, GMCs have a guaranteed average life, meaning that Freddie Mac protects the investor from prepayment risk buy guaranteeing principal and interest payments in the event that too many mortgage holders pay back their loans early, depriving the pool of interest it otherwise would have received. See also: collateralized mortgage obligation.

guaranteed mortgage certificate
A pass through issued by Freddie Mac in which conventional mortgages purchased by Freddie Mac are resold to investors in $100,000, $500,000, and $1,000,000 principal amounts. Interest is paid semiannually and principal repayments are made annually. See also pass-through security.


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Year five/six boys ( team: 1 GMCS 28; 2 Stocksfield Avenue 32; 3 St Teresa's 48; 4 West Jesmond 72; 5 Gosforth 88; 6 Knoplaw 94; 7 Milecastle 119; 8 GWMS 165; 9 St Alban's 166; 10 Welbeck 170; 11 Farne 194; 12 La Sagesse 260.
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