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Guaranteed Mortgage Certificates |
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Guaranteed Mortgage Certificates (GMC) First issued by Freddie Mac in 1975, G.M.C.s, like PCs, represent undivided interest in specified conventional whole loans and participations previously purchased by Freddie Mac. Guaranteed Mortgage Certificates 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The long-term 'AAA' rating on the 2006 series D bonds reflects the current and projected composition of the single-family mortgage portfolio, which consists primarily of Ginnie Mae and Fannie Mae guaranteed mortgage certificates and may include Freddie Mac certificates using a portion of the proceeds from this issue. |
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