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Interest Only Strip |
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Interest Only Strip A derivative security whose cash flow derives exclusively from interest payments on various debt securities. That is, the underlying asset of an interest-only strip is interest paid on debt securities, rather than the debt securities themselves. Many interest only strips are backed by mortgage interest, but some are also backed by Treasury securities and other debt securities. Interest-only strips are derived from bonds whose coupons are legally separated, or "stripped", from the bonds themselves. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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IO strips are precisely the same instrument as excess servicing. The complaint alleges that during the Class Period the Company's: (1) IO Strip portfolio was materially overvalued; (2) net income and net gain on mortgage loan sales were materially overstated; (3) return on equity and return on capital were materially overstated; and (4) reported net capital was materially overstated. After discussions with investors in both assets, I concluded that servicers must replace runoff to utilize their excess capacity (or exit the industry), whereas IO strip investors can stop investing any time they want. |
IO Strip |
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