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PAC |
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PAC PAC See: Preauthorized checks
PAC A collateralized mortgage obligation that seeks to protect investors from prepayment risk. PACs do this by setting a schedule of payments; if prepayments of the underlying mortgages exceed a certain rate, the life of the PAC is shortened. If they fall below a certain rate, the life of the tranche is extended. This helps protect investors in case the holders of the underlying mortgages do not pay their mortgages back as expected. 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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