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underlying mortgage |
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Underlying Mortgage In a mortgage-backed security, a mortgage or a piece of a mortgage that gives value to the security. For example, if a bank sells the mortgage on Joe's house to another bank and that bank repackages it into an MBS, Joe's mortgage is one of the underlying mortgages for the security. See also: Underlying asset. underlying mortgage The first mortgage in a wraparound mortgage arrangement. 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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