In general, higher coupon pass-throughs
have shorter average lives than lower coupons.
Second, the data through the first 10 months of 1993 also suggested $520 billion (Item 13) worth of gross issuance of agency-guaranteed and private-label, fixed-rate pass-throughs
for the year.
Carhart says pass-throughs
are an extraordinary investment during uncertain economic and market conditions, a situation he believes will persist for several years.
Operating expenses net of pass-throughs
increased 21% to $7.
However, for 1993, mortgage pass-throughs
will be hard pressed to beat Treasuries in total returns, continuing their mixed performance of 1992.
This new service combines the most accurate and timely real-time prices from the mortgage backed pass-throughs
market with live trade information sourced from Tullett plc, the industry's leading broker for mortgage backed securities between primary dealers.
The credit concerns of investors led to the record issuance in 1991 of nearly $30 billion of non-agency mortgage pass-throughs
rated Aaa, the highest rating of Moody's Investors Service.
Consolidation and mill and box plant closures in the corrugated markets are moving closer to a declining domestic demand, permitting cost pass-throughs
and better operating margins.
In fact, if the "high risk" tests were applied to these pass-throughs
, current GNMA 8.
HCFA's still-evolving development of a list of pass-throughs
These reports cover: cash flow analysis, cash flow per annum, total occupancy cost components, rental components per annum, expense escalations and pass-throughs
, capital costs, etc.
Esaki said $17 billion of new, private pass-throughs
were issued in this year's first half alone, compared to $25 billion for all of 1990.