Agency pass-throughs

Agency pass-throughs

Agency Pass-Throughs

Mortgage-backed pass-through securities with principals and interest guaranteed by a U.S. Government agency. A pass-through security is backed by assets or debt; in an agency pass-through security, a government agency reduces the risk of default to the pass-through holder by guaranteeing payment. Ginnie Mae makes most of these guarantees, but Freddie Mac and Fannie Mae do as well.
References in periodicals archive ?
Yet even with the impetus from regulatory costs and funding constraints, securitization by private issuers remained subdued until the mid-1980s; there were only $10 billion in private-sector pass-throughs outstanding at the end of 1984, amounting to just 3.5 percent of the value of all federal agency pass-throughs outstanding at the time.
Among agency pass-throughs, GNMA issuance will expand to $90 billion (26 percent of the total versus only 18 percent in 1992) at the expense of conventional MBS issuance.

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