Modified pass-throughs

(redirected from Modified Pass-Through Certificates)

Modified pass-throughs

Agency pass-throughs that guarantee (1) timely interest payments and (2) principal payments as collected, but no later than a specified time after they are due. Related: fully modified pass-throughs

Modified Pass-Throughs

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 a modified 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 ?
6 million commercial mortgage modified pass-through certificates class A is affirmed at 'AA' following Fitch's annual review of the transaction, which closed in June of 1994.

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