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PAC (1)

PAC (2)

PAC Bond

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 off their mortgages as expected.


References in periodicals archive ?
In an attempt to pre-empt it, the Pan-Africanist Congress which had broken away from the ANC in April 1959, announced that its members would demonstrate on March 21st.
There are strong prospects that the disfranchised will close ranks and present a unified black front at the negotiating table, despite the prevailing ambivalence of the Black Consciousness Movement and the Pan-Africanist Congress and the outright rejection by the New Unity Movement of negotiations as a "ploy to nip in the bud the development of the struggle in South Africa onto a high plateau:' The fact is that if these organizations wish to lay claim to the general will, they will have to join negotiations.
It will be the first time in the history of South Africa that the rest of Africa will be joining them to commemorate Sharpeville Day, in a manner that the founding fathers of the Pan-Africanist Congress (which organised that 1960 march against the pass law), and the ruling African National Congress (ANC), now headed by Jacob Zuma, had never anticipated when they instituted 21 March as "Human Rights Day" and a major public holiday in South Africa.
The more radical Pan-Africanist Congress, which broke away from the A.

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