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PAC (1)

PAC (2)

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
Mugabe's ZANUPF party had always been closer to South Africa's Pan-Africanist Congress party than to Mandela's ANC.
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.
Of sad note is the rapid decline of the Pan-Africanist Congress (PAC), the party that takes its inspiration from the ideals of Ghana's first president, Dr Kwame Nkrumah.

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