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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 ?
Mugabe's ZANUPF party had always been closer to South Africa's Pan-Africanist Congress party than to Mandela's ANC.
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.
If the ANC can't provide jobs as well as housing, water, electricity and education, then in 1999, when the elections are due, the moderate wing of the movement will face an ever stronger challenge from its radical wing and from the currently politically peripheral Pan-Africanist Congress.

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