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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
A debt security whose value is derived from mortgages on manufactured houses. This entitles the owner to a claim on the principal and interest payments on the particular mortgages underpinning the security. MHSs pay an interest rate that is usually related to the interest rates the homeowners are paying on their mortgages. The equivalent of the coupon on a mortgage backed security is a percentage of the interest and principal paid on the mortgages backing the security. MHSs are subject to many of the same risks as conventional mortgage-backed securities, but they carry an additional risk of depreciation. Unlike most homes, manufactured houses have a greater risk of losing value over time.
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