CHAP8 -Chap12

*securitization

1010550055005.5*

Credit asset*

Non-performing loan, NPL*

Originator/ServicerIssuer*

Trusetee

*

(Guarantor)Credit enhancementgovernment national mortgage association, GNMAfederal national mortgage association, FNMAfederal home loan mortgage company, FHLMC

*

12.1 *

-Mortgage-backed securities, MBSResidential Mortgage LoansAsset-backed securities, ABSHome equity loans, HELsmanufactured house loans, MHLsABS*

second-lien mortgage*

-(Pass-Through structure)(Pay-Through structure)Prepayment risk

*

Collateralized mortgage obligations, CMOS:MBSMBSCMOs

*

MBSGNMAFHMAFHLMCMBSMBSMBSPrivate-label MBS

*

Internal credit enhancement:*

Senior(Subordinated):

*

Reverse fundCash reverse fundExcess servicing spread

*

(EXTERNAL CREDIT ENHANCEMENT)(Stand-by letter of credit)

*

12.2 *

GNMAMBSFNMAFHLMCMBS

MBSMBS

*

*

12.3 MBS*

*

(Veterans Administration, VA)(Federal Housing Administration, FHA)

*

Federal National Mortgage Association, FNMAFannie Mae1938FHAFHAVA1968

*

Government National Mortgage Association, GNMAGinnie MaeFNMA70MBSFHAVA

*

Federal Home Loan Mortgage Company, FHLMCFreddie Mac:FHLMC

*

GNMAMBSPrivate label pass through*

GNMA12.4 GNMAMBS*

GNMAGNMAGNMAPerformance guaranteeMBSGNMAMBS*

GNMAMBSGNMA IGNMA IIGNMA IGNMA II*

MBSFHLMCMBSGNMAFHLMCparticipation certificates, PCPCMBSPC*

FHLMCMBSGNMAMBSPCFHAVAFHLMC*

FHLMCMBSFHLMCFHLMCPCFHLMC

*

FHLMCMBSFHLMCSWAPPCFHLMCFHLMCPCFHLMC

*

FHLMCMBSFHLMCGNMAFHLMC*

FNMAMBSFNMAMBSFHAVAFNMA

*

MBS

*

Pay through MBS*

34

*

FHAVA

*

MBS

*

collateralized mortgage obligations, CMOsMBStrancheCMOs

*

CMOS*

CMOSresidual account

re-securitization

CMOs*

planned amortization class, PAC(residual class)CMOs

*

STRIPPED MBSPrincipal only class, POInterest only class, IO*

(ASSET-BACK SECURITIES, ABS)Auto-loan Asset-back securitiesABS

*

-ABS*

12.6 ABS*

ABSMBS*

ABSMBS(Soft Bullet Structure)ABSExpected single-bullet principal payment

*

Principal funding accountABSBAS*

(Controlled Amortization Structure)ABSABS

*

*

ABSABSSubsidize Stafford loans:FFELPFederal family education loan program,

*

(parental loans for undergraduate students, PLUS):

*

FFELPconsolidation loanMABS*

12.9 ABS*

ABS

*

*

12.10 ABS*