Oliverbug2020-08-12 11:53:20
OliverbugAgency Securities: CMOs are created from pools of passthrough securities. 问题：CMO不是分层的吗,和passthrough是分开的。为什么书上这样写agency secutities的定义？是啥意思
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Danyi2020-08-12 14:03:06
Danyi同学你好，
这里passthrough securities可以理解成 securitized mortgage loans的意思，跟下面Non-agency securities里面的unsecuritized mortgage loans相对应。
因为原版书上原话：When a mortgage is included in a pool of mortgages that is used as collateral for a mortgage pass-through security, the mortgage is said to be securitized。
所以这里passthrough securities就把他当做是securitized mortgage
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