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collateralized mortgage obligation

Financial DictionaryBond Professor's Dictionary
A type of mortgage-backed security that is backed by mortgage pools and that is documented and sold as a collection of separate bonds, which are called tranches. CMOs may reduce the uncertainties caused by mortgage prepayments by separating cash flows into a variety of tranches. Each tranche can have different prices, yields, expected maturities, expected prepayment speeds, and so on.

Financial DictionaryCampbell R. Harvey's Hypertextual Finance Glossary
security backed by a pool of pass-through rates  , structured so that there are several classes of bondholders with varying maturities, called tranches. The principal payments from the underlying pool of pass-through securities are used to retire the bonds on a priority basis as specified in the prospectus. Related: mortgage pass-through security.
Copyright © 2000, Campbell R. Harvey


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