Mortgage Backed Securities

FHLMC Pools (Fixed Rate & Adjustable Rate Mortgages)

FHLMC (Freddie Mac) is a government-sponsored enterprise (GSE) chartered by Congress for the purpose of providing liquidity, stability and affordability to the U.S. housing and mortgage markets by pooling and selling participation certificates that are backed by mortgages. Pools are issued with maturities of 5, 7, 10, 15, 20, 25, 30 and 40 years and dependent upon the prepayment speeds of the underlying mortgages can have average lives that range from .5 to 30 years.

FNMA Pools (Fixed Rate & Adjustable Rate Mortgages)

FNMA (Fannie Mae) is a government-sponsored enterprise (GSE) chartered by Congress for the purpose of providing liquidity, stability and affordability to the U.S. housing and mortgage markets by pooling and selling participation certificates that are backed by mortgages that are insured by FHA or guaranteed by the VA. Pools are issued with maturities of 7, 10, 15, 20, 25, 30 and 40 years and dependent upon the prepayment speeds of the underlying mortgages can have average lives that range from .5 to 30 years.

GNMA Pools (Fixed Rate & Adjustable Rate Mortgages)

GNMA (Ginnie Mae) securities are the only MBS which carry the full faith and credit guaranty of the United States government. (Ginnie Maeis a government-owned corporation that guarantees investors the timely payment of principal and interest on Mortgage Backed Securities (MBS) backed by federally insured or guaranteed loans (insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Other guarantors or issuers of loans eligible as collateral for Ginnie Mae MBS include the Department of Agriculture's Rural Housing Service (RHS) and the Department of Housing and Urban Development's Office of Public and Indian Housing (PIH). GNMA pools can have maturities of 15 and 30 years and dependent upon the prepayments speeds on the underlying mortgages can have average lives that range from 3 to 25 years.