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Just as this article describes a bond as a 30-year bond with 6% coupon rate, this article describes a pass-through MBS as a $3 billion pass-through with 6% pass-through rate, a 6.5% WAC, and 340-month WAM. The pass-through rate is different from the WAC; it is the rate that the investor would receive if he/she held this pass-through MBS, and ...
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The standard model (also called "100% PSA") works as follows: Starting with an annualized prepayment rate of 0.2% in month 1, the rate increases by 0.2% each month, until it reaches 6% in month 30. From the 30th month onward, the model assumes an annualized prepayment rate of 6% of the remaining balance. [ 2 ]
The current average interest rate for a 30-year fixed mortgage is 7.10% for purchase and 7.08% for refinance, increasing 6 basis points from 7.04% for purchase and 1 basis point from 7.07% for ...
In Q1/2007, S&P/Case-Shiller house price index records first year-over-year decline in nationwide house prices since 1991. [126] The subprime mortgage industry collapses, and a surge of foreclosure activity (twice as bad as 2006) [ 127 ] and rising interest rates threaten to depress prices further as problems in the subprime markets spread to ...
Subprime I was smaller in size — in the mid-1990s $30 billion of mortgages constituted "a big year" for subprime lending, by 2005 there were $625 billion in subprime mortgage loans, $507 billion of which were in mortgage backed securities — and was essentially "really high rates for borrowers with bad credit".
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The massive stock market gains of the past two years — the S&P gained roughly 20% in 2023 and is set to gain more than that by the end of 2024 — also pose challenges to US companies. Benchmark ...