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BusinessDictionary.com
mortgage backed bond
Definition
Bond
secured
by a
lien
on the bond
issuer's
assets
and
payable
from the issuer's
income
. Unlike a
mortgage
backed pass-through
security
(which
conveys
an
ownership
right
), these bonds instead
offer
a more predictable
maturity
and, thus, a type of
call protection
against the
bond's
early
redemption
.
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