MORTGAGE BACKED SECURITY
\mˈɔːɡɪd͡ʒ bˈakt sɪkjˈʊ͡əɹɪti], \mˈɔːɡɪdʒ bˈakt sɪkjˈʊəɹɪti], \m_ˈɔː_ɡ_ɪ_dʒ b_ˈa_k_t s_ɪ_k_j_ˈʊə_ɹ_ɪ_t_i]\
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Debt instrument with no ownership right to each mortgage's fractional part of its pool of mortgages backing the security. These are considered 'investment grade' instruments, with paid income generated by the underlying mortgage's principle and interest payments. It is a type of mortgage derivative, Unlike unsecured securities. Also known as mortgage backed certificate.
By Henry Campbell Black
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