Fabozzi : OVerview of the MBS market
4 important questions on Fabozzi : OVerview of the MBS market
What is a pipeline in MBS terms?
Time between when the borrower applies for the loan and when it is funded.
Define three ways in which fixed rate pass through securities are traded
Specified pool trade: predetermined identity of the pool (like other securities markets)
Stipulated trade: characteristics of the underlying are not fully fixed.
To be announced trade: the seller of the MBS agrees on a sale price, but does not specify what particular securities will be delivered. Only some basic characteristics (coupon rate and face value)
What is a dollar roll
combination of a TBA (to be announced) trade with simultaneous and offestting tba trade settling on a different date. provides the investor and market makers with flexibility in adjusting their positions.
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what is the difference between a front month and a back month?
front month is nearest expiry, back month is settlement date.
A larger than theoretical implied difference between the front and back month is called a drop
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