Bonds backed by pools of residential mortgages.
Investors receive monthly principal and interest from underlying mortgages. Sub-types: Agency (Fannie/Freddie/Ginnie — government-backed) and Non-Agency (private). Prepayment risk — homeowners refinancing when rates fall — is unique to MBS. The 2008 crisis was driven by subprime non-agency MBS.
Bonds backed by pools of residential mortgages. Investors receive monthly principal and interest from underlying mortgages. Sub-types: Agency (Fannie/Freddie/Ginnie — government-backed) and Non-Agency (private). Prepayment risk — homeowners refinancing when rates fall — is unique to MBS. The 2008 crisis was driven by subprime non-agency MBS.
In bonds, MBS (Mortgage-Backed Securities) is one of the building blocks investors use to compare opportunities and assess risk. Understanding it helps you read research notes, earnings reports, and market commentary without getting lost in jargon.
Investors receive monthly principal and interest from underlying mortgages. Sub-types: Agency (Fannie/Freddie/Ginnie — government-backed) and Non-Agency (private).
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