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Pass-through Certificate
What does it mean?
Fixed-income securities that represent an undivided interest in a pool of federally insured mortgages put together by the Government National Mortgage Association (Ginnie Mae).
In Other Words...
Mortgage-backed certificates are the most common type of pass-through, where homeowners' payments pass from the original bank through a government agency or investment bank to investors.
Related Links
Asset Allocation within Fixed Income - An investor's fixed-income portfolio can easily beat the average bond fund. Learn how and why!
Related Terms
Collateralized Mortgage Obligation (CMO) | Commercial Mortgage Backed Securities (CMBS) | Fannie Mae | Ginnie Mae | Mortgage | Mortgage Backed Security (MBS) | Pass-Through Security
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