Defining Nonagency

Thomas Zimmerman

Executive Director Mortgage Strategy Group UBS

In this chapter I describe the loan and borrower characteristics that distinguish the different parts of the U.S. nonagency mortgage-backed securities (MBS) market. I believe that this description is an important first step in understanding the non-agency market not only because these characteristics define the different sectors but also because they determine each sector's prepayment and credit performance. While many types of loans are found in the nonagency market, I shall focus mainly on jumbo, alternative-A (alt-A), and subprime home equity loans.

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Responses

  • Muhammed
    Who are the nonagency mbs?
    7 years ago
  • Stephan
    What are non agency mortgage backed securities?
    7 years ago

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