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.
Secrets of the Credit Industry
Legal strategies that credit bureaus, creditors and debt collectors do not want you to know! How to use consumer credit protection laws, without hiring a lawyer, and without going to court! At some point in your life, either you, or someone you know will need this information.
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