Non-Agency Mortgage Investments
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Description
- Non-agency residential mortgage-backed securities, or RMBS - Non-agency RMBS are securities backed by residential mortgages. The payment of principal and interest is not guaranteed. Instead, non-agency RMBS may benefit from credit enhancement derived from structural elements, such as subordination, overcollateralization or insurance. As such, non-agency RMBS can carry a significantly higher level of credit exposure relative to agency RMBS securities. We may purchase highly-rated instruments that benefit from credit enhancement or non investment grade instruments that absorb credit risk. We expect to focus primarily on non-agency RMBS where the underlying mortgages are secured by residential properties within the United States.
- Prime mortgage loans - Prime mortgage loans are residential mortgage loans that conform to the underwriting guidelines of a U.S. Government agency or a GSE but which do not carry any credit guarantee from either a U.S. Government agency or a GSE. Jumbo prime mortgage loans are prime mortgage loans that conform to such underwriting guidelines except as to loan size.
- Non-prime mortgage loans - Non-prime mortgage loans are residential mortgage loans which do not meet all of the underwriting guidelines of GSE. Consequently these loans may carry higher credit risk than prime mortgage loans. Non-prime mortgage loans may allow borrowers to qualify for a mortgage loan with reduced or alternative forms of documentation. This category includes loans commonly referred to as Alt-A or as subprime.
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Non-Agency Mortgage Investments
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