Investments

MBS – Mortgaged Backed Securities CMBS RMBS 2008 0221 – Report – Connecticut – Mortgage-Backed Securities, 2008-R-0119, By Soncia Coleman, Associate Legislative Analysis – [link] Government National Mortgage Association (Ginnie Mae), which issued the first mortgage pass-through in 1970…. Summary: Securitized assets have existed since the introduction of collateralized mortgage obligations (CMOs) in 1983. Mortgage-backed securities (MBS)…

Securitized Assets 2001 – SOA – Introduction To Securitized Assets, Society of Actuaries – 36p Summary: Securitized assets have existed since the introduction of collateralized mortgage obligations (CMOs) in 1983. Mortgage-backed securities (MBS) and various types of asset-backed securities (ABS) now provide a myriad of choices for terms and characteristics. New types of ABS are developed…

Covered Bonds 2010 0915 – GOV (Senate) – Covered Bonds: Potential Uses and Regulatory Issues [PDF-202p,  2010 0915 – Testimony of Kenneth A. Snowden, Associate Professor of Economics, University of North Carolina at Greensboro – 19p Senate – Committee on Banking, Housing, and Urban Affairs On Examining Covered Bonds, Their Potential Uses, and Regulatory Issues

Funding Agreements A funding agreement is a series of payments that are not contingent upon either mortality or morbidity. —  Victor Modugno 2001 – SOA – Floating Rate Funding Agreements, Society of Actuaries – 23p

Floating Rate Summary: Floating rate funding agreements, which have put options or short maturities, became an important product for many insurers in the 1990s. They are usually issued to short-term funds such as money market, securities lending, and buffer funds. The default by General American Life Insurance on $6 billion in funding agreements in 1999…