英文
Collateralized Mortgage Obligations的缩写,指以物业按揭(房地产
抵押贷款)为
抵押品而发行的
证券。按揭贷款的
现金流及期限差异很大,如果将其分类集中以便发行
CMO,即可计算整体
现金流及按计划支付利息。
参见ABS(有资产担保的证券),
CDO(债务担保债券),
Securitization(证券化)。
Synonym: Collateralized Mortgage Obligations
A security sold to investors with collateral based on property mortgages. Cash flows from mortgages, and their maturity dates, vary widely. If they are pooled and CMOs are issued against their collective value, it becomes possible to calculate an overall cash flow and to make predictable payments of interest.
See also: Securitization