mortgage-backed note

Definition

A debt security backed by mortgages as security for the payment of principal and interest. The notes are issued with a maturity date, a stated rate of interest and a par value that is fully payable upon maturity. One type of mortgage-backed note is a GNMA bond issued by the Government National Mortgage Association (Ginnie Mae) which is backed by the full faith and credit of the United States government.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
mortgage-backed certificate mortgage-backed security