What is GUARANTEED MORTGAGE CERTIFICATE (GMC)?

A mortgage bond that passes through the Freddie Mac purchasing process. It is resold to investors. Incremental principal is sold and interest is paid semianually. Principal is paid annually.

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Related Legal Terms
MORTGAGE PARTICIPATION CERTIFICATE, GUARANTEED BOND, MORTGAGE PURCHASE BOND, COLLATERALIZED MORTGAGE OBLIGATION (CMO), MORTGAGE INTEREST, ENDOWMENT MORTGAGE, MORTGAGE-BACKED REVENUE BOND, MORTGAGE DERIVATIVE, MORTGAGE DURATION, MORTGAGE PAYMENT


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