The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

MORTGAGE BACKED BOND Definition & Legal Meaning

Definition & Citations:

A lien on the bond issuer’s assets, payable from the issuer’s income secures this type of bond. These bonds offer a more predictable maturity with call protection against the bond’s early redemption, unlike a mortgage backed pass-through security, which conveys an ownership right.

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