mortgage-backed security

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Related to Mortgage backed security: Collateralized Debt Obligations, Asset Backed Security
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Noun1.mortgage-backed security - a security created when a group of mortgages are gathered together and bonds are sold to other institutions or the public; investors receive a portion of the interest payments on the mortgages as well as the principal payments; usually guaranteed by the government
certificate, security - a formal declaration that documents a fact of relevance to finance and investment; the holder has a right to receive interest or dividends; "he held several valuable securities"
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9 million Alternative Credit Enhancement Structures (ACES) transaction that creates a Fannie Mac Multi-family Mortgage Backed Security (MBS) backed by loans originated through Daiwa Securities' multi-family conduit.
The cash flows from a mortgage backed security may be stripped and sold to investors separately as interest-only (I/0) securities or as principal-only (P/0) securities.
If an 1/0 or P/0 security and cash are exchanged for a mortgage backed security, should the acquired security be recorded at fair value or at amortized cost?

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