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The Handbook of Mortgage-Backed Securities7th Edition$
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Frank J. Fabozzi

Print publication date: 2016

Print ISBN-13: 9780198785774

Published to Oxford Scholarship Online: October 2016

DOI: 10.1093/acprof:oso/9780198785774.001.0001

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Understanding the Prospectus and Prospectus Supplement for Mortgage-Backed Securities

Understanding the Prospectus and Prospectus Supplement for Mortgage-Backed Securities

(p.30) Chapter 2 Understanding the Prospectus and Prospectus Supplement for Mortgage-Backed Securities
The Handbook of Mortgage-Backed Securities

David M. Lukach

Thomas Knox

Eliza Kwong

Anoop Lall

Oxford University Press

This chapter discusses agency and private-level mortgage-backed securities (MBS) issuance to highlight the differences in investor disclosures. In addition, given the substantial changes in rulemaking, it describes the current state of the prospectus and prospectus supplement for MBS securities along with the types of information that are available to investors in a typical prospectus and prospectus supplement, and the benefits and limitations of the reported data. The prospectus is the cornerstone disclosure document available to an investor and describes the nature of the MBS, the key characteristics about the mortgage pool backing the MBS, risk factors associated with investing in the offered MBS, and the legal structure of the MBS, including parties involved in the creation and maintenance of the trust. These disclosures are designed to provide information to investors so that they can make an informed investment decision.

Keywords:   agency mortgage-backed securities, private-level mortgage-backed securities, investor disclosures, MBS, prospectus, disclosure document

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