Mortgage Bonds
Bond collaterized by real assets. Two kinds of mortgage bond are senior mortgages and junior mortgages. A mortgage bond may have a closed-end provision that prevents the firm from issuing additional bonds of the same property or may be an open-end mortgage that allows the issuance of additional bonds having equals status with the original issue.
Popular Real Estate Terms
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A closed-end mortgage is a mortgage in which the collateralized property cannot be used as security for another loan. See also open-end mortgage for a better understanding of the ...
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