Table of Contents

I. Mortgage Overview

II. Mortgage-Backed Security (MBS) Overview

III. Agency vs. Non-Agency MBS

IV. MBS Collateral

V. MBS Structures

VI. Commercial Mortgage-Backed Securities (CMBS)

VII. Asset-Backed Securities (ABS)

VIII. Collateralized Debt Obligations (CDOs) / Collateralized Loan Obligations

(CLOs)

IX. Constant Maturity Mortgage (CMM)