RMBS (for the CFA Level 1 exam) discusses the logic and mechanics of Residential Mortgage-Backed Securities with particular focus on:
- mortgage pass-through securities, and
- CMO (Collateralised Morthage Obligations).
We discuss several CMO variants, including:
- sequential-pay CMO,
- Z-tranches (accural tranches)
- PO (Principal-Only) and IO (Interest-Only) tranches,
- floating-rate tranches,
- residual tranches, and
- PAC (Planned Amortization Class) tranches.
This video explores topics covered in Lesson 4, Learning Module 19 of the Fixed Income section of the 2024 CFA Level 1 Curriculum.
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