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 Collateralized Mortgage Obligation (CMO) |
Collateralized Mortgage Obligation (CMO)
A type of bond or note that is sold to investors to underwrite real estate loans. An owner of a CMO receives a predetermined number of principal and interest payments from a specific package of mortgages assembled by a bank or underwriter. The cash flows from each mortgage in the package are typically grouped by duration and called tranches, with separate CMOs issued for each tranche.
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