CMOs (REMICs)

An Investor's Guide to Collateralized Mortgage Obligations (CMOs) is aimed at educating the investor by explaining the different characteristics of CMOs (also known as REMICs), their high credit quality, the meaning of a tranche, the effect of prepayment rates, how cash flows work, minimum investments, tax considerations, and liquidity. There is an explanation of how CMOs offer regular payments and notable yield advantages over other securities of comparable credit quality. CMOs also carry certain risks which are explained in the brochure. There is a list of questions the investor should ask before investing in CMOs, as well as a glossary of terminology relating to CMOs.

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