Secured Loans
Bonds that are designed so as to qualify for immediate trading in any domestic
capital market and in the Euromarket.
Global fund
A mutual fund that can invest anywhere in the world, including the U.S.
Globalization
Tendency toward a worldwide investment environment, and the integration of
national capital markets.
GMC
See: Guaranteed Mortgage Certificate
GNMA-I
Mortgage-backed securities (M.B.S.) on which registered holders receive
separate principal and interest payments on each of their certificates, usually
directly from the servicer of the M.B.S. pool. GNMA-I mortgage-backed securities
are single-issuer pools.
GNMA-II
Mortgage-backed securities (M.B.S.) on which registered holders receive an
aggregate principal and interest payment from a central paying agent on all of
their certificates. Principal and interest payments are disbursed on the 20th day of
the month. GNMA-II M.B.S. are backed by multiple-issuer pools or custom pools
(one issuer but different interest rates that may vary within one percentage point).
Multiple-issuer pools are known as Jumbos. Jumbo pools are generally longer
and offer certain mortgages that are more geographically diverse than single-
issuer pools. Jumbo pool mortgage interest rates may vary within one
percentage point.
GNMA Midget
A GNMA pass-through certificate backed by fixed rate mortgages with a 15 year
maturity. GNMA Midget is a dealer term and is not used by GNMA in the formal
description of its programs.
Gnomes
Freddie Macs 15-year, fixed-rate pass-through securities issued under its cash
program.
