Agency Securities
Agency securities are securities issued (or guaranteed) by governmental or quasi-governmental mortgage agencies, including agency mortgage-backed securities. In CMBS market glossaries, they are described as securities issued by agencies such as Fannie Mae, Freddie Mac, or.
- Where it applies
- Federal
- When it comes up
- Secondary market; securitization; portfolio allocation
- Property types
- Residential and multifamily mortgage finance; institutional fixed income
In practice
"Agency" risk is typically decomposed into credit/guarantee risk and interest rate/prepayment risk; these are not interchangeable.
Related terms
agency MBSGSEguaranteeTBA market (concept)conforming loans
Institutional and Capital Markets
- Commercial Mortgage-Backed Securities (CMBS)
- Ginnie Mae Mortgage-Backed Securities (Ginnie Mae I)
- Master Servicing Fee
- Pooling and Servicing Agreement (PSA)
- Preliminary Prospectus ("Red")
- Private Label Securities (Non-Agency Securities)
- Private Placement
- Prospectus
- Real Estate Investment Trust (REIT)
- Sub-Servicer
General information, not legal, tax or financial advice.