Private Label Securities (Non-Agency Securities)
Private label securities are mortgage-backed securities issued by private sector entities and not backed by agencies such as Fannie Mae, Freddie Mac, or Ginnie Mae. CMBS glossaries describe them as "non-agency" and distinguish them from agency-backed securities.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Capital markets issuance; secondary trading
- Property types
- Mortgage-backed securities outside agency guarantees
In practice
In non-agency structures, investors bear credit risk more directly; structure and underwriting transparency become higher-order variables.
Related terms
Institutional and Capital Markets
- Agency Securities
- 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 Placement
- Prospectus
- Real Estate Investment Trust (REIT)
- Sub-Servicer
General information, not legal, tax or financial advice.