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Glossary

 
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N O P Q R S T U V W X Y Z
 
G-fee
Guarantee Fees. Fees charged by mortgage-backed securities (MBS) providers, such as Freddie Mac and Fannie Mae, to lenders for bundling, servicing, selling and reporting MBS to investors. The main component of the guarantee fee is charged to protect against credit-related losses in the mortgage portfolio (think of it like MBS insurance), but small sub-fees are also deducted to cover internal expenses for such services as: 1) Managing and administering the securitized mortgage pools 2) Selling the MBS to investors 3) Reporting to investors and the SEC 4) Maintaining the MBS on the open market, and selling, general and administrative expense.

GDP
The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

Global Stock Markets
The stocks are listed and traded on stock exchanges which are entities of a corporation or mutual organization specialized in the business of bringing buyers and sellers of the organizations to a listing of stocks and securities together. The largest stock market in the United States, by market capitalization, is the New York Stock Exchange (NYSE). In Canada, the largest stock market is the Toronto Stock Exchange. Major European examples of stock exchanges include the Amsterdam Stock Exchange, London Stock Exchange, Paris Bourse, and the Deutsche Boerse (Frankfurt Stock Exchange). In Africa, examples include Nigerian Stock Exchange, JSE Limited, etc. Asian examples include the Philippine Stock Exchange, the Singapore Exchange, the Tokyo Stock Exchange, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, and the Bombay Stock Exchange. In Latin America, there are such exchanges as the BM&F Bovespa and the BMV. Australia has a national stock exchange, the Australian Securities Exchange, due to the size of its population.

GN / FN
The spread between Ginnie Mae and Fannie Mae securities.

GN / GNII
Ginnie Mae stands for the Government National Mortgage Association. Ginnie Mae is a self financed and wholly-owned government corporation created in 1968. Ginnie Mae is part of the Department of Housing and Urban Development (i.e. HUD). Ginnie Mae guarantees timely payment of principal and interest on certain mortgage-backed securities (i.e. MBS). In particular, Ginnie Mae guarantees payment timeliness on loans backed by the Federal Housing Administration (FHA), the Department of Agriculture's Rural Housing Service (RHS) and the Department of Housing and Urban Development's Office of Public and Indian Housing (PIH). Ginnie Mae does not buy or sell mortgage-backed securities, it only insures them. Ginnie Mae protects an investor in mortgage-backed securities in the event the lender defaults. Much like with US Treasuries but unlike Fannie Mae mortgage-backed securities, a Ginnie Mae mortgage-backed security is backed in full by the US government. Ginnie Mae insures two types of mortgage-backed securities, the Ginnie Mae I MBS and the Ginnie Mae II MBS. Both offer the same guarantee but they have different specifications. Because of these different specifications and prepayment profiles, the market trades Ginnie Mae I MBS and Ginnie Mae II MBS at a spread. This spread is designated as GN/G2 and is priced in ticks. Usually this is followed by a coupon, for instance GN/G2 3% would be the price difference between a Ginnie Mae I MBS 3% coupon and Ginnie Mae II MBS 3% coupon."

 
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