What is a Collateralized Mortgage Obligation?

The collateralized mortgage obligation is a special purpose debt identity that is created as a means of handling debt in an entity that is entirely separate from the entities that established the debt in the first place. As such, the collateralized mortgage obligation assumes the ownership of the debts included in the strategy. The debts may include one or more different types of mortgages.

Part of the structure for the collateralized mortgage obligation, or CMO, is understanding that all the individual mortgages included in the entity are considered to be a pool. This combined mortgage pool provides the basis for investors to buy bonds that are issued on the strength of the pool. When bonds are issued on mortgage pools, the bonds are referred to as tranches.

Each collateralized mortgage obligation will be configured with a definite set of rules. The rules, known as the structure, will dictate the type of mortgages that may be included in the CMO, the procedure for receiving money ... more.

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