MBS abbrmortgage-backed security

Merriam-Webster’s Dictionary of Law. . 1996.

mortgage-backed securities, Also referred to as MBS.
debt securities (debt security) (such as bonds or notes), which are issued by a special purpose vehicle in the course of a securitisation and backed, that is funded by and secured over, a portfolio of mortgage loans secured on commercial or residential property.
When the debt securities (debt security) issued by a special purpose vehicle in a securitization are secured by mortgage loans, they are known as mortgage-backed securities (MBSs). To optimize the risk profile of the securities and therefore maximize the range of investors to whom they can be sold, the securities are divided into different classes. These typically consist of several sequential tranches with differing priorities (priority) as to payment of principal and interest, and carrying differing interest rates. The more senior tranches have the right to priority of payment over more junior tranches, but the more junior tranches carry a higher rate of interest. More sophisticated transactions may include tranches of a combination of securities within the securitization structure (that is, tranches made up of a combination of separate tranches). Each tranche is generally given a different rating by a credit rating agency, based in part on the relative priority of payment.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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