Trading And Settlement Procedures For Other Mbs Products
Nonagency MBS and REMICs (backed by both agency and nonagency collateral) are composed of specified pools and do not trade on a TBA basis. New issues settle on the date provided in the prospectus. In the secondary market, these securities trade on an issue-specific basis and generally settle on a corporate basis (five business days after the trade). Unlike TBA securities, they have nothing to gain from a monthly settlement schedule whereby pools are pieced together to create more generic totals.
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