ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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COLLATERALIZED MORTGAGE OBLIGATION Definition
COLLATERALIZED MORTGAGE OBLIGATION (CMO) or, since 1986, as a Real Estate Mortgage Investment Conduit (REMIC). CMOs and REMICs (terms which are often used interchangeably) are similar types of securities which allow cash flows to be directed so that different classes of securities with different maturities and coupons can be created. They may be collateralized by mortgage loans as well as securitized pools of loans.
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SALES JOURNAL is a record containing a chronological listing of credit sales.
WHOLE LOAN is a mortgage pass-through or CMO backed by non-agency, single-family home mortgages.