CLOSE is 1. The planned termination of accounting ledger activity with the resultant consolidation within a business, i.e. monthly, quarterly or annual; 2.The final half-hour of a securities trading session; 3. The price of the last transaction for a given security at the end of a given trading session. also called closing price; or, 4. To consummate a sale, contract or ownership transfer.
MORTGAGE-BACKED SECURITY is a security that returns principal and interest monthly as payments are received on the underlying mortgages. Mortgage-backed securities are made up of individual home mortgages guaranteed by the government and its agencies. The mortgages are packaged into pools by the Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corp. (FHLMC) or a nongovernment-affiliated entity. Unscheduled repayment of principal can shorten the maturity of the bonds.
CONTINGENCY is an existing condition involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) that will be resolved by future events. Estimates, such as the useful life of an asset, are not contingencies. Eventual expiration of the asset's utility is not uncertain.
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