CPR Definition

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CPR is Constant Payment Rate, used to estimate the average life of mortgage-backed securities based on historical payments.

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STATUTORY CONSOLIDATION is a merger where a new corporate entity is created from the two merging entities; the two merging entities then cease to exist. See also STATUTORY MERGER.

BOUNCED CHECK is a check written for an amount exceeding the checking account balance that is subsequently rejected for payment due to insufficient funds.

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