EXTENSION RISK Definition

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EXTENSION RISK, with mortgage-backed securities, is the risk that rising interest rates will slow the prepayment of underlying mortgages and extend the maturity.

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CONDUIT DEBT is issued by a state agency or public corporation on behalf of borrowers which include businesses, health care institutions, private higher education institutions, local governments, and qualified individuals (loans for higher education and housing purposes). No State credit support is provided.

LIRA (LIRI) is a currency of Malta.

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