Arizona State University FIN FIN 40628 What would be the impact on GNMA pricing if the pass-through was…

Arizona State University FIN FIN 40628 What would be the impact on GNMA pricing if the pass-through was…

What would be the impact on GNMA pricing if the pass-through was not fully amortized? What is the present value of a $10 million pool of 15-year mortgages with an 8.5 percent per annum monthly mortgage coupon if market rates are 5 percent? The GNMA guarantee fee is assumed to be 6 basis points, and the bank servicing fee is 44 basis points. a). Assume that the GNMA is fully amortized. What is the value of GNMA

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b). Assume that the GNMA is only half amortized. Half amortized means there is a lump sum payment at the maturity of the GNMA that equals 50 percent of the mortgage pool’s face value. The other half is amortized (paid off) using monthly payments. What is the value of the GNMA?

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