2 Terms
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Personal banking
Referring to the business when banks carry out transactions with customers directly, rather than with other banking institutions or with large corporations.
Industry: Banking
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Personal banking
plain vanilla
Banking; Personal banking
Simple; not complex. Sometimes used to differentiate pass-through MBS pools from CMO structures. More often used to mean sequential-pay REMICs, the simplest REMIC structure.
planned amortization class (PAC) tranche
Banking; Personal banking
A REMIC security created to receive selected cash flows from a pool of underlying mortgages securing the REMIC. PAC tranches use a structure similar to a sinking fund to establish a fixed principal ...
platted land
Banking; Personal banking
Land that has been divided into lots described in a plat plan that is filed in the real estate records of a political entity.
plus
Banking; Personal banking
An informal term for 1/64. Half of 1/32, the smallest increment commonly used to quote the price of an agency security. For example, a quoted price of 101 and 5/32 plus is equivalent to 101 and ...
political subdivision
Banking; Personal banking
A county, city, town, or other municipal corporation, a public authority, and generally any publicly owned entity that is an instrumentality of a state or of a municipal corporation.
pool
Banking; Personal banking
(1) For mortgage-backed securities, a pool is a group of mortgage loans backing an individual security issue.(2) In funds transfer pricing systems, a pool is an aggregation of funds to provide ...
portfolio
Banking; Personal banking
A collection of financial assets belonging to a single owner. For example, the municipal bond portfolio. Risk in portfolios is reduced by diversification.
