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Loan and Mortgage Terms Glossary

Structured Notes:

Debt securities which have many of the same characteristics as derivatives but which are generally not backed by mortgages or other collateral. They take various forms and often contain complex rate-adjustment formulas and embedded options including calls, caps, and collars. The notes are often customized to meet the needs of a particular investor. Types of structured notes include: step-up bonds, index amortizing notes, dual index notes, de-leveraged bonds, range bonds and inverse floaters. Structured notes are issued by corporations and government sponsored entities such as the federal national mortgage association, the federal home loan mortgage corporation and the federal home loan banks.

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