{"id":8822,"date":"2024-12-16T10:40:15","date_gmt":"2024-12-16T10:40:15","guid":{"rendered":"https:\/\/marc.deschenaux.com\/?p=8822"},"modified":"2025-01-14T17:54:02","modified_gmt":"2025-01-14T17:54:02","slug":"definition-of-a-passthrough-security","status":"publish","type":"post","link":"https:\/\/marc.deschenaux.com\/ru\/articles\/definition-of-a-passthrough-security\/","title":{"rendered":"Definition of a Passthrough Security"},"content":{"rendered":"
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

This article was written for Investopedia By \u0422\u0420\u041e\u0419 \u0421\u0415\u0413\u0410\u041b<\/strong><\/a> updated May 29, 2020 and reviewed by \u0413\u041e\u0420\u0414\u041e\u041d \u0421\u041a\u041e\u0422\u0422<\/strong><\/a>. I reproduce it here because it is generally excellent but modified because it contains several errors.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t

\u0427\u0442\u043e \u0442\u0430\u043a\u043e\u0435 \u0441\u043a\u0432\u043e\u0437\u043d\u0430\u044f \u0431\u0435\u0437\u043e\u043f\u0430\u0441\u043d\u043e\u0441\u0442\u044c?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

\u0410 pass-through security<\/strong> is a security transferring fix or variable income from one or more income producing asset\/s which also back said pass-through security.<\/p>

A servicing intermediary collects the monthly payments from issuers and, after deducting a fee, remits or passes them through to the holder of the pass-through security (that is, investors). A pass-through security is also known as a “pay-through security” or a “\u043f\u0440\u043e\u043f\u0443\u0441\u043a\u043d\u043e\u0439 \u0441\u0435\u0440\u0442\u0438\u0444\u0438\u043a\u0430\u0442<\/a>“\u2014though technically the certificate is the evidence of interest or participation in a pool of assets that signifies the transfer of payments to investors; it’s not the security itself.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t

\u041e\u0431\u044a\u044f\u0441\u043d\u0435\u043d\u0438\u0435 \u0441\u043a\u0432\u043e\u0437\u043d\u043e\u0439 \u0431\u0435\u0437\u043e\u043f\u0430\u0441\u043d\u043e\u0441\u0442\u0438<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

A pass-through security is a derivative based on certain debt or royalties receivables that provides the investor a right to a portion of those incomes. Often, the royalties or debt receivables are from underlying assets, which can include things such as movies, music, patents, mortgages on homes or loans on vehicles.<\/p>

Generally, each security represents a large number of income streams.<\/p>

The term “pass-through” relates to the transaction process itself, whether it involves a royalty, a mortgage or other loan product. It originates with the debtor’s or issuer’s payment, which passes through an \u043f\u043e\u0441\u0440\u0435\u0434\u043d\u0438\u043a<\/a> \u043f\u0435\u0440\u0435\u0434 \u043f\u0435\u0440\u0435\u0434\u0430\u0447\u0435\u0439 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u0443.<\/p>

Payments are made to investors on a periodic basis, corresponding with the standard payment schedules for royalties or debt repayment. The payments may include accrued interest<\/a> on the unpaid principal or not, amortization on the \u0433\u043b\u0430\u0432\u043d\u044b\u0439<\/a> itself or not, or simply royalties streams or not.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t

\u0420\u0438\u0441\u043a\u0438 \u0442\u0440\u0430\u043d\u0437\u0438\u0442\u043d\u044b\u0445 \u0446\u0435\u043d\u043d\u044b\u0445 \u0431\u0443\u043c\u0430\u0433<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

\u0420\u0438\u0441\u043a \u0434\u0435\u0444\u043e\u043b\u0442\u0430 \u043f\u043e \u0434\u043e\u043b\u0433\u0430\u043c, \u0441\u0432\u044f\u0437\u0430\u043d\u043d\u044b\u043c \u0441 \u0446\u0435\u043d\u043d\u044b\u043c\u0438 \u0431\u0443\u043c\u0430\u0433\u0430\u043c\u0438, \u044f\u0432\u043b\u044f\u0435\u0442\u0441\u044f \u043f\u043e\u0441\u0442\u043e\u044f\u043d\u043d\u043e \u043f\u0440\u0438\u0441\u0443\u0442\u0441\u0442\u0432\u0443\u044e\u0449\u0438\u043c \u0444\u0430\u043a\u0442\u043e\u0440\u043e\u043c, \u043f\u043e\u0441\u043a\u043e\u043b\u044c\u043a\u0443 \u043d\u0435\u0443\u043f\u043b\u0430\u0442\u0430 \u0441\u043e \u0441\u0442\u043e\u0440\u043e\u043d\u044b \u0434\u043e\u043b\u0436\u043d\u0438\u043a\u0430 \u043f\u0440\u0438\u0432\u043e\u0434\u0438\u0442 \u043a \u0441\u043d\u0438\u0436\u0435\u043d\u0438\u044e \u0434\u043e\u0445\u043e\u0434\u043e\u0432. \u0412 \u0441\u043b\u0443\u0447\u0430\u0435 \u0434\u0435\u0444\u043e\u043b\u0442\u0430 \u0434\u043e\u0441\u0442\u0430\u0442\u043e\u0447\u043d\u043e\u0433\u043e \u043a\u043e\u043b\u0438\u0447\u0435\u0441\u0442\u0432\u0430 \u0434\u043e\u043b\u0436\u043d\u0438\u043a\u043e\u0432 \u0446\u0435\u043d\u043d\u044b\u0435 \u0431\u0443\u043c\u0430\u0433\u0438 \u043c\u043e\u0433\u0443\u0442 \u043f\u0440\u0430\u043a\u0442\u0438\u0447\u0435\u0441\u043a\u0438 \u043f\u043e\u043b\u043d\u043e\u0441\u0442\u044c\u044e \u043f\u043e\u0442\u0435\u0440\u044f\u0442\u044c \u0441\u0432\u043e\u044e \u0441\u0442\u043e\u0438\u043c\u043e\u0441\u0442\u044c.<\/p>

\u0414\u0440\u0443\u0433\u043e\u0439 \u0440\u0438\u0441\u043a \u043d\u0430\u043f\u0440\u044f\u043c\u0443\u044e \u0441\u0432\u044f\u0437\u0430\u043d \u0441 \u0442\u0435\u043a\u0443\u0449\u0438\u043c\u0438 \u043f\u0440\u043e\u0446\u0435\u043d\u0442\u043d\u044b\u043c\u0438 \u0441\u0442\u0430\u0432\u043a\u0430\u043c\u0438. \u0415\u0441\u043b\u0438 \u043f\u0440\u043e\u0446\u0435\u043d\u0442\u043d\u044b\u0435 \u0441\u0442\u0430\u0432\u043a\u0438 \u043f\u0430\u0434\u0430\u044e\u0442, \u0441\u0443\u0449\u0435\u0441\u0442\u0432\u0443\u0435\u0442 \u0431\u043e\u043b\u0435\u0435 \u0432\u044b\u0441\u043e\u043a\u0430\u044f \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u044c \u0442\u043e\u0433\u043e, \u0447\u0442\u043e \u0442\u0435\u043a\u0443\u0449\u0438\u0435 \u0434\u043e\u043b\u0433\u0438 \u043c\u043e\u0433\u0443\u0442 \u0431\u044b\u0442\u044c \u0440\u0435\u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u043e\u0432\u0430\u043d\u044b, \u0447\u0442\u043e\u0431\u044b \u0432\u043e\u0441\u043f\u043e\u043b\u044c\u0437\u043e\u0432\u0430\u0442\u044c\u0441\u044f \u043f\u0440\u0435\u0438\u043c\u0443\u0449\u0435\u0441\u0442\u0432\u0430\u043c\u0438 \u043d\u0438\u0437\u043a\u0438\u0445 \u043f\u0440\u043e\u0446\u0435\u043d\u0442\u043d\u044b\u0445 \u0441\u0442\u0430\u0432\u043e\u043a. \u042d\u0442\u043e \u043f\u0440\u0438\u0432\u043e\u0434\u0438\u0442 \u043a \u043c\u0435\u043d\u044c\u0448\u0438\u043c \u043f\u0440\u043e\u0446\u0435\u043d\u0442\u043d\u044b\u043c \u043f\u043b\u0430\u0442\u0435\u0436\u0430\u043c, \u0447\u0442\u043e \u043e\u0437\u043d\u0430\u0447\u0430\u0435\u0442 \u0431\u043e\u043b\u0435\u0435 \u043d\u0438\u0437\u043a\u0443\u044e \u0434\u043e\u0445\u043e\u0434\u043d\u043e\u0441\u0442\u044c \u0434\u043b\u044f \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u0441\u043a\u0432\u043e\u0437\u043d\u044b\u0445 \u0446\u0435\u043d\u043d\u044b\u0445 \u0431\u0443\u043c\u0430\u0433.<\/p>

\u0414\u043e\u0441\u0440\u043e\u0447\u043d\u043e\u0435 \u043f\u043e\u0433\u0430\u0448\u0435\u043d\u0438\u0435 \u0441\u043e \u0441\u0442\u043e\u0440\u043e\u043d\u044b \u0434\u043e\u043b\u0436\u043d\u0438\u043a\u0430 \u0442\u0430\u043a\u0436\u0435 \u043c\u043e\u0436\u0435\u0442 \u043f\u043e\u0432\u043b\u0438\u044f\u0442\u044c \u043d\u0430 \u0432\u043e\u0437\u0432\u0440\u0430\u0442. \u0415\u0441\u043b\u0438 \u0431\u043e\u043b\u044c\u0448\u043e\u0435 \u043a\u043e\u043b\u0438\u0447\u0435\u0441\u0442\u0432\u043e \u0434\u043e\u043b\u0436\u043d\u0438\u043a\u043e\u0432 \u043f\u043b\u0430\u0442\u0438\u0442 \u0431\u043e\u043b\u044c\u0448\u0435 \u043c\u0438\u043d\u0438\u043c\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u043f\u043b\u0430\u0442\u0435\u0436\u0430, \u0441\u0443\u043c\u043c\u0430 \u043f\u0440\u043e\u0446\u0435\u043d\u0442\u043e\u0432, \u043d\u0430\u0447\u0438\u0441\u043b\u044f\u0435\u043c\u044b\u0445 \u043d\u0430 \u0434\u043e\u043b\u0433, \u043d\u0438\u0436\u0435 \u0438, \u043a\u043e\u043d\u0435\u0447\u043d\u043e, \u0441\u0442\u0430\u043d\u043e\u0432\u0438\u0442\u0441\u044f \u043d\u0435\u0441\u0443\u0449\u0435\u0441\u0442\u0432\u0443\u044e\u0449\u0435\u0439, \u0435\u0441\u043b\u0438 \u0434\u043e\u043b\u0436\u043d\u0438\u043a \u043f\u043e\u043b\u043d\u043e\u0441\u0442\u044c\u044e \u043f\u043e\u0433\u0430\u0448\u0430\u0435\u0442 \u043a\u0440\u0435\u0434\u0438\u0442 \u0434\u043e\u0441\u0440\u043e\u0447\u043d\u043e. \u0412 \u043a\u043e\u043d\u0435\u0447\u043d\u043e\u043c \u0441\u0447\u0435\u0442\u0435, \u044d\u0442\u0438 \u043f\u0440\u0435\u0434\u043e\u043f\u043b\u0430\u0442\u044b \u043f\u0440\u0438\u0432\u043e\u0434\u044f\u0442 \u043a \u0431\u043e\u043b\u0435\u0435 \u043d\u0438\u0437\u043a\u043e\u0439 \u0434\u043e\u0445\u043e\u0434\u043d\u043e\u0441\u0442\u0438 \u0434\u043b\u044f \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u0432 \u0446\u0435\u043d\u043d\u044b\u0435 \u0431\u0443\u043c\u0430\u0433\u0438. \u0412 \u043d\u0435\u043a\u043e\u0442\u043e\u0440\u044b\u0445 \u0441\u043b\u0443\u0447\u0430\u044f\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u044b \u0431\u0443\u0434\u0443\u0442 \u0438\u043c\u0435\u0442\u044c \u0448\u0442\u0440\u0430\u0444\u044b \u0437\u0430 \u0434\u043e\u0441\u0440\u043e\u0447\u043d\u043e\u0435 \u043f\u043e\u0433\u0430\u0448\u0435\u043d\u0438\u0435<\/a> \u044d\u0442\u043e \u043c\u043e\u0436\u0435\u0442 \u043a\u043e\u043c\u043f\u0435\u043d\u0441\u0438\u0440\u043e\u0432\u0430\u0442\u044c \u043d\u0435\u043a\u043e\u0442\u043e\u0440\u044b\u0435 \u043f\u0440\u043e\u0446\u0435\u043d\u0442\u043d\u044b\u0435 \u0443\u0431\u044b\u0442\u043a\u0438, \u043a\u043e\u0442\u043e\u0440\u044b\u0435 \u0432\u044b\u0437\u043e\u0432\u0435\u0442 \u043f\u0440\u0435\u0434\u043e\u043f\u043b\u0430\u0442\u0430.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t

An Example of Pass-Through Securities<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

The most common type of pass-through is a mortgage-backed certificate or a a mortgage-backed security<\/a> (MBS), in which a homeowner’s payment passes from the original bank through a government agency or investment bank before reaching investors. These types of pass-throughs derive their value from unpaid mortgages, in which the owner of the security receives payments based on a partial claim to the payments being made by the various debtors. Multiple mortgages are packaged together, forming a pool, which thus spreads the risk across multiple loans. These securities are generally self-amortizing<\/a>, meaning the entire mortgage principal is paid off in a specified period of time with regular interest and principal payments.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

This article was written for Investopedia By TROY SEGAL updated May 29, 2020 and reviewed by GORDON SCOTT. I reproduce it here because it is generally excellent but modified because it contains several errors. What Is a Pass-Through Security? A pass-through security is a security transferring fix or variable income from one or more income … \u0427\u0438\u0442\u0430\u0442\u044c \u0434\u0430\u043b\u0435\u0435<\/a><\/p>","protected":false},"author":1,"featured_media":5813,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":3,"footnotes":""},"categories":[3,49,57],"tags":[],"class_list":["post-8822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-beginners","category-ipo"],"_links":{"self":[{"href":"https:\/\/marc.deschenaux.com\/ru\/wp-json\/wp\/v2\/posts\/8822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marc.deschenaux.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marc.deschenaux.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/ru\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/ru\/wp-json\/wp\/v2\/comments?post=8822"}],"version-history":[{"count":0,"href":"https:\/\/marc.deschenaux.com\/ru\/wp-json\/wp\/v2\/posts\/8822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/ru\/wp-json\/wp\/v2\/media\/5813"}],"wp:attachment":[{"href":"https:\/\/marc.deschenaux.com\/ru\/wp-json\/wp\/v2\/media?parent=8822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/ru\/wp-json\/wp\/v2\/categories?post=8822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/ru\/wp-json\/wp\/v2\/tags?post=8822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}