Mortgage-backed securities

Mortgage-backed securities (MBS) means securities that are either:
(1) Pass-through securities or participation certificates that represent ownership of a fractional undivided interest in a specified pool of residential (excluding home equity loans), multifamily or commercial mortgages; or
(2) A multiclass security (including collateralized mortgage obligations and real estate mortgage investment conduits) that is backed by a pool of residential, multifamily or commercial real estate mortgages, pass through MBS, or other multiclass MBSs.

Source

12 CFR § 615.5131

---

Scoping language

For purposes of this subpart, the following definitions apply:

---

Is this correct? or