Glossary 

REIT

Real Estate Investment Trust- own and typically operate income producing real estate or related assets

MBS

Mortgage backed securities

CMBS

Commercial mortgage backed securities

Security

any transaction in which one person gives money to another with the agreement that the money will be returned with a profit

Agency MBS

Issued by government sponsored enterprises (GSE's) like Fannie Mae, Freddie Mac, and Ginnie Mae; and are considered to be of the highest credit due to government backing

Non- Agency Backed MBS

Issued privately and are high risk/ reward because of the lack of government backing

P/E Ratio

Price to earnings ratio or stock price/ earnings per share

403b

This is just a different term for a 401k but is used by non- profit businesses

Equity

= Total assets - total liabilities