Number of employees
50-69
Throughout the 1970s and early 1980s, most mortgage-backed securities were issued in pass-through form. Pass-throughs are participations in the cash flows from pools of individual home mortgages, have long maturities and the potential for early repayment of principal. In 1983, a dramatic fall in mortgage rates and a surging housing market caused mortgage origination to almost double. Much of this production was sold in the capital markets.