All of these TLAs (Three-Letter Abbreviations) refer to measurements of the amount of prepayment on a mortgage-backed security (MBS, yet another TLA): CPR abbreviates Conditional Prepayment Rate, an annual measure of the prepayments on an MBS SMM abbreviates Single-Month Mortality, a monthly (duh!) measure of the prepayments on an MBS PSA abbreviates Public Securities Association, […]

This article is for members only.  You can become a member now by purchasing a

CFA® Level II Fixed Income Membership, CFA® Level II Membership

This will give you access to this and all other articles at that membership level.