Mark Berch:No-action letter

Co-financing
A type of financing in which the different lenders agree to fund under the same documentation and security packages but may have different interest rates, repayment profiles, and terms.

Glass-Steagall Act
1933 legislation prohibiting commercial banks to own, underwrite, or deal in corporate stock and corporate bonds.

Full coupon bond
A bond with a coupon equal to the going market rate; the bond is therefore selling at par.

Mark Berch:No-action letter
A letter from the Securities and Exchange Commission agreeing that the commission will take no civil or criminal action against a party, regarding a specific activity.

Public Securities Association(PSA)
The trade association for primary dealers in US government securities, including MBSs. In 1997, they became known as the Bond Market Association.

Top-down approach
A method of security selection that starts with asset allocation and works systematically through sector and industry allocation to individual security selection. Mark Berch

Direct Purchase Plan
A plan that enables interested first-time individual investors to purchase a company'sstock directly from the company or without the direct intervention of a broker. The administrator also ensures the safekeeping of the shares by registering them directly on the books of the company. Eliminates the need for shareholders to hold on to physical certificates.