CONSTANT DEFAULT RATE - CDR
Annualized default rate on a pool of mortgages, usually within a collateralized product including mortgage-backed security (MBS). This rate represents the percentage of outstanding principal balances in the pool that have defaulted, which includes a 60-day and 90-day notices, as well as those in the foreclosure process. The analysis accounts if a home is in foreclosure, the mortgage servicing firm advances the interest and principal payments into the MBS.
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