The origin of Mortgage-Backed Securities is the purchase of mortgage loans by Titularizadora from entities that grant mortgage loans to the public. The mortgage loans purchased form a Universalidad and the investors that purchase the securities in a securitization process are entitled to receive the money flows derived from said securities and other rights as set out in the rules of the Issue. With the money received for the loans (installment payments), Titularizadora pays principal and interest of the securities.
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