Current Face

The current par value of a mortgage-backed security (抵押贷款支持债券). Current face is determined by multiplying the current pool factor by the mortgage-backed security's original face value. A mortgage-backed security's current face repsents the outstanding principal balance (or its outstanding face value) of the mortgage's underlying the security.

If the 抵押贷款支持债券 pays interest and principal on payment dates, the current face will decline after each payment is made.

|||Different mortgage-backed securities with the same issue date, same coupon and same original face value can have greatly different current faces. Mortgage-backed securities pay down at different rates based on the characteristics of the underlying loans and on the actual ppayment speed of underlying mortgages.

For example, suppose that two mortgage-backed securities (抵押贷款支持债券 1 and 抵押贷款支持债券 2) have the same original face value, but 抵押贷款支持债券 1 experiences faster ppayments then 抵押贷款支持债券 2. In this case, 抵押贷款支持债券 1 will have a lower current face value then 抵押贷款支持债券 2 as time progresses.