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[real estate mortgage investment conduit]
: an entity (as a corporation, partnership, or trust) that functions as a vehicle for investment in mortgage obligations and esp. collateralized mortgage obligations and receives favorable tax treatment by restricting its own investment to the maintenance of cash flow and reserves and to investment in properties acquired from foreclosure on the underlying mortgages called also real estate mortgage investment conduit compare pass-through security at security real estate investment trust at trust
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.