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Arms

• See Adjustable Rate Mortgages.

• Adjustable rate mortgage. A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or margin, over the index, usually subject to per-interval and to life-of-loan interest rate and/or payment rate caps.

 
 Embedded terms in definition
 Adjustable rate mortgage
Index
Interest rate
Interest
Margin
Mortgage
Plus
Spread
Subject
 
 Referenced Terms
 Federally related institutions: Arms of the federal government that are exempt from SEC registration and whose securities are backed by the full faith and credit of the U.S. government (with the exception of the Tennessee Valley Authority).

 Slma: The student loan marketing association, also known as "SallieMae," provides liquidity to private lenders who make various types of loans for education. SLMA currently issues floating rate notes. Federally related institutions are Arms of the federal government. Most do not issue securities directly into the market. Those, which do issue directly, include the followingIs the Student Loan Marketing Association or Sallie Mae.

 
 Related Terms
 Arms index

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