总合信托结构总合信托是以按揭担保资产为基础,构造具有子弹赎回特性的债券的另一种方法。这种方法的优点是,不依赖于任何第三方在到期日赎回债券。然而,为了有效率,总合信托要足够大,另外,因为要求信托中有卖方权益,这就意味着,不太可能通过这 Aggregate Trust Structure Consolidated trusts are another way to construct bonds with bullet redemption characteristics based on mortgage-backed assets. The advantage of this approach is that it does not rely on any third party to redeem the bonds on maturity. However, in order to be efficient, the aggregate trusts should be large enough, and since there is a seller’s interest in the trust, this means that it is unlikely to pass