REMIC

noun

REM·IC

ˈre-mik

: an entity (as a corporation, partnership, or trust) that functions as a vehicle for investment in mortgage obligations and especially 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