A financial security backed by a pool of assets such as loans, leases, credit card debt, or receivables, allowing investors to receive payments from the cash flows of the underlying asset pool.
From Latin 'ad' (to) + 'satis' (enough) forming 'assets,' combined with 'backed' (supported) and 'securitas' (security). The concept emerged in the 1970s as financial engineers found ways to convert illiquid assets into tradeable securities.
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