Question: Consider the mortgage pass-through example presented in Table 26-3. The total monthly payment by the borrowers reflecting a 12 percent mortgage rate is $1,028,610. The

Consider the mortgage pass-through example presented in Table 26-3. The total monthly payment by the borrowers reflecting a 12 percent mortgage rate is $1,028,610. The payment passed through to the ultimate investors reflecting an 11.5 percent return is $990,291. Who receives the difference between these two payments? How are the shares determined?

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