[Verse 1] Sarah bought a house with borrowed cash Bank collects her payment every month But here's the twist that makes investors dash That mortgage gets bundled up front The bank sells her loan to Wall Street firms Who package thousands just like hers Creating securities with specific terms Where monthly payments get transferred [Chorus] Pass-through, pass-through From homeowner straight to you Principal and interest too Flows direct without delay Pass-through, pass-through Simplest MBS it's true Monthly checks come flowing through Like clockwork every day [Verse 2] Picture pipes that carry liquid gold From kitchen faucets to your glass Each homeowner's payment, young and old Through securities will always pass No complex structures in between Just basic math and steady flow The cleanest mortgage bond you've seen Investors get what borrowers owe [Chorus] Pass-through, pass-through From homeowner straight to you Principal and interest too Flows direct without delay Pass-through, pass-through Simplest MBS it's true Monthly checks come flowing through Like clockwork every day [Bridge] But borrowers can pay early Refinance or sell their home This prepayment risk comes yearly Shortens what investors own When rates drop homeowners flee To cheaper loans across the street Your bond matures prematurely Makes your yield less sweet [Verse 3] Government agencies create Pools of mortgages they've blessed Ginnie Mae won't hesitate To guarantee what you've invested Fannie, Freddie join the game Securitizing loans they buy Though private labels work the same Without that government tie [Final Chorus] Pass-through, pass-through From homeowner straight to you Principal and interest too Flows direct without delay Pass-through, pass-through Building wealth the simple way Monthly checks forever through Your portfolio today [Outro] From suburban mortgage doors To your investment account Pass-through securities ensure Every payment will count
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