# Public Securities Association Model

> Public Securities Association Model prices uncertain timing and optionality inside mortgage cash flows

| Field | Value |
|---|---|
| Stable ID | `node:kiduna:real-estate-mortgage:bond-math-tba:public-securities-association-model` |
| Family | Bond Math & TBA Market |
| Domain | Economics |
| Era | Agentic Age |
| Kind | actor-or-institution |
| Archetype | The Custodian |
| Claim layers | empirical, cultural_historical, synthesis, interpretive, symbolic_divinatory |

## What it is

Public Securities Association Model is a actor or institution in the Bond Math & TBA Market family, defined here by the function it performs in the property system rather than by label alone.

## What it actually does

Public Securities Association Model prices uncertain timing and optionality inside mortgage cash flows.

## Why it exists

It exists because place is unique and immovable while law, capital, information, and human lives must still coordinate around it across time.

## System mechanics

- **Who uses it:** counterparties, clients, members, regulators, investors
- **Incentives:** compensation, completion, risk control, reputation, authority
- **Inputs:** place, people, records, rules, resources, time
- **Outputs:** rights, constraints, uses, relationships, consequences
- **Dependencies:** Land, Authority, Information, Capital, Time

## Archetypal reading

- **Essence:** Public Securities Association Model prices uncertain timing and optionality inside mortgage cash flows
- **Gift:** Clarity about public securities association model makes a hidden allocation of place, time, authority, value, or risk available for deliberate choice.
- **Wound / Shadow:** When public securities association model is treated as neutral or inevitable, its costs can be shifted to people who hold less information, authority, liquidity, or mobility.
- **Failure mode:** The failure mode appears when public securities association model is stale, opaque, mispriced, misrecorded, overextended, or applied outside the conditions that made it useful.

## Lenses

- **Personal:** Notice where public securities association model appears as a structure in your own commitments: what is held, promised, priced, protected, excluded, or deferred?
- **Business:** Public Securities Association Model reveals a handoff among information, authority, incentives, operating work, and capital. Make the owner of each handoff explicit.
- **Financial:** Public Securities Association Model changes the timing, priority, comparability, liquidity, or distribution of cash flow and risk.
- **Property:** Public Securities Association Model changes how a physical place can be used, valued, financed, transferred, occupied, maintained, or reclaimed.
- **Community:** Public Securities Association Model can create benefits inside one parcel while exporting costs or opportunity to neighbors, institutions, or future residents.

## Divination

The Custodian enters the reading through Public Securities Association Model. The issue is not only what is visible; it is which map of ownership, time, risk, authority, or belonging currently governs the situation.

**Question:** What does Public Securities Association Model know, want, control, and carry if the transaction fails?

**Guidance:** Shift scale, clock, stakeholder, boundary, and claim layer before choosing a move.

## Game function

Creates a playable role with asymmetric information, incentives, authority, and accountability. Initiative 2.

## Relationships

- **Waterfall depends on Public Securities Association Model.** Waterfall depends on Public Securities Association Model through a change in rights, information, cash flow, priority, timing, or physical use.
- **Single Monthly Mortality is governed by Public Securities Association Model.** Single Monthly Mortality is governed by Public Securities Association Model through a change in rights, information, cash flow, priority, timing, or physical use.
- **Public Securities Association Model externalizes to Duration.** Public Securities Association Model externalizes to Duration through a change in rights, information, cash flow, priority, timing, or physical use.
- **Public Securities Association Model constrains Dry Funding.** Public Securities Association Model constrains Dry Funding through a change in rights, information, cash flow, priority, timing, or physical use.

## Oppositions

- Use Value versus Exchange Value
- Speed versus Diligence

## Historical lineage and regulatory context

Read Public Securities Association Model through the lineage of Bond Math & TBA Market: earlier customary or local arrangements became recorded, standardized, financed, regulated, digitized, or contested over time.

Rules vary by jurisdiction and transaction. Use the cited primary sources as starting points and verify current local law, program guides, contracts, and professional standards before operational use.

## Visual direction

Text-free rounded-square enamel artifact for Public Securities Association Model: a central instrument surrounded by flows of information, authority, capital, and accountability; vitreous midnight enamel, blackened steel, warm brass, copper accents, mortgage-paper cream, deep green, slate, and sky blue.

## Engine output / Sentinel handoff

The generative interpretation above is preserved as Engine Output. Sentinel factors: jurisdiction-specific rules, factual uncertainty. These factors request contextual review; they do not delete or silently rewrite the candidate.

## Research / provenance

- [TBA Trading and Liquidity in the Agency MBS Market](https://www.newyorkfed.org/research/epr/2013/1212vick.html) — Federal Reserve Bank of New York; TBA mechanics and liquidity.
- [Agency Mortgage-Backed Securities Operations](https://www.newyorkfed.org/markets/desk-operations/ambs) — Federal Reserve Bank of New York; agency MBS operations, dollar rolls, coupon swaps.
- [Dodd-Frank Act Rulemaking: Asset-Backed Securities](https://www.sec.gov/spotlight/dodd-frank/assetbackedsecurities.shtml) — U.S. Securities and Exchange Commission; ABS and RMBS securitization, tranching, disclosure.
