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Sallie Mae - The Student Loan Marketing Association. The nation's leading provider of education loan services.

Satisfaction of Mortgage - The recordable instrument issued by the lender that verifies full payment of a mortgage debt.

SEC Edgar - The Electronic Data Gathering and Retrieval used by the Securities and Exchange Commission to transmit company documents to investors. Such documents include 10-Qs (quarterly reports), 8-Ks (significant company developments) and 13-Ds (disclosures by parties who own 5% or more of a company's shares).

SEC Yield - The standard yield, based on a 30-day or one-month period, computed by dividing the net investment income per share during the period (computed as specified by the SEC) by the maximum offering price per share on the last day of the period, the result of which is then annualized and compounded semi-annually.

Secondary Financing - A loan secured by a mortgage or deed of trust for which the lien is subordinate, or secondary, to another mortgage loan.

Secondary Mortgage Market - The buying and selling of first mortgage loans by banks, insurance companies, government agencies, and other mortgagees. This market enables lenders to keep an adequate supply of money to make new loans.

Second Mortgage Loan - A second loan secured by real property already subject to a prior first mortgage loan.

Secured Credit - A loan for which the borrower has pledged collateral in order to receive credit from the lender.

Securities - Any of a variety of equity (stock) and income (bond) investments. Also, the paper that represents ownership of such investments.

Security - The collateral provided by the borrower, to secure the payment of a debt.

Security Instrument - The document, such as the mortgage or deed of trust, evidencing the pledge of real estate as collateral for the loan.

SEP (Simplified Employee Pension Plan) - A retirement plan created for self-employed persons and small-business owners.

Shareholders' Equity - A company's net worth, calculated as the company's total assets minus total liabilities. Also called stockholders' equity.

Short Interest - The total number of shares of a security that investors have sold short, or borrowed and sold, anticipating that the security will fall in value. An investor hopes to buy back the shares at a lower price, thereby making a profit on the difference.

Single Premium Annuity - An annuity that requires a single or one-time contribution of premium.

Sinking Fund - Monies paid periodically by the issuer to a fund established to call or retire term bonds over the life of an issue.

Spinoff - A new independent company formed from a larger company by the larger company selling or distributing new shares in the spinoff company.

Spot - The current price or rate payable for immediate delivery.

Spot Contract - The purchase or sale of foreign exchange at the prevailing trading rate.

Standard Risk - A person who, according to insurance underwriting standards, may receive insurance protection without additional rating or special restrictions.

Stock Redemption Plan - An agreement by which a closely held corporation purchases a deceased stockholder's interest in the corporation.

Stress Testing - A predictive test that identifies and measures the effects on a portfolio or a position of changes in market prices, volatility levels, shifts in the yield curve or other market factors.

Structured Notes - Debt securities, such as inverse floaters and step-up notes, in which the repayment of interest, and sometimes principal, is tied to movements in an underlying index.

Subordinated Debenture - A debt that is junior in claim on assets to other debt and is repayable only after all other debts with a higher claim have been satisfied.

Successor Trustee (or Standby Trustee) - One who becomes trustee upon the death, resignation, removal or incapacity of the current trustee and disburses the assets from a trust to beneficiaries after the grantor dies.

Surrender Charges - Penalties assessed for liquidation or withdrawals made in excess of the free withdrawal privilege during a specified surrender charge period.

Surrender Schedule - The number of years and percentage amount used to calculate surrender charges applied to withdrawals from an annuity contract.

Surrender Value - The value of an annuity after surrender charges and applicable premium taxes are subtracted from the total accumulated cash value.

Swap - The purchase or sale of exchange for spot delivery, with the concurred sale or purchase of the equivalent exchange for forward delivery.

Swap Spread - The number of basis points added to the appropriate market bond yield.

SWIFT - A commonly used network for payments, information and letters of credit.

Symbol - The ticker symbol used to represent stocks and mutual funds in the US financial markets.

Systematic Withdrawals - Predetermined periodic withdrawals from an annuity contract or retirement plan.

Systemic Risks - The risk that a specific large party (such as a country), a certain market or a settlement system should experience crisis or collapse, such that there would be significant impact on the financial markets as a whole.

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Glossary

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