Quick. Who was the biggest institutional investor in mortgage-backed securities last year? Did you guess a big mutual fund, or a giant insurance company?

Actually, the largest holder of MBS last fiscal year was Teachers Insurance and Annuity Association--a pension fund. That's according to Capital Access of Murray Hill, N.J., which said New York City-based TIAA held $29 billion in mortgage securities as of March of this year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.