DXM
Disaggregated Mortgage Exchange
A proprietary marketplace that disaggregates the credit, interest-rate, and prepayment risk embedded in 30-year fixed-rate mortgages — attracting new sources of institutional liquidity to residential RMBS markets and enabling banks to sell underwater RMBS assets at par. DXM addresses one of the most persistent structural inefficiencies in American housing finance: the inability of institutions to separately trade the distinct risk components bundled into a single mortgage-backed security.
The platform creates a secondary market for disaggregated mortgage risk, allowing insurance companies, pension funds, and sovereign wealth vehicles to access specific risk profiles — credit, rate, or prepayment — that match their liability structures. The result is deeper liquidity, more efficient pricing, and a mechanism for the banking system to clear underwater positions without distressed sales.