Mortgage Backed Securities at Amazon
From the Inside Flap
Even with the recent events that have occurred in this field, mortgage-backed securities (MBS) proceed to incorporate one of the greatest securities markets in the world. However, since the publication of the firstborn edition of Mortgage-Backed Securities, both the buyer mortgage and MBS spheres have undergone substantial changes—many of them resulting directly, and indirectly, from the collapse in mortgage performance that initially appeared in late 2006 and led to the financial crisis of 2007–2008.
That’s why the expert author team of Frank Fabozzi, Anand Bhattacharya, and William Berliner—who have witnessed a heap of cycles of modify in the mortgage and MBS sectors—have returned to invent the Second Edition of Mortgage-Backed Securities. In it, they skillfully reassess the MBS sector in the context of the changes resulting from the crisis, as well as explore the perceptivities gained in the post-crisis period.
Engaging and informative, this altered edition proceeds to address the investment characteristics, creation, and analysis of mortgage-backed securities, but now does so with the lessons and selective information assembled from post-2006 events in mind. Along the way, it offers worthful perceptivities that reflect the current market environment: reexamining prepayment conduct and analysis to describe the latest thinking on prepayment speeds and behavior, while taking into account credit and housing-related factors; and devoting an altogether new chapter to the evaluation of non-agency MBS.
Divided into four comprehensive parts, this authenti resource holds cutting-edge conceptions you’ll need to comprehend in order to succeed within this arena.
Part One: introduces the necessary distinct features of the mortgage and MBS markets
Part Two: discusses prepayment and default behavior, along with an array of metrics and conventions applied to quantify these activities
Part Three: describes a potpourri of structures and tranches, along with proficiencies used in structuring them
Part Four: outlines the metrics and methodologies necessary to valuate the potential risks and returns affiliated with mortgage-backed securities
The mortgage and MBS markets stay in a highly unsettled state, which makes a wide and sophisticated understanding of MBS markets and productions essential. The Second Edition of Mortgage-Backed Securities offers you a realistic assessment of this field and will put you in a better position to excel in one of the most dynamic and challenging areas of finance.
From the Back Cover
Despite the recent changes and dislocations experienced by the mortgage industry, mortgage-backed securities (MBS) proceed to incorporate one of the greatest securities markets in the world. The expert author team of Frank Fabozzi, Anand Bhattacharya, and William Berliner perceives the intricacies of the MBS market, and now, with the Second Edition of Mortgage-Backed Securities, they skillfully reassess the MBS sector in the context of the recent financial crisis.
Divided into four comprehensive parts, this dependable guide skillfully addresses the investment characteristics, creation, and analysis of mortgage-backed securities with post-crisis lessons in mind. Each informative chapter outlines the products, structures, and analytical proficiencies traders and investors need to be intimate with in order to succeed in this arena.
Updated to reflect the reality of today’s market environment, this book covers a potpourri of MBS-related issues, including:
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The current thinking on prepayment speeds and behavior, which take into account credit and housing-related factors
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Fundamental MBS structuring proficiencies such as divisions of necessary and interest
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The structuring of private-label CMOs
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Measuring MBS interest-rate risk
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An option theoretic approach to valuing MBS
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The evaluation of non-agency MBS
Filled with in-depth perceptivities and expert advice, Mortgage-Backed Securities, Second Edition offers you a realistic assessment of this field and provides you with the tools to make the most of your time within it.
About the Author
Frank J. Fabozzi, PhD, CFA, is Professor of Finance at EDHEC Business School and a fellow member of the EDHEC-Risk Institute. Prior to joining EDHEC, he kept respective professorial positions in finance at Yale University’s School of Management from 1994 to 2011 and, from 1986 to 1992, was a visiting professor of finance and accounting at MIT’s Sloan School of Management. He is also Editor of the Journal of Portfolio Management.
Anand K. Bhattacharya, PhD, is a Professor of Practice in the Department of Finance, W. P. Carey School of Business, Arizona State University, and a Fixed Income Strategist with Stifel, Nicolaus & Company, Inc. He has consulted with respective financial originations on issues of remainder sheet restructuring and asset valuation.
William S. Berliner is the Principal of Berliner Consulting & Research, LLC, a boutique firm specializing in mortgages and mortgage-backed securities. His necessary focus is security and loan valuation and hedging, serving both institutional investors and mortgage originators. Berliner also writes a regularly every month column for Asset Securitization Report.
An up-to-date look at the latest inventions in mortgage-backed securities
Since the last edition of Mortgage-Backed Securities was published over three years ago, much has changed in the structured credit market. Frank Fabozzi, Anand Bhattacharya, and William Berliner all have galore years of experience working in the fixed-income securitization markets, and have witnessed a great deal of cycles of change in the mortgage and MBS sectors. And now, with the Second Edition of Mortgage-Backed Securities, they part their psychological result of perception learning and reasoning on galore of the productions and structuring inventions that have taken place since the financial crisis and fiscal reform.
Written in a straightforward and accessible style, and containing galore illustrations, this timely guide skillfully addresses the investment characteristics, creation, and analysis of mortgage-backed securities. Each chapter holds cutting-edge conceptions that you’ll need to perceive in order to thrive within this arena.
- Discusses the dynamic fundamental interaction amid the mortgage industry, home prices, and credit performance
- Addresses revised valuation proficiencies in which all non-agency MBS will have to be treated as credit pieces
- Examines the shift in this marketplace since the crisis and the affect on industry and investors
Filled with in-depth perceptivenesses and expert advice, Mortgage-Backed Securities, Second Edition offers you a realistic assessment of this field and outlines the products, structures, and analytical proficiencies you need to recognise with regards to in this evolving arena.
Product Details
- Amazon Sales Rank: #175742 in Books
- Published on: 2011-09-21
- Original language: English
- Number of items: 1
- Dimensions: 1.20″ h x 6.26″ w x 9.07″ l, 1.09 pounds
- Binding: Hardcover
- 352 pages
Reviews
5 of 5 people found the following review helpful.
the gold standard
By Yodo
I think this book is the new gold standard for MBS. Unlike previous MBS books I have read, this one flows well from chapter to chapter and can actually walk someone new to the field through collateral, structuring and valuation in a logical manner. Excellent job!
4 of 4 people found the following review helpful.Must have if you are in the MBS profession
By Kevin
This book can be used either as a reference for specific technical securities questions or for generic background reading on a related topic. Many people in our office find it very useful and it always seems to disappear from my desk. A must have five star book!
3 of 3 people found the following review helpful.Excellent Primer on MBS
By dradrien
A well-written, easy-to-follow book that serves as a fantastic addition to any fixed income or real estate curriculum. Those already in or looking to enter the mortgage securitization business should have the information contained in this book as part of their arsenal.
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