Introduction To Mortgages And Mortgage Backed Securities
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Introduction To Mortgages And Mortgage Backed Securities
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Author : Richard K. Green
language : en
Publisher: Academic Press
Release Date : 2013-11-21
Introduction To Mortgages And Mortgage Backed Securities written by Richard K. Green and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-21 with Business & Economics categories.
In Introduction to Mortgages & Mortgage Backed Securities, author Richard Green combines current practices in real estate capital markets with financial theory so readers can make intelligent business decisions. After a behavioral economics chapter on the nature of real estate decisions, he explores mortgage products, processes, derivatives, and international practices. By focusing on debt, his book presents a different view of the mortgage market than is commonly available, and his primer on fixed-income tools and concepts ensures that readers understand the rich content he covers. Including commercial and residential real estate, this book explains how the markets work, why they collapsed in 2008, and what countries are doing to protect themselves from future bubbles. Green's expertise illuminates both the fundamentals of mortgage analysis and the international paradigms of products, models, and regulatory environments. Written for buyers of real estate, not mortgage lenders Balances theory with increasingly complex practices of commercial and residential mortgage lending Emphasizes international practices, changes caused by the 2008-11 financial crisis, and the behavioral aspects of mortgage decision making
The Handbook Of Fixed Income Securities Chapter 22 An Overview Of Mortgages And The Mortgage Market
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Author : Frank Fabozzi
language : en
Publisher: McGraw Hill Professional
Release Date : 2005-04-15
The Handbook Of Fixed Income Securities Chapter 22 An Overview Of Mortgages And The Mortgage Market written by Frank Fabozzi and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-04-15 with Business & Economics categories.
From The Handbook of Fixed Income Securities--the most authoritative, widely read reference in the global fixed income marketplace--comes this sample chapter. This comprehensive survey of current knowledge features contributions from leading academics and practitioners and is not equaled by any other single sourcebook. Now, the thoroughly revised and updated seventh edition gives you the facts and formulas you need to compete in today's transformed marketplace. It places increased emphasis on applications, electronic trading, and global portfolio management.
Mortgage Backed Securities
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Author : Frank J. Fabozzi
language : en
Publisher: John Wiley & Sons
Release Date : 2010-12-30
Mortgage Backed Securities written by Frank J. Fabozzi and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-30 with Business & Economics categories.
An in-depth look at the latest innovations in mortgage-backed securities The largest sector of the fixed-income market is the mortgage market. Understanding this market is critical for portfolio managers, as well as issuers who must be familiar with how these securities are structured. Mortgage-Backed Securities is a timely guide to the investment characteristics, creation, and analysis of residential real estate-backed securities. Each chapter contains cutting-edge information for investors, traders, and other professionals involved in this market, including discussions of structuring mortgage products-such as agency CMOs and new types of mortgages-and an in-depth explanation of the concept of option-adjusted spreads and other analytical concepts used to assess relative value.
Introduction To Securitization
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Author : Frank J. Fabozzi
language : en
Publisher: John Wiley & Sons
Release Date : 2008-07-15
Introduction To Securitization written by Frank J. Fabozzi and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-07-15 with Business & Economics categories.
Introduction to Securitization outlines the basics of securitization, addressing applications for this technology to mortgages, collateralized debt obligations, future flows, credit cards, and auto loans. The authors present a comprehensive overview of the topic based on the experience they have gathered through years of interaction with practitioners and graduate students around the world. The authors offer coverage of such key topics as: structuring agency MBS deals and nonagency deals, credit enhancements and sizing, using interest rate derivatives in securitization transactions, asset classes securitized, operational risk factors, implications for financial markets, and applying securitization technology to CDOs. Finally, in the appendices, the authors provide an essential introduction to credit derivatives, an explanation of the methodology for the valuation of MBS/ABS, and the estimation of interest rate risk. Securitization is a financial technique that pools assets together and, in effect, turns them into a tradable security. The end result of a securitization transaction is that a corporation can obtain proceeds by selling assets and not borrowing funds. In real life, many securitization structures are quite complex and enigmatic for practitioners, investors, and finance students. Typically, books detailing this topic are either too lengthy, too technical, or too superficial in their presentation. Introduction to Securitization is the first to offer essential information on this topic at a fundamental, yet comprehensive level-providing readers with a working understanding of what has become one of today's most important areas of finance. Authors Frank Fabozzi and Vinod Kothari, internationally recognized experts in the field, clearly define securitization, contrast it with corporate finance, and explain its advantages. They carefully illustrate the structuring of asset-backed securities (ABS) transactions, including agency mortgage-backed securities (MBS) deals and nonagency deals, and show the use of credit enhancements and interest rate derivatives in such transactions. They review the collateral classes in ABS, such as retail loans, credit cards, and future flows, and discuss ongoing funding vehicles such as asset-backed commercial paper conduits and other structured vehicles. And they explain the different types of collateralized debt obligations (CDOs) and structured credit, detailing their structuring and analysis. To complement the discussion, an introduction to credit derivatives is also provided. The authors conclude with a close look at securitization's impact on the financial markets and the economy, with a review of the now well-documented problems of the securitization of one asset class: subprime mortgages. While questions about the contribution of securitization have been tainted by the subprime mortgage crisis, it remains an important process for corporations, municipalities, and government entities seeking funding. The significance of this financial innovation is that it has been an important form of raising capital for corporations and government entities throughout the world, as well as a vehicle for risk management. Introduction to Securitization offers practitioners and students a simple and comprehensive entry into the interesting world of securitization and structured credit.
The Handbook Of Commercial Mortgage Backed Securities
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Author : Frank J. Fabozzi
language : en
Publisher: John Wiley & Sons
Release Date : 1998-09-15
The Handbook Of Commercial Mortgage Backed Securities written by Frank J. Fabozzi and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-09-15 with Business & Economics categories.
The Handbook of Commercial Mortgage-Backed Securities is a cornerstone reference in this emerging sector of the structured finance market. This Second Edition provides updated coverage of the market, the instruments, the tools used to assess these securities, and tax accounting issues. In addition to an overview of the commercial real estate finance and commercial property markets, this book also covers property-market framework for bond investors, the role of the servicer, an investor's perspective on commercial mortgage-backed coupon strips, defaults on commercial mortgages, assessing credit risk, an options approach to valuation and risk analysis, legal perspectives on disclosure issues, and federal income taxation.
The Securitization Markets Handbook
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Author : Charles Austin Stone
language : en
Publisher: John Wiley & Sons
Release Date : 2012-09-25
The Securitization Markets Handbook written by Charles Austin Stone and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-25 with Business & Economics categories.
A comprehensive guide to the continuously evolving world of securitization The Second Edition of The Securitization Markets Handbook is a valuable resource for both experienced money managers trying to put a securitization strategy into place as well as newcomers looking to acquire a broad and strong foundation in this discipline. This edition takes a close look at the pre- and post-crash mortgage market and the mortgage-backed securities based on those mortgages, as well as other asset-backed securities including commercial paper or credit cards. The crash of the subprime market and the failure of the asset-backed markets offer an opportunity to learn about banking finance, specifically off-balance sheet finance, and the many costly mistakes that resulted in one of the most severe downturns in financial markets. With this book, you'll discover why certain mortgage and asset-backed securities imploded and others didn't. This new edition examines why the market failed and how the next crisis can be averted or made less severe. It also explains why securitization remains a primary source of capital for the mortgage market, credit card market, home equity market, auto loan market, and segments of the commercial paper market. Offers an informed overview of how the securitization market works, how to make money in it, and what's next for asset- and mortgage-backed securities after the crisis Contains new chapters on CDOs and SIVs, along with a history of the growth and crash of the subprime market, asset-backed securities, and home equity lines of credit Written by securitization experts Charles Stone and Anne Zissu Updated to reflect the current market environment, the Second Edition of The Securitization Markets Handbook offers clear, comprehensive guidance to these complex markets.
The Handbook Of Mortgage Backed Securities
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Author : Frank J. Fabozzi
language : en
Publisher: McGraw Hill Professional
Release Date : 2005-12-30
The Handbook Of Mortgage Backed Securities written by Frank J. Fabozzi and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-12-30 with Business & Economics categories.
The definitive MBS guide, with fully updated material on the latest mortgage-backed products, methods, models, and portfolio strategies By providing hands-on information vital to market participants, previous editions of The Handbook of Mortgage-Backed Securities were instrumental in fueling the growth of the mortgage-backed securities market. The sixth edition contains all the elements that made previous editions so successful and influential, and provides you with more than 25 new chapters on topics including collateralized mortgage obligations, prepayment derivatives, loan level determinants of repayments, new approaches to MBS valuation, and a survey of non-U.S. mortgage rates.
Handbook Of Mortgage Backed Securities
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Author : Frank J. Fabozzi
language : en
Publisher: McGraw Hill Professional
Release Date : 2001-05-14
Handbook Of Mortgage Backed Securities written by Frank J. Fabozzi and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-05-14 with Business & Economics categories.
The definitive guide to mortgage-backed securities --now revised and updated The classic -- and single best -- resource for understanding and trading mortgage-backed securities has been brought fully up to date with The Handbook of Mortgage-Backed Securities, Fifth Edition, giving you timely insights into everything from fundamentals to investment characteristics of mortgage-backed securities, as well as state-of-the-art strategies for capitalizing on opportunities. The Handbook’s seven sections bring you up to speed on mortgages and pass-through securities; stripped mortgage-backed securities and collateralized mortgage obligations; credit-sensitive mortgage-backed securities; prepayment modeling; valuation techniques, relative value analysis, and portfolio strategies; commercial mortgage-backed securities; and non-U.S. mortgage-backed securities. This edition is more than just a revised edition – it’s practically a new book: twenty-nine of the chapters are either new or have been substantially revised, reflecting the most recent developments in the mortgage-backed securities market, in terms of both product development and financial technology. These entirely new sections give you a seamless transition into the 24-hour, global financial markets of the 21st century.
The Handbook Of Mortgage Backed Securities
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Author : Frank J. Fabozzi
language : en
Publisher: Oxford University Press
Release Date : 2016
The Handbook Of Mortgage Backed Securities written by Frank J. Fabozzi and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business & Economics categories.
Previous edition: New York: McGraw-Hill, 2006.
Mortgage And Mortgage Backed Securities Markets
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Author : Frank J. Fabozzi
language : en
Publisher: Harvard Business Review Press
Release Date : 1992
Mortgage And Mortgage Backed Securities Markets written by Frank J. Fabozzi and has been published by Harvard Business Review Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
The U.S. mortgage market, estimated at roughly $3.7 trillion, easily exceeds the values of the U.S. government bond market. Daily trading alone runs in the billions of dollars, and the value of mortgage-backed securities now outstanding is more than $1 trillion. The vastness of this market has inspired a variety of financial innovations, both in the design of mortgages and in the securities that derive from them. These innovations--adjustable rate mortgages (ARMs) and mortgage-backed securities (MBSs), which include passthroughs, collateralized mortgage obligations (CMOs), stripped MBSs, and so forth--have been a great success, created a large and growing industry, and demonstrated how financial engineering can redirect cash flows from a pool of assets to more closely satisfy the asset/liability needs of different classes of institutional investors. MBSs have proven to be a useful model for other forms of asset securitizations such as securities based on auto loans and credit card receivables. Mortgage-backed securities provide many useful benefits to both issuers and investors, but they are among the most complex of securities and appear in many interesting puzzling forms. Success in issuing, trading, and investing in MBSs requires a thorough understanding of their pricing and management of prepayment risks, and Professors Fabozzi and Modigliani have made an important contribution to that understanding in this important new book, . In this state-of-the-art treatment, Frank Fabozzi and Franco Modigliani offer the first book to systematically address the complex subject of mortgages and mortgage-backed securities without being unduly mathematical. Beginning with the basic mortgage, theauthors explain the development of the secondary mortgage market. They show how the market has been transformed from total dependence on local deposits to a market with a broad base of investors in the United States, Europe, and Japan. The business of mortgage origination, servicing, insurance, mortgage pooling, and the historical origins of securitization are fully described. The authors take the reader through the procedure for pricing traditional bonds to the complex process of valuing a variety of mortgage-backed securities. Because the borrower/homeowner has an option to prepay part or all of the mortgage at any time, yields and prices on these instruments can vary dramatically. The conventions used in this market for estimating prepayments are discussed and critically evaluated, as are the factors that affect prepayments. Fabozzi and Modigliani provide a review of the fundamental principles used in valuing fixed-income securities, then extend them to the various frames of analysis used in determining values for MBSs. This book fills an important need for mortgage bankers, institutional investors, and other financial professionals who need to understand the mortgage market and its complex instruments.