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Introduction to Mortgages and Mortgage Backed Securities

Introduction to Mortgages and Mortgage Backed Securities
  • Author : Richard K. Green
  • Publisher :Unknown
  • Release Date :2013-11-21
  • Total pages :256
  • ISBN : 9780124045934
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Summary : 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

Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities

Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities
  • Author : Lakhbir Hayre
  • Publisher :Unknown
  • Release Date :2002-11-11
  • Total pages :888
  • ISBN : 9780471196907
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Summary : Mortgage-backed and asset-backed securities are fixed-income securities, like bonds, which derive their return from an underlying mortgage or basket of mortgages, or an asset or basket of assets. This market has increased from about $100 billion in 1980 to over $2.5 trillion today. Filling the void for a new book on fixed-income, Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities provides a coherent and comprehensive approach to the subject. Featuring material used by the company, this book is an ideal training tool and resource for investment professionals, institutional investors, pension fund investors, and hedge-fund investors. Lakhbir Hayre (New York, NY) is a mortgage officer at Salomon Smith Barney, and their leading expert on mortgage-backed and asset-backed securities. He is a Certified Financial Analyst and a Doctor of Philosophy.

Mortgage-Backed Securities

Mortgage-Backed Securities
  • Author : Frank J. Fabozzi,Anand K. Bhattacharya,William S. Berliner
  • Publisher :Unknown
  • Release Date :2010-12-30
  • Total pages :336
  • ISBN : 1118044711
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Summary : 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.

The Handbook of Mortgage-Backed Securities, 7th Edition

The Handbook of Mortgage-Backed Securities, 7th Edition
  • Author : Frank J. Fabozzi
  • Publisher :Unknown
  • Release Date :2016-08-11
  • Total pages :864
  • ISBN : 9780191088773
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Summary : This edition of The Handbook of Mortgage-Backed Securities, the first revision following the subprime mortgage crisis, is designed to provide not only the fundamentals of these securities and the investment characteristics that make them attractive to a broad range of investors, but also extensive coverage on the state-of-the-art strategies for capitalizing on the opportunities in this market. The book is intended for both the individual investor and the professional manager. The volume includes contributions from a wide range of experts most of whom have been actively involved in the evolution of the mortgage-backed securities market.

Introduction to Securitization

Introduction to Securitization
  • Author : Frank J. Fabozzi,Vinod Kothari
  • Publisher :Unknown
  • Release Date :2008-07-15
  • Total pages :384
  • ISBN : 9780470371909
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Summary : 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.

Mortgage-Backed Securities

Mortgage-Backed Securities
  • Author : Frank J. Fabozzi,Anand K. Bhattacharya,William S. Berliner
  • Publisher :Unknown
  • Release Date :2011-08-31
  • Total pages :352
  • ISBN : 9781118149294
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Summary : An up-to-date look at the latest innovations 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 many years of experience working in the fixed-income securitization markets, and have witnessed many cycles of change in the mortgage and MBS sectors. And now, with the Second Edition of Mortgage-Backed Securities, they share their knowledge on many of the products and structuring innovations that have taken place since the financial crisis and fiscal reform. Written in a straightforward and accessible style, and containing numerous illustrations, this timely guide skillfully addresses the investment characteristics, creation, and analysis of mortgage-backed securities. Each chapter contains cutting-edge concepts that you'll need to understand in order to thrive within this arena. Discusses the dynamic interaction between the mortgage industry, home prices, and credit performance Addresses revised valuation techniques in which all non-agency MBS must be treated as credit pieces Examines the shift in this marketplace since the crisis and the impact on industry and investors Filled with in-depth insights and expert advice, Mortgage-Backed Securities, Second Edition offers you a realistic assessment of this field and outlines the products, structures, and analytical techniques you need to know about in this evolving arena.

Investing in Commercial Mortgage-Backed Securities

Investing in Commercial Mortgage-Backed Securities
  • Author : Frank J. Fabozzi
  • Publisher :Unknown
  • Release Date :2000-12-15
  • Total pages :269
  • ISBN : 1883249880
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Summary : Commercial mortgage-backed securities (CMBS)-securitizations of mortgage loans backed by commercial real estate-have become compelling devices for fixed income investing. This title, edited by renowned financial expert Frank Fabozzi, describes the structure, valuation, and performance of CMBS, illustrates an empirical framework for estimating CMBS defaults, instructs how to value prepayment and credit risks of CMBS, and more.

The Mechanics of Securitization

The Mechanics of Securitization
  • Author : Moorad Choudhry
  • Publisher :Unknown
  • Release Date :2013-01-09
  • Total pages :208
  • ISBN : 9781118234549
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Summary : A step-by-step guide to implementing and closing securitization transactions Securitization is still in wide use despite the reduction in transactions. The reality is that investors and institutions continue to use this vehicle for raising funds and the demand for their use will continue to rise as the world's capital needs increase. The Mechanics of Securitization specifically analyzes and describes the process by which a bank successfully implements and closes a securitization transaction in the post subprime era. This book begins with an introduction to asset-backed securities and takes you through the historical impact of these transactions including the implications of the recent credit crisis and how the market has changed. Discusses, in great detail, rating agency reviews, liaising with third parties, marketing the deals, and securing investors Reviews due diligence and cash flow analysis techniques Examines credit and cash considerations as well as how to list and close deals Describes the process by which a bank will structure and implement the deal, and how the process is project managed and tested across internal bank departments While securitization transactions have been taking place for over twenty-five years, there is still a lack of information on exactly how they are processed successfully. This book will put you in a better position to understand how it all happens, and show you how to effectively implement an ABS transaction yourself.

Understanding the Securitization of Subprime Mortgage Credit

Understanding the Securitization of Subprime Mortgage Credit
  • Author : Adam B. Ashcraft
  • Publisher :Unknown
  • Release Date :2010-03
  • Total pages :76
  • ISBN : 9781437925142
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Summary : Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.

My Life as a Quant

My Life as a Quant
  • Author : Emanuel Derman
  • Publisher :Unknown
  • Release Date :2012-06-12
  • Total pages :304
  • ISBN : 9781118428887
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Summary : In My Life as a Quant, Emanuel Derman relives his exciting journey as one of the first high-energy particle physicists to migrate to Wall Street. Page by page, Derman details his adventures in this field—analyzing the incompatible personas of traders and quants, and discussing the dissimilar nature of knowledge in physics and finance. Throughout this tale, he also reflects on the appropriate way to apply the refined methods of physics to the hurly-burly world of markets.

Securitization: Past, Present and Future

Securitization: Past, Present and Future
  • Author : Solomon Y Deku,Alper Kara
  • Publisher :Unknown
  • Release Date :2017-08-04
  • Total pages :177
  • ISBN : 9783319601281
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Summary : This book aims to explore if and how securitization changed financial intermediation and lending behaviour by reviewing the pre- and post-financial crisis theoretical and empirical literature. The book’s distinctive feature is bringing the growing post-crisis empirical evidence to the attention of a wider audience by critically appraising it against pre-crisis arguments. With its thought-provoking insights, this book is of particular interest for students, practitioners and academics.

Government National Mortgage Association Mortgage-backed Securities Guide

Government National Mortgage Association Mortgage-backed Securities Guide
  • Author : United States. Department of Housing and Urban Development
  • Publisher :Unknown
  • Release Date :1973
  • Total pages :229
  • ISBN : IND:30000076308984
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Summary :

Introduction to Structured Finance

Introduction to Structured Finance
  • Author : Frank J. Fabozzi,Henry A. Davis,Moorad Choudhry
  • Publisher :Unknown
  • Release Date :2007-01-09
  • Total pages :400
  • ISBN : 9780470107805
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Summary : Created by the experienced author team of Frank Fabozzi, Henry Davis, and Moorad Choudhry, Introduction to Structured Finance examines the essential elements of this discipline. It is a convenient reference guide—which covers all the important transaction types in one place—and an excellent opportunity to enhance your understanding of finance.

Investing in Mortgage-Backed and Asset-Backed Securities, + Website

Investing in Mortgage-Backed and Asset-Backed Securities, + Website
  • Author : Glenn M. Schultz
  • Publisher :Unknown
  • Release Date :2016-01-26
  • Total pages :416
  • ISBN : 9781118944004
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Summary : A complete guide to investing in and managing a portfolio of mortgage- and asset-backed securities Mortgage- and asset-backed securities are not as complex as they might seem. In fact, all of the information, financial models, and software needed to successfully invest in and manage a portfolio of these securities are available to the investment professional through open source software. Investing in Mortgage and Asset-Backed Securities + Website shows you how to achieve this goal. The book draws entirely on publicly available data and open source software to construct a complete analytic framework for investing in these securities. The analytic models used throughout the book either exist in the quantlib library, as an R package, or are programmed in R and incorporated into the analytic framework used. Examines the valuation of fixed-income securities—metrics, valuation framework, and return analysis Covers residential mortgage-backed securities—security cash flow, mortgage dollar roll, adjustable rate mortgages, and private label MBS Discusses prepayment modeling and the valuation of mortgage credit Presents mortgage-backed securities valuation techniques—pass-through valuation and interest rate models Engaging and informative, this book skillfully shows you how to build, rather than buy, models and proprietary analytical platforms that will allow you to invest in mortgage- and asset-backed securities.

An Introduction to Real Estate Finance

An Introduction to Real Estate Finance
  • Author : Edward Glickman
  • Publisher :Unknown
  • Release Date :2013-10-14
  • Total pages :480
  • ISBN : 9780123786272
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Summary : An Introduction to Real Estate Finance serves as the core of knowledge for a single-semester first course in real estate finance. Unlike other real estate finance textbooks, with their encyclopedic but often stale details, it combines a short traditional text with a living website. The book gives students and professors highly applied information, and its regularly updated online features makes it especially useful for this practitioner-oriented audience. It covers fundamental topics such as accounting and tax, mortgages, capital markets, REITs and more. It also addresses the 2008 financial crisis and its impact on the real estate profession. This text is a valuable companion for students of real estate finance as well as financial analysts, portfolio managers, investors and other professionals in the field. Offers a concise, efficient, "finance-centric" alternative to traditional real estate finance texts Website gives readers the tools to find current information about their own areas of specialization—a unique approach not found in other real estate finance textbooks Gives students and professors the material to examine every subject in broad and highly detailed terms

A Primer on Securitization

A Primer on Securitization
  • Author : Leon T. Kendall,Michael J. Fishman
  • Publisher :Unknown
  • Release Date :2000
  • Total pages :189
  • ISBN : 0262611635
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Summary : A Primer on Securitization introduces readers to America's newest system of raising capital: what it is, how it operates, and what difference securitization makes. Gathering fourteen lectures by the pioneers of securitization and by current practitioners--from Freddie Mac, Paine Webber, JP Morgan, Chrysler, McKinsey & Co, and other major players-- A Primer on Securitization introduces readers to America's newest system of raising capital: what it is, how it operates, and what difference securitization makes.The securitization process bypasses financial intermediaries that have historically collected deposits and loaned them to those seeking funds, and links borrowers directly to money and capital markets. Although little has been written about what is perhaps one of the most important innovations to emerge in financial markets since the 1930s, securitization has revolutionized the way that the borrowing needs of consumers and businesses are met. Today, for example, over two-thirds of all home loans are being securitized, along with substantial percentages of auto loans and credit card receivables, and the process continues to expand into new fields including synthetic securities. Authoritative and practical, these lectures show how securitization was developed to fill a gap in financial markets. They discuss the nature and causes of the market imperfections that made securitization a valuable source of funds, and describe how securitization has linked local mortgage markets with international capital markets. Readers will gain a broad perspective of the different parties--the borrower, the loan originator, the servicer, the rating agency, the special purpose vehicle, the credit enhancer, the underwriter, and the investor--as well as a detailed analysis of how these parties relate to one another. From the inception of the secondary mortgage market through the collapse of the Granite funds, readers will learn not only about the success but also about the excesses and failures that typically accompany the development of any product in the real or financial sector.

The Future of Housing Finance

The Future of Housing Finance
  • Author : Martin Neil Baily
  • Publisher :Unknown
  • Release Date :2011
  • Total pages :212
  • ISBN : 9780815722083
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Summary : "Evaluates the options open to policymakers as they reassess the federal government's role in the U.S. residential mortgage market and consider a new system that reduces risk in mortgage lending, maintains a limited government role, and gradually removes the government-sponsored enterprises (Fannie Mae and Freddie Mac) from the mortgage market"--Provided by publisher.

The Greatest Trade Ever

The Greatest Trade Ever
  • Author : Gregory Zuckerman
  • Publisher :Unknown
  • Release Date :2009-11-03
  • Total pages :304
  • ISBN : 9780385529938
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Summary : In 2006, hedge fund manager John Paulson realized something few others suspected--that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him. Even pros skeptical about housing shied away from the complicated derivative investments that Paulson was just learning about. But Paulson and a handful of renegade investors such as Jeffrey Greene and Michael Burry began to bet heavily against risky mortgages and precarious financial companies. Timing is everything, though. Initially, Paulson and the others lost tens of millions of dollars as real estate and stocks continued to soar. Rather than back down, however, Paulson redoubled his bets, putting his hedge fund and his reputation on the line. In the summer of 2007, the markets began to implode, bringing Paulson early profits, but also sparking efforts to rescue real estate and derail him. By year's end, though, John Paulson had pulled off the greatest trade in financial history, earning more than $15 billion for his firm--a figure that dwarfed George Soros's billion-dollar currency trade in 1992. Paulson made billions more in 2008 by transforming his gutsy move. Some of the underdog investors who attempted the daring trade also reaped fortunes. But others who got the timing wrong met devastating failure, discovering that being early and right wasn't nearly enough. Written by the prizewinning reporter who broke the story in The Wall Street Journal, The Greatest Trade Ever is a superbly written, fast-paced, behind-the-scenes narrative of how a contrarian foresaw an escalating financial crisis--that outwitted Chuck Prince, Stanley O'Neal, Richard Fuld, and Wall Street's titans--to make financial history.

OECD Insights From Crisis to Recovery The Causes, Course and Consequences of the Great Recession

OECD Insights From Crisis to Recovery The Causes, Course and Consequences of the Great Recession
  • Author : Keeley Brian,Love Patrick
  • Publisher :Unknown
  • Release Date :2010-09-10
  • Total pages :146
  • ISBN : 9789264077072
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Summary : From Crisis to Recovery traces the causes, course and consequences of the “Great Recession”. It explains how a global build up of liquidity, coupled with poor regulation, created a financial crisis that quickly began to make itself felt in the real economy.

Fixed Income Mathematics

Fixed Income Mathematics
  • Author : Robert Zipf
  • Publisher :Unknown
  • Release Date :2003-06-08
  • Total pages :366
  • ISBN : 9780080506555
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Summary : Fixed Income Mathematics is an easy-to-understand introduction to the mathematics of common fixed income instruments. This book offers explanations, exercises, and examples without demanding sophisticated mathematics from the reader. Not only does the author use his business and teaching experience to highlight the fundamentals of investment and management decision-making, but he also offers questions and exercises that suggest the applicability of fixed income mathematics. Written for the reader with a general mathematics background, this self-teaching book is suffused with examples that also make it a handy reference guide. It should serve as a gateway to financial mathematics and to increased competence in business analysis. International comparisons are used to illustrate how interest is compounded. This text will be a valuable resource for professional insurance and other actuarials who invest in bonds and who are concerned with inflation, asset-liability management, the time value of money, interest rates, rates of return, risk, and investment income. It will also appeal to MBA students and anyone seeking a general introduction or overview of the subject. * An easy-to-understand introduction to the mathematics of common fixed income instruments * Offers students explanations, exercises, and examples without demanding sophisticated mathematics * Uses international comparisons to illustrate how interest is compounded

Borrow

Borrow
  • Author : Louis Hyman
  • Publisher :Unknown
  • Release Date :2012-01-24
  • Total pages :200
  • ISBN : 9780307744906
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Summary : In this lively history of consumer debt in America, economic historian Louis Hyman demonstrates that today’s problems are not as new as we think. Borrow examines how the rise of consumer borrowing—virtually unknown before the twentieth century—has altered our culture and economy. Starting in the years before the Great Depression, increased access to money raised living standards but also introduced unforeseen risks. As lending grew more and more profitable, it displaced funds available for business borrowing, setting our economy on an unsustainable course. Told through the vivid stories of individuals and institutions affected by these changes, Borrow charts the collision of commerce and culture in twentieth-century America, giving an historical perspective on what is new—and what is not—in today’s economic turmoil. A Paperback Original