Mortgage-Backed Securities: Products, Structuring, and Analytical Techniques

0.0

Mortgage-Backed Securities In the last two decades, the market for mortgage-backed securities (MBS) has quickly grown. In addition to its size, this market has also become increasingly flexible and dynamic. Frank Fabozzi, Anand Bhattacharya, and William Berliner understand the intricacies of the MBS market, and now, with "Mortgage-Backed Securities," they share this essential information with you. Filled with in-depth insights and expert advice, this comprehensive guide skillfully addresses the investment characteristics, creation, and analysis of mortgage-backed securities. Each informative chapter outlines the products, structures, and analytical techniques traders and investors need to be familiar with in order to succeed on a daily basis. Written for financial professionals by financial professionals, this book covers a variety of MBS-related issues, including: An overview of prepayment and default behavior and performance metrics Fundamental MBS structuring techniques--such as divisions of principal and interest The structuring of private-label CMOs Measuring MBS interest-rate risk Evaluating senior MBS and CMOs An option theoretic approach to valuing MBSAn in-depth look at the latest innovations in mortgage-backed securitiesThe 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.