Federal Debt

Mortgage-Backed Securities: Products, Structuring, and Analytical Techniques (Frank J. Fabozzi Series)

Description

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.

Reviews

Rating: 5 / 5
Date: 2010-01-17
Summary: "Thorough presentation of the material"

The guy next to our office was working with AFT/Intex and doing some ABS/MBS modeling. He did some presentation on the subject, but I didn't understood a word he spoke. However, the product looked interesting. So I decided to check it out in this book.

I have to say it is presented very nicely. I only read about 3/4th of the book. I have not used the knowledge for anything yet. So I cannot say how much it has helped me. But the topic is clear and well presented.

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Rating: 5 / 5
Date: 2009-06-24
Summary: "Very uniform and comprehensive treatment of the subject"

Compared to other books and especially handbook of mbs this book has very uniform treatment you don't feel like it is a collection of articles written by different people. The subject is discussed with detail and flow which will allow a person to put it in practice. Have not read the book from cover to cover yet but whatever random parts I read I got answers to questions I had been having for quite sometime.

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Rating: 5 / 5
Date: 2009-01-12
Summary: "Excellent Primer on MBS"

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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Rating: 5 / 5
Date: 2008-08-06
Summary: "the gold standard"

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!

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Rating: 5 / 5
Date: 2008-07-01
Summary: "A must read for those involved in the MBS market"

The book provides a very complete overview the residential mortgage-backed securities market and is written by two gentlemen that were arguably at "the center of the storm" at Countrywide Securities.

The book is structured nicely taking the reader from a general overview of the MBS market to a detailed look of the process of securitization through to investing in the end securities.

The chapters dedicated to the structuring and credit enhancement techniques of residential ABS deals a particularly useful to people just entering the current market. The unique perspectives on measuring loan performance and influences on collateral prepayments are also very useful reading.

All in all a must read for those beginning in the industry and a great reference for those of us that might have forgotten a few things.