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Author: Joseph C. Hu
Publisher: John Wiley & Sons
ISBN: 0470828994
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
Asset Securitization is intended for beginners and market professionals alike who are interested in learning about asset securitization—its concepts and practices. It is designed so that the readers will come away with a fundamental but comprehensive understanding of the asset securitization market. As such, the book aims to provide a review of the market's development, necessary framework, potential benefits, and detailed descriptions of major asset securitization products. Part I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficiency, the market participants, and the potential benefits of asset securitization. An analysis of mortgage finance will be provided in Part II, which consists of six chapters that cover a variety of topics from the description of many different types of residential mortgages to the securitization of different types of residential mortgages, including the now infamous sub-prime mortgages. Also included are important topics, such as prepayments, cash flow structure, maturity and credit tranching, and the trading and relative value of the various mortgage-backed securities. The three chapters in Part III will explain the other major asset securitization products, such as commercial mortgage-backed securities, credit card receivable-backed securities, auto loan-backed securities, and collateralized bond obligations. Part IV has two chapters: one reviews the collapse and the potential recovery of the asset securitization market, and the other describes the asset securitization efforts in Japan, Australia, Taiwan, and China. Extensive tables and charts are presented to help illustrate a concept or describe a product. Neither analytical discussions nor investment strategies of the various asset-backed securities are included as they are not the focus of this book.
Author: Joseph C. Hu
Publisher: John Wiley & Sons
ISBN: 0470828994
Category : Business & Economics
Languages : en
Pages : 292
Get Book Here
Book Description
Asset Securitization is intended for beginners and market professionals alike who are interested in learning about asset securitization—its concepts and practices. It is designed so that the readers will come away with a fundamental but comprehensive understanding of the asset securitization market. As such, the book aims to provide a review of the market's development, necessary framework, potential benefits, and detailed descriptions of major asset securitization products. Part I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficiency, the market participants, and the potential benefits of asset securitization. An analysis of mortgage finance will be provided in Part II, which consists of six chapters that cover a variety of topics from the description of many different types of residential mortgages to the securitization of different types of residential mortgages, including the now infamous sub-prime mortgages. Also included are important topics, such as prepayments, cash flow structure, maturity and credit tranching, and the trading and relative value of the various mortgage-backed securities. The three chapters in Part III will explain the other major asset securitization products, such as commercial mortgage-backed securities, credit card receivable-backed securities, auto loan-backed securities, and collateralized bond obligations. Part IV has two chapters: one reviews the collapse and the potential recovery of the asset securitization market, and the other describes the asset securitization efforts in Japan, Australia, Taiwan, and China. Extensive tables and charts are presented to help illustrate a concept or describe a product. Neither analytical discussions nor investment strategies of the various asset-backed securities are included as they are not the focus of this book.
Author: Lakhbir Hayre
Publisher: John Wiley & Sons
ISBN: 9780471385875
Category : Business & Economics
Languages : en
Pages : 896
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Book Description
Der Markt für hypothekarisch gedeckte und forderungsbesicherte Wertpapiere ist seit 1980 von etwa 1 Milliarde US Dollar auf über 2,5 Billionen US Dollar angestiegen. Der "Salomon Smith Barney Guide to Mortgaged-Backed and Asset-Backed Securities" trägt dieser Entwicklung Rechnung. Autor Lakhbir Hayre, Mitarbeiter von Salomon Smith Barney, New York, erläutert dieses Thema anhand von unternehmeninternem Material anschaulich, zusammenhängend, praxisnah und umfassend. Dieses Buch ist nicht nur ein nützlicher Leitfaden für die Praxis, sondern auch ein ideales Übungsbuch und Nachschlagewerk für alle Investmentprofis, institutionelle Anleger und Anleger in Pensionsfonds und Hedge Funds.
Author: Andrew Davidson
Publisher: John Wiley & Sons
ISBN: 0471690015
Category : Business & Economics
Languages : en
Pages : 576
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Book Description
"This book fills a very important gap in the mindset of the bond structurer and the investor. Often, the two disciplines approach their tasks ignorant of the perspectives of the other side. But successful structuring requires providing the best value to investors in order to compete, and investors who don’t fully understand structuring will not remain investors for long. Highly recommended!" —Bennett W. Golub, Managing Director, BlackRock, Inc. "An excellent primer on asset securitization, clearly written in plain English and with straightforward mathematical expressions. This book is suitable for both business school students and structured finance market practitioners." —Joseph Hu, PhD, Managing Director, Structured Finance Ratings, Standard & Poor’s "In their new work Securitization: Structuring and Investment Analysis, Andrew Davidson et al. reinforce their preeminence in the alchemy of mortgage securitization. Anyone involved in mortgages neglects Andy’s work at his peril." —Richard T. Pratt, Chairman, Richard T. Pratt Associates; Former Chairman, Merrill Lynch Mortgage Corporation "This book provides an insightful and accessible exploration of securitized real estate markets. As such, it provides a valuable service to those active and interested in these burgeoning markets. The authors have done a wonderful job of gracefully integrating a vast and important subject matter. Accordingly, this book also makes for an excellent textbook for those universities offering one or more courses in this rapidly growing field." —Joseph L. Pagliari, Jr., Kellogg School of Management, Northwestern University
Author: James A. Rosenthal
Publisher: John Wiley & Sons
ISBN: 9780471613688
Category : Business & Economics
Languages : en
Pages : 286
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Book Description
The first guide to this new financial trend. Credit securitization (also known as asset securitization) is a financial technology for packaging, underwriting, and selling loans in the form of securities. First used in packaging mortgage loans (as in the case of GNMA and other federally insured mortgage-backed securities), credit securitization has grown rapidly and spread to other forms of credit, including auto loans, student loans, credit-card balances, and so on. This book provides lenders and other financial professionals with clear analyses of many actual credit securitization deals. Includes much information unavailable elsewhere.
Author: Charles Austin Stone
Publisher: John Wiley & Sons
ISBN: 1118006747
Category : Business & Economics
Languages : en
Pages : 469
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Book Description
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.
Author: Frank J. Fabozzi
Publisher: John Wiley & Sons
ISBN: 0470371900
Category : Business & Economics
Languages : en
Pages : 388
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Book Description
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.
Author: Bonnie G. Buchanan
Publisher: Springer
ISBN: 1137342870
Category : Business & Economics
Languages : en
Pages : 262
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Book Description
This book examines the controversial issue of securitization in a global, historical context. It traces its origins and compares evidence of securitization across countries, linking differences to variations in legal, political, and cultural regimes. By incorporating the history and current status of securitization (including sources of value and risk) with alternative markets and future outlooks for the global market, Buchanan provides an overall assessment of the costs, benefits, and sustainability of securitization in the global economy, particularly in the aftermath of the 2007-2009 financial crisis. The book also offers a roadmap for future research. As financial regulators around the world plan a sweeping overhaul of securitization markets with tough new rules designed to restore market confidence, it is essential to consider the global outlook for securitization.
Author: Charles Austin Stone, PhD
Publisher: John Wiley & Sons
ISBN: 1576601382
Category : Business & Economics
Languages : en
Pages : 334
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Book Description
In this long-awaited handbook, noted experts Charles Stone and Anne Zissu provide an enlightening overview of how securitization works and explain how future cash flows from various asset classes—from credit card receipts to mortgage payments—can be packaged into bond-like products and sold to investors. Once a marginal source of funds, securitization is now an essential corporate funding technique widely adopted by financial and industrial companies throughout the world to finance both working capital and capital budgets. It is also used as a risk-management tool and a source of liquidity. Securitization has been adapted to fund corporate acquisitions, to capitalize future streams of revenue, and to liquidate pools of nonperforming loans. With examples from companies such as GE Capital, Ford Motor Credit, Countrywide Home Loans, and D&K Healthcare, The Securitization Markets Handbook provides descriptions of all major classes of asset-backed securities and offers a practice-oriented commentary on trends in securitization and the value of asset- and mortgage-backed securities across industries and throughout the global markets. The authors approach the topic from both sides of the market: the supply side, where assets are securitized and mortgage- and asset-backed securities are issued, and the demand side, where investors choose which classes of mortgage and asset-backed securities will enhance their portfolios or serve as efficient hedges. The book’s detailed explanations and practical examples make it a valuable guide both for experienced money managers trying to put a securitization strategy into place and for those new to securitization looking to acquire a broad and strong foundation in the subject.
Author: Glenn M. Schultz
Publisher: John Wiley & Sons
ISBN: 1119221501
Category : Business & Economics
Languages : en
Pages : 437
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Book Description
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.
Author: Frank J. Fabozzi
Publisher: John Wiley & Sons
ISBN: 9781883249809
Category : Business & Economics
Languages : en
Pages : 564
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Book Description
A collection of articles from various professionals, discussing the details of investing in asset-backed securities. Main topics addressed include non-real estate backed ABS, collateralized debt obligations, residential real-estate backed ABS, accounting, commercial mortgage backed securities, and analysis of ABS.
