Book description
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.
Frank J. Fabozzi, PhD, CFA, is Professor of
Finance at EDHEC Business School and a member of the EDHEC-Risk
Institute. Prior to joining EDHEC, he held various professorial
positions in finance at Yale University's School of Management from
1994 to 2011 and, from 1986 to 1992, was a visiting professor of
finance and accounting at MIT's Sloan School of Management. He is also
Editor of the Journal of Portfolio Management.
Anand K. Bhattacharya, PhD, is a Professor of Practice in the
Department of Finance, W. P. Carey School of Business, Arizona State
University, and a Fixed Income Strategist with Stifel, Nicolaus &
Company, Inc. He has consulted with various financial institutions on
issues of balance sheet restructuring and asset valuation.
William S. Berliner is the Principal of Berliner Consulting
& Research, LLC, a boutique firm specializing in mortgages and
mortgage-backed securities. His primary focus is security and loan
valuation and hedging, serving both institutional investors and
mortgage originators. Berliner also writes a monthly column for
Asset Securitization Report.
