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.
CHARLES AUSTIN STONE, PhD, is a Professor of Finance and the
Deputy Chairman of the MS in Business Economics program at Brooklyn
College, CUNY. He is a leading expert in asset-backed securities, has
edited several books on the subject, and coauthored, with Anne Zissu,
the first edition of this book. Stone's research has appeared in
leading academic journals, including the Journal of Real Estate
Finance and Economics, FNMA's Journal of Housing
Research, the Journal of Derivatives, the Journal of
Applied Corporate Finance, the Journal of Risk Finance,
the Journal of Alternative Investments, and Financial
Markets, Institutions, and Instruments. He has been invited to
lecture on securitization at various major financial and academic institutions.
ANNE ZISSU, PhD, is the Chairperson of the Department of
Business at Citytech, CUNY, and a Research Fellow at NYU Poly in the
Department of Financial and Risk Engineering. She is a leading expert
in asset-backed securities and senior life settlements, and has edited
several books on the subject. Her research has appeared in leading
academic journals, including the Journal of Real Estate Finance and
Economics, FNMA's Journal of Housing Research, the
Journal of Derivatives, and many others. Professor Zissu has
been invited to lecture on securitization at various major financial
and academic institutions. Professor Zissu has acted as an expert
witness on a number of cases related to securitization and senior life
settlements.
