Frank Fabozzi and Chuck Ramsey update their treatise on nonagency mortgage backed securities in this third edition of The Handbook of Nonagency Mortgage Backed Securities. Focused on an important investing area that continues to grow, this book provides comprehensive coverage of all aspects of this specialized market sector, including the mortgage-related asset-backed securities market and commercial mortgage-backed securities. There is information on raw products, such as jumbo loans, alternative A mortgages, and 125 LTV mortgages, as well as structured products, analytical techniques,…mehr
Frank Fabozzi and Chuck Ramsey update their treatise on nonagency mortgage backed securities in this third edition of The Handbook of Nonagency Mortgage Backed Securities. Focused on an important investing area that continues to grow, this book provides comprehensive coverage of all aspects of this specialized market sector, including the mortgage-related asset-backed securities market and commercial mortgage-backed securities. There is information on raw products, such as jumbo loans, alternative A mortgages, and 125 LTV mortgages, as well as structured products, analytical techniques, prepayment characteristics, and credit issues. This fast-growing segment also includes nonagency pass through, nonagency collateralized mortgage obligations, home loan equity-backed securities, and manufacture housing loan backed securities.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Frank J. Fabozzi is editor of the Journal of Portfolio Management and an Adjunct Professor of Finance at Yale University's School of Management. Frank is a Chartered Financial Analyst and Certified Public Accountant. He is on the board of directors of the Guardian Life family of funds and the BlackRock complex of funds. He earned a doctorate of economics from the City University of New York in 1972 and in 1994 received an honorary doctorate of Human Letters from Nova Southeastern University. Frank is a Fellow of the International Center for Finance at Yale University. Chuck Ramsey is the Chairman and co-founder of Mortgage Risk Assessment Corporation. He was previously a General Partner at Bear Stearns & Co. where he ran the FHLMC/FNMA trading desk and was co-head of fixed income sales. At Bear Stearns he developed the first system on Wall Street for issuer analysis of mortgage-backed securities and the first prepayment model that used geographical differences in forecasting prepayments. He is considered the innovator of specified pool trading. Mr. Ramsey is a contributor to The Handbook of Fixed Income Securities. He holds an undergraduate degree from Lamar University.
Inhaltsangabe
Contributing Authors. SECTION I: RESIDENTIAL REAL ESTATE-BACKED SECURITIES. PART A: PRODUCTS AND THEIR STRUCTURE. 1. The Nonagency Mortgage Market: Background and Overview (E. Bruskin, et al.). 2. Understanding Shifting Interest Subordination (M. Clancy and M. Constantino, III). 3. Understanding Compensating Interest (L. Goodman and T. Zimmerman). 4. RALI Alternative-A Mortgages (S. Banerjee and E. Mustafa). 5. Home Equity Loans (C. Schorin, et al.). 6. Home Equity Loan Transaction Structures (C. Schorin, et al.). 7. Home Equity Line of Credit (HELOC) Securitizations (W. Roever, et al.). 8. Securitization of 125 LTV Mortgages (H. Katz and G. Costello). 9. Manufactured Housing: Overview, Securitization, and Prepayments (S. Abrahams, et al.). 10. Securities Backed by CRA Loans (D. Westhoff and V. Srinivasan). 11. Single Family Mortgage Revenue Bonds (M. Marz and F. Fabozzi). PART B: CREDIT ANALYSIS. 12. The Default and Loss Experience of Nonagency MBS (T. Gillis). 13. The Rating Agencies' Approach (D. Bendt, et al.). 14. The Evaluation of Excess Spread in Sub-Prime Transactions (A. Figueroa). 15. A Credit Intensive Approach to Analyzing Whole Loan CMOs (E. Toy). 16. Risk-Based Pricing Nonagency Mortgages and Securities (F. Raiter). PART C: PREPAYMENT ANALYSIS AND VALUATION MODELING. 17. The Next Generation of Prepayment Models to Value Nonagency MBS (D. Westhoff and V. Srinivasan). 18. Payment Modeling and Valuation of Home Equity Loan Securities (D. Westhoff and M. Feldman). 19. Identifying Relative Value in Home Equity Loan and Manufactured Housing Securities Using OAS Analysis (A. Dickstein). 20. Home Equity Loan Prepayment Model and OAS Implications (C. Schorin, et al.). 21. A Risk-Return Framework for Evaluating Non-Investment-Grade Subordinated MBS (L. Goodman and L. Lowell). 22. Prepayments on Jumbo Loans (L. Goodman). SECTION II: COMMERCIAL MORTGAGE-BACKED SECURITIES. 23. Introduction to Commercial Mortgage-Backed Securities (B. Lancaster). 24. Understanding Prepayment in CMBS Deals (D. Cheng, et al.). 25. Credit-Driven Prepayment and Default Analysis (M. Ervolini, et al.). 26. An Empirical Framework for Estimating CMBS Defaults (D. Westhoff, et al.). 27. Valuing the Prepayment and Credit Risks of Commercial Mortgage Securities (M. Youngblood). 28. An Options Approach to Commercial Mortgages and CMBS Valuation and Risk Analysis (D. Jacob, et al.). Index.
Contributing Authors. SECTION I: RESIDENTIAL REAL ESTATE-BACKED SECURITIES. PART A: PRODUCTS AND THEIR STRUCTURE. 1. The Nonagency Mortgage Market: Background and Overview (E. Bruskin, et al.). 2. Understanding Shifting Interest Subordination (M. Clancy and M. Constantino, III). 3. Understanding Compensating Interest (L. Goodman and T. Zimmerman). 4. RALI Alternative-A Mortgages (S. Banerjee and E. Mustafa). 5. Home Equity Loans (C. Schorin, et al.). 6. Home Equity Loan Transaction Structures (C. Schorin, et al.). 7. Home Equity Line of Credit (HELOC) Securitizations (W. Roever, et al.). 8. Securitization of 125 LTV Mortgages (H. Katz and G. Costello). 9. Manufactured Housing: Overview, Securitization, and Prepayments (S. Abrahams, et al.). 10. Securities Backed by CRA Loans (D. Westhoff and V. Srinivasan). 11. Single Family Mortgage Revenue Bonds (M. Marz and F. Fabozzi). PART B: CREDIT ANALYSIS. 12. The Default and Loss Experience of Nonagency MBS (T. Gillis). 13. The Rating Agencies' Approach (D. Bendt, et al.). 14. The Evaluation of Excess Spread in Sub-Prime Transactions (A. Figueroa). 15. A Credit Intensive Approach to Analyzing Whole Loan CMOs (E. Toy). 16. Risk-Based Pricing Nonagency Mortgages and Securities (F. Raiter). PART C: PREPAYMENT ANALYSIS AND VALUATION MODELING. 17. The Next Generation of Prepayment Models to Value Nonagency MBS (D. Westhoff and V. Srinivasan). 18. Payment Modeling and Valuation of Home Equity Loan Securities (D. Westhoff and M. Feldman). 19. Identifying Relative Value in Home Equity Loan and Manufactured Housing Securities Using OAS Analysis (A. Dickstein). 20. Home Equity Loan Prepayment Model and OAS Implications (C. Schorin, et al.). 21. A Risk-Return Framework for Evaluating Non-Investment-Grade Subordinated MBS (L. Goodman and L. Lowell). 22. Prepayments on Jumbo Loans (L. Goodman). SECTION II: COMMERCIAL MORTGAGE-BACKED SECURITIES. 23. Introduction to Commercial Mortgage-Backed Securities (B. Lancaster). 24. Understanding Prepayment in CMBS Deals (D. Cheng, et al.). 25. Credit-Driven Prepayment and Default Analysis (M. Ervolini, et al.). 26. An Empirical Framework for Estimating CMBS Defaults (D. Westhoff, et al.). 27. Valuing the Prepayment and Credit Risks of Commercial Mortgage Securities (M. Youngblood). 28. An Options Approach to Commercial Mortgages and CMBS Valuation and Risk Analysis (D. Jacob, et al.). Index.
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