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The securitization markets handbook : structures and dynamics of mortgage- and asset-backed securities / Charles Austin Stone, Anne Zissu

By: Contributor(s): Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Series: Wiley finance | Wiley Finance Ser ; v.136Publisher: Hoboken, N.J : Wiley, c2012Copyright date: ©2012Edition: 2nd ed (Online-Ausg.)Description: Online-Ressource (1 online resource (xxii, 437 p.)) : illISBN:
  • 9781283592383
  • 128359238X
  • 9781118221761
Subject(s): Additional physical formats: 9781118006740 | 9781118221761 | 9781118233030 | 9781118260425 | 1283592355 | Erscheint auch als: The securitization markets handbook. Druck-Ausgabe 2. ed. Hoboken, NJ : Wiley, 2012. XXII, 437 S.DDC classification:
  • 332.63/23 23
  • 332.6323
RVK: RVK: QP 750LOC classification:
  • HG4655
Online resources: Summary: 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.Summary: Intro -- The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-Backed Securities -- Copyright -- Contents -- Acknowledgments -- Introduction -- A Market that is too Big to Fail? -- The Need for this Book -- How the Book is Organized -- Part One: Key Structures and Cash Flow Dynamics -- Chapter 1: Mortgage-Backed Securities: Origins of the Market -- From the Primary to the Secondary Mortgage Market -- The Agency Market -- GSE's MBS -- The Private Label Market -- The Case of Countrywide -- The Assets and Parties -- Bankruptcy Remote -- Credit Enhancement -- Other Structures -- Certificate Ratings -- Sources of the Financial Crisis -- GSEs After the Financial Crisis -- ABCP and SIVs -- From Balance Sheet to Off-Balance Sheet -- CMOs, IOs, and POs -- Pass-Through Securities -- The Private-Label Market -- Agency and Nonagency Market Segments Compared -- Credit Risk Considerations -- Risk-Based Capital Regulations -- Mortgage and Funds Flow in the Secondary Market -- Industry Illustration -- Pricing of Newly Originated Mortgages -- Freddie Mac Sample Purchase Pricing -- Mortgage Pricing from the Bank's Perspective -- Notes -- Chapter 2: Price Dynamics of Mortgages and Cash Flows -- Bond and Mortgage Basics -- Bond Valuation -- Price/Yield Relationship -- Fixed-Rate Mortgages -- Prepayment Option -- Macaulay and Modified Duration -- Convexity -- Risk Exposures -- Chapter 3: Valuation of Mortgage-Backed Securities -- Modeling Cash Flows of Pass-Through, Po, and Io Securities -- Information Set -- Model -- Cash Flow over Time -- Effective Duration -- Effective Convexity -- Prepayment Standard Assumption Levels -- S-Curve Prepayment Function -- Weighted Average Life and Different Spreads Measurements -- Spread I, Static Spread (Spread Z), and Spread S -- Option-Adjusted Spread -- Negative Option Cost -- PO Strip -- IO Strip.PPN: PPN: 809881063Package identifier: Produktsigel: ZDB-26-MYL | ZDB-30-PAD | ZDB-30-PBE | ZDB-30-PQE
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