Рынки ценных бумаг, обеспеченных ипотекой и активами

Что внутри В этой книге обобщен и структурирован практический и исследовательский опыт компании Salomon Smith Barney, которая является одним из создателей вторичного ипотечного рынка США и крупнейшим его игроком. Здесь читатели найдут наиболее полное, квалифицированное и достоверное описание и анализ американских и неамериканских рынков ипотечных ценных бумаг и ценных бумаг, обеспеченных активами. С помощью этих книг вы сможете разобраться в механизмах инвестирования, инструментах, методах анализа и моделирования. Почему стоит выбрать именно эту книгу Работа с ней не требует специальной подготовки кроме базовых знаний в области инструментов с фиксированной доходностью. Вашими учителями и советниками станут лучшие эксперты в своей области. Книга разделена на несколько частей, посвященных конкретной проблеме или сектору рынка, что позволяет называть их всеобъемлющим руководством. Специалистов, способных заработать на этом рынке, дневной оборот которого оценивается в миллиарды долларов, не так уж и много из-за сложности и разнообразия инструментов. Вы можете стать одним из избранных! Для кого эта книга Для начинающих и опытных специалистов и инвесторов, желающих оказаться в числе тех, кто умеет зарабатывать на рынке ипотечных ценных бумаг. Кто автор Книга издана под редакцией Лакхбира Хейра, управляющего директора компании Salomon Smith Barney, признанного эксперта Уолл-стрит, в прошлом профессора бизнес-школы Warton. Ключевые понятия Инвестирование, ипотечные ценные бумаги, ценные бумаги, обеспеченные активами. Особенности оформления книги Суперобложка

Mortgage-backed securities (MBSs) and asset-backed securities (ABSs) are the largest sector of today's bond market, with billions of dollars of securities traded every day. They constitute a core holding of almost all U.S. institutional fixed income investors. The authoritative Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities assembles recent research conducted by analysts at Salomon Smith Barney—as well as insightful analysis of this research—to provide a comprehensive, sophisticated, and unambiguous examination of today's MBS and ABS markets.

Organized sequentially, with self-contained chapters that can be read on their own to eliminate the confusion so often found in other books of its type, this invaluable guide is an ideal training tool and resource for investment professionals, institutional investors, pension funds, hedge funds, and all others looking for clear, concise, and complete treatment of this multifaceted subject. Look to this guide for information on topics including:

• A general framework for modeling of prepayment rates on residential mortgage loans—critical in estimating security cashflows and investment characteristics
• How the Internet is changing the mortgage origination process, and the resulting implications for prepayment patterns
• Option-adjusted spreads—the standard valuation methodology that combines prepayment and term structure models
• Collateralized mortgage obligations (CMOs), one of the largest sectors of today's market
• Nonmortgage-related ABSs, including up-to-date innovations in credit card ABSs
• MBS and collateralized mortgage-backed securities (CMBS) markets in the United Kingdom, and the rapidly growing MBS market in Australia
• Appendices that include a glossary of common terms, a guide to investor resources including Web sites, information on risk-based capital standards, and basic mortgage mathematics

The MBS and ABS market has grown to become a key area for institutional investors, and up-to-date knowledge is crucial for investment success. Let the Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities provide you with the fundamentals, characteristics, and insights you need to fully understand—and capitalize on opportunities in—today's transformed MBS and ABS marketplace.

Booknews

Assembles recent research conducted by analysts at Salomon Smith Barney examining the contemporary mortgage-based securities (MBS) and asset-backed securities (ABS) markets. The volume is organized sequentially, with self-contained chapters suitable for training and educating. It provides a general framework for modeling of prepayment rates on residential mortgage loans; how the Internet is changing the mortgage origination process; collateralized mortgage obligations (CMOs); option-adjusted spreads and durations; nonmortgage-related ABSs; and MBS and collateralized mortgage-backed securities (CMBS) markets in the UK and the MBS market in Australia. Appendices include a glossary of terms, an investors' resource guide, information on risk-based capital standards, and basic mortgage mathematics. Annotation c. Book News, Inc., Portland, OR (booknews.com)

Mortgage-backed and asset-backed securities are fixed-income securities, like bonds, which derive their return from an underlying mortgage or basket of mortgages, or an asset or basket of assets. This market has increased from about $100 billion in 1980 to over $2.5 trillion today. Filling the void for a new book on fixed-income, Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities provides a coherent and comprehensive approach to the subject. Featuring material used by the company, this book is an ideal training tool and resource for investment professionals, institutional investors, pension fund investors, and hedge-fund investors. Lakhbir Hayre (New York, NY) is a mortgage officer at Salomon Smith Barney, and their leading expert on mortgage-backed and asset-backed securities. He is a Certified Financial Analyst and a Doctor of Philosophy. Mortgage-backed and asset-backed securities are fixed-income securities, like bonds, which derive their return from an underlying mortgage or basket of mortgages, or an asset or basket of assets. This market has increased from about $100 billion in 1980 to over $2. 5 trillion today.