The Handbook of Mortgage Backed Securities (Hardcover)

The Handbook of Mortgage-Backed Securities is the classic­­ and single best­­ resource for understanding and trading mortgage-backed securities. All professionals in the MBS market­­ from portfolio managers and traders to originators and consultants­­will gain new insights from its discussions of the latest fundamentals, characteristics, and profit strategies.

New material in this updated fifth edition includes:
-Updated Overview of the Mortgage Market
-Securities Backed by Adjustable-Rate Mortgages
-Prepayment Penalty Mortgage-Backed Securities
-Building an MBS Index: Conventions and Calculations
-Nonagency CMOs
-Securities Backed by Closed-End Home Equity Loans
-Securities Backed by Manufacturing Housing Loans
-Mortgage Credit Analysis
-Credit Performance of High LTV Loans
-Overview of Recent Prepayment Behavior and Advances in Its Modeling
-GNMA ARM Prepayment Model
-The Next Generation of Prepayment Models to Value Nonagency MBS
-Prepayment Insight: Saxon Mortgage Home Equity Portfolio
-ARMS Analysis
-Uncovering Value in Terminal Value PSA
-Analysis of Low Loan Balance MBS
-Analysis of Low-WAC MBS
-The Combined Effects of Low-WAC and Low-Balance on MBS Valuation
-Hedging with Swaps and Agencies
-Hedge Effectiveness: A Study by Price Bucket
-Hedging IOs and Mortgage Servicing
-Commercial Mortgage-Backed Securities
-Value and Sensitivity of CMBS IOs
-CMBS Collateral Performance
-Mortgage-Backed Securities in Germany, the Netherlands, and Australia
-Commercial-Backed Securities in Japan

A classic of investment literature, The Handbook of Mortgage-Backed Securities provides unparalleled coverage of every aspect of the mortgage-backed securities market. Authoritative and comprehensive, it explains both the fundamentals and investment characteristics of mortgage-backed securities, as well as state-of-the-art strategies for capitalizing on opportunities.

The fifth edition of the Handbook is very much a new book. Twenty-nine of the chapters are either new or have been substantially revised. The book fully reflects the most recent developments in the mortgage-backed securities market, in terms of both product development and financial technology.

Compiled by Frank J. Fabozzi, the Handbook features contributions from a wide range of experts. Entirely new sections on credit sensitive mortgage-backed securities, prepayment modeling, and non-U.S. mortgage-backed securities help to provide a seamless transition into the 24-hour, global financial markets of the 21st century. As a result, readers are given a well-rounded, real-world perspective on this dynamic and multifaceted market­­with the Handbook's well-known focus on applied materials and techniques making this updated edition required reading for all market practitioners.

The Handbook is divided into seven sections:

By providing hands-on information vital to market participants, previous editions of The Handbook of Mortgage-Backed Securities were instrumental in fueling the growth of the mortgage-backed securities market. The fifth edition contains all the elements that made the previous four editions so successful and influential­­and continues the book's long tradition of providing cutting edge information for investors, traders, and other professionals involved in the mortgage-backed securities market. --This text refers to an out of print or unavailable edition of this title.