Mortgage-Backed Securities: Products, Structuring, and Analytical Techniques (Frank J. Fabozzi Series)

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Product Description

An up-to-date look at the latest innovations in mortgage-backed securities

Since the last edition of Mortgage-Backed Securities was published over three years ago, much has changed in the structured credit market. Frank Fabozzi, Anand Bhattacharya, and William Berliner all have many years of experience working in the fixed-income securitization markets, and have witnessed many cycles of change in the mortgage and MBS sectors. And now, with the Second Edition of Mortgage-Backed Securities, they share their knowledge on many of the products and structuring innovations that have taken place since the financial crisis and fiscal reform.

Written in a straightforward and accessible style, and containing numerous illustrations, this timely guide skillfully addresses the investment characteristics, creation, and analysis of mortgage-backed securities. Each chapter contains cutting-edge concepts that you'll need to understand in order to thrive within this arena.

• Discusses the dynamic interaction between the mortgage industry, home prices, and credit performance
• Addresses revised valuation techniques in which all non-agency MBS must be treated as credit pieces
• Examines the shift in this marketplace since the crisis and the impact on industry and investors

Filled with in-depth insights and expert advice, Mortgage-Backed Securities, Second Edition offers you a realistic assessment of this field and outlines the products, structures, and analytical techniques you need to know about in this evolving arena.

Mortgage-Backed Securities: Products, Structuring, and Analytical Techniques (Frank J. Fabozzi Series) Review

Very disappointing. Poorly written starting from the first introductory pages. Be aware of most of the positive reviews, which must have been done by friends of the authors (I guess, since they did not review anything else on amazon). Initial section (on mortgages) is okay, but that part you find it on any financial engineering book. Nothing special or new, except that many concepts and logical connections about why things work in a certain way are already missing. The next sections on structuring are terrible: confusing, and poorly organized (it seems the authors "copied" material without being able to explain things.) If I did not know the subject matter already (a) I would not be able to understand what the book says (some of the very simple concepts are made difficult and complicated for no reason) and (b) I would understand things the wrong way (see the sections on Z-bonds, for instance, IOs, or floaters/inverse floaters), which are all a misleading representation of both market reality and underlying structuring math. Out of curiosity I checked "Wikipedia", which, in a few lines, definitely gave better, more precise and understandable definitions than the ones provides in numerous pages in the book. This book is not worth your money. Another example of a "commercial" textbook, backed by a somewhat famous name, but with no real value.

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