The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-Backed Securities
Written on December 22, 2009
Product Description
Securitization experts Charles Stone and Anne Zissu provide a practical explanation of how securitization works and explain how future cash flows from various asset classes—from credit card receipts and mortgage payments to movie royalties—can be packaged into bond-like products and sold to investors. The discussion includes descriptions of all major classes of asset-backed securities and offers a practice-oriented commentary on trends in securitization and the … More >>
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Filed in: General.
Superior introductory text in to CDO/ABS markets for those familiar with the more traditional asset classes. Gave in-depth examples and case studies from a variety of companies and clearly explains the convoluted terms specific to this asset class. Do not expect any valuations or pricing for these instruments as that is up to financial engineers and a Bloomberg terminal.
Rating: 4 / 5
There are not a lot of books out there on this topic and this one is great for what it attempts to do. It is not an end all be all type book that covers everything, but is a very good place to start. It touches the main points of history, motivation, products, structures, legal, accounting, credit enhancement, cash flow analysis, valuation and investment. Do not missunderstand me, even though it is somewhat general, this is a techinical book.
It lays out the basic mechanisms for monetizing a selected type of assets using flow diagrams, excerpts from prospectuses, accounting standards and cases studies. This method should satisfy practitioners from many fields as it hits on so many high level specifics.
This is my area of expertise and although I learned most of this on the fly, I still learned a few things from this book. I wished books like this were around when I got my start. The Fabozzi books, while great for academia, do not offer much to the non-PhD who works rather than teaches for a living. This book gives you something you use.
If you are an accountant, lawyer, structurer, collateral analyst, issuer, risk modeler, prepayment analyst, credit enhancer, bond analyst, portfolio manager or investor in or considering getting in to this area or just want to learn more about it, pick up this book.
Rating: 5 / 5