Stone / Zissu The Securitization Markets Handbook

Structures and Dynamics of Mortgage- and Asset-backed Securities
2. Auflage 2012
ISBN: 978-1-118-22176-1
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 464 Seiten, E-Book

Reihe: Wiley Finance Editions

A comprehensive guide to the continuously evolving world ofsecuritization
The Second Edition of The Securitization MarketsHandbook is a valuable resource for both experienced moneymanagers trying to put a securitization strategy into place as wellas newcomers looking to acquire a broad and strong foundation inthis discipline. This edition takes a close look at the pre- andpost-crash mortgage market and the mortgage-backed securities basedon those mortgages, as well as other asset-backed securitiesincluding commercial paper or credit cards.
The crash of the subprime market and the failure of theasset-backed markets offer an opportunity to learn about bankingfinance, specifically off-balance sheet finance, and the manycostly mistakes that resulted in one of the most severe downturnsin financial markets. With this book, you'll discover why certainmortgage and asset-backed securities imploded and others didn't.This new edition examines why the market failed and how the nextcrisis can be averted or made less severe. It also explains whysecuritization remains a primary source of capital for the mortgagemarket, credit card market, home equity market, auto loan market,and segments of the commercial paper market.
* Offers an informed overview of how the securitization marketworks, how to make money in it, and what's next for asset- andmortgage-backed securities after the crisis
* Contains new chapters on CDOs and SIVs, along with a history ofthe growth and crash of the subprime market, asset-backedsecurities, and home equity lines of credit
* Written by securitization experts Charles Stone and AnneZissu
Updated to reflect the current market environment, the SecondEdition of The Securitization Markets Handbook offersclear, comprehensive guidance to these complex markets.

Autoren/Hrsg.

Stone, Charles Austin

Zissu, Anne

Inhaltsverzeichnis

Acknowledgments ix
Introduction xi
PART ONE Key Structures and Cash Flow Dynamics
CHAPTER 1 Mortgage-Backed Securities: Origins of the Market 3
CHAPTER 2 Price Dynamics of Mortgages and Cash Flows 79
CHAPTER 3 Valuation of Mortgage-Backed Securities 97
CHAPTER 4 Other Structures in Asset-Backed Securities:CMOs, PACs, Floaters, Inverse Floaters, CDOs and CDOs-squared, and Synthetic CDOs 131
PART TWO Corporate Debt and the Securitization Markets
CHAPTER 5 How Ford Motor Credit Corporation Has Used Securitization 163
CHAPTER 6 Asset-Backed Commercial Paper 219
PART THREE Securitization of Revolving Credit
CHAPTER 7 Dealer Floor Plan Loans 263
CHAPTER 8 Credit Card Receivables 283
PART FOUR Searching for Value in the Mortgage- and Asset-Backed Markets
CHAPTER 9 Investment, Speculation, and Hedging 327
CHAPTER 10 Credit Risk and Credit Enhancement 385
CHAPTER 11 Dissecting the Risks of a Pool of Securitized Options ARMs 397
About the Authors 429
Index 431

Über Autor(innen)

CHARLES AUSTIN STONE, PhD, is a Professor of Finance andthe Deputy Chairman of the MS in Business Economics program atBrooklyn College, CUNY. He is a leading expert in asset-backedsecurities, has edited several books on the subject, andcoauthored, with Anne Zissu, the first edition of this book.Stone's research has appeared in leading academic journals,including the Journal of Real Estate Finance and Economics,FNMA's Journal of Housing Research, the Journal ofDerivatives, the Journal of Applied Corporate Finance,the Journal of Risk Finance, the Journal of AlternativeInvestments, and Financial Markets, Institutions, andInstruments. He has been invited to lecture on securitizationat various major financial and academic institutions.
ANNE ZISSU, PhD, is the Chairperson of the Department ofBusiness at Citytech, CUNY, and a Research Fellow at NYU Poly inthe Department of Financial and Risk Engineering. She is a leadingexpert in asset-backed securities and senior life settlements, andhas edited several books on the subject. Her research has appearedin leading academic journals, including the Journal of RealEstate Finance and Economics, FNMA's Journal of HousingResearch, the Journal of Derivatives, and many others.Professor Zissu has been invited to lecture on securitization atvarious major financial and academic institutions. Professor Zissuhas acted as an expert witness on a number of cases related tosecuritization and senior life settlements.