A comprehensive guide to the continuously evolving world of securitization
The Second Edition of The Securitization Markets Handbook is a valuable resource for both experienced money managers trying to put a securitization strategy into place as well as newcomers looking to acquire a broad and strong foundation in this discipline. This edition takes a close look at the pre- and post-crash mortgage market and the mortgage-backed securities based on those mortgages, as well as other asset-backed securities including commercial paper or credit cards.
The crash of the subprime market and the failure of the asset-backed markets offer an opportunity to learn about banking finance, specifically off-balance sheet finance, and the many costly mistakes that resulted in one of the most severe downturns in financial markets. With this book, you'll discover why certain mortgage and asset-backed securities imploded and others didn't. This new edition examines why the market failed and how the next crisis can be averted or made less severe. It also explains why securitization remains a primary source of capital for the mortgage market, credit card market, home equity market, auto loan market, and segments of the commercial paper market.
Updated to reflect the current market environment, the Second Edition of The Securitization Markets Handbook offers clear, comprehensive guidance to these complex markets.
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Since the first edition of The Securitization Markets Handbook was published in 2005, much has changed in the world of finance—mainly in response to the devastating financial crisis that began in 2007. Nobody understands how this situation has affected the securitization markets better than authors Charles Austin Stone and Anne Zissu. With over twenty years of mortgage- and asset-backed securities experience, they are well versed in various aspects of this field. And now, they've returned to share their extensive insights with you.
The Second Edition of The Securitization Markets Handbook is necessary not because the market collapsed, but because it was important enough to save and re-regulate. The fact is that a well-functioning market for securitized financial assets is necessary if capital is to flow in adequate amounts to support future growth. And financial professionals who can navigate and operate the securitization process in adherence to new regulations will gain at the expense of those who cannot.
While other books exist on securitization, this one's approach is unique, offering in-depth analysis of both the supply and demand sides of markets for mortgage- and asset-backed securities. It also contains market data, case studies, and original detailed exhibits that reveal how and why specific companies have securitized their assets, the factors that affect the values of the resulting mortgage- and asset-backed securities, and the securitization structures that were employed. And while this guide has been written to reflect current market conditions—with many updated cases and data—it also remains true to the original edition since some concepts covered do not depend on new data.
Divided into four comprehensive parts, The Securitization Markets Handbook, Second Edition includes:
Securitization is a broad, multifaceted subject, but with this book as your guide, you'll gain clear insights into this valuable financial innovation and discover the many ways of tapping its value.From the Back Cover:
The Second Edition of The Securitization Markets Handbook is a valuable resource for a wide range of financial professionals trying to put a securitization/asset-backed strategy into place as well as newcomers looking to acquire a broad and strong foundation in this discipline.
Written by Charles Austin Stone and Anne Zissu—both experts in the areas of mortgage- and asset-backed securities—this reliable guide provides you with a practical and detailed picture of a select number of asset classes, securitization structures, and pricing techniques. The assets presented here represent the largest and most liquid segments of the market, and the structures reviewed comprise the most general financial architecture for securitization transactions.
Updated to reflect the current market environment—taking into account the impact of the 2007 financial crisis—The Securitization Markets Handbook, Second Edition offers an in-depth analysis of selected portions of the mortgage- and asset-backed securities markets. Along the way, it provides valuable insights on:
The Second Edition of The Securitization Markets Handbook is an essential resource for both issuers and investors. Examining the subject of securitization from a wide perspective, it can help you excel at this demanding endeavor.
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