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Introduction to Securitization

ISBN-10: 0470371900
ISBN-13: 9780470371909
Edition: 2008
List price: $85.00
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Description: Securitization is a financial technique that pools assets together and, in effect, turns them into a tradeable security. Financial institutions and businesses of all kinds use securitization to immediately realize the value of a cash-producing  More...

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Book details

List price: $85.00
Copyright year: 2008
Publisher: John Wiley & Sons, Incorporated
Publication date: 7/15/2008
Binding: Hardcover
Pages: 240
Size: 6.00" wide x 9.00" long x 1.25" tall
Weight: 1.276

Securitization is a financial technique that pools assets together and, in effect, turns them into a tradeable security. Financial institutions and businesses of all kinds use securitization to immediately realize the value of a cash-producing asset. In this book, Fabozzi and Kothari join forces to bring the most up-to-date information from the world of securitization to asset managers and financial managers alike. Topics include discussions of structuring agency MBS deals and nonagencey deals, credit enhancements and sizing, using interest rate derivatives in securitization transactions, asset classes securitized, operational risk factors, implications for financial markets, valuation of MBSs and ABSs, and applying securitization technology to CDOs.

Douglas J. Lucas is Executive Director and Head of CDO Research at UBS. He is also Chairman of The Bond Market Association's CDO Research Committee and ranked top three in CDO research in the Institutional Investor's fixed income analyst survey. Lucas has been involved in the CDO market for nearly two decades, having developed Moody's rating methodology for CDOs in 1989.LAURIE S. GOODMAN, PhD, is Managing Director and co-Head of Global Fixed Income Research at UBS. She manages U.S. Securitized Products and Treasury/Agency/Derivatives Research. Goodman has worked on Wall Street for over twenty years and is well regarded by the investor community, having won more #1 slots on the Institutional Investor All-American Fixed Income Team than any other analyst.FRANK J. FABOZZI, PhD, CFA, CPA, is an Adjunct Professor of Finance and Becton Fellow at Yale University's School of Management and a Fellow of the International Center for Finance. Fabozzi is the Editor of the Journal of Portfolio Management.

Preface
About the Authors
Background
Introduction
Issuer Motivation for Securitizing Assets and the Goals of Securitizing
Structuring ABS Transactions
Structuring Agency MBS Deals
Structuring Nonagency Deals
Credit Enhancements
Use of Interest rate Derivatives in Securitization Transactions
Operational Issues in Securitization
Review of ABS Collateral
Collateral Classes in ABS: retail Loans
Asset-Backed Commercial Paper Conduits and Other Structured Vehicles
Securitization of Future Cash Flows:Future Revenues, Operating Revenues, and Insurance Profits
Collateralized Debt Obligations
Introduction to Collateralized Debt Obligations
Types of Collateralized Debt Obligations
Structuring and Analysis of CDOs
Implications for Financial Markets
Benefits of Securitization to Financial Markets and Economies
Concerns with Securitization's Impact on Financial Markets and Economies
Basics of Credit Derivatives
Valuing Mortgage-Backed and Asset-Backed Securities
References
Index

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