Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities Hardcover - 2001 - 1st Edition

Mortgage-backed and asset-backed securities are fixed-income securities, like bonds, which derive their return from an underlying mortgage or basket of mortgages, or an asset or basket of assets. This market has increased from about $100 billion in 1980 to over $2.5 trillion today. Filling the void for a new book on fixed-income, Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities provides a coherent and comprehensive approach to the subject. Featuring material used by the company, this book is an ideal training tool and resource for investment professionals, institutional investors, pension fund investors, and hedge-fund investors. Lakhbir Hayre (New York, NY) is a mortgage officer at Salomon Smith Barney, and their leading expert on mortgage-backed and asset-backed securities. He is a Certified Financial Analyst and a Doctor of Philosophy.

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Mortgage-backed securities (MBSs) and asset-backed securities (ABSs) are the largest sector of today's bond market, with billions of dollars of securities traded every day. They constitute a core holding of almost all U.S. institutional fixed income investors. The authoritative Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities assembles recent research conducted by analysts at Salomon Smith Barney-as well as insightful analysis of this research-to provide a comprehensive, sophisticated, and unambiguous examination of today's MBS and ABS markets.

Organized sequentially, with self-contained chapters that can be read on their own to eliminate the confusion so often found in other books of its type, this invaluable guide is an ideal training tool and resource for investment professionals, institutional investors, pension funds, hedge funds, and all others looking for clear, concise, and complete treatment of this multifaceted subject. Look to this guide for information on topics including:
* A general framework for modeling of prepayment rates on residential mortgage loans-critical in estimating security cashflows and investment characteristics
* How the Internet is changing the mortgage origination process, and the resulting implications for prepayment patterns
* Option-adjusted spreads-the standard valuation methodology that combines prepayment and term structure models
* Collateralized mortgage obligations (CMOs), one of the largest sectors of today's market
* Nonmortgage-related ABSs, including up-to-date innovations in credit card ABSs
* MBS and collateralized mortgage-backed securities (CMBS) markets in the United Kingdom, and the rapidly growing MBS market in Australia
* Appendices that include a glossary of common terms, a guide to investor resources including Web sites, information on risk-based capital standards, and basic mortgage mathematics

The MBS and ABS market has grown to become a key area for institutional investors, and up-to-date knowledge is crucial for investment success. Let the Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities provide you with the fundamentals, characteristics, and insights you need to fully understand-and capitalize on opportunities in-today's transformed MBS and ABS marketplace.