Basics of Mortgage-Backed Securities [Hardcover]

The purpose of Basics of Mortgage-Backed Securities is to provide readers with a fundamental understanding of mortgage securities as an integral part of investment in fixed-income securities. The second edition of this MBS classic provides the latest information on the U.S. residential mortgage market, adjustable-rate mortgages and mortgage pass-throughs, relative value analyses and performance characteristics.

Dr. James Hu discusses the major changes within the mortgage market that may affect the fundamentals of mortgage securities. Some of these are: the recovery of the REMIC market after its collapse; the flourish of private-label securities; the growth of equity loan-backed securities and its establishment as a member of the fixed-income securities family. Also included are additional historical data for all exhibits. Mortgage pre-payment, dollar rolls, and private-label mortgage-backed securities are also addressed.

About the Author.

Preface.

1. Residential Mortgages.

2. The U.S. Residential Mortgage Market.

3. Mortgage Pass-Through Securities.

4. Mortgage Prepayment.

5. Basic Mortgage Math.

6. Adjustable-Rate Mortgages and Mortgage Pass-Throughs.

7. Multiclass Mortgage Pass-Throughs.

8. Private-Label Mortgage-Backed Securities.

9. Home Equity Loan-Backed Securities.

10. Analysis of Dollar Rolls.

11. Relative Value Analysis of Mortgage Securities.

12. Performance of Mortgage Securities.

Index.Joseph Hu is Managing Director and Director of Structured Finance Ratings Research at Standard & Poor's. He has held positions as a Managing Director and Director olóÑ