{"product_id":"asset-securitization-isbn-9780470826034","title":"Asset Securitization","description":"\u003ci\u003eAsset Securitization\u003c\/i\u003e is intended for beginners and market professionals alike who are interested in learning about asset securitization—its concepts and practices. It is designed so that the readers will come away with a fundamental but comprehensive understanding of the asset securitization market. As such, the book aims to provide a review of the market's development, necessary framework, potential benefits, and detailed descriptions of major asset securitization products.  \u003cp\u003ePart I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficiency, the market participants, and the potential benefits of asset securitization. An analysis of mortgage finance will be provided in Part II, which consists of six chapters that cover a variety of topics from the description of many different types of residential mortgages to the securitization of different types of residential mortgages, including the now infamous sub-prime mortgages. Also included are important topics, such as prepayments, cash flow structure, maturity and credit tranching, and the trading and relative value of the various mortgage-backed securities. The three chapters in Part III will explain the other major asset securitization products, such as commercial mortgage-backed securities, credit card receivable-backed securities, auto loan-backed securities, and collateralized bond obligations. Part IV has two chapters: one reviews the collapse and the potential recovery of the asset securitization market, and the other describes the asset securitization efforts in Japan, Australia, Taiwan, and China.\u003c\/p\u003e \u003cp\u003eExtensive tables and charts are presented to help illustrate a concept or describe a product. Neither analytical discussions nor investment strategies of the various asset-backed securities are included as they are not the focus of this book.\u003c\/p\u003e  \u003cb\u003ePreface.\u003c\/b\u003e  \u003cp\u003e\u003cb\u003eIntroduction.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Basics of Asset Securitization.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Asset Securitization: Concept and Market Development.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Concept of Asset Securitization.\u003c\/p\u003e \u003cp\u003eDevelopment of the Asset Securitization Market in the United States.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Originators and Investors of the Asset Securitization Market.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEfficient Financing for Originators with Asset Securitization.\u003c\/p\u003e \u003cp\u003eSatisfying Varying Investor Demands with Asset Securitization.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Intermediary Participants of the Asset Securitization Market.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAttorneys.\u003c\/p\u003e \u003cp\u003eAccountants.\u003c\/p\u003e \u003cp\u003eGuarantors and Credit Enhancers.\u003c\/p\u003e \u003cp\u003eCredit Rating Agencies.\u003c\/p\u003e \u003cp\u003eInvestment Bankers.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Necessary Ingredients and Benefits of Asset Securitization.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Nine Necessary Ingredients.\u003c\/p\u003e \u003cp\u003eBenefits of Asset Securitization.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Residential Mortgages and Securitization of Residential Mortgages.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Residential Mortgages.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDescription of a Residential Mortgages.\u003c\/p\u003e \u003cp\u003eCharacteristics of a Fixed-Rate Mortgage.\u003c\/p\u003e \u003cp\u003eAlternative Mortgages.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Residential Mortgage Market.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Origination of a Residential Mortgages.\u003c\/p\u003e \u003cp\u003eMortgage Originators.\u003c\/p\u003e \u003cp\u003eMortgage Servicers.\u003c\/p\u003e \u003cp\u003eMortgage Insurers.\u003c\/p\u003e \u003cp\u003eThe Development of the Residential Mortgage Market.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Residential Mortgage Pass-Through Securities.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMortgage Pass-Throughs.\u003c\/p\u003e \u003cp\u003eConcept and Terminology.\u003c\/p\u003e \u003cp\u003eTrading and Relative Value of Pass-Throughs.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Multiclass Mortgage Pass-Throughs.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrepayment of Mortgage Pass-Throughs.\u003c\/p\u003e \u003cp\u003eThe Need for Multiclass Securities.\u003c\/p\u003e \u003cp\u003eCollateralized Mortgage Obligations.\u003c\/p\u003e \u003cp\u003eReal Estate Mortgage Investment Conduits.\u003c\/p\u003e \u003cp\u003eVariety of REMIC Classes.\u003c\/p\u003e \u003cp\u003eThe Rise, Collapse, and Recovery of REMICS.\u003c\/p\u003e \u003cp\u003eTrading and Relative Value.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Private-Label Mortgage Pass-Throughs.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Growth of the Private Label Pass-Throughs Market.\u003c\/p\u003e \u003cp\u003eA Typical Transaction.\u003c\/p\u003e \u003cp\u003eCredit Rating Criteria.\u003c\/p\u003e \u003cp\u003ePerformance of Credit Ratings.\u003c\/p\u003e \u003cp\u003ePrepayment Pattern.\u003c\/p\u003e \u003cp\u003eTrading and Relative Value.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Subprime Mortgage-Backed Securities.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEvolution of the Subprime Mortgage Market.\u003c\/p\u003e \u003cp\u003eFeatures of Home Equity Loans.\u003c\/p\u003e \u003cp\u003eVarying Characteristics of Pools of Subprime Mortgages.\u003c\/p\u003e \u003cp\u003eExamples of Transactions.\u003c\/p\u003e \u003cp\u003eUnique Prepayment Pattern.\u003c\/p\u003e \u003cp\u003ePerformance of Credit Ratings.\u003c\/p\u003e \u003cp\u003eTrading and Relative Value.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Securitizatin of Commercial Mortgages and Consumer Loans.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Commercial Mortgage-Backed Securities.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Growth of the CMBS Market.\u003c\/p\u003e \u003cp\u003eThe Origination of a Commercial Mortgage.\u003c\/p\u003e \u003cp\u003eDefaults and Losses of Commercial Mortgages.\u003c\/p\u003e \u003cp\u003eA Typical Transaction.\u003c\/p\u003e \u003cp\u003ePerformance of Credit Ratings.\u003c\/p\u003e \u003cp\u003eTrading and Relative Value.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Asset-Backed Securities.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Growth of the ABS Market.\u003c\/p\u003e \u003cp\u003eCredit Card ABS.\u003c\/p\u003e \u003cp\u003eAuto Loan ABS.\u003c\/p\u003e \u003cp\u003ePerformance of Credit Ratings.\u003c\/p\u003e \u003cp\u003eTrading and Relative Value.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Collateralized Debt Obligations.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Concept and Market Development of CDOs.\u003c\/p\u003e \u003cp\u003eCDOs Are Not Mutual Funds.\u003c\/p\u003e \u003cp\u003eDifferent Structural Types of CDOs.\u003c\/p\u003e \u003cp\u003eIncentives for Investing in CDOs.\u003c\/p\u003e \u003cp\u003eStructuring and Credit Ratings CDOs.\u003c\/p\u003e \u003cp\u003eA Simulation Model to Structure CDOs.\u003c\/p\u003e \u003cp\u003eTrading and Relative Value.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four The Current Asset Securitization Market in the United States and Asia-Pacific.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 The Collapse and Recovery Prospects of the Asset Securitization Market.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow the Market Collapsed.\u003c\/p\u003e \u003cp\u003eProspects for Recovery.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Asset Securitization in Asia-Pacific.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAsset Securitization in Japan.\u003c\/p\u003e \u003cp\u003eAsset Securitization in Australia.\u003c\/p\u003e \u003cp\u003eDifferent Patterns of Asset Securitization in Japan and Australia.\u003c\/p\u003e \u003cp\u003eAsset Securitization in Taiwan.\u003c\/p\u003e \u003cp\u003eAsset Securitization in China.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix A Analysis of Prepayment and Prepayment Rate.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix B Housing Price Appreciation and Mortgage Credit Performance.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix C Fundamental Element in Credit Ratings.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix D The Collapse of the Asset Securitization Market.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIndex.\u003c\/b\u003e\u003c\/p\u003e  \u003cb\u003eDr. Joseph C. Hu\u003c\/b\u003e is professor of the International MBA Program at the National Chengchi University, Republic of China (Taiwan) and visiting professor at Hanqing Advanced Institute of Economics and Finance, Renmin University of China, People's Republic of China. Dr. Hu was formerly Standard \u0026amp; Poor's China country manager. He also served as Standard \u0026amp; Poor's global head of structured finance research.  \u003cp\u003ePrior to Standard \u0026amp; Poor's, Dr. Hu held positions as managing director at Oppenheimer \u0026amp; Co. Inc., senior vice president at Nomura Securities International, Inc., executive vice president at Shearson Lehman Hutton Inc., senior vice president at E. F. Hutton Inc., and vice president at Salomon Brothers, Inc. He also worked as economist at Fannie Mae and taught as assistant economics professor at University of Maine. Dr. Hu is also the author of \u003ci\u003eBasics of Mortgage-Backed Securities\u003c\/i\u003e.\u003c\/p\u003e  \u003ci\u003eAsset Securitization\u003c\/i\u003e is intended for beginners and market professionals alike who are interested in learning about the concepts and practices of asset securitization. It is designed so that readers will gain a fundamental but comprehensive understanding of the asset securitization market.  \u003cp\u003eThe book provides a review of the market's development, necessary framework, potential benefits, and detailed descriptions of major asset securitization products. It also discusses the collapse and the potential recovery of the asset securitization market, as well as asset securitization efforts in Japan, Australia, Taiwan, and China.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eAsset Securitization\u003c\/i\u003e is a comprehensive discussion of securitization by a renowned expert in the field.\u003c\/p\u003e   In \u003ci\u003eAsset Securitization: Theory and Practice\u003c\/i\u003e, Joseph Hu brings his unexcelled credentials to a critically needed description, explanation, and analysis of the huge and complex process of asset securitization. All too frequently securitization is seen from the perspective of one of its critical parts or processes, but rarely is there a full view of securitization as the complex industry that it, in fact, is. In spite of the enormity of the securitization industry, there are few experts having the knowledge and capability to see all the parts and processes individually and in sequential combination, that bring the only approach that allows full understanding of the \"how's and why's\" of securitization. No other approach is valid for public sector and private sector managers and policy-makers, all of whom should take Dr. Hu's new book as mandatory and standard-setting.\u003cbr\u003e --\u003cb\u003eRichard A. Dorfman\u003c\/b\u003e, \u003ci\u003eManaging Director, Head of Securitization,  The Securities Industry and Financial Markets Association (SIFMA)\u003c\/i\u003e  \u003cp\u003eJoseph Hu's new book \u003ci\u003eAsset Securitization: Theory and Practice\u003c\/i\u003e, is both timely and timeless. Dr. Hu delves into the history of securitization to show the promise and pitfalls of securitization. He describes the essential underpinnings of securitization and the fundamental features of a successful securitization program.  This fact and theory-filled book, from a pioneer of the market, should be essential reading for all those seeking to rebuild asset securitization on a firmer foundation.\u003cbr\u003e --\u003cb\u003eAndrew Davidson\u003c\/b\u003e, \u003ci\u003ePresident, Andrew Davidson \u0026amp; Company and Author,\u003c\/i\u003e Securitization: Structuring and Investment Analysis\u003c\/p\u003e \u003cp\u003e\u003ci\u003eAsset Securitization\u003c\/i\u003e is a well-written, important, and timely book. It is a comprehensive and detailed account of the role asset securitization plays in contributing to economic growth as well as creating problems when prudential practices are ignored. Nobody interested in understanding the basics of this remarkable financial innovation can afford not to read this book. Joseph Hu's practical expertise of how this market works comes through loud and clear.\u003cbr\u003e --\u003cb\u003eJames R. Barth\u003c\/b\u003e, \u003ci\u003eSenior Finance Fellow, Milken Institute, Lowder Eminent Scholar in Finance, Auburn University\u003cbr\u003e \u003c\/i\u003e\u003c\/p\u003e   In \u003ci\u003eAsset Securitization: Theory and Practice\u003c\/i\u003e, Joseph Hu brings his unexcelled credentials to a critically needed description, explanation, and analysis of the huge and complex process of asset securitization. All too frequently securitization is seen from the perspective of one of its critical parts or processes, but rarely is there a full view of securitization as the complex industry that it, in fact, is. In spite of the enormity of the securitization industry, there are few experts having the knowledge and capability to see all the parts and processes individually and in sequential combination, that bring the only approach that allows full understanding of the \"how's and why's\" of securitization. No other approach is valid for public sector and private sector managers and policy-makers, all of whom should take Dr. Hu's new book as mandatory and standard-setting.\u003cbr\u003e --\u003cb\u003eRichard A. Dorfman\u003c\/b\u003e, \u003ci\u003eManaging Director, Head of Securitization,  The Securities Industry and Financial Markets Association (SIFMA)\u003c\/i\u003e  \u003cp\u003eJoseph Hu's new book \u003ci\u003eAsset Securitization: Theory and Practice\u003c\/i\u003e, is both timely and timeless. Dr. Hu delves into the history of securitization to show the promise and pitfalls of securitization. He describes the essential underpinnings of securitization and the fundamental features of a successful securitization program.  This fact and theory-filled book, from a pioneer of the market, should be essential reading for all those seeking to rebuild asset securitization on a firmer foundation.\u003cbr\u003e --\u003cb\u003eAndrew Davidson\u003c\/b\u003e, \u003ci\u003ePresident, Andrew Davidson \u0026amp; Company and Author,\u003c\/i\u003e Securitization: Structuring and Investment Analysis\u003c\/p\u003e \u003cp\u003e\u003ci\u003eAsset Securitization\u003c\/i\u003e is a well-written, important, and timely book. It is a comprehensive and detailed account of the role asset securitization plays in contributing to economic growth as well as creating problems when prudential practices are ignored. Nobody interested in understanding the basics of this remarkable financial innovation can afford not to read this book. Joseph Hu's practical expertise of how this market works comes through loud and clear.\u003cbr\u003e --\u003cb\u003eJames R. Barth\u003c\/b\u003e, \u003ci\u003eSenior Finance Fellow, Milken Institute, Lowder Eminent Scholar in Finance, Auburn University\u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988770046181,"sku":"NP9780470826034","price":114.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470826034.jpg?v=1761781523","url":"https:\/\/k12savings.com\/es\/products\/asset-securitization-isbn-9780470826034","provider":"K12savings","version":"1.0","type":"link"}