{"product_id":"the-securitization-markets-handbook-isbn-9781118006740","title":"The Securitization Markets Handbook","description":"\u003cb\u003eA comprehensive guide to the continuously evolving world of securitization\u003c\/b\u003e  \u003cp\u003eThe \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eThe Securitization Markets Handbook\u003c\/i\u003e 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.\u003c\/p\u003e \u003cp\u003eThe 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.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eOffers an informed overview of how the securitization market works, how to make money in it, and what's next for asset- and mortgage-backed securities after the crisis\u003c\/li\u003e \u003cli\u003eContains new chapters on CDOs and SIVs, along with a history of the growth and crash of the subprime market, asset-backed securities, and home equity lines of credit\u003c\/li\u003e \u003cli\u003eWritten by securitization experts Charles Stone and Anne Zissu\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eUpdated to reflect the current market environment, the \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eThe Securitization Markets Handbook\u003c\/i\u003e offers clear, comprehensive guidance to these complex markets.\u003c\/p\u003e \u003cp\u003eAcknowledgments ix\u003c\/p\u003e \u003cp\u003eIntroduction xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Key Structures and Cash Flow Dynamics\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Mortgage-Backed Securities: Origins of the Market 3\u003c\/p\u003e \u003cp\u003eChapter 2 Price Dynamics of Mortgages and Cash Flows 79\u003c\/p\u003e \u003cp\u003eChapter 3 Valuation of Mortgage-Backed Securities 97\u003c\/p\u003e \u003cp\u003eChapter 4 Other Structures in Asset-Backed Securities: CMOs, PACs, Floaters, Inverse Floaters, CDOs and CDOs-squared, and Synthetic CDOs 131\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Corporate Debt and the Securitization Markets\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 5 How Ford Motor Credit Corporation Has Used Securitization 163\u003c\/p\u003e \u003cp\u003eChapter 6 Asset-Backed Commercial Paper 219\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Securitization of Revolving Credit\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 7 Dealer Floor Plan Loans 263\u003c\/p\u003e \u003cp\u003eChapter 8 Credit Card Receivables 283\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four Searching for Value in the Mortgage- and Asset-Backed Markets\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 9 Investment, Speculation, and Hedging 327\u003c\/p\u003e \u003cp\u003eChapter 10 Credit Risk and Credit Enhancement 385\u003c\/p\u003e \u003cp\u003eChapter 11 Dissecting the Risks of a Pool of Securitized Options ARMs 397\u003c\/p\u003e \u003cp\u003eAbout the Authors 429\u003c\/p\u003e \u003cp\u003eIndex 431\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eCHARLES AUSTIN STONE, PHD, \u003c\/b\u003e is a Professor of Finance and the Deputy Chairman of the MS in Business Economics program at Brooklyn College, CUNY. He is a leading expert in asset-backed securities, has edited several books on the subject, and coauthored, with Anne Zissu, the first edition of this book. Stone’s research has appeared in leading academic journals, including the \u003ci\u003eJournal of Real Estate Finance and Economics, \u003c\/i\u003e FNMA’s \u003ci\u003eJournal of Housing Research, the Journal of Deriva-tives, the Journal of Applied Corporate Finance, the Journal of Risk Finance, the Journal of Alternative Investments, and Financial Markets, Institutions, and Instruments. \u003c\/i\u003e He has been invited to lecture on securitization at various major financial and academic institutions. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eANNE ZISSU, PHD, \u003c\/b\u003e is the Chairperson of the Department of Business at Citytech, CUNY, and a Research Fellow at NYU Poly in the Department of Financial and Risk Engineering. She is a leading expert in asset-backed securities and senior life settlements, and has edited several books on the subject. Her research has appeared in leading academic journals, including the \u003ci\u003eJournal of Real Estate Finance and Economics, \u003c\/i\u003e FNMA’s \u003ci\u003eJournal of Housing Research, the Journal of Derivatives, \u003c\/i\u003e and many others. Professor Zissu has been invited to lecture on securitization at various major financial and academic institutions. Professor Zissu has acted as an expert witness on a number of cases related to securitization and senior life settlements.   \u003c\/p\u003e\u003cp\u003eSince the first edition of \u003ci\u003eThe Securitization Markets Handbook\u003c\/i\u003e 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. \u003c\/p\u003e\u003cp\u003eThe \u003ci\u003eSecond Edition \u003c\/i\u003eof \u003ci\u003eThe Securitization Markets Handbook\u003c\/i\u003e 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. \u003c\/p\u003e\u003cp\u003eWhile 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. \u003c\/p\u003e\u003cp\u003eDivided into four comprehensive parts, \u003ci\u003eThe Securitization Markets Handbook, Second Edition\u003c\/i\u003e includes: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003e\n\u003cb\u003e Part One, Key Structures and Cash Flow Dynamics, \u003c\/b\u003e presents the tools and examples that will show you how to value mortgage- and asset-backed securities across various payment and interest-rate scenarios\u003c\/li\u003e \u003cli\u003e\n\u003cb\u003ePart Two, Corporate Debt and the Securitization Market, \u003c\/b\u003eexamines how and why Ford Motor Company—one of the most active issuers of ABSs—uses securitization and discusses the supply and demand of asset-backed commercial paper (ABCP) \u003c\/li\u003e \u003cli\u003e\n\u003cb\u003ePart Three, Securitization of Revolving Credit, \u003c\/b\u003ehighlights the structures used to securitize revolving credits, through examples including MBNA\u003c\/li\u003e \u003cli\u003e\n\u003cb\u003ePart Four, Searching for Value in the Mortgage- and Asset-Backed Markets, \u003c\/b\u003e addresses the distribution of MBSs and ABSs across various segments of the capital and money markets, examines credit risk and credit enhancement, and analyzes different risks that are specific to a pool of securitized option adjustable-rate mortgages (ARMs) \u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eSecuritization 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.\u003c\/p\u003e","brand":"Bloomberg Press","offers":[{"title":"Default Title","offer_id":47990338191589,"sku":"NP9781118006740","price":95.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118006740.jpg?v=1761787416","url":"https:\/\/k12savings.com\/es\/products\/the-securitization-markets-handbook-isbn-9781118006740","provider":"K12savings","version":"1.0","type":"link"}