Wow! eBook
Securitization: Structuring and Investment Analysis: 219
Author(s): Andrew Davidson (Author), Anthony Sanders (Author), Lan-Ling Wolff (Author), Anne Ching (Author)
- Publisher: Wiley
- Publication Date: 19 Sept. 2003
- Edition: 1st
- Language: English
- Print length: 576 pages
- ISBN-10: 0471022608
- ISBN-13: 9780471022602
Book Description
* Analyzes leases, tax liens, and other new securitization markets developing globally.
* Contains exercises and examples taken from real transactions.
* Companion CD-ROM includes calculation tools and examples, data for models, ongoing updates on models, and Q&A with authors to address complex securitization questions.
Editorial Reviews
From the Inside Flap
Here is the first work to bring together a full spectrum of information and ideas on securitization in one comprehensive presentation. Written by innovators and leaders in the field, Securitization describes how financial instruments can be securitized, structured, analyzed, and valued. Whether you’re an issuer or an investor, a market participant or a student, Securitization will help you more fully understand this market and its instruments.
Securitization functions as both a reference and a textbook, providing insight into not just how securitization operates, but also why. It provides a broad overview of securitization, in-depth discussions of particular products, and hands-on learning of key concepts with exercises at the end of each chapter. A companion CD-ROM, which includes calculation tools and data for models, enhances the learning experience. With Securitization, you will better understand choices available to you as an issuer or an investor, and be able to make better decisions every day.
Organized into comprehensive sections built on common principles-but written to be self-contained so that they can be read separately-this valuable resource skillfully explores the securitization market in the United States and Europe. The authors establish a framework for evaluating the securitization process and provide an excellent discussion of basic fixed-income mathematics from yield curves to complex valuation methods. Individual sections of the book are devoted to major securitization markets, including:
* Agency Mortgage-Backed Securities (MBS)-the largest securitization market
* Advanced MBS and analysis-CMO, option-adjusted spreads (OAS)
* Non-agency MBS-including credit risk analysis
* Asset-Backed Securities (ABS)-auto loans, credit card loans, and manufactured housing
* Commercial mortgages and Commercial Mortgage-Backed Securities (CMBS)
* The European securitization market-developments and outlook
The authors’ broad perspective provides an unparalleled view of the securitization market. Spanning the market from issuance to investment, from rating agency criteria to option-adjusted spreads, from residential loans to commercial loans, in the United States and around the world, Securitization provides you with the tools and expertise to successfully participate in the securitization market.
From the Back Cover
―Bennett W. Golub, Managing Director, BlackRock, Inc.
“An excellent primer on asset securitization, clearly written in plain English and with straightforward mathematical expressions. This book is suitable for both business school students and structured finance market practitioners.”
―Joseph Hu, PhD, Managing Director, Structured Finance Ratings, Standard & Poor’s
“In their new work Securitization: Structuring and Investment Analysis, Andrew Davidson et al. reinforce their preeminence in the alchemy of mortgage securitization. Anyone involved in mortgages neglects Andy’s work at his peril.”
―Richard T. Pratt, Chairman, Richard T. Pratt Associates; Former Chairman, Merrill Lynch Mortgage Corporation
“This book provides an insightful and accessible exploration of securitized real estate markets. As such, it provides a valuable service to those active and interested in these burgeoning markets. The authors have done a wonderful job of gracefully integrating a vast and important subject matter. Accordingly, this book also makes for an excellent textbook for those universities offering one or more courses in this rapidly growing field.”
―Joseph L. Pagliari, Jr., Kellogg School of Management, Northwestern University
About the Author
ANTHONY SANDERS is the Galbreath Distinguished Scholar and Professor of Finance at The Ohio State University. During 1997 and 1998, he was director and head of asset-backed and mortgage-backed securities research at Deutsche Bank. He has published numerous articles in journals such as the Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Business, and Journal of Fixed Income.
LAN-LING WOLFF heads Fredell & Co. Structured Finance Ltd. in London, which specializes in providing structuring and arranging services for asset-backed securities all over Europe. Wolff’s background in the U.S. mortgage-backed securities market and understanding of the European capital markets places her on the cutting edge of securitization globally. She specializes in residential mortgages and mortgage banking.
ANNE CHING, a senior consultant at Andrew Davidson & Co., Inc., has worked in the credit risk and investment analysis of sub-prime residential and manufactured housing sectors. She has also worked on the structuring of non-U.S. mortgage-backed securities.
The authors drew on the expertise of Andrew Davidson & Co., Inc., in preparing Securitization. The broad range of expertise of the firm’s consultants, and the technical and analytical skills of the firm’s analysts, provide a rich background that gives Securitization strong theoretical underpinnings, as well as a grounding in practical application of the theory and methods described in the book. Two associates from outside the firm, with additional specialized expertise, were enlisted as well.
