The American dream of home ownership has created the world's largest debt market - exceeding the stock and corporate bond markets combined. Mortgage-backed securities, financially engineered products of that debt, represent a unique challenge to professional investors, mortgage originators, bankers, regulators, and financial economists. This book describes the economic forces that molded the mortgage market and evaluates the variety of mortgage designs and the securities created from them. It explains each aspect of contemporary mortgages, the development of the secondary mortgage market, and the characteristics of mortgage-backed securities (passthroughs, collateralized mortgage obligations, and stripped mortgage-backed securities). The text also provides techniques for analyzing and hedging these complex securities.
- ISBN10 0875843220
- ISBN13 9780875843223
- Publish Date 1 May 1992
- Publish Status Out of Print
- Out of Print 4 July 2001
- Publish Country US
- Imprint Harvard Business Review Press
- Format Hardcover
- Pages 300
- Language English