Mortgage-backed Securities

Products, Structuring, and Analytical Techniques

by Frank J. Fabozzi, Anand K. Bhattacharya and William S. Berliner

An in depth look at the latest innovations in mortgage backed securities. The largest sector of the fixed income market is the mortgage market. Understanding this market is critical for portfolio managers, as well as issuers who must be familiar with how these securities are structured. "Mortgage Backed Securities" is a timely guide to the investment characteristics, creation, and analysis of residential real estate backed securities.

Each chapter contains cutting edge information for investors, traders, and other professionals involved in this market, including discussions of structuring mortgage products such as agency CMOs and new types of mortgages and an in depth explanation of the concept of option adjusted spreads and other analytical concepts used to assess relative value.