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Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities
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List Price:
$100.00
Pay Mortgages Price:
$63.00
Your Savings: $ 37.00 ( 37% )
Subject To Change Without Notice
Availability: Usually ships in 24 hours
Manufacturer: Wiley
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Average Customer Rating:  
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Binding: Hardcover
Dewey Decimal Number: 332.6323
EAN: 9780471385875
ISBN: 0471385875
Label: Wiley
Manufacturer: Wiley
Number Of Items: 1
Number Of Pages: 888
Publication Date: 2001-04-23
Publisher: Wiley
Studio: Wiley
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Editorial Reviews:
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Mortgage-backed and asset-backed securities are fixed-income securities, like bonds, which derive their return from an underlying mortgage or basket of mortgages, or an asset or basket of assets. This market has increased from about $100 billion in 1980 to over $2.5 trillion today. Filling the void for a new book on fixed-income, Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities provides a coherent and comprehensive approach to the subject. Featuring material used by the company, this book is an ideal training tool and resource for investment professionals, institutional investors, pension fund investors, and hedge-fund investors.
Lakhbir Hayre (New York, NY) is a mortgage officer at Salomon Smith Barney, and their leading expert on mortgage-backed and asset-backed securities. He is a Certified Financial Analyst and a Doctor of Philosophy.
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Spotlight customer reviews:
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Customer Rating: 
Summary: A collection of client reports: a Handbook (simplified), but not a Textbook
Comment: If you are a professional working on ABS and you want to have a handy collection of the client reports that were distributed by Salomon Smith Barney (now Citigroup), well this book might be very useful for you. The book covers a large breadth of topics and generally they are written quite well. But putting together 700 pages of reports written by different authors doesn't make it an organized book. Most of the chapters are neither a logical consequence of the previous one nor self contained, and they require you to be already familiar with the terminology. Furthermore, this book lacks examples of implementation details, and the mathematics involved doesn't go beyond the very basic. For example, you won't get much detail on how to structure a CMO or how to calibrate a prepayment model.
If you don't already know ABS and want to learn the details of securitization I advise you to consider the book of Stone and Zissu.
Customer Rating:
Summary: Excellent
Comment:
By covering topics of great practical importance in the mortgage industry, both from the standpoint of mortgage-backed securities and from the mortgage origination process, this handbook should be helpful to those entering the field of fixed income securities and those who are seasoned veterans. The authors of the different articles emphasize the applied and practical aspects of the subject, and so no heavy guns from mathematics are brought in (as they could be in the discussions on term structure models and option-adjusted spreads), but even those readers interested in these tools from mathematics could view the handbook as an introduction to the key ideas used. In this regard the part of the handbook on prepayment analysis and modeling will be of great interest to those responsible for financial modeling, as will the part on option-adjusted spreads and durations. Readers will probably not read the handbook from cover to cover, but instead will select those articles that they have the greatest interest in. The handbook can be consulted as needed and compared with other more current literature on the topics discussed.
Financial revolutions are not as common as revolutions in other fields, due to the conservative nature of financiers and venture capitalists, but when they happen they do so with a vengeance. The mortgage industry is currently undergoing such a revolution, due not only to the innovations that are occurring in mortgage-lending but also to the willingness of homeowners to cash in on their equity. In addition, techniques from artificial intelligence (usually called "smart automation" in the mortgage industry) are being used to automate the loan origination process, particularly that of underwriting and estimation of borrower credit-worthiness. The mortgage loan origination process can now be tuned to the profile of the individual applicant and parameters such as interest rates, to produce a loan that is structured optimally for this applicant. In addition, the sheer number of regulations that must be complied with, both from municipal, state, and federal agencies can be daunting to financial and mortgage firms. But there are now technologies that have automated compliance. All of these developments are dependent on the concepts discussed in this handbook, along with others of course that are not included in it. No doubt as the mortgage revolution reaches maturity, this handbook will have to be rewritten, and might indeed include concepts that at the present time seem extremely radical or even alien, much as the current ones would have just two decades ago.
Customer Rating:
Summary: Filled in the gaps
Comment: This helped me understand how this works, with some of the jargon and some of the standard models that are used in valuation.
Customer Rating:
Summary: Hayre is lucid and informative! The Best Prepayment book
Comment: As other reviewers have mentioned this is a must for anyone involved with MBS ABS markets. Outstanding discussions on prepayment. Very detailed analysis of MBS ABS structures and related processes. A must for all people working with MBS.
Some modeling is hidden and not well explained...
Customer Rating:
Summary: Clearly the best!
Comment: A clear and detailed book, written by the No. 1 expert in MBS from, Salomon Smith Barney, the best MBS underwriting and trading firm on Wall Street. A must for all people working with MBS.
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