The Handbook of Mortgage-Backed Securities
The Handbook of Mortgage-Backed Securities
The definitive MBS guide, with fully updated material on the latest mortgage-backed products, methods, models, and portfolio strategies
By providing hands-on information vital to market participants, previous editions of The Handbook of Mortgage-Backed Securities were instrumental in fueling the growth of the mortgage-backed securities market. The sixth edition contains all the elements that made previous editions so successful and influential, and provides you with more than 25 new chapters on topics including collateralized mortgage obligations, prepayment derivatives, loan level determinants of repayments, new approaches to MBS valuation, and a survey of non-U.S. mortgage rates.
Customer Review: Definitely lacking, but OK for traditional mortgage products
I have to say that Fabozzi has the formula down pat–he gets “guest writers” to contribute various chapters to this book and does very little writing himself. The result is a disjointed, sometimes repetitious, other times incomplete volume. This book focuses extensively on agency mortgages–Ginnies, Fannies, Freddies–and speaks only a bit to the Alt-A, subprime and more exotic privately-originated mortgage markets. To call this book comprehensive would be a lie. Although this book was highly recommended to me by a PM at a traditional long-only manager, I can only guess that previous versions were better, because this one was certainly a high-priced primer that still left many areas of the market uncovered. Areas that are glaringly missing (beyond non-agency topics) include the role of hedge funds, loss mitigation/foreclosure processes, more info on EPDs, and the erosion of lending standards/rise of the subprime market. I think that a chapter on common mortgage origination fraud issues is also merited.
This book is good for the basics, on agencies. Beyond that, it may leave you scratching your head and wondering, “And.” because there is a palpable sense of incompletion. Borrow this book from someone else that already has it–don’t buy it!
Customer Review: Good book
If youre in the MBS business, you gotta have this as a reference book if nothing else. Its the industry standard. Item showed up brand new and good delivery.
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