Asset Securitization: Theory and Practice

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John Wiley & Sons, Jun 1, 2011 - Business & Economics - 256 pages
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Asset Securitization is intended for beginners and market professionals alike who are interested in learning about asset securitization—its concepts and practices. It is designed so that the readers will come away with a fundamental but comprehensive understanding of the asset securitization market. As such, the book aims to provide a review of the market's development, necessary framework, potential benefits, and detailed descriptions of major asset securitization products.

Part I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficiency, the market participants, and the potential benefits of asset securitization. An analysis of mortgage finance will be provided in Part II, which consists of six chapters that cover a variety of topics from the description of many different types of residential mortgages to the securitization of different types of residential mortgages, including the now infamous sub-prime mortgages. Also included are important topics, such as prepayments, cash flow structure, maturity and credit tranching, and the trading and relative value of the various mortgage-backed securities. The three chapters in Part III will explain the other major asset securitization products, such as commercial mortgage-backed securities, credit card receivable-backed securities, auto loan-backed securities, and collateralized bond obligations. Part IV has two chapters: one reviews the collapse and the potential recovery of the asset securitization market, and the other describes the asset securitization efforts in Japan, Australia, Taiwan, and China.

Extensive tables and charts are presented to help illustrate a concept or describe a product. Neither analytical discussions nor investment strategies of the various asset-backed securities are included as they are not the focus of this book.

 

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Contents

Originators and Investors of the Asset
Intermediary Participants of the Asset
Necessary Ingredients and Benefits
Residential Mortgages
The Residential Mortgage Market
Residential Mortgage PassThrough
Trading and Relative Value of PassThroughs
PrivateLabel Mortgage PassThroughs
Subprime MortgageBacked Securities
Commercial MortgageBacked Securities
Analysis of Prepayment and Prepayment
The Collapse of the Asset Securitization
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About the author (2011)

Dr. Joseph C. Hu is professor of the International MBA Program at the National Chengchi University, Republic of China (Taiwan) and visiting professor at Hanqing Advanced Institute of Economics and Finance, Renmin University of China, People's Republic of China. Dr. Hu was formerly Standard & Poor's China country manager. He also served as Standard & Poor's global head of structured finance research.

Prior to Standard & Poor's, Dr. Hu held positions as managing director at Oppenheimer & Co. Inc., senior vice president at Nomura Securities International, Inc., executive vice president at Shearson Lehman Hutton Inc., senior vice president at E. F. Hutton Inc., and vice president at Salomon Brothers, Inc. He also worked as economist at Fannie Mae and taught as assistant economics professor at University of Maine. Dr. Hu is also the author of Basics of Mortgage-Backed Securities.

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