Real Estate-Backed Securities
Real Estate-Backed Securities provides today’s most concise yet comprehensive understanding of passive real estate investing. Issues discussed include agency passthrough securities and mortgage strips, agency collateralized mortgage obligations, nonagency residential MBS, commercial mortgage-backed securities, and more.
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Why It Is Important to Understand Real EstateBacked Securities
Agency Passthrough Securities and Mortgage Strips
Agency Collateralized Mortgage Obligations
Nonagency Residential MBS
allocated Alt-A amortization amount analysis asset-backed securities assumed balloon basis points benchmark bond classes borrower cash flow Chapter CMBS CMBS deal CMO structure collateral Commercial Mortgage-Backed Securities compensating interest coupon rate created credit enhancement credit quality default discount example excess spread Fabozzi factor FICO scores fixed-rate Freddie Mac funds Ginnie Mae home equity loan interest rate paths inverse floater investment investor issuer Lehman Brothers lender leverage LIBOR manufactured housing maturity million month mortgage balance mortgage designs mortgage loans mortgage passthrough security mortgage pool mortgage rate mortgage-backed securities nonagency MBS option cost PAC bonds prepay prepayment penalty prepayment rate prepayment risk prepayment speeds principal payments programs rating agencies refinancing Scenario scheduled principal seasoning senior bonds servicer shown in Exhibit step-down stress testing subordinated bonds subordinated tranche super-NAS support bonds TTIB typically weighted average yield curve