The purpose of Basics of Mortgage-Backed Securities is to provide
readers with a fundamental understanding of mortgage securities as
an integral part of investment in fixed-income securities. The
second edition of this MBS classic provides the latest information
on the U.S. residential mortgage market, adjustable-rate mortgages
and mortgage pass-throughs, relative value analyses and performance
characteristics.
Dr. James Hu discusses the major changes within the mortgage market
that may affect the fundamentals of mortgage securities. Some of
these are: the recovery of the REMIC market after its collapse; the
flourish of private-label securities; the growth of equity
loan-backed securities and its establishment as a member of the
fixed-income securities family. Also included are additional
historical data for all exhibits. Mortgage pre-payment, dollar
rolls, and private-label mortgage-backed securities are also
addressed.
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