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9780471022602

Securitization: Structuring and Investment Analysis

Davidson, Andrew; Sanders, Anthony; Wolff, Lan-Ling; Ching, Anne

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9780471022602: Securitization: Structuring and Investment Analysis

"This book fills a very important gap in the mindset of the bond structurer and the investor. Often, the two disciplines approach their tasks ignorant of the perspectives of the other side. But successful structuring requires providing the best value to investors in order to compete, and investors who don’t fully understand structuring will not remain investors for long. Highly recommended!"
–Bennett W. Golub
Managing Director, BlackRock, Inc.

"An excellent primer on asset securitization, clearly written in plain English and with straightforward mathematical expressions. This book is suitable for both business school students and structured finance market practitioners."
–Joseph Hu, PhD
Managing Director, Structured Finance Ratings
Standard & Poor’s

"In their new work Securitization: Structuring and Investment Analysis, Andrew Davidson et al. reinforce their preeminence in the alchemy of mortgage securitization. Anyone involved in mortgages neglects Andy’s work at his peril."
–Richard T. Pratt
Chairman, Richard T. Pratt Associates
Former Chairman, Merrill Lynch Mortgage Corporation

"This book provides an insightful and accessible exploration of securitized real estate markets. As such, it provides a valuable service to those active and interested in these burgeoning markets. The authors have done a wonderful job of gracefully integrating a vast and important subject matter. Accordingly, this book also makes for an excellent textbook for those universities offering one or more courses in this rapidly growing field."
–Joseph L. Pagliari, Jr.
Kellogg School of Management
Northwestern University

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From the Inside Flap:

Securitization has revolutionized the business of lending. By packaging financial promises and transforming them so that they can be freely transferred among a multitude of investors, securitization has broadened the opportunities for individuals and institutions to borrow and manage risk–in the process, creating new classes of instruments for investors.

Here is the first work to bring together a full spectrum of information and ideas on securitization in one comprehensive presentation. Written by innovators and leaders in the field, Securitization describes how financial instruments can be securitized, structured, analyzed, and valued. Whether you’re an issuer or an investor, a market participant or a student, Securitization will help you more fully understand this market and its instruments.

Securitization functions as both a reference and a textbook, providing insight into not just how securitization operates, but also why. It provides a broad overview of securitization, in-depth discussions of particular products, and hands-on learning of key concepts with exercises at the end of each chapter. A companion CD-ROM, which includes calculation tools and data for models, enhances the learning experience. With Securitization, you will better understand choices available to you as an issuer or an investor, and be able to make better decisions every day.

Organized into comprehensive sections built on common principles–but written to be self-contained so that they can be read separately–this valuable resource skillfully explores the securitization market in the United States and Europe. The authors establish a framework for evaluating the securitization process and provide an excellent discussion of basic fixed-income mathematics from yield curves to complex valuation methods. Individual sections of the book are devoted to major securitization markets, including:

  • Agency Mortgage-Backed Securities (MBS)–the largest securitization market
  • Advanced MBS and analysis–CMO, option-adjusted spreads (OAS)
  • Non-agency MBS–including credit risk analysis
  • Asset-Backed Securities (ABS)–auto loans, credit card loans, and manufactured housing
  • Commercial mortgages and Commercial Mortgage-Backed Securities (CMBS)
  • The European securitization market–developments and outlook

The authors’ broad perspective provides an unparalleled view of the securitization market. Spanning the market from issuance to investment, from rating agency criteria to option-adjusted spreads, from residential loans to commercial loans, in the United States and around the world, Securitization provides you with the tools and expertise to successfully participate in the securitization market.

About the Author:

ANDREW DAVIDSON, one of the most well-respected names in mortgage-backed securities and securitization, is President and founder of Andrew Davidson & Co., Inc., a New York—based consulting firm specializing in the application of analytical tools to investment management. The company provides consulting advice to many of the major firms in the securitization business. It is also a leading provider of prepayment and valuation models for MBS and ABS. Prior to forming the company in 1992, Davidson was a managing director at Merrill Lynch responsible for MBS, CMO, ABS, and Futures and Options Research.

ANTHONY SANDERS is the Galbreath Distinguished Scholar and Professor of Finance at The Ohio State University. During 1997 and 1998, he was director and head of asset-backed and mortgage-backed securities research at Deutsche Bank. He has published numerous articles in journals such as the Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Business, and Journal of Fixed Income.

LAN-LING WOLFF heads Fredell & Co. Structured Finance Ltd. in London, which specializes in providing structuring and arranging services for asset-backed securities all over Europe. Wolff’s background in the U.S. mortgage-backed securities market and understanding of the European capital markets places her on the cutting edge of securitization globally. She specializes in residential mortgages and mortgage banking.

ANNE CHING, a senior consultant at Andrew Davidson & Co., Inc., has worked in the credit risk and investment analysis of sub-prime residential and manufactured housing sectors. She has also worked on the structuring of non-U.S. mortgage-backed securities.

The authors drew on the expertise of Andrew Davidson & Co., Inc., in preparing Securitization. The broad range of expertise of the firm’s consultants, and the technical and analytical skills of the firm’s analysts, provide a rich background that gives Securitization strong theoretical underpinnings, as well as a grounding in practical application of the theory and methods described in the book. Two associates from outside the firm, with additional specialized expertise, were enlisted as well.

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