Mortgage-Backed Securities

An in-depth look at the latest innovations in mortgage-backedsecurities The largest sector of the fixed-income market is the mortgagemarket. Understanding this market is critical for portfoliomanagers, as well as issuers who must be familiar with how thesesecurities are structured. Mortgage-Backed Securities is atimely guide to the investment characteristics, creation, andanalysis of residential real estate-backed securities. Each chaptercontains cutting-edge information for investors, traders, and otherprofessionals involved in this market, including discussions ofstructuring mortgage products-such as agency CMOs and new types ofmortgages-and an in-depth explanation of the concept ofoption-adjusted spreads and other analytical concepts used toassess relative value.