File Name: investing in mortgage backed and asset backed securities .zip
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Before you order, simply sign up for a free user account and in seconds you'll be experiencing the best in CFA exam preparation. Fixed Income 1 Reading Introduction to Asset-Backed Securities Subject 6. Commercial Mortgage-Backed Securities. Seeing is believing!
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Capital Market Instruments pp Cite as. In Chapter 11 we introduced asset-backed bonds , debt instruments created from a package of loan assets on which interest is payable, usually on a floating basis. The asset-backed market was developed in the United States and is a large, diverse market containing a wide variety of instruments. The characteristics of asset-backed securities ABS present additional features in their analysis, which are investigated in this and the next two chapters. Financial engineering techniques employed by investment banks today enable an entity to create a bond structure from any type of cash flow; the typical forms are high volume loans such as residential mortgages, car loans and credit card loans. The loans form assets on a bank or finance house balance sheet, which are packaged together and used as backing for an issue of bonds.
Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations or other non-debt assets which generate receivables and selling their related cash flows to third party investors as securities , which may be described as bonds , pass-through securities, or collateralized debt obligations CDOs. Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities MBS , while those backed by other types of receivables are asset-backed securities ABS. The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt , the credit quality of securitized debt is non- stationary due to changes in volatility that are time- and structure-dependent.
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Mortgage-backed securities MBS can play an important role as a fixed income asset class that offers several benefits. In addition to historically attractive yields compared to Treasuries and low volatility, these highly liquid assets provide diversification, which can lower portfolio risk.
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