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Basics of Mortgage-Backed Securities, 2nd Edition


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.

Joseph Hu is Managing Director and Director of Structured Finance Ratings Research at Standard & Poor's. He has held positions as a Managing Director and Director of Mortgage Research at Oppenheimer & Co., Inc., a Senior Vice President and Head of Mortgage Research at Nomura Securities International, Inc., Executive Vice President and Director of Mortgage Research at Shearson Lehman Hutton Inc., Senior Vice President and Head of Mortgage Research and Strategy Group at E.F. Hutton Inc., Vice President at Salomon Brothers Inc., and Economist at Federal National Mortgage Association. Dr. Hu received his Ph.D. in economics from Oklahoma State University in 1974; M.A. degree from the University of New Mexico in 1971; and B.A. degree from the National Taiwan University in 1968.
About the Author.


1. Residential Mortgages.

2. The U.S. Residential Mortgage Market.

3. Mortgage Pass-Through Securities.

4. Mortgage Prepayment.

5. Basic Mortgage Math.

6. Adjustable-Rate Mortgages and Mortgage Pass-Throughs.

7. Multiclass Mortgage Pass-Throughs.

8. Private-Label Mortgage-Backed Securities.

9. Home Equity Loan-Backed Securities.

10. Analysis of Dollar Rolls.

11. Relative Value Analysis of Mortgage Securities.

12. Performance of Mortgage Securities.