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Investing in Mortgage Securities
     

Investing in Mortgage Securities

by Laurence G. Taff
 

Provides the expertise of a senior business consultant to one of the largest issuers of mortgage securities. Details the market for mortgages and their derivatives. Gives reasons for investing in mortgages and derivatives including a discussion of the risks and rewards. Covers how and why mortgage securities are priced vis- -vis bonds and other fixed-income

Overview

Provides the expertise of a senior business consultant to one of the largest issuers of mortgage securities. Details the market for mortgages and their derivatives. Gives reasons for investing in mortgages and derivatives including a discussion of the risks and rewards. Covers how and why mortgage securities are priced vis- -vis bonds and other fixed-income instruments. Illustrates the effects of accelerated principal repayment on mortgage duration and convexity. Explains the price behavior of mortgages and their derivatives over a variety of interest rate scenarios. Shows how to predict or model interest rates using universally accepted tools such as Monte Carlo simulation and binomial lattice methods. Demonstrates how interest rate fluctuation can be managed with interest rate swaps, callable debt, and other hedging techniques. Providing the expertise of an internal business consultant to one of the largest issuers of mortgage securities, Investing in Mortgage Securities serves as a high-level introduction to mortgage securities presented within the framework of fixed income securities. It presents institutional investors, portfolio managers, traders, and sophisticated individual investors with a clear, concise, and unified approach to valuing, pricing, and investing in mortgage securities. The author supplies a complete explanation of all types of mortgages, fixed income securities, and highlights the differences between bonds, mortgages, and mortgage derivatives. The text walks you through all the necessary steps, including worked out mathematical examples, to ensure that you make the best buy and sell decisions possible. It also contains exercises to help you test your knowledge before making significant investment decisions.

Product Details

ISBN-13:
9781574443387
Publisher:
Taylor & Francis
Publication date:
09/27/2002
Pages:
344
Product dimensions:
6.40(w) x 9.10(h) x 1.10(d)

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