Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities (Wiley Finance)

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Product Description

Mortgage-backed and asset-backed securities are fixed-income securities, like bonds, which derive their return from an underlying mortgage or basket of mortgages, or an asset or basket of assets. This market has increased from about $100 billion in 1980 to over $2.5 trillion today. Filling the void for a new book on fixed-income, Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities provides a coherent and comprehensive approach to the subject. Featuring material used by the company, this book is an ideal training tool and resource for investment professionals, institutional investors, pension fund investors, and hedge-fund investors.
Lakhbir Hayre (New York, NY) is a mortgage officer at Salomon Smith Barney, and their leading expert on mortgage-backed and asset-backed securities. He is a Certified Financial Analyst and a Doctor of Philosophy.

Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities (Wiley Finance) Review

If you are a professional working on ABS and you want to have a handy collection of the client reports that were distributed by Salomon Smith Barney (now Citigroup), well this book might be very useful for you. The book covers a large breadth of topics and generally they are written quite well. But putting together 700 pages of reports written by different authors doesn't make it an organized book. Most of the chapters are neither a logical consequence of the previous one nor self contained, and they require you to be already familiar with the terminology. Furthermore, this book lacks examples of implementation details, and the mathematics involved doesn't go beyond the very basic. For example, you won't get much detail on how to structure a CMO or how to calibrate a prepayment model.
If you don't already know ABS and want to learn the details of securitization I advise you to consider the book of Stone and Zissu.

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