Asset Securitization

Beschreibung

Asset Securitization is intended for beginners and marketprofessionals alike who are interested in learning about assetsecuritization--its concepts and practices. It is designed sothat the readers will come away with a fundamental butcomprehensive understanding of the asset securitization market. Assuch, the book aims to provide a review of the market'sdevelopment, necessary framework, potential benefits, and detaileddescriptions of major asset securitization products. Part I of the book, which consists of four chapters, willdiscuss the fundamental concepts, the funding efficiency, themarket participants, and the potential benefits of assetsecuritization. An analysis of mortgage finance will be provided inPart II, which consists of six chapters that cover a variety oftopics from the description of many different types of residentialmortgages to the securitization of different types of residentialmortgages, including the now infamous sub-prime mortgages. Alsoincluded are important topics, such as prepayments, cash flowstructure, maturity and credit tranching, and the trading andrelative value of the various mortgage-backed securities. The threechapters in Part III will explain the other major assetsecuritization products, such as commercial mortgage-backedsecurities, credit card receivable-backed securities, autoloan-backed securities, and collateralized bond obligations. PartIV has two chapters: one reviews the collapse and the potentialrecovery of the asset securitization market, and the otherdescribes the asset securitization efforts in Japan, Australia,Taiwan, and China. Extensive tables and charts are presented to help illustrate aconcept or describe a product. Neither analytical discussions norinvestment strategies of the various asset-backed securities areincluded as they are not the focus of this book.

Autor*in

Joseph Hu

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Finance & Investments Finanz- u. Anlagewesen Investments & Securities Kapitalanlage Kapitalanlagen u. Wertpapiere

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In Asset Securitization: Theory and Practice, JosephHu brings his unexcelled credentials to a critically neededdescription, explanation, and analysis of the huge and complexprocess of asset securitization. All too frequently securitizationis seen from the perspective of one of its critical parts orprocesses, but rarely is there a full view of securitization as thecomplex industry that it, in fact, is. In spite of the enormity ofthe securitization industry, there are few experts having theknowledge and capability to see all the parts and processesindividually and in sequential combination, that bring the onlyapproach that allows full understanding of the "how's and why's" ofsecuritization. No other approach is valid for public sector andprivate sector managers and policy-makers, all of whom should takeDr. Hu's new book as mandatory and standard-setting. --Richard A. Dorfman, Managing Director, Head ofSecuritization, The Securities Industry and Financial MarketsAssociation (SIFMA) Joseph Hu's new book Asset Securitization: Theory andPractice, is both timely and timeless. Dr. Hu delves into thehistory of securitization to show the promise and pitfalls ofsecuritization. He describes the essential underpinnings ofsecuritization and the fundamental features of a successfulsecuritization program. This fact and theory-filled book,from a pioneer of the market, should be essential reading for allthose seeking to rebuild asset securitization on a firmerfoundation. --Andrew Davidson, President, Andrew Davidson &Company and Author, Securitization: Structuring and InvestmentAnalysis Asset Securitization is a well-written, important, andtimely book. It is a comprehensive and detailed account of the roleasset securitization plays in contributing to economic growth aswell as creating problems when prudential practices are ignored.Nobody interested in understanding the basics of this remarkablefinancial innovation can afford not to read this book. Joseph Hu'spractical expertise of how this market works comes through loud andclear. --James R. Barth, Senior Finance Fellow, MilkenInstitute, Lowder Eminent Scholar in Finance, AuburnUniversity
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