March 2013
Beginner to intermediate
736 pages
20h 54m
English
Content preview from Debt Markets and Analysis, + Website
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CHAPTER 10
Mortgage-Backed and Asset-Backed Securities and Securitization
Introduction
One of the most innovative developments to occur in the security markets over the last three decades has been the securitization of assets. Securitization involves creating a new security backed by a large number of assets (e.g., mortgages or accounts receivable) that have been grouped into a pool. A trustee, such as a financial institution or government agency, often holds the pool of assets that serve as the collateral for the new securities. The new securities are then sold to investors as asset-backed securities. The most common type of asset-backed security is a pass-through: a security that has the cash flows from the pool of assets pass through the ...
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