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Mortgage-Backed Securities: Products, Structuring, and Analytical Techniques by WILLIAM S. BERLINER, ANAND K. BHATTACHARYA, FRANK J. FABOZZI

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SUMMARY

A logical conclusion from the discussions in this chapter should be that no one technique or methodology can give a complete understanding of how different MBS, particularly structured securities, can be expected to perform under real-world conditions. Tools such as yield tables, option-adjusted spreads, and total return analysis should be viewed as complimentary methodologies. Rather than viewing one metric as giving “better” results, a variety of methods, models, and techniques should be utilized in analyzing bonds and undertaking relative-value comparisons.

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