Introduction
SINCE 1991 we have lectured on the market for mortgage- and asset-backed securities, to students and faculty at universities in Europe and the United States and to practitioners at banks, and we have, lecture by lecture, come to understand which questions are foremost in our audience’s mind when they begin to study this subject. This book addresses those questions. Our students have included bankers, accountants, and financial engineers as well as those who have yet to enter the job market but are well versed in various finance case studies, empirical finance literature, and the modern theory of finance.
Although securitization is a specialized field of banking and finance, teaching students in first- and second-level banking courses ...