The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-backed Securities, 2nd Edition

Introduction

Since 1991 we have lectured on the market for mortgage- and asset-backed securities to audiences of students and faculty at universities in Europe and the United States and to practitioners at banks, and we have come to understand which questions are foremost in our audience’s mind when they begin to study this subject. In 1991 the European market for mortgage- and asset-backed securities (MBS/ABS) did not exist in any meaningful way. Assets financed by securitization vehicles in the United States in 1991 amounted to roughly $54 billion. This is based on data presented in the U.S. Flow of Funds. During 2006 assets financed by securitization vehicles were close to $812 billion. Over the years 2008 to 2010, net assets funded through ...