Asset Securitization

Asset Securitization is intended for beginners and market
professionals alike who are interested in learning about asset
securitization--its concepts and practices. It is designed so
that the readers will come away with a fundamental but
comprehensive understanding of the asset securitization market. As
such, the book aims to provide a review of the market's
development, necessary framework, potential benefits, and detailed
descriptions of major asset securitization products.

Part I of the book, which consists of four chapters, will
discuss the fundamental concepts, the funding efficiency, the
market participants, and the potential benefits of asset
securitization. An analysis of mortgage finance will be provided in
Part II, which consists of six chapters that cover a variety of
topics from the description of many different types of residential
mortgages to the securitization of different types of residential
mortgages, including the now infamous sub-prime mortgages. Also
included are important topics, such as prepayments, cash flow
structure, maturity and credit tranching, and the trading and
relative value of the various mortgage-backed securities. The three
chapters in Part III will explain the other major asset
securitization products, such as commercial mortgage-backed
securities, credit card receivable-backed securities, auto
loan-backed securities, and collateralized bond obligations. Part
IV has two chapters: one reviews the collapse and the potential
recovery of the asset securitization market, and the other
describes the asset securitization efforts in Japan, Australia,
Taiwan, and China.

Extensive tables and charts are presented to help illustrate a
concept or describe a product. Neither analytical discussions nor
investment strategies of the various asset-backed securities are
included as they are not the focus of this book.