Overview
This course will introduce you to a variety of the more commonly-encountered types of mortgage-backed securities, pass-through securities, and CMO's, as well as a lot of the concepts used to assess the attractiveness of mortgage-backed securities and a lot of the details to help understand mortgage-backed securities and how they work.
This course contains 21 lectures among 4 sections:
- Introduction to Mortgages and Mortgage Backed Securities
- Pass Through Securities
- Analysis of Pass Through Securities
- Collateralized Mortgage Obligations
Learning Outcomes
At the end of this course, you will be able to...
- You'll learn what Mortgage Backed Securities are and how they are structured
- You'll learn what pass-through securities are, their risks, and prices & yields
- You'll learn what collateralized mortgage obligations (CMOs) are and how they work
Target Audience
- Analysts and associates in commercial, corporate and investment banking.
Course curriculum
-
1
Introduction to Mortgages and Mortgage Backed Securities
- Introduction to Mortgage Backed Securities FREE PREVIEW
- Introduction to Mortgage Backed Securities (Slides)
- Asset Securitization and Introduction to Mortgage Loans
- Asset Securitization and Introduction to Mortgage Loans (Slides)
- Mortgage Loans
- Mortgage Loans (Slides)
-
2
Pass Through Securities
- Introduction to Pass Through Securities FREE PREVIEW
- Introduction to Pass Through Securities (Slides)
- US Mortgage Agencies
- US Mortgage Agencies (Slides)
- Agency Underwriting Guidelines
- Agency Underwriting Guidelines (Slides)
- Structure of Pass Through Securities
- Structure of Pass Through Securities (Slides)
- Mortgage Cash Flows Part 1
- Mortgage Cash Flows Part 1 (Slides)
- Mortgage Cash Flows Part 2
- Mortgage Cash Flows Part 2 (Slides)
- Mortgage Pool Cash Flows
- Mortgage Pool Cash Flows (Slides)
- Mortgage Prepayments
- Mortgage Prepayments (Slides)
-
3
Analysis of Pass Through Securities
- Risks of Pass Through Securities
- Risks of Pass Through Securities (Slides)
- Pass Through Securitries Prices and Yields
- Pass Through Securitries Prices and Yields (Slides)
- Pass Through Securities Cash Flows and Valuation
- Pass Through Securities Cash Flows and Valuation (Slides)
- MBS Prepayments and Negative Convexity
- MBS Prepayments and Negative Convexity (Slides)
- Prepayment Benchmarks
- Prepayment Benchmarks (Slides)
-
4
Collateralized Mortgage Obligations
- Conditional Prepayment Rate and Introduction to CMOs
- Conditional Prepayment Rate and Introduction to CMOs (Slides)
- CMOs and Sequential Pay Tranches
- CMOs and Sequential Pay Tranches (Slides)
- Z Bond Tranches
- Z Bond Tranches (Slides)
- PAC Bond Tranches
- PAC Bond Tranches (Slides)
- Other Types of Tranches
- Other Types of Tranches (Slides)