Mortgage Backed Securities (MBS): Part II
- Gain in-depth knowledge of the U.S. MBS market and learn about basic features of agency and non-agency CMOs as well as important types of tr... mehr...Gain in-depth knowledge of the U.S. MBS market and learn about basic features of agency and non-agency CMOs as well as important types of tranches. weniger
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- In this course weâll learn the key features of the most common types of tranches in agency CMOs: Z (accrual) bond tranches PAC (planned amortization class) tranches TAC (targeted amortization class) tranches Weâll cover the primary differences between non-agency and agency CMOs and identify the main types of internal credit enhancements commonly used in non-agency CMOs. Weâll also learn how to contrast credit risk, prepayment risk and the typical amount of credit enhancements for different types of collateral, especially prime jumbo and subprime mortgage securitizations. Next, weâll look at the structure and purpose for creating Giants (FHLMC), Megas (FNMA) and Platinum securities (GNMA) and understand what we mean by reverse mortgages. Weâll review the structural similarities and differences of commercial mortgage-backed securities (CMBS) with both agency and non-agency CMOs and look at the common features of the structured payouts on CMBS including IO strips and super-senior tranches. This course also describes types of agency multi-family securitizations, the various ways of structuring the collateral pool and the payouts to investors and the characteristics of TBA (to be announced) trading and specified (spec) trading. Weâll review the factors that cause the prices of specified trades and TBA trades to differ, and the forward pricing of TBA trades based on (cost of) carry considerations, structure of a dollar roll, and the factors that determine the attractiveness of dollar rolls to investors holding MBS. Weâll wrap up this course with an understanding of ARMs (Adjustable Rate Mortgages) and Hybrids (Hybrid Adjustable Rate Mortgages). This course is part 2 of the New York Institute of Financeâs Mortgage Backed Securities (MBS) Professional Certificate program. This course will begin with a review of the first course in this program, Mortgage Backed Securities (MBS): Part I.
- USD 550