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Mortgage and Real Estate Finance: Latest Innovations and Opportunities
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Mortgage and Real Estate Finance: Latest Innovations and Opportunities (Hardback)

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US Mortgages, the largest fixed income market in the world, have recently turned into the latest distressed sector, in the midst of declining house prices, deteriorating fundamentals, and limited liquidity. Although the difficult environment is likely to continue, everyone who has been in the market through its gyrations knows that times of trouble can often spell opportunity for the smart investor. Understanding the nature of this complex structured market, and appreciating its subtleties, is a prerequisite for taking advantage of the current dislocation, while avoiding its pitfalls. "Mortgage and Real Estate Finance", edited by Stefania Perrucci, gives an in-depth overview of both the primary and secondary mortgage market. It provides a much-needed analysis of the latest innovations in the market, and serves as a crucial guide to taking advantage of the current environment.Written from a practitioner's perspective, but with important academic contributions, this book covers: history of the market from the Great Depression till today; loan origination and underwriting; structures used in securitisation and arbitrage; agency mortgage market and CMOs; Alt-A and Subprime Market; non-traditional mortgage products; real estate indexes and trading; modelling of prepayments and credit; new resources for mortgage analytics; risk management of mortgage securities; investing and opportunities in mortgages; rating agencies' perspective; servicing in a distressed environment; and regulatory and policy issues.

The focus of the book is to develop understanding and insight on the relevant factors that will influence how the market will evolve in the foreseeable future, and how to use this knowledge to take advantage of the current dislocation. "Mortgage and Real Estate Finance" is recommended reading for portfolio managers, analysts, risk managers, researchers and academics. It will also be beneficial to anyone interested in understanding the interaction of the many players and moving parts of the mortgage structured market.

BusinessFinance & accountingFinanceProperty & real estate Publisher: Risk Books Publication Date: 30/09/2008 ISBN-13: 9781906348120  Details: Type: Hardback Format: Books
Availability: To Order. Estimated despatch in 1-3 weeks.  

Stefania Perrucci is Founder and Managing Director at New Sky Capital, and has more than 10 years of investment experience in fixed income, including agency and non-agency mortgages, as well as risk management. Previously, she spent 8 years at Morgan Stanley, where she was a Portfolio Manager on the buy side. Before joining Morgan Stanley, Stefania was a Risk Management Specialist at the International Finance Corporation, part of the World Bank Group.Stefania is the author of several proprietary models to analyse mortgage value, and a frequent speaker at industry conferences. She has also been an active participant in several ASF/SIFMA Task Forces. Stefania received a Ph.D. in Theoretical Physics from the University of Virginia.

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