Workshop on Mortgage-Backed Securities
Prof. Ian Giddy
New York University
Prof. Ian Giddy
New York University
Asset SecuritizationAsset-backed securities constitute a growing segment of the US and global capital markets. The asset securitization technique, while complex, has won a secure place in corporate financing and investment portfolios because it can, paradoxically, offer originators a cheaper source of funding and investors a superior return. Not only does securitization transform illiquid assets into tradable securities, but it also manages to transform risk by means of the separation of good financial assets from a company or financial institution with little loss of revenue. The assets, once separated from the originator, are employed as backing for high-quality securities designed to appeal to investors. For more details see the instructor's website,
absresearch.com Instructor Ian Giddy has taught finance at NYU, Columbia, Wharton, Chicago and in 30+ countries abroad for the past two decades. He was Director of International Fixed Income Research at Drexel Burnham Lambert from 1986 to 1989. The author of more than fifty articles on international finance, he has served at the International Monetary Fund and the U.S. Treasury and has been a consultant with numerous corporations and financial institutions in the U.S. and abroad. He is the author or co-author of The International Money Market, The Handbook of International Finance, Cases in International Finance, Global Financial Markets, Asset Securitization in Asia and The Hudson River Watertrail Guide. Prof Ian Giddy Stern School of Business New York University 44 West 4th Street New York, NY 10024 USA
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The Workshop
This workshop examines the structure and process of asset securitization and the merits of this technique for investors. The emphasis is on understanding the benefits, costs and risks from the issuer and investor viewpoints, how the rating agencies look at ABS risks, and how successful deals must be structured. Special attention is given to mortgage-backed securities, although the workshop looks at a number of different asset classes and structures, in the USA, Europe, and Asia. The workshop will include case studies of actual deals, as well as hands-on exercises, and will give participants the opportunity to demonstrate their understanding of deals through group and plenary discussions. Financing with Asset Backed Securities
Managing the Legal and Tax Aspects
Home Loan Securitization
Managing the Credit Risks
Managing Prepayment Risk
Commercial Mortgage Securitisation
New Developments in Mortgage Securitisation
Recap of the Workshop
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| Mortgage-Backed Securities:
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| ABS seminars conducted by Ian Giddy | Powerpoint presentation documents |
| Articles | Case studies |
| Spreadsheets | Internet links |