Introduction to Mortgages and Mortgage Backed Securities

In Introduction to Mortgages & Mortgage Backed Securities, author Richard Green combines current practices in real estate capital markets with financial theory so readers can make intelligent business decisions. After a behavioral economics chapter on the nature of real estate decisions, he explores mortgage products, processes, derivatives, and international practices. By focusing on debt, his book presents a different view of the mortgage market than is commonly available, and his primer on fixed-income tools and concepts ensures that readers understand the rich content he covers. Including commercial and residential real estate, this book explains how the markets work, why they collapsed in 2008, and what countries are doing to protect themselves from future bubbles. Green's expertise illuminates both the fundamentals of mortgage analysis and the international paradigms of products, models, and regulatory environments.

Written for buyers of real estate, not mortgage lenders Balances theory with increasingly complex practices of commercial and residential mortgage lendingEmphasizes international practices, changes caused by the 2008-11 financial crisis, and the behavioral aspects of mortgage decision making

1. A Brief History of US mortgages
2. Mortgage origination
3. The workhorse US mortgage: the 30 year fixed rate pre-payable mortgage
4. Other types of mortgages
5. Underwriting mortgages and modeling default
6. Mortgage Backed Securities.
7. Multifamily lending
8. International Comparisons
9. The Recent Financial Crisis
10. Consumers’ Decision Processes
11. Yield Curve and Interest Rate Issues
12. Duration and Convexity