The American dream of home ownership has created the world's largest debt market - exceeding the stock and corporate bond markets combined. Mortgage-backed securities, financially engineered products of that debt, represent a unique challenge to professional investors, mortgage originators, bankers, regulators, and financial economists.
This book may be dated, but if you want an in depth review of the fundamentals of all types of mortgages, pass-through securities, CMOs, and MBS valuation techniques this book should be your first stop. After reading this book, you will have the solid foundation that you need to read more advanced tomes and/or understand current developments in mortgage securitization.
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