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  • More on Mortgage Backed Securities

Investments

06 May 2007

More on Mortgage Backed Securities

  • By Bill Conerly
  • In Investments

If you really, really want to understand mortgage-backed securities, I link to a couple of posts on the subject, but first provided a primer on stripping and securitizing loans.  The links I had were to a series on Calculated Risk, which now has the third installment:  "MBS For UberNerds III: Credit Risk, Credit Enhancement, and Ratings."

Be warned that this is dense going.  My favorite line:

Some individual loans are credit enhanced by, basically, being tranched themselves: that’s what an 80/20 deal is. (Which is why CE on a HELOC pool is a whole different bowl of chocolates from a first-lien mortgage pool.) Whole pools can also be enhanced with MI: that’s a pool-level policy.

 

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