FROM THE PUBLISHER

Mortgage-backed and asset-backed securities are fixed-income securities, like bonds, which derive their return from an underlying mortgage or basket of mortgages, or an asset or basket of assets. This market has increased from about $100 billion in 1980 to over $2.5 trillion today. Filling the void for a new book on fixed-income, Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities provides a coherent and comprehensive approach to the subject. Featuring material used by the company, this book is an ideal training tool and resource for investment professionals, institutional investors, pension fund investors, and hedge-fund investors.
Lakhbir Hayre (New York, NY) is a mortgage officer at Salomon Smith Barney, and their leading expert on mortgage-backed and asset-backed securities. He is a Certified Financial Analyst and a Doctor of Philosophy.

FROM THE CRITICS

Booknews

Assembles recent research conducted by analysts at Salomon Smith Barney examining the contemporary mortgage-based securities (MBS) and asset-backed securities (ABS) markets. The volume is organized sequentially, with self-contained chapters suitable for training and educating. It provides a general framework for modeling of prepayment rates on residential mortgage loans; how the Internet is changing the mortgage origination process; collateralized mortgage obligations (CMOs); option-adjusted spreads and durations; nonmortgage-related ABSs; and MBS and collateralized mortgage-backed securities (CMBS) markets in the UK and the MBS market in Australia. Appendices include a glossary of terms, an investors' resource guide, information on risk-based capital standards, and basic mortgage mathematics. Annotation c. Book News, Inc., Portland, OR (booknews.com)

WHAT PEOPLE ARE SAYING

This is an excellent and comprehensive guide that is clearly required reading for anyone interested in these important financial markets. I particularly liked the many explicit examples of prepayment modeling approaches.  — Francis A. Longstaff, Professor of Finance, The Anderson School, University of California, Los Angeles

Lakhbir Hayre's work ranks in the top echelon of fixed income research of the past two decades. Both new entrants and seasoned market professionals can benefit from the insights compiled in this volume. — Greg Parseghian, Senior Vice President and Chief Investment Officer, Freddie Mac

This is an enormously comprehensive study of the MBS and ABS markets by one of the most respected people in the field. Its unmatched wealth of institutional and technical detail make it an invaluable reference to anyone interested in these markets. — Richard Stanton, Associate Professor of Finance, Haas School of Business, University of California, Berkeley

ACCREDITATION

Lakhbir Hayre (New York, NY) is a Managing Director at Salomon Smith Barney, whose responsibilities include Global Mortgage- and Asset-Backed Research.. He is a recognized expert on the market, has published numerous articles on the topic, and is a former Chairman of the Mortgage Research Committee of the Bond Market Association. He has a doctorate in Mathematical Statistics from Oxford University, and was a Professor of Statistics at the Wharton School, University of Pennsylvania, before coming to Wall Street in the mid-1980s.