MORTGAGE-BACKED SECURITIES: PRODUCTS, ANALYSIS, TRADING
New York Institute of Finance
70 Pine Street
New York, NY 10270-0003
Author: William W. Bartlett, 1989
Price: $ 49.95
Mortgage-backed securities (MBS) have taken over as one of the primary focuses for portfolio managers
as instruments by which to increase yield. Whenever there is an increase in yield (compared with a U.S.
Treasury bond), however, there will be an additional assumption of risk, and MBS have both. A thorough
understanding of the characteristics of mortgage-backed securities and the derivative products that Wall
Street has conjured up is mandatory. This book is a very readable guide to understanding these securities.
The first section is a historical review of the mortgage market and an overview of the types of loans that
make up the underlying collateral for MBS. This is followed by a discussion of the performance of
mortgages compared with other fixed-income securities and the mortgage banking business and
concludes with the outlook for the trends of the mortgage market.