The Mortgage-Backed Securties Workbook: Hands-On Analysis, Valuation, and Strategies for Investment Decision-Making

Rating:
Summary: Read it!
Review: Best book I ever red about mortgage-backed securities. I recomend this book for everyone who work with mort.back securities.

Rating:
Summary: Limited, but Very Good Nonetheless
Review: This workbook was written as a companion to "Mortgage-Backed Securities" by Davidson and Herskovitz. Frankly, I think this book works much better on its own and I would recommend Fabozzi's "Handbook of Mortgage-Backed Securities" instead as a general guide to the subject. The workbook confines itself to a limited number of topics but it covers these very well. Beginning with simple cash flow and yield calculations, the authors move on to provide guidance on (simple!) prepayment modelling, basic structuring, the yield curve and regulatory tests. The approach is attractively practical, and I think of this text as a useful secret weapon to have up one's sleeve.

Rating:
Summary: Limited, but Very Good Nonetheless
Review: This workbook was written as a companion to "Mortgage-Backed Securities" by Davidson and Herskovitz. Frankly, I think this book works much better on its own and I would recommend Fabozzi's "Handbook of Mortgage-Backed Securities" instead as a general guide to the subject. The workbook confines itself to a limited number of topics but it covers these very well. Beginning with simple cash flow and yield calculations, the authors move on to provide guidance on (simple!) prepayment modelling, basic structuring, the yield curve and regulatory tests. The approach is attractively practical, and I think of this text as a useful secret weapon to have up one's sleeve.

Rating:
Summary: Excellent book; stands on its own
Review: While you can use this workbook with the text, it is also very useful by itself. In fact, I didn't know it was a companion to a book until after I bought it.

The topics are covered in enough detail to answer all those small questions I have. In addition, it's the only book I've found that leads the reader through the details of building a simple prepayment model. There are some advanced questions in the book for more mathematically inclined readers.