Informações principais
Sobre o conteúdo
This course begins with an overview of the mortgage backed securities market. We’ll learn about the characteristics of mortgage-backed securities and identify the factors that cause U.S. mortgage-backed securities to be considered a different category of fixed income securities compared to asset-backed securities.
We’ll learn about the U.S. mortgage agencies and be able to distinguish among them regarding their legal status, nature of the guarantees they offer and types of mortgages they securitize. We’ll look at the basic features of agency pass-through securities and collateralized mortgage obligations (CMOs) and how their structural differences impact cash flows received by investors. We’ll also get familiarized with mortgage-related terminology such as non-recourse debt, underwater mortgages and short sales as well as their implications for mortgage loans and their consequences for the risk and expected returns to investors in mortgage-backed securities and learn about the main aspects involved in the creation of an agency pass-through security.
We’ll learn about mortgage cash flows and prepayments and also learn how the interaction between prepayment risk and reinvestment risk adversely impacts holders of pass-through securities in both rising and falling interest rate environments. We’ll learn how to distinguish between rate of return and the different yields associated with mortgage-backed securities and get introduced to the commonly used prepayment benchmarks for expressing prepayment speeds. We’ll wrap up this course with an understanding of bond math, spreads used in assessing the risk and relative value, option-adjusted spread and collateralized mortgage obligations.
This course is part 1 of the New York Institute of Finance’s Mortgage Backed Securities (MBS) Professional Certificate program.
- Overview of the Mortgage Backed Securities (MBS) Market
- Understanding of Mortgage Loans and Mortgage Pass-through Securities
- Mortgage Cash Flows, Prepayment, and risk and return
- Bond math of MBS
- Analysis of pass-through securities and collateralized mortgage obligations
Programa de estudos
- Module 1: Introduction
- Module 2: Overview of the Mortgage Backed Securities Market
- Module 3: Mortgage Loans
- Module 4: Mortgage Pass-through Securities
- Module 5: Mortgage Cash Flows and Prepayments
- Module 6: Mortgage Pass-through Securities: Risk and Return
- Module 7: Bond Math of Mortgage Backed Securities
- Module 8: Analysis of Pass-through Securities
- Module 9: Collateralized Mortgage Obligations (CMOs)
Instrutores
Douglas Carroll
Instructor
New York Institute of Finance
Criador do conteúdo
O New York Institute of Finance (NYIF), localizado no coração de Wall Street, é um líder global em formação para serviços financeiros e indústrias relacionadas. Criado pela Bolsa de Valores de Nova Iorque em 1922, forma atualmente mais de 50.000 profissionais em mais de 120 países.
O NYIF foi mencionado pela primeira vez na introdução de um livro chamado Stock Exchange Procedure (Procedimento da Bolsa de Valores) de Birl E. Shultz, PhD. Em 1921:
"Tornou-se evidente que, para o bem do próprio negócio e para o bem dos milhares de jovens homens e mulheres empregados pela Bolsa e pelas suas firmas-membro, deveria ser concebido algum método através do qual eles pudessem aprender os fundamentos; as razões pelas quais eles faziam as coisas que ocupavam os seus dias de trabalho." Charles Gay, presidente da NYSE, 1921. Foi esta a inspiração que esteve na base da criação do New York Institute of Finance em 1922.
Os cursos do NYIF abrangem tudo, desde a banca de investimento, a avaliação de activos, os seguros e a estrutura de mercado até à modelação financeira, operações de tesouraria e contabilidade. O instituto tem um corpo docente composto por líderes do sector e oferece uma gama de opções de entrega de programas, incluindo cursos virtuais, de auto-estudo, online e aulas presenciais. Os seus clientes nos EUA incluem a SEC, o Tesouro, Morgan Stanley, Bank of America e a maioria dos principais bancos mundiais.
Plataforma
EdX est une plateforme d'apprentissage en ligne (dite FLOT ou MOOC). Elle héberge et met gratuitement à disposition des cours en ligne de niveau universitaire à travers le monde entier. Elle mène également des recherches sur l'apprentissage en ligne et la façon dont les utilisateurs utilisent celle-ci. Elle est à but non lucratif et la plateforme utilise un logiciel open source.
EdX a été fondée par le Massachusetts Institute of Technology et par l'université Harvard en mai 2012. En 2014, environ 50 écoles, associations et organisations internationales offrent ou projettent d'offrir des cours sur EdX. En juillet 2014, elle avait plus de 2,5 millions d'utilisateurs suivant plus de 200 cours en ligne.
Les deux universités américaines qui financent la plateforme ont investi 60 millions USD dans son développement. La plateforme France Université Numérique utilise la technologie openedX, supportée par Google.
