Securitization -- The Financial Instrument of the Future (Wiley Finance) [Hardcover]

Vinod Kothari (Author)

Book Description

Series: Wiley Finance | Publication Date: June 16, 2006

Get a thorough explanation of the nuances of securitization in the global business market with this comprehensive resource. Synthetic securitization and structured products are revolutionizing the financial industry and changing the way banks, institutional investors, and securities traders do business both domestically and globally. Written by a top international trainer and expert on securitization, this book is an ideal way for all market practitioners, whether investors, bankers, or analysts, to ensure they understand the ins and outs of this practice.

Editorial Reviews

From the Inside Flap

Securitization is one of the most important financial instruments of our times. Since its beginnings in the 1970s, it has helped banks and companies raise almost US$7 trillions of dollars globally, revolutionized the financial industry, and changed the way banks, institutional investors and securities traders do business both domestically and globally.

While potentially beneficial, these important instruments are complex structures that are often misunderstood and frequently mishandled.

Securitization: The Financial Instrument of the Future is a focused resource complete with global case studies on how securitization works, and how best to capitalize on it. It brilliantly brings together the complex array of issues that help,  hinder and affect the securitization business.

The book explains securitization techniques in lucid details and includes:

• Comprehensive coverage on multi-faceted issues relating to securitization;
• Easy to understand explanations of complex topics, and
• International case studies to illustrate different aspects of securitization.

Regardless of the nature of your interest in securitization - as issuer, investor, lawyer, accountant, regulator or analyst, this book will be of value to you.

From the Back Cover

Securitization: The Financial Instrument of the Future has something for everyone who has a need to know about securitization: from the student in the university to the junior associate in the business world to someone like me who was around at the birth of Securitization - from the dominant asset classes like mortgages to the more exotic asset classes like David Bowie bonds as well as the developed US and European markets to the emerging markets. Written in simple and accessible English, I especially like the many vignettes and casual observations to supplement what otherwise could have been , dry detailed recitations of technical rules. I've rarely seen a book on securitization that one could read like a novel. - Marty Rosenblatt, Founding Partner, Securitization Services Group, Deloitte & Touche LLP, First Char of the Accounting and Tax Subcommittee, American Securitization Forum

This is a thoughtful and comprehensive, user-friendly text both for the business person and legal specialist. It is particularly valuable in embracing securitization on an international level, with emphasis on Asia. - Steven L. Schwarcz, Stanley A. Star Professor of Law & Business, Duke University School of Law, Founding Director, Global Capital Markets Center

See all Editorial Reviews

Product Details

• Hardcover: 1200 pages
• Publisher: Wiley; First Edition edition (June 16, 2006)
• Language: English
• ISBN-10: 0470821957
• ISBN-13: 978-0470821954
• Product Dimensions: 10.3 x 7.2 x 2.4 inches
• Shipping Weight: 4.7 pounds (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #344,601 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

Most Helpful Customer Reviews

2 of 2 people found the following review helpful:

4.0 out of 5 stars Pretty good book considering the complicated topic, January 11, 2009

By 

C. Ang "cliff_ang" (Chicago, IL) - See all my reviews
(VINE VOICE)    (REAL NAME)   

Amazon Verified Purchase

This review is from: Securitization -- The Financial Instrument of the Future (Wiley Finance) (Hardcover)

Securitizations is generally a very complicated topic. This book tries to explain a majority of the major issues, and the size of the book is evidence of this monumental task. This book not only discusses US applications of securitizations but also attempts to incorporate a global perspective by including IFRS in addition to US GAAP. There is also a discussion of different securitization trends in different countries. However, for my purposes I did not find those discussions particularly useful.

One thing I liked about this book is that it provided examples of many things. It showed valuation examples, flow charts, and a lot of additional materials that would help the reader understand the complicated nature of securitizations. There is also a whole chapter on Securitization Accounting, which is probably one of the most important aspects of securitization that needs to be understood. In my opinion, this book does a good job with the discussion on accounting.

There are also individual chapters on common assets underlying securitizations, such as residential mortgage backed securities (RMBS), commercial MBS, equipment leasing, etc. These focus on the individual issues that affect the different assets. For example, for RMBS, there is a discussion on prepayments and defaults. The author goes into a good amount of detail explaining the impact of each on the value of the different tranches and retained interests. The book also does a decent job discussing residual interest, but it is not located in one place. The discussion jumps around to fit the other major topics. In other words, you would find some discussion of residual interest in the valuation section and the accounting section. So if you are interested in one topic, you would have to practically read the entire book to get all the discussion on that one topic.

Although this is a very thick book, it is not hard to read. This is a good source for a lot of things about securitizations - I found other sources only tackle bits and pieces of securitizations and to gain a fuller understanding of certain aspects of securitizations one would need to piece together things you find from different authors. This book takes care of that problem, but you still have to be careful when you read this book because the complexity of the topic can easily lose/confuse the reader.

1 of 1 people found the following review helpful:

5.0 out of 5 stars All you ever needed to know about Securitizations!, May 19, 2009

By 

Manasi - See all my reviews

This review is from: Securitization -- The Financial Instrument of the Future (Wiley Finance) (Hardcover)

An all-inclusive book that covers the many aspects of Securitisations, especially Accounting in an exhaustive manner. It not only coveres the US market but also the global arena very well. Clearly written and easy to read. It is a must read for all securitiations professionals.