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Trading & Valuing Agency CMO Derivatives: An Execution Trader's Reference Guide Part Art & Part Science Paperback – September 20, 2010


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Product Details

  • Paperback: 112 pages
  • Publisher: CreateSpace Independent Publishing Platform (September 20, 2010)
  • Language: English
  • ISBN-10: 1452832943
  • ISBN-13: 978-1452832944
  • Product Dimensions: 0.2 x 8.9 x 5.9 inches
  • Shipping Weight: 6.4 ounces (View shipping rates and policies)
  • Average Customer Review: 2.0 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Best Sellers Rank: #2,389,298 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Udo Onwuachi, New York City-based bond expert and mortgage securities trader. Mr. Onwuachi, an NYU graduate with an MBA from The City College of New York, has been working with agency collateralized mortgage obligation (CMO mortgage derivatives), principal-only stripped mortgage-backed securities (PO and PO Floaters), interest-only stripped mortgage-backed securities (IO and Inverse IO Floaters), price structures and trades for over eight years. Mr. Onwuachi's expertise lies in his ability to pick bonds such as mortgage derivatives by evaluating them through Yieldbook, Intex and Bloomberg. Onwuachi is versed in Bloomberg's BCCF calculator which he uses to analyze the floor and determine the appropriate swaps.

Customer Reviews

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Most Helpful Customer Reviews

7 of 8 people found the following review helpful By Brett on February 15, 2011
Verified Purchase
This book information has limited information on trading and no actual information on the valuation of MBS deriviatives. The author appears to have limited experience in the matter. Poor read. Buy a Fabozzi book if you want to learn anything relevant.
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2 of 2 people found the following review helpful By Mondo on September 20, 2012
Verified Purchase
Why the title contains "trading & valuing" is beyond me. I realize actual executed trades cannot be referenced for compliance purposes but examples must be used if you want to include "trading" in the title. "Valuing" of derivatives is non-existent and misleading and should be removed from the title. Using vendors to price mbs derivatives is not what your audience is expecting to learn when purchasing this book. Your audience is also not expecting vague and useless suggestions for reaching fair value, such as the following quote, "It is the Trader's responsibility to determine the fair market value of securities that may be traded. Your Trader's judgments should be based upon his/her knowledge gained through experience, current market information acquired in the course of communicating with the Street, and by the use of various databases, tools, and models designed to aid in the valuation of securities." (Onwuachi p21)

I work for a large broker/dealer in mbs valuation, and although I am not an expert, I know enough to realize this book is inadequate on all fronts. There are numerous typos and grammatical errors, most likely because Mr. Onwuachi self published and lacked a legitimate editor. If you are looking for a general intro to cmo derivatives from a reputable source, I would recommend Fabozzi books or primers published by broker/dealers. Mr. Onwuachi's subject matter knowledge is questionable at best. Buzz words and industry jargon are not sufficient to publish a book on the matter. I took a chance with this book and in the words of Mr. Onwuachi I "got robbed" not by a greedy banker, but by a self-proclaimed Agency CMO Derivatives Specialist.

I would have rated this 0 stars if Amazon allowed.
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1 of 1 people found the following review helpful By Derivstrader on May 9, 2013
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First of all the book is 100 pages, and that's only because it is written 1/4 of the time in jumbo font and there are literally 20 blank pages out of those 100. To be honest though I'm not mad it was so short, it saved hours of my life. This book was literally so bad I only kept reading to see what BS the author would spew next. The author published the book himself, which is probably because nobody in their right mind would have sold this book. I trade agency derivs and this book does nothing to help you understand them. I have never written a book review in my life, but I had to after reading this book. The poor grammar is the least of the authors problems. He brags about all of his experience and how much he has traded, but apparently he didn't feel like sharing any of it in this book.
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1 of 10 people found the following review helpful By Cbay on October 1, 2010
Mortgage Derivatives Explained in New Practical Guidebook
By: Carrie Bay 09/29/2010

The multifaceted and vast derivatives market can be thorny for even the sharpest of minds. But Udo Onwuachi, a former mortgage trader and authority on collateralized mortgage obligation (CMO) derivatives, says he aims to introduce agency CMO derivatives to a much broader

audience - an audience that may still be leery of mortgage bonds after the credit crisis fallout.

Onwuachi's book, "Trading & Valuing Agency CMO Derivatives, A Reference Guide, Part Art, Part Science," arrived in stores September 10th. Published by Amazon Books, it is a practical guide to trading mortgage derivatives, running a hedge fund, or for funds looking to allocate money to specialty fund managers, Onwuachi explained.

"So many pension funds will not be able to meet their obligations and are increasing the percentage their members have to contribute," Onwuachi said, "instead of changing their investment strategy by buying U.S. government backed MBS [mortgage-backed securities] and plain vanilla agency CMO bonds and CMO derivatives to protect against inflation and interest rate hikes."

"Trading & Valuing Agency CMO Derivatives" is available September 10th in bookstores and online at Amazon.com.

©2010 DS News. All Rights Reserved.
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