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An Introduction to Asset-Backed Securities

  • A beginners guide to Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations etc
  • Free tutorial
  • Rating: 3.7 out of 53.7 (1,178 ratings)
  • 15,187 students
  • 2hr of on-demand video
  • Created by Tanuja Yadav
  • English

What you’ll learn

  • explain benefits of securitization for economies and financial markets;
  • describe securitization, including the parties involved in the process and the roles they play;
  • describe typical structures of securitizations, including credit tranching and time tranching;
  • describe types and characteristics of residential mortgage loans that are typically securitized;
  • describe types and characteristics of residential mortgage-backed securities, including mortgage pass-through securities and collateralized mortgage obligations, and explain the cash flows and risks for each type;
  • define prepayment risk and describe the prepayment risk of mortgage-backed securities;
  • describe characteristics and risks of commercial mortgage-backed securities;
  • describe types and characteristics of non-mortgage asset-backed securities, including the cash flows and risks of each type;
  • describe collateralized debt obligations, including their cash flows and risks.

Requirements

  • Basic understanding of Fixed income instruments is good to have
  • Access to a computer / android with internet access is required

Description

This course discusses the benefits of securitization, describes securitization, and explains the investment characteristics of different types of Asset Backed Securities (ABS). The terminology regarding ABS varies by jurisdiction. A mortgage-backed security (MBS) is an ABS backed by a pool of mortgages, and a distinction is sometimes made between MBS and ABS backed by non-mortgage assets. This distinction is common in the United States, for example, where typically the term β€œmortgage-backed securities” refers to securities backed by high-quality real estate mortgages and the term β€œasset-backed securities” refers to securities backed by other types of assets. Because the US ABS market is the largest in the world, much of the discussion and many examples in this reading refer to the United States.

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This course will help the student understand the importance of securitization from a macroeconomic perspective. I will be discussing the benefits of securitization for economies and financial markets, talking about   securitization and identifying the parties involved in the process and their roles. I shall also discusses typical structures of securitizations, including credit tranching and time tranching. Further more, I will be talking about securities backed by mortgages for real estate property, focusing on the types of residential mortgage designs, residential MBS and commercial MBS, respectively. I will conclude the course with a lecture on  Collateralized debt obligations. 

This course is very useful for anyone interested in entering the Fixed Income field of Investments, especially those entering the ABS arena. 

Who this course is for:

  • Students interested in learning about Fixed Income instruments
  • Students who would like to learn about ABS, MBS, CBOs and other financial instruments issued through securitization
  • This is a sub topic of “Fixed Income Fundamentals” and is taught with that subject, so any one enrolled in that course doesn’t need to enroll separately for this course

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Course content

5 sections β€’ 13 lectures β€’ 2h 0m total lengthCollapse all sections

INTRODUCTION2 lectures β€’ 7min

  • Introduction01:12
  • Flow of the course and topics covered05:28

BENEFITS OF SECURITIZATION FOR ECONOMIES AND FINANCIAL MARKETS1 lecture β€’ 6min

  • Benefits of Securitization05:48

HOW SECURITIZATION WORKS3 lectures β€’ 26min

  • An Example of a Securitization07:44
  • Parties to a Securitization and Their Roles04:43
  • Structure of a Securitization and Key Role of the Special Purpose Entity13:17

Mortgage Backed Securities4 lectures β€’ 1hr 1min

  • Residential Mortgage Loans: defining features15:15
  • Residential Mortgage Backed Securities16:20
  • Collateralized Mortgage Obligations16:37
  • Commercial Mortgage-Backed Securities12:28

Non Mortgage Asset backed Securities3 lectures β€’ 21min

  • ABS backed by Auto Loans and Credit Card receivables09:25
  • Collateralized Debt Obligations11:23
  • Test your knowledge11 questions
  • Bonus Lecture: Coupon codes and Access to free courses00:40
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