Mortgage-Backed Securities Products, Structuring, and Analytical Techniques by Frank J. Fabozzi
ISBN: 9780470047736
Preface
Over the past quarter of a century, the residential mortgage market has
grown into the largest market for consumer debt. The market for
mortgage-backed securities or MBS, in which mortgage cash flows are
packaged and distributed to investors, has grown concomitantly. According
to the Securities Industry and Financial Markets Associations (formerly
the Bond Market Association), the market for mortgage-related
securities surpassed the U.S. Treasury market at the end of 1999 to
become the largest cash financial market in the world. By the end of
2006, the total amount of MBS outstanding was $6.4 trillion, 49% larger
than the market for Treasury debt.
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