ANDREW DAVIDSON AUTHORS NEW SECURITIZATION BOOK
New York, September 22, 2003 - Andrew Davidson's latest
book, Securitization: Structuring
and Investment Analysis has just been released from John
Wiley & Sons, Inc. Mr. Davidson, president of Andrew Davidson
& Co., Inc., collaborated with co-writers Anthony Sanders, Professor
of Finance at Ohio State University, Lan-Ling Wolff, head of Fredell
& Co. Structured Finance in London and Anne Ching, senior consultant
at Andrew Davidson & Co., Inc., to create a single, comprehensive
work that fully details how financial instruments can be securitized,
structured, analyzed and valued.
This new book explores the way securitization operates in the U.S.
and Europe, and why it is such an important subject for investors
today. It provides a broad overview of securitization, with topics
spanning issuance to investment, rating agency criteria to options-adjusted
spreads, from residential loans to commercial loans. Each section
is self-contained, allowing practitioners or scholars to select
their particular area of interest. Markets covered include:
· • Agency Mortgage-Backed Securities (MBS)--the largest
securitization market
· • Advanced MBS and analysis--CMO, option-adjusted
spreads (OAS)
· • Non-agency MBS--including credit risk analysis
· • Asset-Backed Securities (ABS)--auto loans, credit
card loans, and manufactured housing
· • Commercial mortgages and Commercial Mortgage-Backed
Securities (CMBS)
· • The European securitization market--developments
and outlook
Exercises at the end of every chapter help readers understand and
apply key concepts.
Securitization: Structuring and Investment Analysis has already
been dubbed by industry insiders as the road map to guide the investor
into the world of securitization. Joseph Hu, Managing Director of
Structured Finance Rating at Standard & Poor's, found the book
to be "an excellent primer on asset securitization, clearly
written in plain English and with straightforward mathematical expressions…suitable
for both business schools and structured finance market practitioners."
Drawing on experience gained from various consulting projects at
Andrew Davidson & Co., Inc. and other firms, Andrew Davidson
and his co-writers were able to combine practical and applied methodologies
with the book's strong theoretical underpinnings. Mr. Davidson comments,
"My hope was to create a book that could help unify the origination
and investing sides of the securitization market. In one book we
describe issuer motivations and structuring methodologies and then
describe the analytical methods used by investors to evaluate those
securities."
About Andrew Davidson & Co, Inc.
Andrew Davidson & Co., Inc. provides consulting services, litigation
support, and risk analytics for mortgage and asset-backed securities.
The VectorsTM analytics library currently offers prepayment models
for both fixed and adjustable rate mortgages, prepayment models
for asset-backed securities, option-adjusted valuation and risk
management tools for MBS, ABS, CMOs, and interest rate processes.
The company's unique blend of consulting experience and expertise
with cutting-edge quantitative methods allows it to combine decades
of Wall Street experience with the most advanced modeling techniques
to produce informed, effective third-party software.
Contact: Ilda Pozhegu
Andrew Davidson & Co., Inc.
212-274-9075
ilda@ad-co.com
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