AD&Co • Pipeline Archives

Welcome to The Pipeline, Andrew Davidson & Co., Inc.‘s monthly newsletter — a “pipeline” of relevant and useful information, focused on recent trends, changes and advances in the mortgage investor’s market. We value your input and urge you to contact us with questions, comments or article suggestions. Enjoy.

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Issue	Category	Author	Title
Issue 88 (Jul 2010)	AD&Co News	Rob Landauer	2010 Conference Recap; Video Tutorials Now Available for AD&Co’s LoanDynamics™ Model
Issue 88 (Jul 2010)	Home Price Modeling and Forecasting	Alex Levin	New in AD&Co’s HPI2 Model: Geographical Localizer
Issue 88 (Jul 2010)	Prepayment Update	Dan Szakallas	Current-to-Termination Model for the LoanDynamics™ Model
Issue 87 (May 2010)	AD&Co News	Rob Landauer	AD&Co's 18th Annual Conference 2010: A New Decade, A New Dawn
Issue 87 (May 2010)	Strategy Corner: Credit Insights	Richard Ellson, Ph.D. and William Searle	Quantitative Measures of Risk and Ratings: Evaluating SEMT 2010-H1 Versus Prime and Benchmark Pools
Issue 87 (May 2010)	Strategy Corner: Regulatory Insights	Eknath Belbase and Daniel Swanson	Analyzing the Impact of Principal Forgiveness Mods
Issue 87 (May 2010)	Strategy Corner: Interest Rate Insights	Eknath Belbase	Beware the Bear Flattener
Issue 86 (Apr 2010)	AD&Co News	Rob Landauer	A Guiding Light: AD&Co Consulting Services
Issue 86 (Apr 2010)	Model Update	Sanjeeban Chatterjee	Enhancements to the LoanDynamics™ Model
Issue 86 (Apr 2010)	Credit Commentary	Eknath Belbase	Risk-Based Capital: Approaches & Problems
Issue 86 (Apr 2010)	Valuation Commentary	Alex Levin	A Brief Guide to Delta and Effective Duration of MBS
Issue 85 (Mar 2010)	AD&Co News	Rob Landauer	AD&Co's 18th Annual Conference; LDM v1.8.1a released
Issue 85 (Mar 2010)	Model Update	Dan Szakallas and Sanj Chatterjee	Addressing the Agency Buyouts
Issue 85 (Mar 2010)	Home Price Modeling and Forecasting	Alex Levin	AD&Co Updates its HPI Forecasts
Issue 85 (Mar 2010)	Credit Commentary	Richard Ellson, Ph.D and William Searle	The Renaissance of Non-Agency RMBS Securitization: Projected Collateral Credit Performance
Issue 84 (Jan 2010)	AD&Co News	Rob Landauer	Come See AD&Co in D.C.
Issue 84 (Jan 2010)	Model Update	Daniel Swanson	New Prepayment Tunings and Credit Model Updates
Issue 84 (Jan 2010)	Technology	Hikmet Senay	A New Web-based Tool for Demonstrating AD&Co Models
Issue 84 (Jan 2010)	Valuation Commentary	Alex Levin	Does MBS Diversification Exist?
Issue 83 (Dec 2009)	Special Bulletin	Will Searle	Analyzing RBC Determination for Insurance Companies
Issue 82 (Dec 2009)	AD&Co News	Rob Landauer	Holiday Gifts from ADCo: New Versions of Prepayment and LoanDynamics Models
Issue 82 (Dec 2009)	Prepayment Update	Dan Szakallas	Prepayment Model Version 5.2g: Updates and New Tunings
Issue 82 (Dec 2009)	Credit Commentary	Sanjeeban Chatterjee	AD&Co has Released Version 1.8 of its LoanDynamics™ Credit Model
Issue 82 (Dec 2009)	Home Price Modeling and Forecasting	Alex Levin	The HPI2 Model in Action: AD&Co’s New Home Price Forecasts
Issue 81 (Sep 2009)	AD&Co News	Rob Landauer	Take a Look at the Credit Snapshot
Issue 81 (Sep 2009)	Prepayment Update	Sanjeeban Chatterjee	A Look At HELOCs - Part I
Issue 81 (Sep 2009)	Home Price Modeling and Forecasting	Alex Levin	Geographical HPA Modeling and Forecasting
Issue 80 (Jul 2009)	AD&Co News	Rob Landauer	Crazy But Not Lazy Days of Summer
Issue 80 (Jul 2009)	Prepayment Update	Dan Szakallas	Prepayment Model Version 5.2f: Updates and New Tunings
Issue 80 (Jul 2009)	Credit Commentary	Stefano Risa	New Severity Projections in the AD&Co LoanDynamics™ Model v1.7.2
Issue 80 (Jul 2009)	Valuation Commentary	Alex Levin	Valuation with Vectored Tunings: OAS v7.7 with Prepayment Model v5.2f
Issue 79 (Jun 2009)	AD&Co News	Rob Landauer	2009 AD&Co Conference Recap
Issue 79 (Jun 2009)	Prepayment Update	Dan Szakallas	A Closer Look at Jumbo Conforming Loans
Issue 79 (Jun 2009)	Home Price Modeling and Forecasting	Alex Levin	Was the Housing Market Drama a Mathematical Necessity?
Issue 78 (May 2009)	AD&Co News	Rob Landauer	What's Next? What's New?
Issue 78 (May 2009)	Consulting Corner	Rob Landauer	The FDIC’s Brave New World of Risk Management
Issue 78 (May 2009)	Prepayment Update	Dan Szakallas	New ARM Prepayment Model Tunings Available
Issue 78 (May 2009)	Valuation Commentary	William Searle	Credit Loss Distribution: Credit OAS vs. Vasicek – Part 3
Issue 77 (Apr 2009)	AD&Co News	Rob Landauer	AD&Co's 17th Annual Conference
Issue 77 (Apr 2009)	Prepayment Update	Sanjeeban Chatterjee	Recent Non-Agency Prepayment Trends
Issue 77 (Apr 2009)	Consulting Corner	Andrew Davidson	AD&Co's Comment Letter on the FASB Proposal on Fair Value
Issue 77 (Apr 2009)	Valuation Commentary	Alex Levin	Pricing Distress Measured
Issue 76 (Mar 2009)	AD&Co News	Rob Landauer	AD&Co's 17th Annual Conference
Issue 76 (Mar 2009)	Prepayment Update	Dan Szakallas	GSE Refinancing Programs in the "Making Home Affordable" Initiative
Issue 76 (Mar 2009)	Home Price Modeling and Forecasting	Alex Levin	Where Does AD&Co’s Baseline HPI Come From?
Issue 75 (Feb 2009)	Credit Commentary	Andrew Davidson	Market Prices and Expected Losses
Issue 75 (Feb 2009)	AD&Co News	Rob Landauer	Tune On, Tune In, Vector Out (With apologies to Dr. Timothy Leary)
Issue 75 (Feb 2009)	Prepayment Update	Dan Szakallas	Vectored Tuning and the Prepayment Model
Issue 75 (Feb 2009)	Valuation Commentary	Alex Levin	Market Prices versus Intrinsic Values
Issue 74 (Jan 2009)	AD&Co News	Rob Landauer	Meet Your Required Reporting and Valuation Needs
Issue 74 (Jan 2009)	Prepayment Update	Dan Szakallas	A Closer Look at Home Prices and Prepayments
Issue 74 (Jan 2009)	Valuation Commentary	Alex Levin	Credit Loss Distribution: Credit OAS vs. Vasicek - Part 2
Issue 73 (Dec 2008)	AD&Co News	Rob Landauer	Is It Over Yet?
Issue 73 (Dec 2008)	Prepayment Update	Sanjeeban Chatterjee	Impact of Recent Primary vs. Secondary Rate Moves on the AD&Co Prepayment Model
Issue 73 (Dec 2008)	Valuation Commentary	Alex Levin	Credit Loss Distribution: Credit OAS vs. Vasicek - Part 1
Issue 72 (Nov 2008)	AD&Co News	Rob Landauer	Got the FAS 115 and 157 Blues?
Issue 72 (Nov 2008)	Prepayment Update	Sanjeeban Chatterjee	Effect of Changes in Home Price Series on Prepayment Model v5.2d
Issue 72 (Nov 2008)	Home Price Modeling and Forecasting	Alex Levin	Theory and Facts about Home Price Volatility
Issue 71 (Oct 2008)	Consulting Corner	Andrew Davidson	Liquidity Management: Back to Basics
Issue 71 (Oct 2008)	AD&Co News	Rob Landauer	A Look Back to See Ahead
Issue 71 (Oct 2008)	Credit Commentary	Ming Zheng	A Comparison of Breakpoint Ratios and Credit Ratings
Issue 71 (Oct 2008)	Prepayment Update	Sanjeeban Chatterjee	A Look at Non-Agency Prepay Speeds
Issue 71 (Oct 2008)	Valuation Commentary	Alex Levin	Intrinsic Marks
Issue 70 (Sep 2008)	AD&Co News	Rob Landauer	Model Annoucements, Consulting Engagements & Upcoming Events
Issue 70 (Sep 2008)	Prepayment Update	Dan Szakallas	Agency MBS Performance Report
Issue 70 (Sep 2008)	Home Price Modeling and Forecasting	Alex Levin	AD&Co’s Home Price Simulator
Issue 69 (Jul 2008)	Credit Commentary	Anne Ching	Show Me the Money
Issue 69 (Jul 2008)	AD&Co News	Rob Landauer	Annual Conference Redux
Issue 69 (Jul 2008)	Prepayment Update	Sanjeeban Chatterjee	What About Alt-A's?
Issue 69 (Jul 2008)	Valuation Commentary	Alex Levin	What is Right and Wrong with Constant OAS?
Issue 68 (Jun 2008)	AD&Co News	Rob Landauer	The Times May Be A-Changin’…But There is Still Time to Register
Issue 68 (Jun 2008)	Prepayment Update	Dan Szakallas	Tuning Recommendations for Agency ARM Prepayment Models
Issue 68 (Jun 2008)	Valuation Commentary	Alex Levin	The Breakpoint Grid
Issue 67 (May 2008)	Credit Commentary	Andrew Davidson	Доверяй, но проверяй; Doveryai, no proveryai; Trust, but Verify
Issue 67 (May 2008)	AD&Co News	Rob Landauer	AD&Co's 16th Annual Conference: The Times They Are -A Changin'
Issue 67 (May 2008)	Prepayment Update	Dan Szakallas, Sanjeeban Chatterjee	New Tuning Parameter Recommendations Released
Issue 67 (May 2008)	Valuation Commentary	Alex Levin	Full and Partial Vega
Issue 66 (Apr 2008)	AD&Co News	Rob Landauer	Need Independent Valuations? AD&Co Can Help
Issue 66 (Apr 2008)	Prepayment Update	Sanjeeban Chatterjee	A Look at Recent Non-Agency Prepayment Speeds
Issue 66 (Apr 2008)	Valuation Commentary	Alex Levin	Six Myths of Credit Valuation
Issue 65 (Mar 2008)	AD&Co News	Laura Gridley	Save the Date for AD&Co's 16th Annual Conference
Issue 65 (Mar 2008)	Prepayment Update	Dan Szakallas	The Conforming Loan Limit Increase: What it Means for Borrowers and Investors
Issue 65 (Mar 2008)	Valuation Commentary	Alex Levin	RiskProfiler™: Your Complete Valuation Solution
Issue 64 (Feb 2008)	Credit Commentary	Andrew Davidson	Reinventing Securitization: If It Ain’t Broke, Don’t Fix It. But What if It is Broken?
Issue 64 (Feb 2008)	Prepayment Update	Sanjeeban Chatterjee	How Important are Involuntary Prepayments?
Issue 64 (Feb 2008)	Valuation Commentary	Alex Levin	How to Use Credit OAS: An ABS Valuation Case Study for the Illiquid Market
Issue 63 (Jan 2008)	AD&Co News	Rob Landauer	AD&Co Roars into Las Vegas
Issue 63 (Jan 2008)	Prepayment Update	Sanjeeban Chatterjee	A Look at Non-Agency Mortgage Prepayment Speeds
Issue 63 (Jan 2008)	Valuation Commentary	Alex Levin	Valuation Modeling Lessons of 2007
Issue 62 (Dec 2007)	Special Bulletin	Dan Szakallas	Prepayment Model Tuning & Home Price Forecast Adjustments
Issue 61 (Dec 2007)	AD&Co News	Rob Landauer	The Road to Recovery
Issue 61 (Dec 2007)	Prepayment Update	Sanjeeban Chatterjee	A Look at Sub-Prime Prepayment Speeds
Issue 61 (Dec 2007)	Valuation Commentary	Alex Levin	Happy Holidays! + A Few Recommendations
Issue 60 (Nov 2007)	Credit Commentary	Anne Ching	Tuning the LoanDynamics™ Model
Issue 60 (Nov 2007)	AD&Co News	Rob Landauer	Are You in Tune?
Issue 60 (Nov 2007)	Prepayment Update	Dan Szakallas	Tuning the Prepayment Model
Issue 60 (Nov 2007)	Valuation Commentary	Alex Levin	Using Tuning Dials for Prepay Risk-Neutrality
Issue 59 (Oct 2007)	AD&Co News	Rob Landauer	Risk Profiler™: The Full AD&Co. Valuation Solution
Issue 59 (Oct 2007)	Prepayment Update	Dan Szakallas	A Closer Look at ARM Prepayment Model Performance
Issue 59 (Oct 2007)	Valuation Commentary	Alex Levin	Credit OAS: Next Steps and Challenges
Issue 58 (Sep 2007)	AD&Co News	Rob Landauer	Model Releases & Updates
Issue 58 (Sep 2007)	Prepayment Update	Dan Szakallas, Sanjeeban Chatterjee	Model Adjustments in Light of the Credit Crunch
Issue 58 (Sep 2007)	Valuation Commentary	Alex Levin	Agency MBS and AD&Co. Models during the Subprime Turmoil
Issue 57 (Aug 2007)	Special Edition	Andrew Davidson	Six Degrees of Separation
Issue 56 (Jul 2007)	AD&Co News	Rob Landauer	AD&Co.'s 2007 Conference: More than Just a Yo-Yo
Issue 56 (Jul 2007)	Prepayment Update	Sanjeeban Chatterjee	2007 Conference Highlights
Issue 56 (Jul 2007)	Valuation Commentary	Alex Levin	2007 Conference Valuation Themes: What is Next?
Issue 55 (May 2007)	AD&Co News	Rob Landauer	There’s Still Time
Issue 55 (May 2007)	Prepayment Update	Dan Szakallas	Agency ARM Prepayment Model
Issue 55 (May 2007)	Valuation Commentary	Alex Levin	First Steps in Credit OAS (part II)
Issue 54 (Apr 2007)	AD&Co News	Rob Landauer	You’re Cordially Invited
Issue 54 (Apr 2007)	Prepayment Update	Dan Szakallas	Prepayment Analysis
Issue 54 (Apr 2007)	Valuation Commentary	Alex Levin	First Steps in Credit OAS (part I)
Issue 53 (Mar 2007)	AD&Co News	Rob Landauer	Model Updates
Issue 53 (Mar 2007)	Prepayment Update	Dan Szakallas	Prepayment Analysis
Issue 53 (Mar 2007)	Valuation Commentary	Alex Levin	The Hunt for Duration
Issue 52 (Feb 2007)	AD&Co News	Rob Landauer	HELP! I Need to Validate My Model, Stat!
Issue 52 (Feb 2007)	Prepayment Update	Dan Szakallas	Prepayments Remain in Winter Slump
Issue 52 (Feb 2007)	Valuation Commentary	Alex Levin	ARMed with Backward Induction & Risk-Neutrality
Issue 51 (Jan 2007)	Credit Commentary	Kyle Lundstedt, Ph.D	The LoanDynamics Model™
Issue 51 (Jan 2007)	AD&Co News	Rob Landauer	State of the Non-Agency Union
Issue 51 (Jan 2007)	Prepayment Update	Sanjeeban Chatterjee	The Subprime Model
Issue 50 (Dec 2006)	Valuation Commentary	Alex Levin	The Market & the Model
Issue 50 (Dec 2006)	AD&Co News	Rob Landauer	The Debut of the Loan Dynamics Model
Issue 50 (Dec 2006)	Prepayment Update	Dan Szakallas	v5.2a vs. 5.1f ARM Model
Issue 49 (Nov 2006)	Consulting Corner	Andrew Davidson	The Implied Expected Defaults of ABX 06-2
Issue 49 (Nov 2006)	Credit Commentary	Alex Levin	Active-Passive Vasicek
Issue 49 (Nov 2006)	Prepayment Update	Dan Szakallas	The New ARM Model Delivers
Issue 49 (Nov 2006)	AD&Co News	Rob Landauer	Mortgage Market at a Glance
Issue 48 (Oct 2006)	AD&Co News	Rob Landauer	It's Our Treat—Not a Trick—v5.1f
Issue 48 (Oct 2006)	Prepayment Update	Dan Szakallas	Seasonality of the Witch
Issue 48 (Oct 2006)	Valuation Commentary	Alex Levin	Valuation Consequences of the New ARM Prepayment Model in v5.2a
Issue 48 (Oct 2006)	Credit Commentary	Various AD&Co Staff	Improving the Investors Perspective on Credit Risk
Issue 47 (Sep 2006)	AD&Co News	Rob Landauer	New ARM Prepayment Models for Agency, Jumbo and Sub-Prime Loans
Issue 47 (Sep 2006)	Prepayment Update	Dan Szakallas	Prepayments Increase in August
Issue 47 (Sep 2006)	Valuation Commentary	Alex Levin	Valuation Consequences of the New ARM Prepayment Model in v5.2a: Part I - Agency Hybrids
Issue 46 (Jul 2006)	AD&Co News	Rob Landauer	Focus on Client Support
Issue 46 (Jul 2006)	Prepayment Update	Dan Szakallas	Model Performance
Issue 46 (Jul 2006)	Valuation Commentary	Alex Levin	TBAs, SATO & Fannie 7.0
Issue 45 (Jun 2006)	Prepayment Update	Dan Szakallas	Performance Analysis
Issue 45 (Jun 2006)	AD&Co News	Rob Landauer	New Prepayment Model Version v5.1e
Issue 45 (Jun 2006)	Valuation Commentary	Alex Levin	The MBS Basis Risk
Issue 44 (May 2006)	AD&Co News	Rob Landauer	AD&Co.'s 2006 Conference is Almost Here!
Issue 44 (May 2006)	Prepayment Update	Dan Szakallas	Model Performance
Issue 44 (May 2006)	Valuation Commentary	Alex Levin	Value-Space Refinancing
Issue 43 (Apr 2006)	AD&Co News	Rob Landauer	The Big Event Approaches
Issue 43 (Apr 2006)	Prepayment Update	Dan Szakallas	Model Performance
Issue 43 (Apr 2006)	Home Price Modeling and Forecasting	Alex Levin	Modeling Home Prices as Dynamic Assets
Issue 42 (Mar 2006)	Prepayment Update	Sanjeeban Chatterjee	Model Performance
Issue 42 (Mar 2006)	Valuation Commentary	Alex Levin	The Hybrid ARM Rates in Modeling and Valuation
Issue 42 (Mar 2006)	AD&Co News	Rob Landauer	Spring Announcements
Issue 42 (Mar 2006)	Consulting Corner	Anne Ching	A Framework for Market-Implied Defaults
Issue 41 (Feb 2006)	Prepayment Update	Dan Szakallas	Model Performance
Issue 41 (Feb 2006)	AD&Co News	Rob Landauer	New Non-Agency Fixed Rate Model Now Available (v5.1d)
Issue 41 (Feb 2006)	Valuation Commentary	Alex Levin	Volatility Models and Mean Reversion
Issue 40 (Jan 2006)	Valuation Commentary	Alex Levin	The Role of Fair Value, Model-Free Value and Risk-Neutrality
Issue 40 (Jan 2006)	Prepayment Update	Dan Szakallas	Model Performance
Issue 40 (Jan 2006)	AD&Co News	Rob Landauer	January 2006
Issue 39 (Dec 2005)	AD&Co News	Rob Landauer	2005 Flyby
Issue 39 (Dec 2005)	Prepayment Update	Dan Szakallas	Model Performance
Issue 39 (Dec 2005)	Valuation Commentary	Alex Levin	2005 Valuation Roundup: the Market and the Models
Issue 38 (Nov 2005)	AD&Co News	Rob Landauer	A Comparison of Speeds: v4.3.4 vs. v5.1c
Issue 38 (Nov 2005)	Valuation Commentary	Alex Levin	Valuation Q&As. Part 2: Valuation of MBS with OAS and prOAS
Issue 37 (Oct 2005)	AD&Co News	Rob Landauer	New Model Release: MBS Enhanced Prepayment Model: v5.1c
Issue 37 (Oct 2005)	Consulting Corner	Andrew Davidson	Back in the Forefront
Issue 37 (Oct 2005)	Prepayment Update	Dan Szakallas	Model Performance
Issue 37 (Oct 2005)	Valuation Commentary	Alex Levin	Valuation Q&As. Part 1: AD&Co Interest Rate Library
Issue 36 (Sep 2005)	Prepayment Update	Dan Szakallas	Model Performance
Issue 36 (Sep 2005)	Valuation Commentary	Alex Levin	AD&Co Weekly Market Analysis: A Fresher Look and Deeper Content
Issue 36 (Sep 2005)	Consulting Corner	Kyle Lundstedt, Ph.D	Data Availability and Its Implications for Behavioral Models
Issue 36 (Sep 2005)	AD&Co News	Rob Landauer	Prepayment Model License Structure
Issue 35 (Jul 2005)	Valuation Commentary	Alex Levin	Hybrids at a Glance
Issue 35 (Jul 2005)	Prepayment Update	Dan Szakallas	Model Performance
Issue 35 (Jul 2005)	AD&Co News	Rob Landauer	License Key Witching Hour
Issue 34 (Jun 2005)	Valuation Commentary	Alex Levin	Is the MBS Market Expensive?
Issue 34 (Jun 2005)	Prepayment Update	Dan Szakallas	Model Performance
Issue 34 (Jun 2005)	AD&Co News	Rob Landauer	Valuation is in Vogue
Issue 33 (May 2005)	Consulting Corner	Andrew Davidson	A Virtuous Portfolio
Issue 33 (May 2005)	Valuation Commentary	Alex Levin	AD&Co OAS v6.0: Valuation Analytics That Make a Difference
Issue 33 (May 2005)	Prepayment Update	Dan Szakallas	Model Performance
Issue 33 (May 2005)	AD&Co News	Rob Landauer	The 2005 Conference Cometh
Issue 32 (Apr 2005)	Consulting Corner	Kyle Lundstedt, Ph.D	Modeling Mortgage Risk: Definitional Issues
Issue 32 (Apr 2005)	Valuation Commentary	Alex Levin	What is Behind OAS Measures?
Issue 32 (Apr 2005)	Prepayment Update	Dan Szakallas	Model Performance
Issue 32 (Apr 2005)	AD&Co News	Rob Landauer	Puzzled By Today's Market? Don't Be.
Issue 31 (Mar 2005)	Consulting Corner	Andrew Davidson	Today's CFO: Triple Threat?
Issue 31 (Mar 2005)	Valuation Commentary	Alex Levin	Measuring and Managing Prepay Model Risk
Issue 31 (Mar 2005)	Prepayment Update	Dan Szakallas	Model Performance
Issue 31 (Mar 2005)	AD&Co News	Rob Landauer	March 2005
Issue 30 (Feb 2005)	Consulting Corner	Kyle Lundstedt, Ph.D	The Competing Risks of Mortgage Prepayment and Default
Issue 30 (Feb 2005)	Valuation Commentary	Alex Levin	A New Member of AD&Co: The Two-factor Gaussian Term Structure, Part 2
Issue 30 (Feb 2005)	Prepayment Update	Dan Szakallas	Big Drops in Prepayments
Issue 30 (Feb 2005)	AD&Co News	Rob Landauer	Growing Team, Growing Conference & More...
Issue 29 (Jan 2005)	Consulting Corner	Andrew Davidson	Bad Accounting: Don’t just get mad, get even
Issue 29 (Jan 2005)	Valuation Commentary	Alex Levin	A New Member of AD&Co: The Two-Factor Gaussian Term Structure (part 1)
Issue 29 (Jan 2005)	Prepayment Update	Dan Szakallas	Model Performance
Issue 29 (Jan 2005)	AD&Co News	Rob Landauer	January 2005
Issue 28 (Dec 2004)	Consulting Corner	Mickey Storms	Auld Lang Syne
Issue 28 (Dec 2004)	Valuation Commentary	Alex Levin	2004 Valuation Round-up
Issue 28 (Dec 2004)	Prepayment Update	Dan Szakallas	Prepayment Analysis
Issue 28 (Dec 2004)	AD&Co News	Rob Landauer	2004 - Quite an Enhancing Year
Issue 27 (Nov 2004)	Consulting Corner	Andrew Davidson	Why Does Bad Accounting Happen to Good Companies?
Issue 27 (Nov 2004)	Valuation Commentary	Alex Levin	AD&Co. OAS 5.2b: Enhanced Data, Bloomberg Links, Pay-ups & More
Issue 27 (Nov 2004)	Prepayment Update	Dan Szakallas	New Prepayment Model Tuning Recommendations
Issue 27 (Nov 2004)	AD&Co News	Sanjeeban Chatterjee	A New & Improved HEL Model
Issue 26 (Oct 2004)	Consulting Corner	Mickey Storms	The Relative Value of Hybrids
Issue 26 (Oct 2004)	Valuation Commentary	Alex Levin	Understanding the Spread Risk
Issue 26 (Oct 2004)	Prepayment Update	Dan Szakallas	Model Performance Review
Issue 26 (Oct 2004)	AD&Co News	Rob Landauer	Test Drive the Enhanced Prepayment Model
Issue 25 (Sep 2004)	Valuation Commentary	Alex Levin	How to Validate an Interest Rate Model
Issue 25 (Sep 2004)	Prepayment Update	Dan Szakallas	Model Performance Review
Issue 25 (Sep 2004)	AD&Co News	Rob Landauer	What is ALT- A… Anyway?
Issue 25 (Sep 2004)	AD&Co News	Rob Landauer	Prepayment Model License Structure
Issue 24 (Jul 2004)	Valuation Commentary	Alex Levin	Treating MBS settlement rigorously: AD&Co's OAS version 5.2
Issue 24 (Jul 2004)	Prepayment Update	Dan Szakallas	Model Performance Review
Issue 24 (Jul 2004)	AD&Co News	Rob Landauer	The Pipeline Archives
Issue 23 (Jun 2004)	Consulting Corner	Andrew Davidson	Saving the TBA
Issue 23 (Jun 2004)	Valuation Commentary	Alex Levin	prOAS Delivered, Explained and Discussed
Issue 23 (Jun 2004)	Prepayment Update	Dan Szakallas	Model Performance Review
Issue 23 (Jun 2004)	AD&Co News	Rob Landauer	AD&CO RECAP -- JUNE 2004 12th Annual Client Conference Recap
Issue 22 (May 2004)	Consulting Corner	Mickey Storms	Risk Management Challenged
Issue 22 (May 2004)	Valuation Commentary	Alex Levin	Prepayment-Risk-and-Option-Adjusted-Spread Valuation: Conclusion
Issue 22 (May 2004)	AD&Co News	Rob Landauer	Breaking Through...Conference 2004
Issue 21 (Apr 2004)	Consulting Corner	Andrew Davidson	Fair Value & Cost-Based Accounting
Issue 21 (Apr 2004)	Valuation Commentary	Alex Levin	Prepayment-risk-and-option-adjusted-spread Valuation
Issue 21 (Apr 2004)	Prepayment Update	Dan Szakallas	Model Performance Review
Issue 21 (Apr 2004)	AD&Co News	Rob Landauer	MODEL EUTHENASIA: WHY SOME VERSIONS MUST BE PUT TO REST
Issue 21 (Apr 2004)	Prepayment Update	Dan Szakallas	Model Performance Review
Issue 20 (Mar 2004)	Consulting Corner	Andrew Davidson	Interest Rate Lock Commitments and the SEC
Issue 20 (Mar 2004)	Valuation Commentary	Alex Levin	How to Validate an Interest Rate Model
Issue 20 (Mar 2004)	Prepayment Update	Dan Szakallas	Model Performance Review
Issue 20 (Mar 2004)	AD&Co News	Rob Landauer	Take Advantage of Us
Issue 19 (Feb 2004)	Consulting Corner	Anne Ching	MH Collateral Performance Update
Issue 19 (Feb 2004)	Valuation Commentary	Alex Levin	How to Validate an Interest Rate Model? Part I: Pricing Swaps & Bonds
Issue 19 (Feb 2004)	Prepayment Update	Dan Szakallas	Model Performance Review
Issue 19 (Feb 2004)	AD&Co News	Rob Landauer	Mark Your Calendar for June 17th!
Issue 18 (Jan 2004)	Prepayment Update	Dan Szakallas	Model Performance Review
Issue 18 (Jan 2004)	AD&Co News	Rob Landauer	New MBS Prepayment Model v433i & License Key Update
Issue 18 (Jan 2004)	Consulting Corner	Mickey Storms	Keen Eye for Manufactured Housing
Issue 18 (Jan 2004)	Valuation Commentary	Alex Levin, Andrew Davidson, Anne Ching	Insights into Historical Current Coupon OAS