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FINANCIAL MARKET COURSES

Securitization - European Mortgage-Backed Securities

This course focuses on European mortgage-backed securities (MBS). It is important to analyze MBS in Europe, as distinct from the United States, as there are important differences.

 

The European MBS market originated in the UK in 1987, whereas the first MBS securitization in the US was way back in the 1960s. Despite significant progress in European integration, Europe still has different legal, political and economic country frameworks, whereas the MBS framework in the US is homogenous across all states.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Define the structure and mechanics of a European mortgage-backed security (MBS)

    Identify the criteria used to analyze and rate a European MBS

    Describe how the European MBS market evolved

  • PROGRAM CONTENT

    Topic 1: Basics of Mortgage Backed-Securities

    What is a Mortgage-Backed Security?

    MBS Cash Flows

    Credit Protection

    Structural Enhancements

    Credit Enhancement & Paydown

    Redemption Rate of an MBS

    Maturity of an MBS

    MBS & Master Trust Structure

    Topic 2: Analyzing & Rating MBS Transactions

    Analyzing MBSs

    CPR

    Mortgage Type

    Borrower Type

    Income to Loan Ratio

    LTV Ratio

    Seasoning

    Severity of Loss

    Geographic Distribution

    Property Values

    Rating MBS Transactions

    Topic 3: Evolution of the European MBS Market

    Development of the European MBS Market

    European MBS Market – The Early Days

    European MBS Market – Consolidation

    European MBS Market – Crisis and Recovery

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    75 Minutes

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