Mortgage Backed Securities

An introduction to MBS, pass-through securities, and CMO's, with details to help understand MBS and how they work.
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296 students enrolled
Instructed by Paul Siegel Business / Finance
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  • Lectures 21
  • Length 3.5 hours
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 3/2014 English

Course Description

This course will introduce you to a variety of the more commonly-encountered types of mortgage-backed securities, pass-through securities, and CMO's, as well as a lot of the concepts used to assess the attractiveness of mortgage-backed securities and a lot of the details to help understand mortgage-backed securities and how they work.

This course contains 21 lectures among 4 sections:

  • Introduction to Mortgages and Mortgage Backed Securities
  • Pass Through Securities
  • Analysis of Pass Through Securities
  • Collateralized Mortgage Obligations

What are the requirements?

  • Knowledge of the English language.
  • Participants are expected to have basic math knowledge coming into this course.
  • A financial calculator is recommended to get the most out of this course.

What am I going to get from this course?

  • You'll learn what Mortgage Backed Securities are and how they are structured
  • You'll learn what pass-through securities are, their risks, and prices & yields
  • You'll learn what collateralized mortgage obligations (CMOs) are and how they work

Who is the target audience?

  • Analysts and associates in commercial, corporate and investment banking.

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.


Section 1: Introduction to Mortgages and Mortgage Backed Securities

Instructor Doug Carroll introduces the course.


Instructor Doug Carroll explains asset securitization and introduces mortgage loans.


Instructor Doug Carroll explains mortgage loans.

Section 2: Pass Through Securities

Instructor Doug Carroll gives an introduction to pass through securities.


Instructor Doug Carroll talks about U.S. mortgage agencies.


Instructor Doug Carroll explains agency underwriting guidelines.


Instructor Doug Carroll explains the structure of pass through securities.


Instructor Doug Carroll talks about mortgage cash flows (part 1 of 2).


Instructor Doug Carroll talks about mortgage cash flows (part 2 of 2).


Instructor Doug Carroll explains mortgage pool cash flows.


Instructor Doug Carroll explains mortgage prepayments.

Section 3: Analysis of Pass Through Securities

Instructor Doug Carroll discusses the risks of pass through securities.


Instructor Doug Carroll discusses prices and yields of pass through securities.


Instructor Doug Carroll discusses cash flows and valuation of pass through securities.


Instructor Doug Carroll discusses MBS prepayments and negative convexity.


Instructor Doug Carroll explains prepayment benchmarks.

Section 4: Collateralized Mortgage Obligations

Instructor Doug Carroll explains conditional prepayment rate and CMOs.


Instructor Doug Carroll talks about CMOs and sequential pay tranches.


Instructor Doug Carroll talks about Z bond tranches.


Instructor Doug Carroll explains PAC bond tranches.


Instructor Doug Carroll discusses other types of tranches and concludes the course.

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Instructor Biography

Paul Siegel, Education you can bank on

We deliver superlative, hands-on and practical corporate and investment banking education that you can use immediately in your job, or that next great job you are looking to start. We focus on making complex subjects readily understandable and usable. If you want to take a great leap forward in your finance career, we are here to make that happen.

Our instructors are practitioners who have worked in the field of finance. They relate the subjects covered to real work situations you will encounter in your banking job. So, the concepts are real, the coverage is at the right level of depth, and the material is easy to absorb.

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