Introduction to Securitization outlines the basics of securitization, addressing applications for this technology to mortgages, collateralized debt obligations, future flows, credit cards, and auto loans. The authors present a comprehensive overview of the topic based on the experience they have gathered through years of interaction with practitioners and graduate students around the world. The authors offer coverage of such key topics as: structuring agency MBS deals and non-agency deals, credit enhancements and sizing, using interest rate derivatives in securitization transactions, asset classes securitized, operational risk factors, implications for financial markets, and applying securitization technology to CDOs. Finally, in the appendices, the authors provide an essential introduction to credit derivatives, an explanation of the methodology for the valuation of MBS/ABS, and the estimation of interest rate risk.Securitization is a financial technique that pools assets together and, in effect, turns them into a tradable security. The end result of a securitization transaction is that a corporation can obtain proceeds by selling assets and not borrowing funds. In real life, many securitization structures are quite complex and enigmatic for practitioners, investors, and finance students. Typically, books detailing this topic are either too lengthy, too technical, or too superficial in their presentation. Introduction to Securitization is the first to offer essential information on this topic at a fundamental, yet comprehensive level-providing readers with a working understanding of what has become one of today's most important areas of finance.Authors Frank Fabozzi and Vinod Kothari, internationally recognized experts in the field, clearly define securitization, contrast it with corporate finance, and explain its advantages. They carefully illustrate the structuring of asset-backed securities (ABS) transactions, including agency mortgage-backed securities (MBS) deals and nonagency deals, and show the use of credit enhancements and interest rate derivatives in such transactions.

证券化简介概述了证券化的基础知识，阐述了这项技术在抵押贷款、债务抵押债券、未来资金流、信用卡和汽车贷款中的应用。作者通过与世界各地的从业者和研究生多年的互动，根据他们积累的经验，对这一主题进行了全面的概述。作者提供了一些关键主题的报道，如：构建机构MBS交易和非机构交易、信用增强和规模、在证券化交易中使用利率衍生品、证券化资产类别、操作风险因素、对金融市场的影响以及将证券化技术应用于CDO。最后，在附录中，作者对信用衍生产品进行了必要的介绍，对MBS/ABS的估值方法和利率风险的估计进行了解释。证券化是一种将资产集中在一起的金融技术，实际上是将资产转化为可交易证券。证券化交易的最终结果是公司可以通过出售资产而不是借入资金来获得收益。在现实生活中，许多证券化结构对于从业者、投资者和金融专业的学生来说是相当复杂和神秘的。通常，详述这个主题的书籍要么太长，要么太技术化，要么太肤浅。《证券化导论》是第一本从基本而全面的层面提供有关这一主题的基本信息的书，为读者提供了对当今金融最重要领域之一的工作理解。作者Frank Fabozzi和Vinod Kothari是这一领域的国际公认专家，明确了证券化的定义，并将其与企业融资进行了对比，说明了其优势所在。它们仔细说明了资产支持证券（ABS）交易的结构，包括机构抵押贷款支持证券（MBS）交易和非机构交易，并展示了信用增强和利率衍生品在此类交易中的使用。