Commercial mortgage-backed securities (CMBS)-securitizations of mortgage loans backed by commercial real estate-have become compelling devices for fixed income investing. This title, edited by renowned financial expert Frank Fabozzi, describes the structure, valuation, and performance of CMBS, illustrates an empirical framework for estimating CMBS defaults, instructs how to value prepayment and credit risks of CMBS, and more.
The Handbook of Commercial Mortgage-Backed Securities is a cornerstone reference in this emerging sector of the structured finance market. This Second Edition provides updated coverage of the market, the instruments, the tools used to assess these securities, and tax accounting issues. In addition to an overview of the commercial real estate finance and commercial property markets, this book also covers property-market framework for bond investors, the role of the servicer, an investor's perspective on commercial mortgage-backed coupon strips, defaults on commercial mortgages, assessing credit risk, an options approach to valuation and risk analysis, legal perspectives on disclosure issues, and federal income taxation.
Property Law is the perfect companion to guide you through the intricacies of the conveyancing process. Drawing on the authors' considerable experience of legal practice, and suitable for use on courses with either a residential or a commercial conveyancing focus, this book offers lively andaccessible explanations of often complex processes. With highly practical guidance on how to approach each stage of a conveyancing transaction in practice, this book is ideal for use as a core text on the Legal Practice Course or as a valuable source of reference where knowledge of the conveyancingprocess is essential.Online ResourcesThis book is also supported by online resources, which include:- Multiple choice questions- Case study documentation- Guide to completing prescribed clauses in leases- Problem questions and answer guidance- Interactive timelines- Additional chapter: Commonhold- Lists of wider reading and websites for further information- Figures from the book
Real estate, like any other investment, is a means to an end: that end might be a secondary source of income, a strategic plan for your retirement, or a way to attain complete financial independence. Whatever your goal is, you've decided that real estate is a tool you want to use. So how do you use it? How do you make it work for you and avoid getting burned in the market? And how much of it do you need to fulfill your ambitions? Peter Kinch is one of Canada's top mortgage brokers and has helped thousands of investors clarify their dreams and turn them into reality. In The Canadian Real Estate Action Plan, Peter walks you through one of his investor workshops, helping you develop not just a plan, but your plan, including: Defining your end goal, and how much real estate you need to achieve it Determining the kinds of investments that are right for you Identifying obstacles to your success, and overcoming them Discovering financing options and solutions, including recent changes that affect investors New investors will get the thorough background information they need to get started, while more experienced investors will benefit from exploring alternative options and lesser-known strategies. Both will see how long-term thinking is the key to their portfolio's continued profitability. The best way to achieve your goals is to plan for your success, and there's no better tool to help you do just that than The Canadian Real Estate Action Plan.
A Practical Approach to Conveyancing provides practical solutions to everyday problems encountered in the conveyancing process. Practical checklists and key point summaries appear throughout the book making it particularly suitable for students studying property law and practice on the Legal Practice Course.
Recent market turbulence makes it abundantly clear how important it is to understand the key markets. This book is the definitive guide to why different markets exist, how they operate, and how they are interrelated. Extensively revised and updated, the new Fifth Edition of Guide to Financial Markets brings the reader up to date with the latest developments in financial instruments and provides a clear and incisive guide to this increasingly complex world. With chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, futures, options, and other derivatives, this new edition looks at why these markets exist, how they work, and who trades in them, and provides a rundown of the factors that affect prices and rates.
In Introduction to Mortgages & Mortgage Backed Securities, author Richard Green combines current practices in real estate capital markets with financial theory so readers can make intelligent business decisions. After a behavioral economics chapter on the nature of real estate decisions, he explores mortgage products, processes, derivatives, and international practices. By focusing on debt, his book presents a different view of the mortgage market than is commonly available, and his primer on fixed-income tools and concepts ensures that readers understand the rich content he covers. Including commercial and residential real estate, this book explains how the markets work, why they collapsed in 2008, and what countries are doing to protect themselves from future bubbles. Green's expertise illuminates both the fundamentals of mortgage analysis and the international paradigms of products, models, and regulatory environments. Written for buyers of real estate, not mortgage lenders Balances theory with increasingly complex practices of commercial and residential mortgage lending Emphasizes international practices, changes caused by the 2008-11 financial crisis, and the behavioral aspects of mortgage decision making
"...Provides a state-of-the-art overview of real-estate derivatives, covering the description of these financial products, their applications, and the most important models proposed in the literature...The book examines econometric aspects of real-estate index prices time series and financial engineering non-arbitrage principles that govern the pricing of derivatives...examples are based on real-world data from exchanges, major investment banks or financial houses in London. The numerical analysis is easily replicable with Excel and Matlab."--back jacket cover.
Wales is being transformed from a country dependent upon heavy industries to one of the most exciting regions of Western Europe. It is attracting a diversity of activity in terms of both inward investment and a whole range of new indigenous business. Wales has had an increasing amount of inward investment. Countries like Japan, the United States and Western Germany recognise the high quality of the workforce, the good communications, the good financial package offered by a positive regional policy and the enthusiasm of local government and trade unions welcome them. Wales is at last being recognised as the ideal location for service industries. The urban redevelopment of Cardiff, the enormous developments in cities like Swansea and Newport create a location for service industries of the highest quality at low cost. Wales provides office accomodation at a fraction of the cost in the South East of England, but with the latest buildings and the latest in telecommunication technology. There is certainly a welcome in Wales and I hope all of those who read this directory, indicating as it does the growth that has already taken place, will themselves make the appropriate enquiries: • see where they can locate an office, • see what are the facilities for a good quality labour force, • study the good communications be they road, rail or telecommunications. Anybody that does this will certainly conclude that Wales is the place to be. Rt. Han. Peter Walker, MBE.