Whole Loan Trading- Take Internship?
I just interviewed for a small firm that deals with whole loan trading. I'm looking to land a summer analyst internship in S&T. What do you think about the relevance of this internship? Here's a link to what the company does to get a better idea.
Anyone trade whole loan portfolios of residential mortgages or consumer loans? (Originally Posted: 09/02/2010)
Anyone do this/did this before? I'm meeting with a boutique investment bank (not in NYC) that specializes in this. Just trying to prepare for this. Any advice would be appreciated. Thanks.
Know how prepayment risk affects credit valuation. Know how of securitization consumer debt works. Know what Prime, Subprime, and Alt-A are. Know how option ARM's work and what the shorthand means (ie 5/1 Option ARM at x%) Know what agency vs non-agency means. Read Liar's Poker.
These are just some basic concepts for mortgage/mortgage bonds.
Understand and be able to explain negative convexity
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