Comments (27)

Mar 16, 2013

CFA L2's fixed income chapter has a pretty substantial section on MBS's (and people are pretty much always selling their books after the test passes). Pretty sure it is all taken from Fabozzi's book though, so that may work as well. You may be able to find online versions like you asked.

http://books.google.com/books/about/The_Handbook_o...

Mar 16, 2013

Bump - very interested as well.

Mar 16, 2013

...Also, I'm planning on getting the Breaking into Wall Street real estate modeling course but do not know if it contains any CMBS material. If there is any type of program similar to "BIWS" or "Real Estate Financial Modeling" which involve the CAPITAL MARKETS, please let me know.

I have an interview with a CMBS shop pretty soon and understand the acquisitions side of real estate(I used to be an investment sales broker) but haven't dealt at all with CMBS-level lending. I have a strong passion for real estate and are good with numbers, so I'm planning on studying as much as i can about the industry. Any help will be appreciated.

Mar 17, 2013
Jan 4, 2014

I've spent a lot of time online and in university libraries on this recently. These are the best books:

1. Investing in Commercial Mortgage-Backed Securites (Fabozzi 2001, overall my favorite book but old)
2. The Handbook of Commercial Mortgage-Backed Securities (Fabozzi 1998, second most favorite and detailed but old)
3. The Handbook of Mortgage-Backed Securities (Fabozzi 2005, newer and decent section on CMBS)
4. Mortgage-Backed Securities: Products, Structuring, and Analytical Techniques (Fabozzi 2011, most recent but not as much on CMBS)
5. Modeling Structured Finance Cash Flows with Excel (Allman 2007, great step-by-step Excel modeling book- get the cd, RMBS but transferable to CMBS)
6. Reverse Engineering Deals on Wall Street with Microsoft Excel (Allman 2008, RMBS but very transferable to CMBS)

Hopefully this will save some people some time, as I skimmed through 30-40 books at various university libraries before I came up with this list.

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Apr 11, 2015

Thanks for the book list!

May 1, 2015
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Mar 22, 2013

Fabozzi is the best. The trade organization CREFC has some good material. Check out their E-Primer.

Mar 25, 2013

The e-primer by CREFC is an in-depth 8 chapter read and is very well written. If you can absorb the content, it should be everything you need to get a good understanding of CMBS. You need to register with the website to gain access but totally worth it.

    • 1
Mar 16, 2013
thundercat3307:

The e-primer by CREFC is an in-depth 8 chapter read and is very well written. If you can absorb the content, it should be everything you need to get a good understanding of CMBS. You need to register with the website to gain access but totally worth it.

Much appreciated - will be sure to give it a read.

Jul 28, 2013

Looks like this is $250 to read? Am I looking in the wrong place or do you have to register with the site and then pay 250?

Mar 22, 2013

Used to be free. They started charging for it about a month ago. I have an old copy I can send you if you pm me.

Jul 29, 2013

I was just about to come in and recommend the CREF literature. It is free on their website you just need to make an account. The free one is old through (pre recession) so it is certainly missing key points but is still a good overview of how the instrument works. They just released a month or so ago an updated 2013 one which you have to pay a couple hundred bucks for.

Jan 8, 2014

crefc e-primer is all you need

Apr 30, 2015
May 1, 2015

Thanks for this! SB

May 6, 2015

max_fischer's list is solid. In addition to the CREFC primer, I'd also add the Amherst primer. Long but worth the read. All of these materials will give you a general understanding but that's about it. If you have contacts at BB, reach out and ask for some of their primers and research. CS, Citi, BAML, WF and MS all have decent research. I personally like CS, they have a great CMBS desk and research team. Trepp also puts out a newsletter which I believe is free. Worth subscribing since it discusses both the market (trading activity), fundamentals and news on underlying collateral. You can also check out CREDirect.

It also depends on what you're interested in learning. CMBS in general, or trading, analysis, agency v non-agency,etc. If you aren't very familiar with CRE in general, I'd start there. In my experience, having a solid foundation in CRE makes learning the structured finance aspect much easier. Not necessary but I don't know very many people in the CMBS space that aren't competent in CRE.

I have some CMBS materials, models, etc that I've put together for training purposes over the years. PM me personal email if interested.

May 6, 2015

Fabozzi, Handbook of Mortgage Backed Securities.

But I'm no expert. I also use Fabozzi's myraid works on debt instruments as reference guides.

May 6, 2015

Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities ....very good one

May 6, 2015

Mortgage Backed Securities Workbook. Problem sets on how to construct MBS

May 6, 2015

fabozzi-handbook pf fixed income securities

May 6, 2015

slightly outdated, but still has relevant info.

http://www.scribd.com/doc/48925008/CMBS-Primer-5th...

May 6, 2015

Salomon's Guide to Mortgaged Backed Securities is the best mortgage book I have ever read in terms of depth and clarity.

Best Response
May 6, 2015