05-16-2013 Boot Camp: Mortgage & Mortgage-Backed Securities

Thursday, May 16 - Friday, May 17, 2013


A 2-day intensive training program where students are instructed on mortgages and mortgage-backed securities. The program is
designed to introduce participants to the broad variety of mortgage and MBS products, explain technical aspects of MBS performance,
and demonstrate why and how different types of MBS structures are created.

The program includes both in-depth presentations and modeling case studies using MS Excel. Participants will explore a wide variety
of concepts while gaining experience in modeling cash flows, market execution and risks.

Boot Camp Agenda

Day 1: MBS market logic & history, mortgage product description, MBS pool creation, MBS markets & trading

Day 2: Prepayments & MBS price performance, mortgage credit, structured agency & non-agency MBS

What sets this program apart?

• The program offers comprehensive instruction on the mortgage and MBS markets, including sections devoted to areas that
are highly technical and difficult to teach.

• The program includes intensive Excel modeling sessions on:

   - generating mortgage and MBS cash flows

   - calculating average lives, durations and yields

   - creating MBS pools and calculating “best execution”

   - calculating dollar roll break-evens and carry

   - converting prepayment metrics

   - calculating effective durations and convexities

   - creating simple agency structuring variations

   - Be sure to bring your Excel-enabled portable computers! 
     (Required for the modeling sessions)

• The program will be run by Bill Berliner of Manhattan Capital. Bill is a well-known authority on mortgages and mortgagebacked
securities with 28+ years of experience in research, trading, sales, and operations. He is the co-author, with Frank
Fabozzi and Anand Bhattacharya, of an award-winning text book on the sector, and has taught classes in the Fixed-
Income program for CFA-LA since 2003.

For more information, please click here for the Boot Camp Brochure


Understanding of capital markets
Excel – Beginner level


Full course – 2 days
Course materials included


12 Credits


$900 for CFALA Members
$1,000 for non-Members


Thursday, May 16 - Friday, May 17, 2013 from 8:30am to 4:00pm (both days)


Biltmore Court
520 S. Grand Ave., Suite 680
Los Angeles, CA 90071


Rama Maladi – rmalladi@gmail.com


Methods of payment accepted: Visa/Mastercard, American Express and Discover. If you prefer to pay by check please register online and select "purchase order" as your payment option and enter your last name as the purchase order number. Mail check to: CFA Society of Los Angeles, 520 S. Grand Ave, Suite 370, Los Angeles CA 90071.

 *Credit card payments will not  be accepted, nor should be given, by phone or email. 


Enrollee cancellations must be made in writing and received at least 5 business days before the first day of class.  All cancellations will incur a $30.00 processing fee.  If enrollment is canceled after the 5-day deadline, a 50% cancellation fee will be charged.

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