Real Estate Capital Markets

Syllabus

• Current Syllabus:RECM Spring 2005
• Old Syllabuses:RECM Spring 2004 ,

Readings: 

Practice Exam: Midterm 2005

Grades: Spring 2004 Statistics

Practical Assignments for Spring 2006 (New): FAQ
Grader: 

• Case 1: Types of Mortgages (MtgMath06.pdf) and (MtgMath06) data (Rev. 7/14/05)
• Case 2: PSA Speeds and Pricing the Prepayment Option (Prepay06.pdf and data) (Rev. 7/14/05)
• Case 3: Strips, CMOs, and Option-Adjusted Spreads (OAS) (CMO06.pdf and data) (Rev. 7/17/05)
• Case 4: PACs, TACs, Floaters, and Inverse Floaters (PAC06.pdf and data) (Rev. 7/20/05)
• Case 5: Analysis of REITs (REIT06.pdf) and (REIT06) data (Rev. 8/10/05)
• Case 6: Analysis of CREFs (CREIF06.pdf) and (CREF06) data (Rev. 7/24/05)
• Case 7: Analysis of RELPs (recm7.pdf) and (RELP04) data

Cases from Previous Semesters
Practical Assignments for Spring 2004 (Old):

Practical Assignments for Spring 2005 (New): FAQ
Grader: Nelda Chang

• Case 1: Types of Mortgages (MtgMath05.pdf) and (MtgMath05) data (Rev. 9/19/04)
• Case 2: PSA Speeds and Pricing the Prepayment Option (Prepay05.pdf and data) (Rev. 9/20/04)
• Case 3: Strips, CMOs, and Option-Adjusted Spreads (OAS) (CMO05.pdf and data) (Rev. 9/23/05)
• Case 4: PACs, TACs, Floaters, and Inverse Floaters (PAC05.pdf and data) (Rev. 9/26/05)
• Case 5: Analysis of REITs (REIT05.pdf) and (REIT05) data (Rev. 7/16/04)
• Case 6: Analysis of CREFs (CREIF05.pdf) and (CREF05) data (Rev. 9/18/04)
• Case 7: Analysis of RELPs (recm7.pdf) and (RELP04) data

Spring 2004

• Case 1: Types of Mortgages (recm1.pdf). Primers: Using Excel: pv.xls,Calculating APR: apr.xls
• Case 2: Mortgage Prepayments/Pricing the Prepayment Option (recm2.pdf)
• Case 3: Strips, CMOs, and Option-Adjusted Spreads (OAS) (recm3.pdf), CMO example: cmo.xls
• Case 4: PACs, TACs, Floaters, and Inverse Floaters (recm4.pdf)
• Case 5: Analysis of REITs (recm5.pdf) and (REIT04) and (REIT04 Add) data
• Case 6: Analysis of CREFs (recm6.pdf) and (CREF04) data
• Case 7: Analysis of RELPs (recm7.pdf) and (RELP04) data
• Case 8: MPT Analysis (recm8.pdf) and and MPT04 data

Related Websites:
 

Topics	Website
I. Securitization of Real Estate Equity
Primers on Real Estate Securities	Institutional Real Estate
Real Estate Investment Trusts (REITs)	REITs MarketWatch & Data:Inrealty,SNL REIT, NAREIT , ReitNet, Realty Stocks ,  Conferences: CSFB REIT Conference Proceedings Statistics: Intellectual Capital Options on REITs:CBOE
Commingled Real Estate Funds (CREFs)	NCREIF
Real Estate Limited Partnerships	Partnership Wirehouses:American Partnership Board , USA Partnership Board Partnership Valuation:SparData,Houlihan, Valuation Group Regulators:North American Securities Administrators Association,
Institutional Investor Organizations	Pension Real Estate Advisors
Institutional Information and Benchmarks	Evaluation Associates
Topics	Website
II. Securitization of Real Estate Debt
Mortgage News	National Mortgage News
Mortgage Reference Material	Dictionary on Fixed Income Terminology Fixed Income Glossary
Primers and Overviews on MBS/CMBS	Bond Market Association: Investing In Bonds LJH Global Investments: MBS Arbitrage
Wall Street Research Reports	Nomura: Commercial MBS Research Reports Lehman: ABS/MBS Weekly Reports Merrill Lynch Paine Webber Conseco: Fixed Income Report BARRA (Also search on other fixed income topics)
Trade Association Reports and Statistics	Commercial Mortgage Securities Association Bond Market Association Inside Mortgage Finance Public Securities Association (PSA)
International Mortgage Securitization	The Financier (Securitization section) World Trade Executive (Featured Articles section) International Union for Housing Finance (go to lastest trends in international mortgage securitization) Treasury Management International (see esp. securitization and structured finance sections) MBS Information by Country Registered Australian Mortgage Securities (RAMs) Canada Mortgage and Housing Corporation Cagamas Berhad (Malaysia)
Rating Agencies Research Reports	Fitch: Commercial Mortgages (Structured Finance) Duff and Phelps: Structured Finance
Regulatory  Agencies Reports	Comptroller of the Currency: Qtrly Derivative Reports,
Government Agencies and GSEs	Ginnie Mae (contains multifamily MBS data) Fannie Mae
Information on Private Label Deals	Mortgage Risk Assessment Corporation
Information on CMBS Deals	Bank One Mortgage Capital Markets Bankers Trust CSSA: CMBS Offering Information Corporate Trust Ginnie Mae GMACC LaSalle National Bank Midland Loan Services Muller Data Corporation Securities Link
Commercial Mortgage Origination (Examples)	Aegon GECC
Fixed Income Securities (General)	Bonds Online Convertible Bond Calculator