Real Estate Investment and Securities. ((3 Credits))

Catalog description

Prerequisite(s): University Advanced Standing Examines real estate investments and debt and equity capital markets linked to real estate assets. Focuses primarily on real estate investments and valuation of debt and equity securities, including commercial and residential mortgages, real estate investment trusts, and mortgage-backed securities, and some related instruments such as CDOs. Examines the process of securitization and the secondary markets for real estate securities, together with the role of financial institutions in this sector. Provides an overview of real estate investment, measurement of prices, and fundamental determinants of value with particular attention given to the effect of interest rate risk, default risk, and the embedded prepayment options on the value of mortgages and mortgage-backed securities.