b******e
发帖数: 118 | 1 这两个的本质区别是什么？原以为CMO是CDO的一种，好像完全不是这样的。。。请牛人
指点。 |
b******e
发帖数: 118 | |
a*********r
发帖数: 139 | 3 I don't claim myself to be a top expert. But these two are very basic
concepts in finance. CDO stands for collateralized debt obligation. It's a
kind of structured finance product. CMO is the abbreviation of
collateralized mortgage obligation. It's a special type of CDO.
If you want to know details of CMO, its history, how it works, etc, read
chapter 24 of Handbook of Fixed Income Securities, 7th edition, 2005
If you want to know who these products play their roles in the 2008
financial crises, you can read Chapter 2 of IMF's Global Financial Stability
Report published in April 2008.
Good luck!
【在 b******e 的大作中提到】
: 大牛的回帖为什么看不到了？
|
b******e
发帖数: 118 | 4 Thanks a lot!
但我在面试的时候，interviewer说这两个有很大区别，給我解释了一通，没听明白，
汗。。。
Stability
【在 a*********r 的大作中提到】
: I don't claim myself to be a top expert. But these two are very basic
: concepts in finance. CDO stands for collateralized debt obligation. It's a
: kind of structured finance product. CMO is the abbreviation of
: collateralized mortgage obligation. It's a special type of CDO.
: If you want to know details of CMO, its history, how it works, etc, read
: chapter 24 of Handbook of Fixed Income Securities, 7th edition, 2005
: If you want to know who these products play their roles in the 2008
: financial crises, you can read Chapter 2 of IMF's Global Financial Stability
: Report published in April 2008.
: Good luck!
|
a***r
发帖数: 594 | 5 CMO in principal is a type of CDO.
but in many places, CDO is limited to mean those in only the corporate debt
sector, not the mortgage sector.
do you at least remember supficially what the interviewer said so we can
better guess what he was eluding to .
【在 b******e 的大作中提到】
: Thanks a lot!
: 但我在面试的时候，interviewer说这两个有很大区别，給我解释了一通，没听明白，
: 汗。。。
:
: Stability
|
h*y
发帖数: 1289 | 6 都是abs，asset backed securities
underlying不同，cdo是a portfolio of bonds（这个portfolio还不一定真实存在）
cmo是a pool of mortgages.
cash flow不同，一个amortize一个不amortize
cdo主要考虑default correlation; cmo除了default之外prepayment非常重要(CMBS除
外）
......
总之这两个虽说都是abs但差别很大。 |
a*********r
发帖数: 139 | 7 Let me add a little bit more details: Actually lots of people in finance use
ABS to refer to loans collateralized by non-mortgage loans assets like auto
loans, credit card receivables, etc. CDO is usually used to refer to ABS
backed by a pool of debt obgliation. (not necessarily bonds). CMO is an
important type of residentail mortgage-backed securities. Other two
important types are pass-through and stripped.
【在 h*y 的大作中提到】
: 都是abs，asset backed securities
: underlying不同，cdo是a portfolio of bonds（这个portfolio还不一定真实存在）
: cmo是a pool of mortgages.
: cash flow不同，一个amortize一个不amortize
: cdo主要考虑default correlation; cmo除了default之外prepayment非常重要(CMBS除
: 外）
: ......
: 总之这两个虽说都是abs但差别很大。
|
t******t
发帖数: 40 | 8 同意这个。
【在 h*y 的大作中提到】
: 都是abs，asset backed securities
: underlying不同，cdo是a portfolio of bonds（这个portfolio还不一定真实存在）
: cmo是a pool of mortgages.
: cash flow不同，一个amortize一个不amortize
: cdo主要考虑default correlation; cmo除了default之外prepayment非常重要(CMBS除
: 外）
: ......
: 总之这两个虽说都是abs但差别很大。
|
b******e
发帖数: 118 | 9 "cash flow不同，一个amortize一个不amortize"
这个可不可以再详细解释一下？多谢！
【在 h*y 的大作中提到】
: 都是abs，asset backed securities
: underlying不同，cdo是a portfolio of bonds（这个portfolio还不一定真实存在）
: cmo是a pool of mortgages.
: cash flow不同，一个amortize一个不amortize
: cdo主要考虑default correlation; cmo除了default之外prepayment非常重要(CMBS除
: 外）
: ......
: 总之这两个虽说都是abs但差别很大。
|
h*y
发帖数: 1289 | 10 Actually, I should take that back. Some CDOs are amortizing.
Amortization的payments include principal part and interest part.
Non-amortizing payments contain only periodic interest(coupon) payments
and a final principal payment.
Honestly, you should google it first, because it's a very basic concept.
【在 b******e 的大作中提到】
: "cash flow不同，一个amortize一个不amortize"
: 这个可不可以再详细解释一下？多谢！
|
D**********d
发帖数: 849 | |
