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    Title Page
    Copyright Page
    Foreword
    Acknowledgements
    Introduction
    NOTE ON ROUNDING DIFFERENCES
    CHAPTER 1 - FEATURES OF DEBT SECURITIES
    CHAPTER 2 - RISKS ASSOCIATED WITH INVESTING IN BONDS
    CHAPTER 3 - OVERVIEW OF BOND SECTORS AND INSTRUMENTS
    CHAPTER 4 - UNDERSTANDING YIELD SPREADS
    CHAPTER 5 - INTRODUCTION TO THE VALUATION OF DEBT SECURITIES
    CHAPTER 6 - YIELD MEASURES, SPOT RATES, AND FORWARD RATES
    CHAPTER 7 - INTRODUCTION TO THE MEASUREMENT OF INTEREST RATE RISK
    CHAPTER 8 - TERM STRUCTURE AND VOLATILITY OF INTEREST RATES
    CHAPTER 9 - VALUING BONDS WITH EMBEDDED OPTIONS
    CHAPTER 10 - MORTGAGE-BACKED SECTOR OF THE BOND MARKET
    CHAPTER 11 - ASSET-BACKED SECTOR OF THE BOND MARKET
    I. INTRODUCTION
    II. THE SECURITIZATION PROCESS AND FEATURES OF ABS
    III. HOME EQUITY LOANS
    IV. MANUFACTURED HOUSING-BACKED SECURITIES
    V. RESIDENTIAL MBS OUTSIDE THE UNITED STATES
    VI. AUTO LOAN-BACKED SECURITIES
    VII. STUDENT LOAN-BACKED SECURITIES
    VIII. SBA LOAN-BACKED SECURITIES
    IX. CREDIT CARD RECEIVABLE-BACKED SECURITIES
    X. COLLATERALIZED DEBT OBLIGATIONS
    CHAPTER 12 - VALUING MORTGAGE-BACKED AND ASSET-BACKED SECURITIES
    CHAPTER 13 - INTEREST RATE DERIVATIVE INSTRUMENTS
    CHAPTER 14 - VALUATION OF INTEREST RATE DERIVATIVE INSTRUMENTS
    CHAPTER 15 - GENERAL PRINCIPLES OF CREDIT ANALYSIS
    CHAPTER 16 - INTRODUCTION TO BOND PORTFOLIO MANAGEMENT
    CHAPTER 17 - MEASURING A PORTFOLIO'S RISK PROFILE
    CHAPTER 18 - MANAGING FUNDS AGAINST A BOND MARKET INDEX
    CHAPTER 19 - PORTFOLIO IMMUNIZATION AND CASH FLOW MATCHING
    CHAPTER 20 - RELATIVE-VALUE METHODOLOGIES FOR GLOBAL CREDIT BOND PORTFOLIO MANAGEMENT
    CHAPTER 21 - INTERNATIONAL BOND PORTFOLIO MANAGEMENT
    CHAPTER 22 - CONTROLLING INTEREST RATE RISK WITH DERIVATIVES
    CHAPTER 23 - HEDGING MORTGAGE SECURITIES TO CAPTURE RELATIVE VALUE
    CHAPTER 24 - CREDIT DERIVATIVES IN BOND PORTFOLIO MANAGEMENT
    ABOUT THE CFA PROGRAM
    ABOUT THE AUTHOR
    ABOUT THE CONTRIBUTORS
    Index
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    CHAPTER 11 - ASSET-BACKED SECTOR OF THE ... > IV. MANUFACTURED HOUSING-BACKED SECU...

    IV. MANUFACTURED HOUSING-BACKED SECURITIES

    Manufactured housing-backed securities are backed by loans for manufactured homes. In contrast to site-built homes, manufactured homes are built at a factory and then transported to a site. The loan may be either a mortgage loan (for both the land and the home) or a consumer retail installment loan.
    Manufactured housing-backed securities are issued by Ginnie Mae and private entities. The former securities are guaranteed by the full faith and credit of the U.S. government. The manufactured home loans that are collateral for the securities issued and guaranteed by Ginnie Mae are loans guaranteed by the Federal Housing Administration (FHA) or Veterans Administration (VA).
    Loans not backed by the FHA or VA are called conventional loans. Manufactured housing-backed securities that are backed by such loans are called conventional manufactured housing-backed securities. These securities are issued by private entities.

      

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