Loan Securitisation
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Securitization Of Credit
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Author : James A. Rosenthal
language : en
Publisher: John Wiley & Sons
Release Date : 1991-01-16
Securitization Of Credit written by James A. Rosenthal and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-01-16 with Business & Economics categories.
The first guide to this new financial trend. Credit securitization (also known as asset securitization) is a financial technology for packaging, underwriting, and selling loans in the form of securities. First used in packaging mortgage loans (as in the case of GNMA and other federally insured mortgage-backed securities), credit securitization has grown rapidly and spread to other forms of credit, including auto loans, student loans, credit-card balances, and so on. This book provides lenders and other financial professionals with clear analyses of many actual credit securitization deals. Includes much information unavailable elsewhere.
Securitization And Credit Quality
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Author : David Marques-Ibanez
language : en
Publisher: International Monetary Fund
Release Date : 2016-11-15
Securitization And Credit Quality written by David Marques-Ibanez and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-15 with Business & Economics categories.
Banks are usually better informed on the loans they originate than other financial intermediaries. As a result, securitized loans might be of lower credit quality than otherwise similar nonsecuritized loans. We assess the effect of securitization activity on loans’ relative credit quality employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, at issuance, banks do not seem to select and securitize loans of lower credit quality. Following securitization, however, the credit quality of borrowers whose loans are securitized deteriorates by more than those in the control group. We find tentative evidence suggesting that poorer performance by securitized loans might be linked to banks’ reduced monitoring incentives.
Introduction To Securitization
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Author : Frank J. Fabozzi
language : en
Publisher: John Wiley & Sons
Release Date : 2008-07-15
Introduction To Securitization written by Frank J. Fabozzi and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-07-15 with Business & Economics categories.
Introduction to Securitization outlines the basics of securitization, addressing applications for this technology to mortgages, collateralized debt obligations, future flows, credit cards, and auto loans. The authors present a comprehensive overview of the topic based on the experience they have gathered through years of interaction with practitioners and graduate students around the world. The authors offer coverage of such key topics as: structuring agency MBS deals and nonagency deals, credit enhancements and sizing, using interest rate derivatives in securitization transactions, asset classes securitized, operational risk factors, implications for financial markets, and applying securitization technology to CDOs. Finally, in the appendices, the authors provide an essential introduction to credit derivatives, an explanation of the methodology for the valuation of MBS/ABS, and the estimation of interest rate risk. Securitization is a financial technique that pools assets together and, in effect, turns them into a tradable security. The end result of a securitization transaction is that a corporation can obtain proceeds by selling assets and not borrowing funds. In real life, many securitization structures are quite complex and enigmatic for practitioners, investors, and finance students. Typically, books detailing this topic are either too lengthy, too technical, or too superficial in their presentation. Introduction to Securitization is the first to offer essential information on this topic at a fundamental, yet comprehensive level-providing readers with a working understanding of what has become one of today's most important areas of finance. Authors Frank Fabozzi and Vinod Kothari, internationally recognized experts in the field, clearly define securitization, contrast it with corporate finance, and explain its advantages. They carefully illustrate the structuring of asset-backed securities (ABS) transactions, including agency mortgage-backed securities (MBS) deals and nonagency deals, and show the use of credit enhancements and interest rate derivatives in such transactions. They review the collateral classes in ABS, such as retail loans, credit cards, and future flows, and discuss ongoing funding vehicles such as asset-backed commercial paper conduits and other structured vehicles. And they explain the different types of collateralized debt obligations (CDOs) and structured credit, detailing their structuring and analysis. To complement the discussion, an introduction to credit derivatives is also provided. The authors conclude with a close look at securitization's impact on the financial markets and the economy, with a review of the now well-documented problems of the securitization of one asset class: subprime mortgages. While questions about the contribution of securitization have been tainted by the subprime mortgage crisis, it remains an important process for corporations, municipalities, and government entities seeking funding. The significance of this financial innovation is that it has been an important form of raising capital for corporations and government entities throughout the world, as well as a vehicle for risk management. Introduction to Securitization offers practitioners and students a simple and comprehensive entry into the interesting world of securitization and structured credit.
Mortgage Loan Securitization And Relative Loan Performance
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Author : John Krainer
language : en
Publisher: DIANE Publishing
Release Date : 2010-08
Mortgage Loan Securitization And Relative Loan Performance written by John Krainer and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-08 with categories.
Compares the ex ante observable risk characteristics and the default rates of securitized mortgage loans and mortgage loans retained by the original lender. Privately securitized loans tend to be riskier and to default at a faster rate than loans securitized with the GSEs and lender-retained loans. The differences in default rates across investor types are of secondary importance for explaining mortgage defaults compared to more conventional predictors, such as original loan-to-value ratios and the path for house prices. Privately securitized home mortgages have conditionally higher expected returns than retained loans, suggesting the presence of risk factors that are unobservable but nonetheless at least partially acknowledged by the market. Illus.
The Mechanics Of Securitization
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Author : Suleman Baig
language : en
Publisher: John Wiley & Sons
Release Date : 2013-01-09
The Mechanics Of Securitization written by Suleman Baig and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-09 with Business & Economics categories.
A step-by-step guide to implementing and closing securitization transactions Securitization is still in wide use despite the reduction in transactions. The reality is that investors and institutions continue to use this vehicle for raising funds and the demand for their use will continue to rise as the world's capital needs increase. The Mechanics of Securitization specifically analyzes and describes the process by which a bank successfully implements and closes a securitization transaction in the post subprime era. This book begins with an introduction to asset-backed securities and takes you through the historical impact of these transactions including the implications of the recent credit crisis and how the market has changed. Discusses, in great detail, rating agency reviews, liaising with third parties, marketing the deals, and securing investors Reviews due diligence and cash flow analysis techniques Examines credit and cash considerations as well as how to list and close deals Describes the process by which a bank will structure and implement the deal, and how the process is project managed and tested across internal bank departments While securitization transactions have been taking place for over twenty-five years, there is still a lack of information on exactly how they are processed successfully. This book will put you in a better position to understand how it all happens, and show you how to effectively implement an ABS transaction yourself.
Project Finance Securitisations Subordinated Debt
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Author : Philip R. Wood
language : en
Publisher: Sweet & Maxwell
Release Date : 2007
Project Finance Securitisations Subordinated Debt written by Philip R. Wood and has been published by Sweet & Maxwell this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Asset-backed financing categories.
This up-to-date treatment of an area of increasing importance provides an in-depth and clear analysis of the complexities of the subject
Securitization Past Present And Future
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Author : Solomon Y Deku
language : en
Publisher: Springer
Release Date : 2017-08-04
Securitization Past Present And Future written by Solomon Y Deku and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-04 with Business & Economics categories.
This book aims to explore if and how securitization changed financial intermediation and lending behaviour by reviewing the pre- and post-financial crisis theoretical and empirical literature. The book’s distinctive feature is bringing the growing post-crisis empirical evidence to the attention of a wider audience by critically appraising it against pre-crisis arguments. With its thought-provoking insights, this book is of particular interest for students, practitioners and academics.
Asset Backed Securitization In Europe
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Author : Theodor Baums
language : en
Publisher: Springer
Release Date : 1996-08-06
Asset Backed Securitization In Europe written by Theodor Baums and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-08-06 with Business & Economics categories.
Asset securitization is a modern finance technique, originally developed in the USA and increasingly finding use in Europe. Asset Backed Securitization in Europe sets out the legal and regulatory framework and tax issues of asset securitization in Austria, Belgium, Denmark, Finland, France, Germany, Great Britain, Greece, Italy, The Netherlands, Norway, Spain, Sweden, and Switzerland. The book is unique in providing an in-depth coverage of the legislation in all European countries where asset securitization plays a role. As ABS transactions often have international aspects, The book will be a useful source of reference since it covers the most important jurisdictions in Europe.
What Is Securitization
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Author : Mark Zandi
language : en
Publisher: Pearson Education
Release Date : 2009-11-16
What Is Securitization written by Mark Zandi and has been published by Pearson Education this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-11-16 with Business & Economics categories.
This Element is an excerpt form Financial Shock: Global Panic and Government Bailouts--How We Got Here and What Must Be Done to Fix It (ISBN: 9780137016631) by Mark Zandi. Available in print and digital formats. Pull back the curtain on the subprime mortgage collapse and discover what really happened. To fully understand the subprime mortgage implosion, you need to know how subprime mortgages were financed. Fundamentally, loans either are financed directly by financial institutions such as commercial banks and thrift institutions or are repackaged as bonds (that is, securitized) and sold to investors, who keep or trade them. The overwhelming majority of subprime loans were securitized...
Asset Securitization
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Author : Joseph C. Hu
language : en
Publisher: John Wiley & Sons
Release Date : 2011-06-01
Asset Securitization written by Joseph C. Hu and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-01 with Business & Economics categories.
Asset Securitization is intended for beginners and market professionals alike who are interested in learning about asset securitization—its concepts and practices. It is designed so that the readers will come away with a fundamental but comprehensive understanding of the asset securitization market. As such, the book aims to provide a review of the market's development, necessary framework, potential benefits, and detailed descriptions of major asset securitization products. Part I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficiency, the market participants, and the potential benefits of asset securitization. An analysis of mortgage finance will be provided in Part II, which consists of six chapters that cover a variety of topics from the description of many different types of residential mortgages to the securitization of different types of residential mortgages, including the now infamous sub-prime mortgages. Also included are important topics, such as prepayments, cash flow structure, maturity and credit tranching, and the trading and relative value of the various mortgage-backed securities. The three chapters in Part III will explain the other major asset securitization products, such as commercial mortgage-backed securities, credit card receivable-backed securities, auto loan-backed securities, and collateralized bond obligations. Part IV has two chapters: one reviews the collapse and the potential recovery of the asset securitization market, and the other describes the asset securitization efforts in Japan, Australia, Taiwan, and China. Extensive tables and charts are presented to help illustrate a concept or describe a product. Neither analytical discussions nor investment strategies of the various asset-backed securities are included as they are not the focus of this book.