Securitization Of Subprime Mortgages
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Understanding The Securitization Of Subprime Mortgage Credit
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Author : Adam B. Ashcraft
language : en
Publisher: DIANE Publishing
Release Date : 2010-03
Understanding The Securitization Of Subprime Mortgage Credit written by Adam B. Ashcraft and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03 with categories.
Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.
Securitization Of Subprime Mortgages
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Author : Milton R. Spotgeste
language : en
Publisher:
Release Date : 2009
Securitization Of Subprime Mortgages written by Milton R. Spotgeste and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Mortgage-backed securities categories.
In this book, the authors provide an overview of the sub-prime mortgage securitisation process and the seven key informational frictions that arise. They discuss the ways that market participants work to minimise these frictions and speculate on how this process broke down. They continue with a complete picture of the sub-prime borrower and the sub-prime loan, discussing both predatory borrowing and predatory lending. They present the key structural features of a typical sub-prime securitisation, document how rating agencies assign credit ratings to mortgage-backed securities, and outline how these agencies monitor the performance of mortgage pools over time.
Subprime Mortgage Market Turmoil
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment
language : en
Publisher:
Release Date : 2009
Subprime Mortgage Market Turmoil written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
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...
Subprime Mortgage Credit Derivatives
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Author : Laurie S. Goodman
language : en
Publisher: John Wiley & Sons
Release Date : 2008-06-02
Subprime Mortgage Credit Derivatives written by Laurie S. Goodman 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 2008-06-02 with Business & Economics categories.
Mortgage credit derivatives are a risky business, especially of late. Written by an expert author team of UBS practitioners-Laurie Goodman, Shumin Li, Douglas Lucas, and Thomas Zimmerman-along with Frank Fabozzi of Yale University, Subprime Mortgage Credit Derivatives covers state-of-the-art instruments and strategies for managing a portfolio of mortgage credits in today's volatile climate. Divided into four parts, this book addresses a variety of important topics, including mortgage credit (non-agency, first and second lien), mortgage securitizations (alternate structures and subprime triggers), credit default swaps on mortgage securities (ABX, cash synthetic relationships, CDO credit default swaps), and much more. In addition, the authors outline the origins of the subprime crisis, showing how during the 2004-2006 period, as housing became less affordable, origination standards were stretched-and when home price appreciation then turned to home price depreciation, defaults and delinquencies rose across the board. The recent growth in subprime lending, along with a number of other industry factors, has made the demand for timely knowledge and solutions greater than ever before, and this guide contains the information financial professionals need to succeed in this challenging field.
Prudent Lending Restored
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Author : Yasuyuki Fuchita
language : en
Publisher: Rowman & Littlefield
Release Date : 2010-09-01
Prudent Lending Restored written by Yasuyuki Fuchita and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-01 with Business & Economics categories.
There is little dispute that the mortgage meltdown of 2007, created by irresponsible lending and lax oversight, helped lead to the global financial crisis. Why were these securities backed by subprime debt so desirable to so many seemingly sophisticated investors? The answer lies in distorted incentives, opaque securitization structures and a willingness to believe that house prices would continue to rise indefinitely and the hope for super-normal returns. In Prudent Lending Restored experts from the United States, Europe, and Japan draw a timeline of key events along the road to our most recent recession. Providing an in-depth analysis of the causes of the subprime mortgage meltdown, they propose reforms, including a more simplified securitization process with emphasis on oversight to encourage more prudent lending. This timely volume—the collaboration between the Brookings Institution and the Nomura Institute of Capital Markets Research—argues that securitization can and should have a brighter future, and they lay out ways that will make that possible. Contributors: Jennifer E. Bethel (Babson College), Robert E. Eisenbeis (Federal Reserve Bank of Atlanta), Allen Ferrell (Havard Law School), Günter Franke (Konstanz University, Germany), Jack Guttentag (University of Pennsylvania), Gang Hu (Babson College), Tetsuya Kamiyama (Nomura Institute of Capital Markets Research, Tokyo), Kei Kodachi (NICMR), Jan P. Krahnen (Goethe University Frankfurt, Germany), Joseph R. Mason (Louisiana State University), Igor Roitburg (Default Mitigation Management LLC), and Eiichi Sekine (NICMR).
Home Loans Securitization Subprime Mortgage Crisis A Critical Essay In Retrospection
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Author : Edoardo Catelani
language : it
Publisher: FrancoAngeli
Release Date : 2011-04-21T00:00:00+02:00
Home Loans Securitization Subprime Mortgage Crisis A Critical Essay In Retrospection written by Edoardo Catelani and has been published by FrancoAngeli this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-21T00:00:00+02:00 with Business & Economics categories.
365.851
The Role Of The Securitization Process In The Expansion Of Subprime Credit
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Author : Taylor D. Nadauld
language : en
Publisher:
Release Date : 2009
The Role Of The Securitization Process In The Expansion Of Subprime Credit written by Taylor D. Nadauld and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Asset-backed financing categories.
This paper analyze the structure and attributes of subprime mortgage-backed securitization deals originated between 1997 and 2007. Their set allows us to link loan-level data for over 6.7 million subprime loans to the securitization deals into which the loans were sold. They show that the securitization process, including the assignment of credit ratings, provided incentives for securitizing banks to purchase loans of poor credit quality in areas with high rates of house price appreciation. Increased demand from the secondary mortgage market for these types of loans appears to have facilitated easier credit in the primary mortgage market. To test this hypothesis, they identify an event which represents an external shock to the relative demand for subprime mortgages in the secondary market. They show that following the SEC's adoption of rules reducing capital requirements on certain broker dealers in 2004, five large deal underwriters disproportionately increased their purchasing activity relative to competing underwriters in ZIP codes with the highest realized rates of house price appreciation but lower average credit quality. They show that these loans subsequently defaulted at marginally higher rates. Finally, using the event as an instrument, they demonstrate a causal link between the demand for mortgages in the secondary mortgage market and the supply of subprime credit in the primary mortgage market.
Subprime Mortgage Market Turmoil
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment
language : en
Publisher:
Release Date : 2009
Subprime Mortgage Market Turmoil written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Electronic books categories.
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.