Structured Finance And The Financial Turmoil Of 2007 2008
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Structured Finance And The 2007 2008 Financial Crisis
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Author : Nadia Senanayake
language : en
Publisher: diplom.de
Release Date : 2010-10-18
Structured Finance And The 2007 2008 Financial Crisis written by Nadia Senanayake and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10-18 with Business & Economics categories.
Inhaltsangabe:Introduction: The fundamental motive of this thesis is to locate the main catalysts that caused the 2007/2008 financial crisis, and the rationale of their unique interaction. The three primary avenues used to layout the analysis are the Structured Finance Instruments involved, the parties concerned and the channels that exacerbated the rapidity of the spread that ultimately increased the severity of the crunch. Chapter One lays an overview of the Structured Finance Instruments prevalent in the financial spectrum, of which the main instruments that, contributed to the triggering and propagation of the financial turmoil are demonstrated and explained. Chapter Two exemplifies the pre-cursors of the crisis which began in the sub-prime sector of the United States. The vital triggers that caused the bust of the subprime bubble are further illustrated as well. Chapter Three examines the varying involvement of the contributing instruments to the rapid propagation and displays the connecting link between the Structured Finance Instruments and the very source of the turmoil. Chapter Four illustrates in depth the involvement of the three vital players (the Rating Agencies, Banks and the Regulatory/Supervisory Institutions) and their effect on the propagation of the crisis. Chapter Five analyses the two main regulatory catalysts that contributed to the crunch through Pro-cyclicality and will also examine the role and consequences of mark-to-market Fair Value Accounting and Minimum Capital Adequacy Requirements (Basel II Accord). Chapter Six will present a post crisis status quo with recommendations and remedies for relevant counter-cyclical mechanisms. Inhaltsverzeichnis:Table of Contents: TABLE OF CONTENTI ABBREVIATIONSIII LIST OF FIGURESIV GLOSSARYVI INTRODUCTION AND CHANNELING OF THE RESEARCH10 1.CHARACTERISTICS OF CREDIT RISK TRANSFER INSTRUMENTS11 1.1Securitization13 1.1.1Mortgage Backed Securities (MBS)16 1.1.2Asset Backed Commercial Papers (ABCP)17 1.1.3Cash Flow Collateralised Debt Obligations (CDOs)19 1.2Credit Derivatives and Hybrid Products20 1.2.1Single Name CDSs20 1.2.2Synthetic CDOs23 1.3Re-Securitization24 1.3.1ABS CDOs24 1.3.2CDO226 2.THE PRECURSORS AND TRIGGERS OF THE CRISIS29 2.1Soft Macroeconomic Environment in the United States and the Vulnerability of Banks29 2.1.1The Soft Macroeconomic Environment29 2.1.2The Vulnerability of Banks29 2.2The Augmentation of Subprime Mortgages30 2.3Increased [...]
Structured Finance And The Financial Turmoil Of 2007 2008
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Author : Sarai Criado
language : en
Publisher:
Release Date : 2008
Structured Finance And The Financial Turmoil Of 2007 2008 written by Sarai Criado and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Financial crises categories.
Explaining Financial Scandals
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Author : Vincenzo Bavoso
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2014-07-24
Explaining Financial Scandals written by Vincenzo Bavoso and has been published by Cambridge Scholars Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-24 with Business & Economics categories.
The explosion of the global financial crisis in 2007–08 reignited the urgency to reflect on the origins and causes of financial collapses. As the events in the above period triggered an economic meltdown that is still ongoing, comparisons with the Great Crash of 1929 started to abound. In particular, the externalities that a broad spectrum of societal groups had to bear as a consequence of various banking failures highlighted the necessity of a more inclusive and balanced regulation of firms whose activities impact on a wide range of stakeholders. The book is centred on the proposal of a paradigm, the “enlightened sovereign control”, that provides a theoretical, institutional and substantive framework as a response to the legal issues analysed in the book. These stem primarily from the analysis of two sequences of events (the 2001–03 wave of “accounting frauds” and the 2007–08 global crisis) which represent the background upon which modern financial scandals are explained. This is done by highlighting a number of common denominators emerging from the case studies (Enron and Parmalat, Northern Rock and Lehman Brothers) which all led to financial instability and scandals and illustrated the legal issues identified in the book. The research is grounded on the initial recognition of theoretical themes in the field of corporate and financial law, which eventually link with the more practical events examined. Through this multifaceted approach, the book contends that the occurrence of financial crises during the last decade is essentially rooted in two main problems: a corporate governance one, represented by the lack of effective control systems within large public firms; and a corporate finance one identified with the excesses of financial innovation and related abuses of capital market finance. Research conducted in this book ultimately seeks to contribute to current debates in the areas of corporate and financial law, through the proposals of the “enlightened sovereign control” paradigm.
Explaining Financial Scandals
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Author : Vincenzo Bavoso
language : en
Publisher:
Release Date : 2015
Explaining Financial Scandals written by Vincenzo Bavoso and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The explosion of the global financial crisis in 2007-08 reignited the urgency to reflect on the origins and causes of financial collapses. As the above events kick-started an economic meltdown that is still ongoing, comparisons with the Great Crash of 1929 started to abound. In particular, the externalities that a broad spectrum of societal groups had to bear as a consequence of various banking failures highlighted the necessity of a more inclusive and balanced regulation of firms whose activities impact on a wide range of stakeholders. The book is centred on the proposal of a paradigm, the “enlightened sovereign control”, that provides a theoretical, institutional and substantive framework as a response to the legal issues analysed in the book. These stem primarily from the analysis of two sequences of events (the 2001-03 wave of “accounting frauds” and the 2007-08 global crisis) which represent the background upon which modern financial scandals are explained. This is done by highlighting a number of common denominators emerging from the case studies (Enron and Parmalat, Northern Rock and Lehman Brothers) which caused financial instability and scandals. The research is grounded on the initial recognition of theoretical themes in the field of corporate and financial law, which eventually link with the more practical events examined. Through this multifaceted approach, the book contends that the occurrence of financial crises during the last decade is essentially rooted in two main problems: a corporate governance one, represented by the lack of effective control systems within large public firms; and a corporate finance one identified with the excesses of financial innovation and related abuses of capital market finance. Research conducted in this book ultimately seeks to contribute to current debates in the areas of corporate and financial law, through the proposals of the “enlightened sovereign control” paradigm.
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.
The Future Of Finance
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Author : Moorad Choudhry
language : en
Publisher: John Wiley & Sons
Release Date : 2010-09-16
The Future Of Finance written by Moorad Choudhry 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 2010-09-16 with Business & Economics categories.
New banking and investment business models to navigate the post-financial crisis environment The financial crisis of 2007-2008 has discredited business models in the banking and fund management industries. In The Future of Finance, Moorad Choudhry and Gino Landuyt argue that banks must realign their business models, implying a lower return-on-equity; diversifying their funding sources; and increasing liquidity reserves. On the investment side, the authors discuss how diversification did not reduce risk, but rather amplified it, and failed to stabilize returns. The authors conclude that the clear lesson from the crisis is to know one's risk. A lesson that is best served by concentrating on assets and sectors that you understand. Examines the weaknesses in the business models of many institutions, as well as the theoretical foundation for professionals in the field of finance Identifies the shortcomings of Modern Portfolio Theory Addresses how investment managers can find new strategies for creating "alpha" and why they need to re-vamp their fee structures Filled with in-depth insights and practical advice, The Future of Finance will provide bankers and investment managers with a guide to realigning their businesses in order to prosper in the post-crisis financial markets.
The Role Of Rating Agencies In Structured Finance
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Author :
language : en
Publisher: GRIN Verlag
Release Date : 2009-07-22
The Role Of Rating Agencies In Structured Finance written by and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-07-22 with Business & Economics categories.
Essay from the year 2008 in the subject Business economics - Investment and Finance, grade: 2,2, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, course: Introduction to Investment Banking, language: English, abstract: “There are two superpowers in the world [...] the United States and Moody’s Bond Rating Service” – Thomas L. Friedman, NY Times The above statement by Thomas L. Friedman accentuates the importance of credit rating agencies (CRAs) in modern financial markets. As the past months have shown, Friedman’s statement has held especially true for the role of CRAs in the structured finance market, where CRAs are currently being made responsible for playing an integral role in the emergence of one of the biggest financial crises of mankind: the subprime crisis. The role and the importance of CRAs in the structured finance market is the central topic of the following paper. To fully understand the impact of this issue on the worldwide financial markets, it is interesting to shed some light onto the dimensions of the structured finance market. The market is of considerable size given that outstanding structured finance securities in the United States amounted to 7.3 trillion US dollars in 2005 (Nomura, 2005) and have now grown to 9 trillion US dollars, which is more than two thirds of the United States GDP of 13.1 trillion US dollars in 2007 (U.S. Bureau of Economic Analysis, BEA, 2007). More-over, these outstanding structured finance securities represent more than 30% of the total outstandings in the U.S. bond markets (Nomura, 2005). As these figure reveal, it is not surprising that complications in the core of the huge market of structured finance could potentially lead to a major destabilisation of the entire worldwide financial markets; a risk that was obviously underestimated for a long time and finally lead to the genesis of the sub-prime crisis. The role of CRAs in the structured finance market has long been debated and the current financial turmoil has brought about concerns regarding such questions as to whether these credit ratings were based on wrong information and faulty or dated models, thereby questioning the significance of the system of CRAs. To enable a better insight into the functioning of CRAs and a justified testimony as to their performance, the following paper will dig deeply into the ambiguity of the rating process and the role of CRAs in structured finance.
The Financial Crisis Inquiry Report
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Author : Financial Crisis Inquiry Commission
language : en
Publisher: Cosimo, Inc.
Release Date : 2011-05-01
The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and has been published by Cosimo, Inc. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-01 with Political Science categories.
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Financial Crisis Of 2008 In Fixed Income Markets
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Author : Gerald P. Dwyer
language : en
Publisher: DIANE Publishing
Release Date : 2010-08
Financial Crisis Of 2008 In Fixed Income Markets written by Gerald P. Dwyer 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 Business & Economics categories.
Explores how a relatively small amount of heterogeneous securities created turmoil in financial markets in much of the world in 2007 and 2008. The drivers of the financial turmoil and the financial crisis of 2008 were heterogeneous securities that were hard to value. These securities created concerns about counterparty risk and ultimately created substantial uncertainty. The problems spread in ways that were hard to see in advance. The run on prime money market funds in September 2008 and the effects on commercial paper were an important aspect of the crisis itself and are discussed in some detail. Charts and tables.
Wall Street And The Financial Crisis
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Author : Senate Subcommittee on Investigations
language : en
Publisher: Cosimo, Inc.
Release Date : 2011-07-01
Wall Street And The Financial Crisis written by Senate Subcommittee on Investigations and has been published by Cosimo, Inc. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-01 with Business & Economics categories.
After a two-year investigation by the Senate Permanent Subcommittee on Investigation, their report, Wall Street and the Financial Crisis: Anatomy of a Financial Collapse was released in April 2011. This is the most damning official report to date on Wall Street's role in the financial crisis. It describes the wheeling and dealing of bankers and others who benefited from the housing bubble while impoverishing the rest of America. It also offers four very clear causes of the financial crisis and, last but not least, it names culprits: - High risk mortgage loans by commercial banks were "the fuel that ignited the financial crisis" (describing the case study of Washington Mutual Bank, the sixth largest commercial bank at the time of its failure in September, 2008 ) - Failures by regulators "set the stage for mortgage loan losses that were a proximate cause of the financial crisis" (describing the case study of the Office of the Thrift Supervision, which was closed in 2010 and whose operations folded into the Office of the Comptroller of the Currency); - Inaccurate AAA credit ratings by the two largest credit rating agencies "constituted a key cause of the financial crisis" (describing Moody's and Standard & Poor's conflicts of interest while both had a quasi-monopoly position in the market for credit ratings); - Investment bank abuses: "The Investment banks that engineered, sold, traded, and profited from mortgage-related structured finance products were a major cause of the financial crisis" (describing case studies of Goldman Sachs and Deutsche Bank). This report and its detailed case studies are a must-read for policymakers, politicians, justice officials, bankers, journalists, academics and concerned citizens in order to understand what brought the economy to the brink of destruction. The U.S. SENATE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS (PSI) is a bi-partisan team of senators that deals with Homeland Security and Governmental Affairs, and is currently headed by Senator Carl Levin (D-MI) and Senator Tom Coburn (R-OK). Formerly known as the Committee on Government Operations, PSI is the oldest subcommittee of the Senate Homeland Security Committee.