Asset Securitization

Author : Joseph C. Hu
Publisher : John Wiley & Sons
Page : 292 pages
File Size : 41,5 Mb
Release : 2011-06-01
Category : Business & Economics
ISBN : 9780470828991

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Asset Securitization by Joseph C. Hu Pdf

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.

Author : Laurent Gauthier
Publisher : Springer Nature
Page : 494 pages
File Size : 49,5 Mb
Release : 2020-07-31
Category : Business & Economics
ISBN : 9783030503260

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Securitization Economics by Laurent Gauthier Pdf

Securitization is widely used around the world, and structured products are one of the largest fixed-income asset classes. This textbook guides readers through the complexity of this financial technique and first introduces them to the mechanics of securitization and makes the key concepts, techniques and logic of this field accessible for teachers and students alike. Further, the textbook presents a systematic economic analysis of securitization, asking and answering why it exists, how it works, why it has failed, how complex structures operate, why they are so complex, and many other related questions. The author offers a unique approach, and combines detailed discussions of theoretical economics models with advanced empirical research in order to confront them to the perspective of an experienced practitioner in this market.

Author : Suleman Baig,Moorad Choudhry
Publisher : John Wiley & Sons
Page : 208 pages
File Size : 50,6 Mb
Release : 2013-01-09
Category : Business & Economics
ISBN : 9781118234549

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The Mechanics of Securitization by Suleman Baig,Moorad Choudhry Pdf

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.

Author : Anand K. Bhattacharya,Frank J. Fabozzi
Publisher : John Wiley & Sons
Page : 436 pages
File Size : 46,5 Mb
Release : 1996-09-15
Category : Business & Economics
ISBN : 1883249104

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Asset-Backed Securities by Anand K. Bhattacharya,Frank J. Fabozzi Pdf

Asset-Backed Securities provides comprehensive coverage of the major asset-backed securities, structuring issues, and relative value analysis from the leading experts in the field. Comprehensive coverage includes the expanding frontiers of asset securitization, introduction to ABS accounting, trends in the structuring of ABSs, and prepayment nomenclature in the ABS market.

Author : Steven L. Schwarcz,Adam D. Ford
Publisher : Practising Law Institute
Page : 415 pages
File Size : 45,9 Mb
Release : 2002-01-01
Category : Law
ISBN : 1402400799

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Structured Finance by Steven L. Schwarcz,Adam D. Ford Pdf

Called an 'indispensable guide' by Jason H.P. Kravitt, one of America's preeminent securitization innovators and authorities, Structured Finance brings you important insight into risk securitization, whole business securitization, synthetic securitization, and future low-cost financing opportunities here and abroad.

Author : Tamar Frankel
Publisher : Aspen Publishers
Page : 404 pages
File Size : 44,5 Mb
Release : 1991
Category : Asset-backed financing
ISBN : STANFORD:36105063617935

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Securitization by Tamar Frankel Pdf

Author : James A. Rosenthal,Juan M. Ocampo
Publisher : John Wiley & Sons
Page : 286 pages
File Size : 50,7 Mb
Release : 1991-01-16
Category : Business & Economics
ISBN : 0471613681

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Securitization of Credit by James A. Rosenthal,Juan M. Ocampo Pdf

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.

Author : Frank J. Fabozzi,Vinod Kothari
Publisher : John Wiley & Sons
Page : 388 pages
File Size : 42,9 Mb
Release : 2008-07-15
Category : Business & Economics
ISBN : 9780470371909

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Introduction to Securitization by Frank J. Fabozzi,Vinod Kothari Pdf

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.

Author : Andrew Davidson,Anthony Sanders,Lan-Ling Wolff,Anne Ching
Publisher : John Wiley & Sons
Page : 576 pages
File Size : 45,8 Mb
Release : 2004-04-12
Category : Business & Economics
ISBN : 9780471690016

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Securitization by Andrew Davidson,Anthony Sanders,Lan-Ling Wolff,Anne Ching Pdf

"This book fills a very important gap in the mindset of the bond structurer and the investor. Often, the two disciplines approach their tasks ignorant of the perspectives of the other side. But successful structuring requires providing the best value to investors in order to compete, and investors who don’t fully understand structuring will not remain investors for long. Highly recommended!" —Bennett W. Golub, Managing Director, BlackRock, Inc. "An excellent primer on asset securitization, clearly written in plain English and with straightforward mathematical expressions. This book is suitable for both business school students and structured finance market practitioners." —Joseph Hu, PhD, Managing Director, Structured Finance Ratings, Standard & Poor’s "In their new work Securitization: Structuring and Investment Analysis, Andrew Davidson et al. reinforce their preeminence in the alchemy of mortgage securitization. Anyone involved in mortgages neglects Andy’s work at his peril." —Richard T. Pratt, Chairman, Richard T. Pratt Associates; Former Chairman, Merrill Lynch Mortgage Corporation "This book provides an insightful and accessible exploration of securitized real estate markets. As such, it provides a valuable service to those active and interested in these burgeoning markets. The authors have done a wonderful job of gracefully integrating a vast and important subject matter. Accordingly, this book also makes for an excellent textbook for those universities offering one or more courses in this rapidly growing field." —Joseph L. Pagliari, Jr., Kellogg School of Management, Northwestern University

Author : Charles Austin Stone,Anne Zissu
Publisher : John Wiley & Sons
Page : 469 pages
File Size : 41,8 Mb
Release : 2012-09-25
Category : Business & Economics
ISBN : 9781118006740

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The Securitization Markets Handbook by Charles Austin Stone,Anne Zissu Pdf

A comprehensive guide to the continuously evolving world of securitization The Second Edition of The Securitization Markets Handbook is a valuable resource for both experienced money managers trying to put a securitization strategy into place as well as newcomers looking to acquire a broad and strong foundation in this discipline. This edition takes a close look at the pre- and post-crash mortgage market and the mortgage-backed securities based on those mortgages, as well as other asset-backed securities including commercial paper or credit cards. The crash of the subprime market and the failure of the asset-backed markets offer an opportunity to learn about banking finance, specifically off-balance sheet finance, and the many costly mistakes that resulted in one of the most severe downturns in financial markets. With this book, you'll discover why certain mortgage and asset-backed securities imploded and others didn't. This new edition examines why the market failed and how the next crisis can be averted or made less severe. It also explains why securitization remains a primary source of capital for the mortgage market, credit card market, home equity market, auto loan market, and segments of the commercial paper market. Offers an informed overview of how the securitization market works, how to make money in it, and what's next for asset- and mortgage-backed securities after the crisis Contains new chapters on CDOs and SIVs, along with a history of the growth and crash of the subprime market, asset-backed securities, and home equity lines of credit Written by securitization experts Charles Stone and Anne Zissu Updated to reflect the current market environment, the Second Edition of The Securitization Markets Handbook offers clear, comprehensive guidance to these complex markets.

Author : Bonnie G. Buchanan
Publisher : Springer
Page : 251 pages
File Size : 53,6 Mb
Release : 2016-12-29
Category : Business & Economics
ISBN : 9781137342874

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Securitization and the Global Economy by Bonnie G. Buchanan Pdf

This book examines the controversial issue of securitization in a global, historical context. It traces its origins and compares evidence of securitization across countries, linking differences to variations in legal, political, and cultural regimes. By incorporating the history and current status of securitization (including sources of value and risk) with alternative markets and future outlooks for the global market, Buchanan provides an overall assessment of the costs, benefits, and sustainability of securitization in the global economy, particularly in the aftermath of the 2007-2009 financial crisis. The book also offers a roadmap for future research. As financial regulators around the world plan a sweeping overhaul of securitization markets with tough new rules designed to restore market confidence, it is essential to consider the global outlook for securitization.

Author : Phillip L. Zweig
Publisher : McGraw-Hill Professional Publishing
Page : 596 pages
File Size : 54,6 Mb
Release : 1989
Category : Business & Economics
ISBN : UOM:39076001004253

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The Asset Securitization Handbook by Phillip L. Zweig Pdf

Author : Frank J. Fabozzi
Publisher : John Wiley & Sons
Page : 564 pages
File Size : 44,5 Mb
Release : 2001-11-09
Category : Business & Economics
ISBN : 1883249805

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Investing in Asset-Backed Securities by Frank J. Fabozzi Pdf

A collection of articles from various professionals, discussing the details of investing in asset-backed securities. Main topics addressed include non-real estate backed ABS, collateralized debt obligations, residential real-estate backed ABS, accounting, commercial mortgage backed securities, and analysis of ABS.

Author : Susan Meek
Publisher : BRILL
Page : 314 pages
File Size : 54,7 Mb
Release : 2021-10-25
Category : Law
ISBN : 9789004480537

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International Asset Securitization & Other Financing Tools by Susan Meek Pdf

Asset securitization across borders offers not only increased opportunities, but also increased risk for those structuring financing packages. Lawyers and accountants examine the basis for using asset securitization, basic elements and "players" in the asset securitization process, implementation of such new assets as intellectual property rights bonds, Bowie bonds, Rod Stewart bonds, and James Bond bonds, and the impact of European monetary union. Published under the Transnational Publishers imprint.

Author : Mr.John Kiff,Michael Kisser
Publisher : International Monetary Fund
Page : 40 pages
File Size : 51,9 Mb
Release : 2010-03-01
Category : Business & Economics
ISBN : 9781451982176

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Asset Securitization and Optimal Retention by Mr.John Kiff,Michael Kisser Pdf

This paper builds on recent research by Fender and Mitchell (2009) who show that if financial institutions securitize loans, retaining an interest in the equity tranche does not always induce the securitizer to diligently screen borrowers ex ante. We first determine the conditions under which this scenario becomes binding and further illustrate the implications for capital requirements. We then propose an extension to the existing model and also solve for optimal retention size. This also allows us to capture feedback effects from capital requirements into the maximization problem. Preliminary results show that equity tranche retention continues to best incentivize loan screening.