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Author : Jason H. P. Kravitt
Publisher : Unknown
Page : 128 pages
File Size : 55,7 Mb
Release : 1997
Category : Asset-backed financing
ISBN : 1567063284
Author : Kravitt
Publisher : Wolters Kluwer
Page : 1902 pages
File Size : 44,6 Mb
Release : 2012-12-18
Category : Law
ISBN : 9780735561922
Author : Tamar Frankel
Publisher : Aspen Publishers
Page : 404 pages
File Size : 44,8 Mb
Release : 1991
Category : Asset-backed financing
ISBN : STANFORD:36105063617935
Author : Frank J. Fabozzi,Vinod Kothari
Publisher : John Wiley & Sons
Page : 388 pages
File Size : 48,7 Mb
Release : 2008-07-15
Category : Business & Economics
ISBN : 9780470371909
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 : Suleman Baig,Moorad Choudhry
Publisher : John Wiley & Sons
Page : 208 pages
File Size : 50,8 Mb
Release : 2013-01-09
Category : Business & Economics
ISBN : 9781118234549
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 : Tamar Frankel
Publisher : Unknown
Page : 128 pages
File Size : 50,8 Mb
Release : 2005
Category : Asset-backed financing
ISBN : 1888215062
Author : Charles Austin Stone,Anne Zissu
Publisher : John Wiley & Sons
Page : 469 pages
File Size : 55,7 Mb
Release : 2012-08-21
Category : Business & Economics
ISBN : 9781118233030
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 : Tamar Frankel
Publisher : Unknown
Page : 1266 pages
File Size : 50,8 Mb
Release : 2016-03-01
Category : Electronic
ISBN : 1888215593
Author : Steven L. Schwarcz,Adam D. Ford
Publisher : Practising Law Institute
Page : 415 pages
File Size : 53,9 Mb
Release : 2002-01-01
Category : Law
ISBN : 1402400799
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 : David Glennie,E. C. de Bouter,Randall D. Luke
Publisher : Springer
Page : 264 pages
File Size : 46,5 Mb
Release : 1998-12-22
Category : Business & Economics
ISBN : STANFORD:36105060430845
Securitization is the process of financing assets by the issuance of asset-backed securities, as opposed to traditional secured financings. Asset securitization has developed and expanded in the last two decades and now accounts for more than $450 billion of financings per year in the US. This book, comprising 16 national reports, provides a comprehensive survey of the law and practice of securitization in the major jurisdictions in which securitizations have been carried out. It reviews the principle assets commonly securitized and the development of the market in each country, facilitating quick comparison of different jurisdictions. Legal aspects of the most important structures are analyzed in detail, including the establishment of special purpose vehicles, credit enhancement techniques and security issues. There is detailed discussion of tax and accounting issues, and commentary on specialized issues such as public offerings if asset-backed securities and cross-border considerations. Among those who will find Securitization a practical and useful guide are practitioners working in international law firms, financial advisors and investment bankers.
Author : Lamia Obay
Publisher : Routledge
Page : 220 pages
File Size : 52,5 Mb
Release : 2014-01-14
Category : Business & Economics
ISBN : 9781135690410
This book investigates the motivations behind the adoption of the technique of asset securitization by US commercial banks and its effects on the financial performances.
Author : Auerbach, Sweet
Publisher : Wolters Kluwer
Page : 1760 pages
File Size : 53,6 Mb
Release : 2018-12-20
Category : Asset-backed financing
ISBN : 9781543803556
Regulation AB has made a tremendous impact on the asset-backed securities markets. Where only imprecise, interpretive regulation previously existed, the new Regulation and related rules changes have imposed an extensive array of disclosure requirements. presents the only detailed guidance on the recently adopted securities offering reform rules and their effect on asset-backed securities offerings. It is the first genuine practice manual for this area of the law, covering the critical issues that arise in all relevant areas, including: securities law, tax, bankruptcy, accounting, and more. Offerings of Asset-Backed Securities, Fourth Edition tells you how to do asset-backed deals from a very practical perspective. It does not concern itself with legal theory. Instead, this unique resource focuses on real-world know-how, delivering: A step-by-step approach to spotting issues and solving problems Practical, transaction-oriented advice from the perspective of experienced practitioners Insights into specific issues that frequently arise in transactions Solutions to common problems Includes "issue-spotting" checklists and other formatting tools to ensure that this resource serves as a reliable, quick reference. Offerings of Asset-Backed Securities, Fourth Edition is the only practical, accessible, easy-to-use guide to the new SEC rules and the key issues associated with structuring and executing securitization transactions. Previous Edition: Offerings of Asset-Backed Securities, Third Edition, ISBN 9781454874201
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment
Publisher : Unknown
Page : 88 pages
File Size : 44,9 Mb
Release : 2010
Category : Business & Economics
ISBN : PURD:32754081268553
Author : Tamar Frankel
Publisher : Unknown
Page : 128 pages
File Size : 40,9 Mb
Release : 1991
Category : Asset-backed financing
ISBN : LCCN:91061646
Author : Frank J. Fabozzi
Publisher : John Wiley & Sons
Page : 204 pages
File Size : 40,9 Mb
Release : 1999-05-15
Category : Business & Economics
ISBN : 1883249538
Issuer Perspectives on Securitization provides insight into the basics of securitization as well as more advanced techniques such as nontraditional asset-backed securities, transactional due diligence, and accounting rules and techniques. Leading experts in the field detail all aspects of securitization, including: structuring efficient asset-backed transactions, rating structured securities, technology issues in asset-backed securities, and the role of the trustee.