The Mechanics of Securitization

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.

Author: Suleman Baig

Publisher: John Wiley & Sons

ISBN: 9780470609729

Category: Business & Economics

Page: 208

View: 799

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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.
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Introduction to Securitization

Introduction to Securitization A comprehensive overview of securitization With this book, Frank Fabozzi and Vinod Kothari bring together their extensive expertise in this field to present asset and financial managers, as well as finance ...

Author: Frank J. Fabozzi

Publisher: John Wiley & Sons

ISBN: 9780470371909

Category: Business & Economics

Page: 384

View: 484

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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.
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Securitization

Regardless of the nature of your interest in securitization - as issuer, investor, lawyer, accountant, regulator or analyst, this book will be of value to you.

Author: Vinod Kothari

Publisher: John Wiley & Sons

ISBN: 9780470821954

Category: Business & Economics

Page: 992

View: 584

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Get a thorough explanation of the nuances of securitization in the global business market with this comprehensive resource. Synthetic securitization and structured products are revolutionizing the financial industry and changing the way banks, institutional investors, and securities traders do business both domestically and globally. Written by a top international trainer and expert on securitization, this book is an ideal way for all market practitioners, whether investors, bankers, or analysts, to ensure they understand the ins and outs of this practice.
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Understanding Securitisation Theory

This volume aims to provide a new framework for the analysis of securitization processes, increasing our understanding of how security issues emerge, evolve and dissolve.

Author: Thierry Balzacq

Publisher: Routledge

ISBN: 9781135246143

Category: History

Page: 272

View: 408

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This volume aims to provide a new framework for the analysis of securitization processes, increasing our understanding of how security issues emerge, evolve and dissolve. Securitisation theory has become one of the key components of security studies and IR courses in recent years, and this book represents the first attempt to provide an integrated and rigorous overview of securitization practices within a coherent framework. To do so, it organizes securitization around three core assumptions which make the theory applicable to empirical studies: the centrality of audience, the co-dependency of agency and context and the structuring force of the dispositif. These assumptions are then investigated through discourse analysis, process-tracing, ethnographic research, and content analysis and discussed in relation to extensive case studies. This innovative new book will be of much interest to students of securitisation and critical security studies, as well as IR theory and sociology. Thierry Balzacq is holder of the Tocqueville Chair on Security Policies and Professor at the University of Namur. He is Research Director at the University of Louvain and Associate Researcher at the Centre for European Studies at Sciences Po Paris.
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True Sale Securitization in Germany and China

Inhaltsangabe:Abstract: The Master thesis for LL.M. at Goethe university s ILF titled True Sale Securitization in Germany and China is a comparative study about true sale securitization.

Author: Shengzhe Wang

Publisher: diplom.de

ISBN: 9783832487195

Category: Business & Economics

Page: 78

View: 745

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Inhaltsangabe:Abstract: The Master thesis for LL.M. at Goethe university s ILF titled True Sale Securitization in Germany and China is a comparative study about true sale securitization. The initial reason for a comparative study was the similarity of banking centred financial systems in these two countries. Another reason is connected with the True Sale Initiative (TSI), a plan composed by major German banks aiming at improving their financial situation. German banks start to be plagued by the non-performing loans (NPLs) since 2001 due to mediocre performance of German corporations and depreciation of banks investment to the east part during 1990s. Facing the competitions from other countries and under pressures from the International Convergence of Capital Measurement and Capital Standards: a Revised Framework (Basel II) issued by the Basel Committee on Banking and Supervisory Practice (Basel Committee) at the Bank for International Settlements, the German banks employed the TSI as one part of the bigger financial reform to regain competition in Europe and worldwide. December 2004, the first true sale securitization was successfully constructed in Germany after German federal government changed some of its formerly unfriendly legal, taxation and accounting rules. The German experiences with TSI can shed some light into how China to develop its asset-backed securities (ABS) market in order to save its heavy NPLs-burdened banks and find alternative funds for its corporations. Although securitization might be a possible solution, the Chinese current legal system and market infrastructure prevents it from fully utilizing this modern financing technique. What China can learn from Germany s experiences is, that a special securitization law is preferred to amending each relevant laws and rules in order to get rid of legal barriers and contradictions for true sale securitizations. In addition, strong governmental supports will facilitate and accelerate the process of true sale securitization market development. The similarities between the German and Chinese financial system is the main incentive for this study. Both Germany and China have a financial system that is dominated by banks and at the same time features a weak capital market. Banks are the main external financing sources for domestic corporations. Furthermore, in both countries banks are suffering losses and carrying burden of non-performing loans (NPLs), due to the bad [...]
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Securitization Structured Finance and Capital Markets

Each chapter of the book contains discussion questions.

Author: Steven L. Schwarcz

Publisher: LexisNexis

ISBN: 9780327179030

Category: Law

Page: 722

View: 703

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Securitization, Structured Finance, and Capital Markets provides an introduction to securitization as a method of financing. It is suitable for an independent course or seminar in securitization and structured finance, and may also be used as supplementary reading or as advanced examples in courses in bankruptcy, secured transactions, trusts, corporations, securities regulation, corporate finance, tax, banking, or accounting. The book is organized by substantive legal areas. The first chapter provides an overview of securitization and is a terrific starting point for anyone trying to learn more about this $6 trillion industry where assets as diverse as car loans, credit card debt, student loans, home mortgages, and commercial mortgages are securitized to provide the loan originator with a source of capital at lower cost than might otherwise be available. The first chapter introduces securitization through a detailed discussion of an actual securitization of loans made to purchasers of Hondas. The Honda deal is followed as an example throughout the subsequent chapters and numerous documents from the deal are reprinted in the book. Students should benefit from the concrete example and the opportunity to examine the actual legal documents used to implement this type of financing transaction. Subsequent chapters of the book examine Article 9 of the UCC, the Bankruptcy Code, accounting issues, tax and other considerations, securities laws, and the Investment Company Act. There is a separate chapter focused on special concerns of banks securitizing loans, a chapter on international and cross-border issues in securitization, and a concluding chapter exploring the academic debate relating to the efficiency of securitization. Each chapter of the book contains discussion questions.
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Islamophobia and Securitization

This book explores everyday realities of young Muslim women in Britain, who are portrayed as antithetical to the British way of life in media and political discourse.

Author: Tania Saeed

Publisher: Springer

ISBN: 9783319326801

Category: Social Science

Page: 235

View: 138

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This book explores everyday realities of young Muslim women in Britain, who are portrayed as antithetical to the British way of life in media and political discourse. The book captures how geo-political events, and national tragedies continue to implicate individuals and communities at the domestic and local level, communities that have no connection to such tragedies and events, other than being associated with a religio-ethnic identity. The author shows how Muslim women are caught within the spectrum of the vulnerable-fanatic, always perceived to be ‘at risk’ of being 'radicalized'. Focusing on educated Muslim females, the book explores experiences of Islamophobia and securitization inside and outside educational institutions, and highlights individual and group acts of resistance through dialogue, with Muslim women challenging the metanarrative of insecurity and suspicion that plagues their everyday existence in Britain. Islamophobia and Securitization will be of inte rest to scholars and students researching Muslims in the West, in particular sociologists, anthropologists, and political scientists. It will also appeal to analysts and academics researching security and terrorism, race and racialization, as well as gender, immigration, and diaspora.
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Developments in Securitization

Rules of this sort do not pose any problems for loan securitization since loan securitization is motivated by economics, not by tax considerations. Thus, once pass-through treatment is assured, issuers' tax objectives become the same ...

Author:

Publisher:

ISBN: STANFORD:36105062050104

Category: Asset-backed financing

Page:

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Securitization Past Present and Future

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.

Author: Solomon Y Deku

Publisher: Palgrave Macmillan

ISBN: 331960127X

Category: Business & Economics

Page: 177

View: 969

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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.
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Securitization

From a tax standpoint , issuers generally desire to treat securitization as a financing . Sale treatment from a tax standpoint would generally accelerate taxable income . Issuers are also concerned that the securitization is tax ...

Author: Andrew Davidson

Publisher: John Wiley & Sons

ISBN: 0471022608

Category: Business & Economics

Page: 576

View: 507

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A complete guide to securitization. * Analyzes leases, tax liens, and other new securitization markets developing globally. * Contains exercises and examples taken from real transactions. * Companion CD-ROM includes calculation tools and examples, data for models, ongoing updates on models, and Q&A with authors to address complex securitization questions.
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