Download or read book Asset Securitization written by John Henderson and published by Euromoney Publications. This book was released on 1997 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides a general overview of the techniques being utilised in asset securitization transactions. It explains the methods and structure of transactions, and techniques available for credit enhancement and risk management. It also provides a review of securitization in emerging markets. The theory is supplemented by a number of case studies and real life examples.
Download or read book Asset Securitization and Structured Financing written by Lakshman Alles and published by . This book was released on 2001 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Asset Securitization and Structured Financing written by Lakshman Alles and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mortgage Securitization written by and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mortgage Securities in Emerging Markets written by and published by World Bank Publications. This book was released on with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Securitization in Emerging Markets written by Alexandre Gallopin and published by . This book was released on 2015 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The object of this paper is to discuss the introduction of securitization in emerging markets and the lessons that can be drawn from the global financial crisis. In the first section of the document, Part I looks at the general advantages of securitization -- as perceived prior to the global crisis -- and the acceptance of U.S. (legal) institutions as role model. Part II explores the challenges faced by emerging markets in implementing the U.S. model. This pre-crisis assessment is based primarily on the analysis of the following three articles: DOUGLAS W. ARNER, Emerging Market Economies and Government Promotion of Securitization (2002); GEORGETTE CHAPMAN POINDEXTER & WENDY VARGAS-CARTAYA, En Rut Hacia El Desarrollo: The Emerging Secondary Mortgage Market in Latin America (2002); YUWA WEI, Asset-Backed Securitization in China (2007).In the second section of the document, Part III suggests several lessons that can be learned from the financial crisis. Part IV raises questions about the future of securirtzation in emerging economies.
Download or read book Development Financing During a Crisis written by Suhas Ketkar and published by World Bank Publications. This book was released on 2001 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market placements backed by future receivables can allow public and private sector entities in a developing country to escape the sovereign credit ceiling and raise lower-cost financing from international capital markets. If planned and executied ahead of time, such transactions can sustain external financing even during a crisis.
Download or read book The Securitization Markets Handbook written by Charles Austin Stone and published by John Wiley & Sons. This book was released on 2012-09-25 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Securitization and the Global Economy written by Bonnie G. Buchanan and published by Springer. This book was released on 2016-12-29 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Mortgage Securities in Emerging Markets written by Loic Chiquier and published by . This book was released on 2004 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Despite its recognized economic and social importance, housing finance often remains underdeveloped in emerging economies. Residential lending remains small, poorly accessible, and depository-based. Lenders remain vulnerable to significant credit, liquidity, and interest rate risks. As a result, housing finance is relatively expensive and often rationed. The importance of developing robust systems of housing finance is paramount as emerging economy governments struggle to cope with population growth, rapid urbanization, and rising expectations from a growing middle class. The capital markets in many economies can provide an attractive and potentially large source of long-term funding for housing, and solutions to better allocate part of the risks. The advent of institutional investors is creating large and rapidly growing pools of funds that may facilitate the development of mortgage-related securities. Despite such a strong appeal, there are significant barriers to the development of mortgage securities in emerging markets. Their success is dependent on many factors, starting with a strong legal and regulatory framework and liberalized financial sector, and including a developed primary mortgage market. The experience in developing mortgage securities in emerging markets has been mixed. Chiquier, Hassler, and Lea review the experience of introducing mortgage securities in emerging markets and explore the policy issues related to this theme. This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to provide housing finance information"--World Bank web site.
Download or read book Emerging Local Securities and Derivatives Markets written by Ms.Anna Ilyina and published by International Monetary Fund. This book was released on 2004-04-20 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the volatility of capital flows since the mid-1990s, many emerging market economies have taken a variety of steps designed to “selfinsure” against volatile capital flows. One such measure has been the development of local securities and derivatives markets as an alternative source of funding the public and corporate sectors. This paper examines this self-insurance policy, focusing on the extent to which emerging markets have developed local securities and derivatives, and what key policy issues have arisen as a result.
Download or read book Securitization written by Andrew Davidson and published by John Wiley & Sons. This book was released on 2004-04-12 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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
Download or read book Securitization in Emerging Markets Handbook written by and published by . This book was released on 1998 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Accessing Capital Markets through Securitization written by Frank J. Fabozzi and published by John Wiley & Sons. This book was released on 2001-05-02 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: This innovative collection, written by securitization professionalsand edited by finance guru Frank Fabozzi, thoroughly explains thebasics and the mechanics of securitization and shows howsecuritization can help more institutions offer innovativefixed-income products. Further, it discusses the effects of the capital markets onsecuritization and helps financial professionals decide whether ornot to securitize. Filled with strategies and techniques, financialprofessionals will learn how to use float asset-backed offeringsand how to hedge against risk and default.
Download or read book Securitization written by Lance Perry Macon and published by . This book was released on 2004 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the keys to building a solid economy is the existence of a long term debt market. Long term borrowing is crucial for personal home ownership, the creation of critical infrastructure, and the development of major real estate projects. Most emerging market economies do not have a long term debt market due to numerous factors including political instability, hyper-inflation, and low perceived credit quality. In the light of lending debacles in countries like Argentina and Venezuela, investors tend to punish banks who seek to lend in emerging market economies. For these reasons and more, many lending institutions shy away from lending on a long term basis in these regions. The perceived risk far outweighs the prospect of high returns. The resultant lack of a long term debt market leads to a stagnant or declining economy. Borrowing on a local level too is very difficult as it is cost prohibitive and the prospect of currency risk makes long term lending almost impossible even on a local level. One of the mechanisms used to "spread the risk" of long term debt is the securitization market. This thesis is structured to look at some of the benefits and externalities of securitization as well as look at how a securitization discipline could fit in an emerging markets quest for growth and stability. Additionally, the thesis will identify several reasons why securitization is not commonplace in most emerging markets and identify potential remedies so that securitization can be managed. Finally, this thesis will suggest ways that multilateral agencies and other would-be lenders can help emerging nations succeed without having the massive overhang of costly debt.
Download or read book Mobilising Capital for Emerging Markets written by Doris Köhn and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is structured finance dead? Many have asked this question after the financial crisis. Or is structured finance “evil” and therefore should it be dead? This book suggests neither nor. Even if structured finance can be misused or applied under inappropriate conditions, it can also be an effective tool for reaching development objectives. The authors in this volume focus on the potential of structured finance in the aftermath of the financial crisis. They explore the conditions under which structured finance is suitable for emerging markets highlighting both its benefits and risks. The book combines professional and scientific perspectives and points towards various useful applications of structured finance in support of small and medium-sized enterprises and microfinance. This also includes activities as diverse as infrastructure development, remittances, rural livelihood, and Shari’ah-compliant Islamic finance.
Download or read book Understanding the Securitization of Subprime Mortgage Credit written by Adam B. Ashcraft and published by DIANE Publishing. This book was released on 2010-03 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
