By Joseph C. Hu
Asset Securitization is meant for newbies and marketplace execs alike who're drawn to studying approximately asset securitization—its thoughts and practices. it's designed in order that the readers will come away with a basic yet finished realizing of the asset securitization industry. As such, the e-book goals to supply a assessment of the market's improvement, helpful framework, power advantages, and specific descriptions of significant asset securitization items.
half I of the e-book, which is composed of 4 chapters, will talk about the basic innovations, the investment potency, the marketplace members, and the capability advantages of asset securitization. An research of loan finance may be supplied partially II, which is composed of six chapters that conceal various subject matters from the outline of many differing types of residential mortgages to the securitization of alternative varieties of residential mortgages, together with the now notorious sub-prime mortgages. additionally integrated are very important subject matters, comparable to prepayments, money move constitution, adulthood and credits tranching, and the buying and selling and relative worth of many of the mortgage-backed securities. the 3 chapters partly III will clarify the opposite significant asset securitization items, resembling advertisement mortgage-backed securities, bank card receivable-backed securities, car loan-backed securities, and collateralized bond duties. half IV has chapters: one reports the cave in and the aptitude restoration of the asset securitization marketplace, and the opposite describes the asset securitization efforts in Japan, Australia, Taiwan, and China.
wide tables and charts are provided to aid illustrate an idea or describe a product. Neither analytical discussions nor funding ideas of some of the asset-backed securities are incorporated as they aren't the point of interest of this book.Content:
Chapter 1 Asset Securitization: suggestion and industry improvement (pages 1–18):
Chapter 2 Originators and traders of the Asset Securitization industry (pages 19–28):
Chapter three middleman contributors of the Asset Securitization marketplace (pages 29–37):
Chapter four priceless parts and merits of Asset Securitization (pages 39–47):
Chapter five Residential Mortgages (pages 49–65):
Chapter 6 The Residential personal loan marketplace (pages 67–78):
Chapter 7 Residential personal loan Pass?Through Securities (pages 79–97):
Chapter eight Multiclass personal loan Pass?Throughs (pages 99–114):
Chapter nine Private?Label personal loan Pass?Throughs (pages 115–130):
Chapter 10 Subprime Mortgage?Backed Securities (pages 131–154):
Chapter eleven advertisement Mortgage?Backed Securities (pages 155–174):
Chapter 12 Asset?Backed Securities (pages 175–191):
Chapter thirteen Collateralized Debt responsibilities (pages 193–207):
Chapter 14 The cave in and restoration clients of the Asset Securitization industry (pages 209–220):
Chapter 15 Asset Securitization in Asia?Pacific (pages 221–232):
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Additional info for Asset Securitization: Theory and Practice
8 percent). There are also additional advantages that are not evident in ﬁnancial ﬁgures. First, since the balance sheet has not expanded, the bank is under no pressure to raise new capital. Second, with securitization, there is no maturity mismatch between assets and liabilities. With no securitization, the bank runs a huge interest rate risk with the maturity of its assets being much longer than that of liabilities. Third, in addition to the interest rate risk, the no-securitization approach also adds substantial credit risk to the bank’s balance sheet.
Amid the subprime mortgage debacle, the 2008 CMBS issuance plunged 95 percent to $12 billion. It dropped further in 2009 to a mere $3 billion. During roughly the same period, patterning after the issuance of mortgage-backed securities, banks began to securitize in earnest their originations of consumer loans. 6 In recent years, other new ﬁnancial assets such as property-tax liens and equipment leases have been securitized. 3 also shows that the annual issuance of ABS expanded from just over $15 billion in 1988 to $125 billion in 1996.
S. government. Intermediary Participants of the Asset Securitization Market 37 3. The leading investment bankers in the asset securitization market in 2009 included JP MorganChase, Goldman Sachs, Bank of America Merrill Lynch, Citi, Morgan Stanley, UBS, Deutsche Bank, Credit Suisse, Barclays Capital, and RBS. Prior to the 2009 ﬁnancial crisis, Bear Stearns and Lehman Brothers were among the powerhouse asset securitization investment bankers, particularly in residential mortgages. Bear Stearns now has become a division of JP Morgan and Lehman Brothers collapsed during the crisis.
Asset Securitization: Theory and Practice by Joseph C. Hu