By Charles Austin Stone, Anne Zissu
Securitization specialists Charles Stone and Anne Zissu supply a pragmatic clarification of the way securitization works and clarify how destiny funds flows from a variety of asset classes—from bank card receipts and loan funds to motion picture royalties—can be packaged into bond-like items and bought to traders. The dialogue contains descriptions of all significant periods of asset-backed securities and gives a practice-oriented observation on traits in securitization and the worth of asset- and mortgage-backed securities throughout industries. The Securitization Markets Handbook deals transparent, accomplished counsel to those complicated markets.
Read or Download The Securitization Markets Handbook - Structures And Dynamics Of Mortgage- And Asset-Backed Securities PDF
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Additional resources for The Securitization Markets Handbook - Structures And Dynamics Of Mortgage- And Asset-Backed Securities
Sample text
Credit losses that are embedded in private-label MBSs may be leveraged onto either a direct credit substitute or a recourse arrangement. Risk-based capital regulations issued by the agencies, the Federal Reserve Board, the OCC, and the Office of Thrift Supervision define direct credit substitutes as follows: an arrangement in which a bank assumes, in form or in substance, credit risk associated with an on- or off-balance-sheet asset or exposure that was not previously owned by the bank (third-party asset), and the risk assumed by the bank exceeds the pro rata share of the bank’s interest in the third-party asset.
GNMA guarantees MBSs backed by mortgages that are insured by the Federal Housing Administration (FHA), the Department of Agriculture’s department of Rural Housing Service (RHS), the Department of Veterans Affairs (VA), and the Office of Public and Indian Housing (PIH). Source: Sourceline here 5. Freddie Mac guarantees the timely payment of interest and principal on its Gold participation certificates (PCs). On other PCs backed by variable-rate mortgages and fixed mortgages not issued in its Gold program, Freddie Mac guarantees the timely payment and ultimate payment of principal no later than one month after the final maturity date of the security.
Funds OFF-BAL ANCE-SHEET FUNDING Mortgagors 1a. Mortgages 1a. Funds Mortgage Originators: banks, finance companies, mortgage banks, thrifts 1d. Mortgages financed prior to securitization 1d. Secured Loan Multiseller asset-backed commercial paper conduits 1e. Funds Hedging mortgage commitments and mortgage portfolios in the market for futures, options, forward contracts, and swaps 2b. Risk Investment Banks, Commercial Banks, Finance Companies, REITs Source: Stone/Zissu 3a. Mortgages 3b. Private-label CMOs, Stripped MBS, and Pass-through securities 3a.