The Role Of The Securitization Process In The Expansion Of Subprime Credit

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Understanding the Securitization of Subprime Mortgage Credit

Author : Adam B. Ashcraft
Publisher : DIANE Publishing
ISBN 13 : 1437925146
Total Pages : 76 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Understanding the Securitization of Subprime Mortgage Credit by : Adam B. Ashcraft

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.

Securitization and Credit Quality

Author : David Marques-Ibanez
Publisher : International Monetary Fund
ISBN 13 : 1475554001
Total Pages : 41 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Securitization and Credit Quality by : David Marques-Ibanez

Download or read book Securitization and Credit Quality written by David Marques-Ibanez and published by International Monetary Fund. This book was released on 2016-11-15 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banks are usually better informed on the loans they originate than other financial intermediaries. As a result, securitized loans might be of lower credit quality than otherwise similar nonsecuritized loans. We assess the effect of securitization activity on loans’ relative credit quality employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, at issuance, banks do not seem to select and securitize loans of lower credit quality. Following securitization, however, the credit quality of borrowers whose loans are securitized deteriorates by more than those in the control group. We find tentative evidence suggesting that poorer performance by securitized loans might be linked to banks’ reduced monitoring incentives.

Housing and the Financial Crisis

Author : Edward L. Glaeser
Publisher : University of Chicago Press
ISBN 13 : 9780226030586
Total Pages : 0 pages
Book Rating : 4.0/5 (35 download)

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Book Synopsis Housing and the Financial Crisis by : Edward L. Glaeser

Download or read book Housing and the Financial Crisis written by Edward L. Glaeser and published by University of Chicago Press. This book was released on 2013-08-19 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to climb and crash. Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than others. It then examines the causes of the boom and bust, including the availability of credit, the perceived risk reduction due to the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.

Securitization of Subprime Mortgages

Author : Milton R. Spotgeste
Publisher :
ISBN 13 : 9781606922002
Total Pages : 0 pages
Book Rating : 4.9/5 (22 download)

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Book Synopsis Securitization of Subprime Mortgages by : Milton R. Spotgeste

Download or read book Securitization of Subprime Mortgages written by Milton R. Spotgeste and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, the authors provide an overview of the sub-prime mortgage securitisation process and the seven key informational frictions that arise. They discuss the ways that market participants work to minimise these frictions and speculate on how this process broke down. They continue with a complete picture of the sub-prime borrower and the sub-prime loan, discussing both predatory borrowing and predatory lending. They present the key structural features of a typical sub-prime securitisation, document how rating agencies assign credit ratings to mortgage-backed securities, and outline how these agencies monitor the performance of mortgage pools over time.

Slapped by the Invisible Hand

Author : Gary B. Gorton
Publisher : Oxford University Press
ISBN 13 : 0199742111
Total Pages : 232 pages
Book Rating : 4.1/5 (997 download)

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Book Synopsis Slapped by the Invisible Hand by : Gary B. Gorton

Download or read book Slapped by the Invisible Hand written by Gary B. Gorton and published by Oxford University Press. This book was released on 2010-03-08 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized-banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis. Gorton shows that the Panic of 2007 was not so different from the Panics of 1907 or of 1893, except that, in 2007, most people had never heard of the markets that were involved, didn't know how they worked, or what their purposes were. Terms like subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, or repo market were meaningless. In this superb volume, Gorton makes all of this crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous, short-term deposits. But as any banking system, it was vulnerable to a panic. Indeed the events starting in August 2007 can best be understood not as a retail panic involving individuals, but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent. An authority on banking panics, Gorton is the ideal person to explain the financial calamity of 2007. Indeed, as the crisis unfolded, he was working inside an institution that played a central role in the collapse. Thus, this book presents the unparalleled and invaluable perspective of a top scholar who was also a key insider.

The Housing Boom and Bust

Author : Thomas Sowell
Publisher : Basic Books (AZ)
ISBN 13 : 0465018807
Total Pages : 194 pages
Book Rating : 4.4/5 (65 download)

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Book Synopsis The Housing Boom and Bust by : Thomas Sowell

Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.

Subprime Mortgages

Author : Edward M. Gramlich
Publisher : The Urban Insitute
ISBN 13 : 9780877667391
Total Pages : 124 pages
Book Rating : 4.6/5 (673 download)

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Book Synopsis Subprime Mortgages by : Edward M. Gramlich

Download or read book Subprime Mortgages written by Edward M. Gramlich and published by The Urban Insitute. This book was released on 2007 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, a new mortgage market offering loans at low interest rates and for little or no money down has given low-income people an opportunity to pursue the American dream of homeownership. The resulting wave in home buying promised to stabilize neighborhoods and families, boost the economy, and reduce crime. In many ways, the optimists were correct, but now, less than fifteen years later, the subprime mortgage market is collapsing, threatening to take the rest of the housing sector along with it.Subprime Mortgages: America's Latest Boom and Bust analyzes how the subprime market emerged, why it is in crisis, and how we can reform public policy to avert disaster. An attendant examination of the rental market also offers recommendations for shoring up what may be the best housing option for some families.

Securitization: Past, Present and Future

Author : Solomon Y Deku
Publisher : Palgrave Macmillan
ISBN 13 : 9783319867861
Total Pages : 0 pages
Book Rating : 4.8/5 (678 download)

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Book Synopsis Securitization: Past, Present and Future by : Solomon Y Deku

Download or read book Securitization: Past, Present and Future written by Solomon Y Deku and published by Palgrave Macmillan. This book was released on 2018-08-04 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Subprime Markets, the Role of GSEs, and Risk-Based Pricing

Author : Kenneth M. Temkin
Publisher :
ISBN 13 : 9780756727345
Total Pages : 0 pages
Book Rating : 4.7/5 (273 download)

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Book Synopsis Subprime Markets, the Role of GSEs, and Risk-Based Pricing by : Kenneth M. Temkin

Download or read book Subprime Markets, the Role of GSEs, and Risk-Based Pricing written by Kenneth M. Temkin and published by . This book was released on 2002-10 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents the ideas & opinions of many subprime mortgage market participants observers on subprime borrowers, their default experience, & subprime lenders' underwriting practices. Representatives of lenders, trade associations, Fannie Mae & Freddie Mac, rating agencies & other market experts talked with the authors about the complex issues related to a larger GSE role in the subprime market. Chapters: what is subprime lending & who does it serve?; a brief history of subprime lending; underwriting & pricing practices; the GSEs & subprime lending: current & future roles; automated underwriting & risk-based pricing; automated underwriting systems in today's lending environment; & policy issues & recommendations.

The Financial Crisis Inquiry Report, Authorized Edition

Author : United States. Financial Crisis Inquiry Commission
Publisher : Public Affairs
ISBN 13 : 1610390415
Total Pages : 578 pages
Book Rating : 4.6/5 (13 download)

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Book Synopsis The Financial Crisis Inquiry Report, Authorized Edition by : United States. Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report, Authorized Edition written by United States. Financial Crisis Inquiry Commission and published by Public Affairs. This book was released on 2011-01-27 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the causes of the financial crisis that began in 2008 and reveals the weaknesses found in financial regulation, excessive borrowing, and breaches in accountability.

Securitization of Financial Assets

Author : Kravitt
Publisher : Wolters Kluwer
ISBN 13 : 0735561923
Total Pages : 1902 pages
Book Rating : 4.7/5 (355 download)

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Book Synopsis Securitization of Financial Assets by : Kravitt

Download or read book Securitization of Financial Assets written by Kravitt and published by Wolters Kluwer. This book was released on 2012-12-18 with total page 1902 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Securitization in India

Author : Jennifer Romero-Torres
Publisher : Asian Development Bank
ISBN 13 : 9292579843
Total Pages : 130 pages
Book Rating : 4.2/5 (925 download)

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Book Synopsis Securitization in India by : Jennifer Romero-Torres

Download or read book Securitization in India written by Jennifer Romero-Torres and published by Asian Development Bank. This book was released on 2017-11-01 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: India needs to spend close to Rs43 trillion (about $646 billion) on infrastructure through to 2022. Such a staggering requirement cannot be met though traditional sources such as public sector bank loans. India must immediately explore and quickly ramp up financing from alternative investment sources. This report provides an overview of infrastructure financing in India, sheds light on the challenges faced by the country's banking sector, suggests an optimal mechanism for securitizing the infrastructure assets of public sector banks, and outlines a range of scenarios and factors that must be in place for this mechanism to be successfully realized.

Federal Reserve's Commercial Paper Funding Facility

Author : Tobias Adrian
Publisher : DIANE Publishing
ISBN 13 : 1437929303
Total Pages : 38 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Federal Reserve's Commercial Paper Funding Facility by : Tobias Adrian

Download or read book Federal Reserve's Commercial Paper Funding Facility written by Tobias Adrian and published by DIANE Publishing. This book was released on 2010-06 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Reserve (FR) created the Commercial Paper Funding Facility (CPFF) in the midst of severe disruptions in money markets following the bankruptcy of Lehman Bros. on Sept. 15, 2008. The CPFF finances the purchase of highly rated unsecured and asset-backed commercial paper from eligible issuers via primary dealers. The facility is a liquidity backstop to U.S. issuers of commercial paper, and its creation was part of a range of policy actions undertaken by the FR to provide liquidity to the financial system. This report documents aspects of the financial crisis relevant to the creation of the CPFF, reviews the operation of the CPFF, discusses use of the facility, and draws conclusions for lender-of-last-resort facilities. Charts and tables.

Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09

Author : Tobias Adrian
Publisher : DIANE Publishing
ISBN 13 : 1437930905
Total Pages : 35 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 by : Tobias Adrian

Download or read book Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 written by Tobias Adrian and published by DIANE Publishing. This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the ¿shadow banking system,¿ which grew out of the securitization of assets and the integration of banking with capital market developments. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are tied closely to fluctuations in the leverage of market-based financial intermediaries. This report describes the changing nature of financial intermediation in the market-based financial system, charts the course of the recent financial crisis, and outlines the policy responses that have been implemented by the Fed. Reserve and other central banks. Charts and tables.

The Encyclopedia of Housing, Second Edition

Author : Andrew T. Carswell
Publisher : SAGE
ISBN 13 : 1412989574
Total Pages : 929 pages
Book Rating : 4.4/5 (129 download)

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Book Synopsis The Encyclopedia of Housing, Second Edition by : Andrew T. Carswell

Download or read book The Encyclopedia of Housing, Second Edition written by Andrew T. Carswell and published by SAGE. This book was released on 2012-06-13 with total page 929 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of the Encyclopedia of Housing has been updated to reflect the significant changes in the market that make the landscape of the industry so different today, and includes articles from a fresh set of scholars who have contributed to the field over the past twelve years.

Securitization and the Global Economy

Author : Bonnie G. Buchanan
Publisher : Springer
ISBN 13 : 1137342870
Total Pages : 262 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Securitization and the Global Economy by : Bonnie G. Buchanan

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.

Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia

Author : Masahiro Kawai
Publisher : Edward Elgar Publishing
ISBN 13 : 0857934724
Total Pages : 297 pages
Book Rating : 4.8/5 (579 download)

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Book Synopsis Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia by : Masahiro Kawai

Download or read book Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia written by Masahiro Kawai and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Filled with fresh observations from the global financial crisis, this book provides a blueprint for making Asia's financial systems safe. With contributions from experts in several countries, it is both comprehensive and rigorous. It will be invaluable to policy makers and students of finance everywhere, but its unique Asian perspective provides special insight into the systems that managed to ride out the global crisis but absent further reform might set the stage for another one. The book's analysis and recommendations deserve urgent policy attention.' Peter Petri, Brandeis University, US 'What are the lessons of the global financial crisis of 20072009 for Asia? This is a key issue for Asia today. On one hand, some observers argue that following the Asian financial crisis in 199798, most Asian developing countries built up strong mechanisms to guarantee financial stability. But the recent financial shocks across America and Europe show that even the best financial systems have key weaknesses. This book is a valuable guide for Asian financial policy-makers of the road ahead.' Peter McCawley, Australian National University In light of the experience of the global financial crisis, this book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises, improving the ability to manage and resolve crises, managing capital flows, and promoting the development of Asian bond markets. The focus of the book is on longer-term structural measures. It explores areas such as the scope for regional monitoring and cooperation; deepening and integration of Asian bond and money markets; liberalization/regulation of capital flows; issues related to macroprudential oversight, regulatory structure and cooperation; as well as role of state intervention in crisis resolution in the financial sector. The need for and impacts of regulations on innovative financial products and specific investor groups such as hedge funds; ways to reduce systemic risk of pro-cyclicality of regulation; and ways to improve the infrastructure and regulatory environment for local currency bond markets, are also examined in depth. The book will appeal to public and private finance experts, policy and decisions makers in governments and banks, think-tanks, and students in graduate courses related to financial and economic development.