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Asset-Backed Securitization and the Financial Crisis

Author: Nadine Senanayake

Publisher: Diplomica Verlag

Published: 2010

Total Pages: 84

ISBN-13: 3836691418

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The study aims at analyzing the product and market functions of Asset-backed Securities (ABS) by firstly, distinguishing characteristics of the product functions and market functions in relation to Asset-backed Securitization within a general compass. The product functions the author refers to the phase prior to the issuing of securities, namely the structuring phase. Thus, the author will be drawing from history and developments in the market, players involved in the structuring process and descriptions of the basic product functions. Secondly, the author will elaborate on the market functions; the phase subsequent to the product being implemented into the market. Furthermore the author strives to give the reader a clear definition of the types of asset-backed securities and their functions within the market framework. Thirdly, the author will elaborate on the shortfalls in the ABS structure with relation to it's risk and continue to discuss the risks attributable to the product and market functions of ABS. Finally, the author will submit solutions for the featured risks within the framework and draw an outline as to the ABS securitization market in the future. Chapter 1: distinguishes characteristics of the product functions of Asset Backed Securitization, by explaining the key definitions associated with initiating the product phase. Initially the history and development of the ABS market will be unraveled; thereafter the author continues to describe the structure of the ABS process, explained by describing the role played by the key players in the process. Conclusively, the author exemplifies the two main concepts of securitization's product sphere namely, True sale/Conventional and Synthetic Securitization Chapter 2: distinguishes characteristics of the Market functions of Asset Backed Securitization, by explaining the different types of ABS also by giving a short description of each type of asset backed securities, namely, ABS, MBS, and CDO. Furthermore, the a

Book Synopsis Asset-Backed Securitization and the Financial Crisis by : Nadine Senanayake

Download or read book Asset-Backed Securitization and the Financial Crisis written by Nadine Senanayake and published by Diplomica Verlag. This book was released on 2010 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study aims at analyzing the product and market functions of Asset-backed Securities (ABS) by firstly, distinguishing characteristics of the product functions and market functions in relation to Asset-backed Securitization within a general compass. The product functions the author refers to the phase prior to the issuing of securities, namely the structuring phase. Thus, the author will be drawing from history and developments in the market, players involved in the structuring process and descriptions of the basic product functions. Secondly, the author will elaborate on the market functions; the phase subsequent to the product being implemented into the market. Furthermore the author strives to give the reader a clear definition of the types of asset-backed securities and their functions within the market framework. Thirdly, the author will elaborate on the shortfalls in the ABS structure with relation to it's risk and continue to discuss the risks attributable to the product and market functions of ABS. Finally, the author will submit solutions for the featured risks within the framework and draw an outline as to the ABS securitization market in the future. Chapter 1: distinguishes characteristics of the product functions of Asset Backed Securitization, by explaining the key definitions associated with initiating the product phase. Initially the history and development of the ABS market will be unraveled; thereafter the author continues to describe the structure of the ABS process, explained by describing the role played by the key players in the process. Conclusively, the author exemplifies the two main concepts of securitization's product sphere namely, True sale/Conventional and Synthetic Securitization Chapter 2: distinguishes characteristics of the Market functions of Asset Backed Securitization, by explaining the different types of ABS also by giving a short description of each type of asset backed securities, namely, ABS, MBS, and CDO. Furthermore, the a

Asset Backed Securities. Their Role within the Financial Crisis

Author: Franz Bauer

Publisher: GRIN Verlag

Published: 2020-09-15

Total Pages: 13

ISBN-13: 3346245934

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Essay from the year 2020 in the subject Business economics - Investment and Finance, grade: 1,7, University of applied sciences, Munich, language: English, abstract: The subprime crisis in 2007 proved to be a decisive factor in the financial world and triggered a global financial crisis of unimagined proportions. This essay examines the role of asset-backed securities in the 2007/2008 financial crisis, focusing on the triggers and the process that eventually led to the bursting of the US real estate bubble. The paper also provides an overview of how the downturn in the US housing market was triggered and how the United States and the global economy slid into recession.

Book Synopsis Asset Backed Securities. Their Role within the Financial Crisis by : Franz Bauer

Download or read book Asset Backed Securities. Their Role within the Financial Crisis written by Franz Bauer and published by GRIN Verlag. This book was released on 2020-09-15 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2020 in the subject Business economics - Investment and Finance, grade: 1,7, University of applied sciences, Munich, language: English, abstract: The subprime crisis in 2007 proved to be a decisive factor in the financial world and triggered a global financial crisis of unimagined proportions. This essay examines the role of asset-backed securities in the 2007/2008 financial crisis, focusing on the triggers and the process that eventually led to the bursting of the US real estate bubble. The paper also provides an overview of how the downturn in the US housing market was triggered and how the United States and the global economy slid into recession.

Securitization and the Global Economy

Author: Bonnie G. Buchanan

Publisher: Springer

Published: 2016-12-29

Total Pages: 262

ISBN-13: 1137342870

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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.

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.

The Securitization Markets Handbook

Author: Charles Austin Stone

Publisher: John Wiley & Sons

Published: 2012-09-25

Total Pages: 469

ISBN-13: 1118006747

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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.

Book Synopsis The Securitization Markets Handbook by : Charles Austin Stone

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.

The Financial Crisis Inquiry Report

Author: Financial Crisis Inquiry Commission

Publisher: Cosimo, Inc.

Published: 2011-05-01

Total Pages: 692

ISBN-13: 1616405414

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The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

The Mechanics of Securitization

Author: Suleman Baig

Publisher: John Wiley & Sons

Published: 2013-01-09

Total Pages: 208

ISBN-13: 1118234545

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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.

Book Synopsis The Mechanics of Securitization by : Suleman Baig

Download or read book The Mechanics of Securitization written by Suleman Baig and published by John Wiley & Sons. This book was released on 2013-01-09 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Prudent Lending Restored

Author: Yasuyuki Fuchita

Publisher: Rowman & Littlefield

Published: 2010-09-01

Total Pages: 337

ISBN-13: 0815703996

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There is little dispute that the mortgage meltdown of 2007, created by irresponsible lending and lax oversight, helped lead to the global financial crisis. Why were these securities backed by subprime debt so desirable to so many seemingly sophisticated investors? The answer lies in distorted incentives, opaque securitization structures and a willingness to believe that house prices would continue to rise indefinitely and the hope for super-normal returns. In Prudent Lending Restored experts from the United States, Europe, and Japan draw a timeline of key events along the road to our most recent recession. Providing an in-depth analysis of the causes of the subprime mortgage meltdown, they propose reforms, including a more simplified securitization process with emphasis on oversight to encourage more prudent lending. This timely volume—the collaboration between the Brookings Institution and the Nomura Institute of Capital Markets Research—argues that securitization can and should have a brighter future, and they lay out ways that will make that possible. Contributors: Jennifer E. Bethel (Babson College), Robert E. Eisenbeis (Federal Reserve Bank of Atlanta), Allen Ferrell (Havard Law School), Günter Franke (Konstanz University, Germany), Jack Guttentag (University of Pennsylvania), Gang Hu (Babson College), Tetsuya Kamiyama (Nomura Institute of Capital Markets Research, Tokyo), Kei Kodachi (NICMR), Jan P. Krahnen (Goethe University Frankfurt, Germany), Joseph R. Mason (Louisiana State University), Igor Roitburg (Default Mitigation Management LLC), and Eiichi Sekine (NICMR).

Book Synopsis Prudent Lending Restored by : Yasuyuki Fuchita

Download or read book Prudent Lending Restored written by Yasuyuki Fuchita and published by Rowman & Littlefield. This book was released on 2010-09-01 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is little dispute that the mortgage meltdown of 2007, created by irresponsible lending and lax oversight, helped lead to the global financial crisis. Why were these securities backed by subprime debt so desirable to so many seemingly sophisticated investors? The answer lies in distorted incentives, opaque securitization structures and a willingness to believe that house prices would continue to rise indefinitely and the hope for super-normal returns. In Prudent Lending Restored experts from the United States, Europe, and Japan draw a timeline of key events along the road to our most recent recession. Providing an in-depth analysis of the causes of the subprime mortgage meltdown, they propose reforms, including a more simplified securitization process with emphasis on oversight to encourage more prudent lending. This timely volume—the collaboration between the Brookings Institution and the Nomura Institute of Capital Markets Research—argues that securitization can and should have a brighter future, and they lay out ways that will make that possible. Contributors: Jennifer E. Bethel (Babson College), Robert E. Eisenbeis (Federal Reserve Bank of Atlanta), Allen Ferrell (Havard Law School), Günter Franke (Konstanz University, Germany), Jack Guttentag (University of Pennsylvania), Gang Hu (Babson College), Tetsuya Kamiyama (Nomura Institute of Capital Markets Research, Tokyo), Kei Kodachi (NICMR), Jan P. Krahnen (Goethe University Frankfurt, Germany), Joseph R. Mason (Louisiana State University), Igor Roitburg (Default Mitigation Management LLC), and Eiichi Sekine (NICMR).

Securitization: Past, Present and Future

Author: Solomon Y Deku

Publisher: Springer

Published: 2017-08-04

Total Pages: 177

ISBN-13: 3319601288

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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.

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 Springer. This book was released on 2017-08-04 with total page 177 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.

Asset Backed Securities

Author: Johann Gross

Publisher: GRIN Verlag

Published: 2013-04-15

Total Pages: 24

ISBN-13: 3656410003

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Seminar paper from the year 2013 in the subject Economics - Finance, grade: 1,3, University of applied sciences, Nürnberg (IOM), course: Financial Management, language: English, abstract: This paper occupies with asset-backed securities as a financing instrument for companies and as an investment for investors. It shows the advantages of this financing vehicle. Firms can get a quick access to the financial markets and clean up their balance sheet and creditworthiness by selling receivables out of their assets. Investors get a good return on their input and help organizations financing themselves. But heavy risks, like securitization risks, regulatory risks, counterpart risks, economical risks and wrong rating risks can endanger the financial transaction and lead into a financial default. The greed of investment banks, bad economical circumstances and at least a deficient risk management of companies helped ABS products becoming a main role during the financial crisis of 2007. During the financial crisis ABS products lost their natural status as financing instruments and became something like financial investments.

Book Synopsis Asset Backed Securities by : Johann Gross

Download or read book Asset Backed Securities written by Johann Gross and published by GRIN Verlag. This book was released on 2013-04-15 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Economics - Finance, grade: 1,3, University of applied sciences, Nürnberg (IOM), course: Financial Management, language: English, abstract: This paper occupies with asset-backed securities as a financing instrument for companies and as an investment for investors. It shows the advantages of this financing vehicle. Firms can get a quick access to the financial markets and clean up their balance sheet and creditworthiness by selling receivables out of their assets. Investors get a good return on their input and help organizations financing themselves. But heavy risks, like securitization risks, regulatory risks, counterpart risks, economical risks and wrong rating risks can endanger the financial transaction and lead into a financial default. The greed of investment banks, bad economical circumstances and at least a deficient risk management of companies helped ABS products becoming a main role during the financial crisis of 2007. During the financial crisis ABS products lost their natural status as financing instruments and became something like financial investments.

The Federal Reserve's Financial Crisis Response E

Author: Rosalind Wiggins

Publisher:

Published: 2016

Total Pages: 21

ISBN-13:

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Securitization is a process that allows banks and other lenders to package loans and sell them as bonds called asset-backed securities (ABS), removing them from their balance sheets and immediately generating cash for new loans. ABS are an important component of the financing cycle for many types of loans to households and small businesses, including mortgages. In the fall of 2008, financial markets began experiencing disturbances as the effects of the U.S. subprime market meltdown spread. The ABS market froze decreasing the volume of new loans to households and small businesses. The Federal Reserve became very concerned about the potential for these circumstances to further weaken the U.S. economy and, as a result, implemented the Term Asset-backed Loan Facility (TALF) to jumpstart the market and mitigate the negative effects on the economy. In this case we discuss the design, usage of the TALF and its impact on the securitization markets during the crisis.

Book Synopsis The Federal Reserve's Financial Crisis Response E by : Rosalind Wiggins

Download or read book The Federal Reserve's Financial Crisis Response E written by Rosalind Wiggins and published by . This book was released on 2016 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securitization is a process that allows banks and other lenders to package loans and sell them as bonds called asset-backed securities (ABS), removing them from their balance sheets and immediately generating cash for new loans. ABS are an important component of the financing cycle for many types of loans to households and small businesses, including mortgages. In the fall of 2008, financial markets began experiencing disturbances as the effects of the U.S. subprime market meltdown spread. The ABS market froze decreasing the volume of new loans to households and small businesses. The Federal Reserve became very concerned about the potential for these circumstances to further weaken the U.S. economy and, as a result, implemented the Term Asset-backed Loan Facility (TALF) to jumpstart the market and mitigate the negative effects on the economy. In this case we discuss the design, usage of the TALF and its impact on the securitization markets during the crisis.