By Charles Austin Stone, Anne Zissu
During this long-awaited instruction manual, famous specialists Charles Stone and Anne Zissu offer an enlightening evaluate of the way securitization works and clarify how destiny funds flows from a number of asset classes—from bank card receipts to personal loan payments—can be packaged into bond-like items and offered to investors.
as soon as a marginal resource of money, securitization is now a necessary company investment method generally followed by means of monetary and commercial businesses during the global to finance either operating capital and capital budgets. it's also used as a risk-management device and a resource of liquidity. Securitization has been tailored to fund company acquisitions, to capitalize destiny streams of profit, and to liquidate swimming pools of nonperforming loans.
With examples from businesses reminiscent of GE Capital, Ford Motor credits, national domestic Loans, and D&K Healthcare, The Securitization Markets Handbook presents descriptions of all significant sessions 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 and through the international markets.
The authors strategy the subject from each side of the industry: the availability aspect, the place resources are securitized and loan- and asset-backed securities are issued, and the call for facet, the place traders opt for which sessions of personal loan and asset-backed securities will increase their portfolios or function effective hedges. The book’s distinctive factors and sensible examples make it a important consultant either for knowledgeable funds managers attempting to positioned a securitization procedure into position and for these new to securitization trying to gather a wide and powerful origin within the topic.
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Additional resources for The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-Backed Securities
A REMIC, on the other hand, is essentially a creation of the federal tax code. Election of REMIC status is done so that the income of a trust that issues a CMO is not taxed at the issuer level. A REMIC is required to issue a single residual class that bears the burden of financing any tax liabilities of the issuer. REMICs issue regular classes and must issue one, and only one, residual class. The residual class is designed to absorb all of the federal tax liabilities the trust may incur over its life, whereas the investors in the regular class treat their investments as debt for tax purposes.
Government agencies such as the Federal Housing Administration or Office of Veterans Affairs) were sold to either FNMA or Freddie Mac. 8 K EY ST R U CT U R ES AND CAS H F LOW DY NAM ICS Agency and Nonagency Market Segments Compared Common to both the agency and private-label segments of the MBS market is the fact that mortgages are transformed from illiquid financial assets held by the originator of the loan into liquid, tradable securities that are distributed in the national and international money and capital markets.
Mortgage originators have a choice between financing the mortgages they originate or selling them in the secondary market in return for cash or marketable mortgage-backed securities. Essentially all financial institutions that originate or buy mortgages now rely to some extent on refinancing their mortgage portfolios via the secondary mortgage market. Without the use of the secondary mortgage market the volume of mortgages an institution can originate is constrained by the funding capacity of its balance sheet.
The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-Backed Securities by Charles Austin Stone, Anne Zissu