By Charles Austin Stone, Anne Zissu
ISBN-10: 1576601382
ISBN-13: 9781576601389
ISBN-10: 1576602141
ISBN-13: 9781576602140
During this long-awaited guide, famous specialists Charles Stone and Anne Zissu supply an enlightening review of the way securitization works and clarify how destiny funds flows from a variety 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 an important company investment approach extensively followed by means of monetary and business businesses during the international to finance either operating capital and capital budgets. it's also used as a risk-management instrument 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 periods of asset-backed securities and gives a practice-oriented statement on traits in securitization and the worth of asset- and mortgage-backed securities throughout industries and in the course of the worldwide markets.
The authors process the subject from each side of the marketplace: the availability part, the place resources are securitized and personal loan- and asset-backed securities are issued, and the call for facet, the place traders select which periods of personal loan and asset-backed securities will improve their portfolios or function effective hedges. The book’s unique causes and sensible examples make it a beneficial advisor either for knowledgeable funds managers attempting to placed a securitization procedure into position and for these new to securitization trying to gather a huge and robust beginning within the topic.
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Additional resources for The securitization markets handbook : structures and dynamics of mortgage- and asset-backed securities
Example text
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. The REMIC tax rules are quite complex, and expert legal and accounting opinions are needed to evaluate the tax implications of investments in the residual class. Note that a REMIC issues CMOs—a REMIC is not a CMO. 3 is laid out the scheme for the agency market for MBSs. Here again, numbers designate the various stages of the process.
1 lists the different bond prices for different yields. Price/Yield Relationship Fixed-Rate Mortgages A fixed-rate mortgage is a loan made by a bank (the mortgagee) to an individual borrower (the mortgagor), for the purchase of a house. The mortgage typically amortizes over a period of thirty years, although it can be over a period of fifteen years. 2 at right shows the price/yield relationship for a bond. As yield increases, the value of the bond decreases. When the yield is equal to the coupon rate of 8 percent, the bond trades at face value, or $1,000.
Government agencies: 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). As was noted earlier, FNMA and Freddie Mac are GSEs, chartered by the United States Congress. The equity of FNMA and Freddie Mac is owned by private investors. Shares of FNMA and Freddie Mac are listed on the New York Stock Exchange. Their congressional charters define their mission, which is to lower the cost of mortgage capital to low-, moderate-, and middle-income Americans by creating and sustaining a deep, liquid, and stable secondary mortgage market.
The securitization markets handbook : structures and dynamics of mortgage- and asset-backed securities by Charles Austin Stone, Anne Zissu
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