767:: Default risk is generally accepted as a borrower's inability to meet interest payment obligations on time. For ABS, default may occur when maintenance obligations on the underlying collateral are not sufficiently met as detailed in its prospectus. A key indicator of a particular security's default risk is its credit rating. Different tranches within the ABS are rated differently, with senior classes of most issues receiving the highest rating, and subordinated classes receiving correspondingly lower credit ratings. Almost all mortgages, including reverse mortgages, and student loans, are now insured by the government, meaning that taxpayers are on the hook for any of these loans that go bad even if the asset is massively over-inflated. In other words, there are no limits or curbs on over-spending, or the liabilities to taxpayers.
641:". This term implies that the use of derivatives has no balance sheet impact. While there are differences among the various accounting standards internationally, there is a general trend towards the requirement to record derivatives at fair value on the balance sheet. There is also a generally accepted principle that, where derivatives are being used as a hedge against underlying assets or liabilities, accounting adjustments are required to ensure that the gain/loss on the hedged instrument is recognized in the income statement on a similar basis as the underlying assets and liabilities. Certain credit derivatives products, particularly Credit Default Swaps, now have more or less universally accepted market standard documentation. In the case of Credit Default Swaps, this documentation has been formulated by the
788:: Like all fixed income securities, the prices of fixed rate ABS move in response to changes in interest rates. Fluctuations in interest rates affect floating rate ABS prices less than fixed rate securities, as the index against which the ABS rate adjusts will reflect interest rate changes in the economy. Furthermore, interest rate changes may affect the prepayment rates on underlying loans that back some types of ABS, which can affect yields. Home equity loans tend to be the most sensitive to changes in interest rates, while auto loans, student loans, and credit cards are generally less sensitive to interest rates.
749:: Since the assets that are securitized are isolated (at least in theory) from the assets of the originating entity, under securitization it may be possible for the securitization to receive a higher credit rating than the "parent", because the underlying risks are different. For example, a small bank may be considered more risky than the mortgage loans it makes to its customers; were the mortgage loans to remain with the bank, the borrowers may effectively be paying higher interest (or, just as likely, the bank would be paying higher interest to its creditors, and hence less profitable).
653:: Securitization makes it possible to record an earnings bounce without any real addition to the firm. When a securitization takes place, there often is a "true sale" that takes place between the Originator (the parent company) and the SPE. This sale has to be for the market value of the underlying assets for the "true sale" to stick and thus this sale is reflected on the parent company's balance sheet, which will boost earnings for that quarter by the amount of the sale. While not illegal in any respect, this does distort the true earnings of the parent company.
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receivables usually pay off much more quickly. To solve this issue these securities typically have a revolving period, an accumulation period, and an amortization period. All three of these periods are based on historical experience of the receivables. During the revolving period, principal payments received on the credit card balances are used to purchase additional receivables. During the accumulation period, these payments are accumulated in a separate account. During the amortization period, new payments are passed through to the investors.
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expected losses and administrative costs than was true within the mortgage market. Sales of this type—with no contractual obligation by the seller to provide recourse—allowed banks to receive sales treatment for accounting and regulatory purposes (easing balance sheet and capital constraints), while at the same time allowing them to retain origination and servicing fees. After the success of this initial transaction, investors grew to accept credit card receivables as collateral, and banks developed structures to normalize the cash flows.
304:. Each tranche has a different level of credit protection or risk exposure: there is generally a senior ("A") class of securities and one or more junior subordinated ("B", "C", etc.) classes that function as protective layers for the "A" class. The senior classes have first claim on the cash that the SPV receives, and the more junior classes only start receiving repayment after the more senior classes have been repaid. Because of the cascading effect between classes, this arrangement is often referred to as a
782:: The majority of revolving ABS are subject to some degree of early amortization risk. The risk stems from specific early amortization events or payout events that cause the security to be paid off prematurely. Typically, payout events include insufficient payments from the underlying borrowers, insufficient excess spread, a rise in the default rate on the underlying loans above a specified level, a decrease in credit enhancements below a specific level, and bankruptcy on the part of the sponsor or servicer.
308:. If the underlying asset pool becomes insufficient to make payments on the securities (e.g. when loans default within a portfolio of loan claims), the loss is absorbed first by the subordinated tranches, and the upper-level tranches remain unaffected until the losses exceed the entire amount of the subordinated tranches. The senior securities might be AAA or AA rated, signifying a lower risk, while the lower-credit quality subordinated classes receive a lower credit rating, signifying a higher risk.
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repayment on the leases and so cannot get its money back early if required. If it could sell the rights to the cash flows from the leases to someone else, it could transform that income stream into a lump sum today (in effect, receiving today the present value of a future cash flow). Where the originator is a bank or other organization that must meet capital adequacy requirements, the structure is usually more complex because a separate company is set up to buy the assets.
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724:: Due to the stringent requirements for corporations (for example) to attain high ratings, there is a dearth of highly rated entities that exist. Securitizations, however, allow for the creation of large quantities of AAA, AA or A rated bonds, and risk averse institutional investors, or investors that are required to invest in only highly rated assets, have access to a larger pool of investment options.
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mortgage market were applied for the first time to a class of non-mortgage assets—automobile loans. A pool of assets second only to mortgages in volume, auto loans were a good match for structured finance; their maturities, considerably shorter than those of mortgages, made the timing of cash flows more predictable, and their long statistical histories of performance gave investors confidence.
283:", meaning their credit quality is increased above that of the originator's unsecured debt or underlying asset pool. This increases the likelihood that the investors will receive the cash flows to which they are entitled, and thus enables the securities to have a higher credit rating than the originator. Some securitizations use external credit enhancement provided by third parties, such as
267:" (rate) at the time of issuance, in a fashion similar to corporate bonds and T-Bills. Floating rate securities may be backed by both amortizing and non-amortizing assets in the floating market. In contrast to fixed rate securities, the rates on "floaters" will periodically adjust up or down according to a designated index such as a U.S. Treasury rate, or, more typically, the
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provide more flexibility in issuing senior/subordinate securities, can increase demand because pension funds are eligible to invest in investment-grade securities issued by them, and they can significantly reduce the cost of issuing securities. Because of these issues, issuance trusts are now the dominant structure used by major issuers of credit card-backed securities.
799:: Investors usually rely on the deal manager to price the securitizations' underlying assets. If the manager earns fees based on performance, there may be a temptation to mark up the prices of the portfolio assets. Conflicts of interest can also arise with senior note holders when the manager has a claim on the deal's excess spread.
315:) is the most exposed to payment risk. In some cases, this is a special type of instrument which is retained by the originator as a potential profit flow. In some cases the equity class receives no coupon (either fixed or floating), but only the residual cash flow (if any) after all the other classes have been paid.
659:: Future cashflows may not get full credit in a company's accounts (life insurance companies, for example, may not always get full credit for future surpluses in their regulatory balance sheet), and a securitization effectively turns an admissible future surplus flow into an admissible immediate cash asset.
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risk and return profiles of issued securities to investor needs. Usually, any income remaining after expenses is kept in a reserve account up to a specified level and then after that, all income is returned to the seller. Owner trusts allow credit risk to be mitigated by over-collateralization by using
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A second risk is that the total investor interests and the seller's interest are limited to receivables generated by the credit cards, but the seller (originator) owns the accounts. This can cause issues with how the seller controls the terms and conditions of the accounts. Typically to solve this,
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Credit enhancements affect credit risk by providing more or less protection for promised cash flows for a security. Additional protection can help a security achieve a higher rating, lower protection can help create new securities with differently desired risks, and these differential protections can
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If the underlying assets are mortgages or loans, there are usually two separate "waterfalls" because the principal and interest receipts can be easily allocated and matched. But if the assets are income-based transactions such as rental deals one cannot categorise the revenue so easily between income
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A controlled amortization structure can give investors a more predictable repayment schedule, even though the underlying assets may be nonamortising. After a predetermined "revolving period", during which only interest payments are made, these securitizations attempt to return principal to investors
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standards govern when such a transfer is a true sale, a financing, a partial sale, or a part-sale and part-financing. In a true sale, the originator is allowed to remove the transferred assets from its balance sheet: in a financing, the assets are considered to remain the property of the originator.
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Recently there have been several lawsuits attributable to the rating of securitizations by the three leading rating agencies. In July, 2009, the US's largest public pension fund has filed suit in
California state court in connection with $ 1 billion (~$ 1.38 billion in 2023) in losses that it
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The first significant bank credit card sale came to market in 1986 with a private placement of $ 50 million (~$ 118 million in 2023) of outstanding bank card loans. This transaction demonstrated to investors that, if the yields were high enough, loan pools could support asset sales with higher
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introduced a new structure for credit card-backed securities, called an issuance trust, which does not have limitations that master trusts sometimes do, that requires each issued series of securities to have both a senior and subordinate tranche. There are other benefits to an issuance trust: they
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balances, and has the flexibility to handle different securities at different times. In a typical master trust transaction, an originator of credit card receivables transfers a pool of those receivables to the trust and then the trust issues securities backed by these receivables. Often there will
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To facilitate the securitization of non-mortgage assets, businesses substituted private credit enhancements. First, they over-collateralised pools of assets; shortly thereafter, they improved third-party and structural enhancements. In 1985, securitization techniques that had been developed in the
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Some originators (e.g. of mortgages) have prioritised loan volume over credit quality, disregarding the long-term risk of the assets they have created in their enthusiasm to profit from the fees associated with origination and securitization. Other originators, aware of the reputational harm and
461:, which guarantees that the principal will be paid on the scheduled maturity date. Hard bullet structures are less common for two reasons: investors are comfortable with soft bullet structures, and they are reluctant to accept the lower yields of hard bullet securities in exchange for a guarantee.
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remote", meaning that if the originator goes into bankruptcy, the assets of the issuer will not be distributed to the creditors of the originator. In order to achieve this, the governing documents of the issuer restrict its activities to only those necessary to complete the issuance of securities.
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In an owner trust, there is more flexibility in allocating principal and interest received to different classes of issued securities. In an owner trust, both interest and principal due to subordinate securities can be used to pay senior securities. Due to this, owner trusts can tailor maturity,
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Grantor trusts are typically used in automobile-backed securities and REMICs (Real Estate
Mortgage Investment Conduits). Grantor trusts are very similar to pass-through trusts used in the earlier days of securitization. An originator pools together loans and sells them to a grantor trust, which
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initially owns the assets engaged in the deal. This is typically a company looking to either raise capital, restructure debt or otherwise adjust its finances (but also includes businesses established specifically to generate marketable debt (consumer or otherwise) for the purpose of subsequent
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However, the credit crisis of 2007–2008 has exposed a potential flaw in the securitization process—loan originators retain no residual risk for the loans they make, but collect substantial fees on loan issuance and securitization, which does not encourage improvement of underwriting standards.
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There are various risks involved with master trusts specifically. One risk is that timing of cash flows promised to investors might be different from timing of payments on the receivables. For example, credit card-backed securities can have maturities of up to 10 years, but credit card-backed
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The servicer can significantly affect the cash flows to the investors because it controls the collection policy, which influences the proceeds collected, the charge-offs and the recoveries on the loans. Any income remaining after payments and expenses is usually accumulated to some extent in a
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There may also be a special class which absorbs early repayments in the underlying assets. This is often the case where the underlying assets are mortgages which, in essence, are repaid whenever the properties are sold. Since any early repayments are passed on to this class, it means the other
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The consistently revenue-generating part of the company may have a much higher credit rating than the company as a whole. For instance, a leasing company may have provided $ 10m nominal value of leases, and it will receive a cash flow over the next five years from these. It cannot demand early
604:: For a given block of business, the total profits have not yet emerged and thus remain uncertain. Once the block has been securitized, the level of profits has now been locked in for that company, thus the risk of profit not emerging, or the benefit of super-profits, has now been passed on.
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market debt ($ 23.6 trillion), about 33 percent of mortgage-related debt ($ 5.5 trillion), and about 39 percent of corporate debt ($ 4.7 trillion) in the United States. In nominal terms, over the previous ten years (1995–2004) ABS amount outstanding had grown about 19 percent annually, with
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Modern securitization took off in the late 1990s or early 2000s, thanks to the innovative structures implemented across the asset classes, such as UK Mortgage Master Trusts (concept imported from the US Credit Cards), Insurance-backed transaction (such as those implemented by the insurance
598:, or other reasons, have a limit or range that their leverage is allowed to be. By securitizing some of their assets, which qualifies as a sale for accounting purposes, these firms will be able to remove assets from their balance sheets while maintaining the "earning power" of the assets.
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collects payments and monitors the assets that are the crux of the structured financial deal. The servicer can often be the originator, because the servicer needs very similar expertise to the originator and would want to ensure that loan repayments are paid to the
Special Purpose Vehicle.
570:. For example, Moody's downgraded Ford Motor Credit's rating in January 2002, but senior automobile backed securities, issued by Ford Motor Credit in January 2002 and April 2002, continue to be rated AAA because of the strength of the underlying collateral and other credit enhancements.
40:
is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as
667:: Future cashflows may simply be balance sheet items which currently are not available for spending, whereas once the book has been securitized, the cash would be available for immediate spending or investment. This also creates a reinvestment book which may well be at better rates.
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A third risk is that payments on the receivables can shrink the pool balance and under-collateralize total investor interest. To prevent this, often there is a required minimum seller's interest, and if there was a decrease then an early amortization event would occur.
704:: Since securitization is a structured transaction, it may include par structures as well as credit enhancements that are subject to risks of impairment, such as prepayment, as well as credit loss, especially for structures where there are some retained strips.
426:, meaning that the principal amount borrowed is paid back gradually over the specified term of the loan, rather than in one lump sum at the maturity of the loan. Fully amortizing securitizations are generally collateralised by fully amortizing assets, such as
562:: Through securitization, a company rated BB but with AAA worthy cash flow would be able to borrow at possibly AAA rates. This is the number one reason to securitize a cash flow and can have tremendous impacts on borrowing costs. The difference between BB
901:(15 percent). Among the other market segments were student loan-backed securities (6 percent), equipment leases (4 percent), manufactured housing (2 percent), small business loans (such as loans to convenience stores and gas stations), and aircraft leases.
434:. Prepayment uncertainty is an important concern with fully amortizing ABS. The possible rate of prepayment varies widely with the type of underlying asset pool, so many prepayment models have been developed to try to define common prepayment activity. The
468:, paid off in a sequential manner based on maturity. This means that the first tranche, which may have a one-year average life, will receive all principal payments until it is retired; then the second tranche begins to receive principal, and so forth.
583:
and pricing basis." Essentially, in most banks and finance companies, the liability book or the funding is from borrowings. This often comes at a high cost. Securitization allows such banks and finance companies to create a self-funded asset book.
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mortgage-related debt and corporate debt each growing at about 9 percent. Gross public issuance of asset-backed securities was strong, setting new records in many years. In 2004, issuance was at an all-time record of about $ 0.9 trillion.
245:. The depositor typically owns 100% of the beneficial interest in the issuing entity and is usually the parent or a wholly owned subsidiary of the parent which initiates the transaction. In transactions with managed (traded) assets,
180:. In the case of certain assets, such as credit card debt, where the portfolio is made up of a constantly changing pool of receivables, a trust in favor of the SPV may be declared in place of traditional transfer by assignment (see
57:(CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called
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reserve or spread account, and any further excess is returned to the seller. Bond rating agencies publish ratings of asset-backed securities based on the performance of the collateral pool, the credit enhancements and the
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and
Entertainment Securitizations. Similarly, by securitizing a block of business (thereby locking in a degree of profits), the company has effectively freed up its balance to go out and write more profitable business.
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the US market for bonds backed by securitised loans was very weak in 2008 except for bonds guaranteed by a federally backed agency. As a result, interest rates rose for loans that were previously securitised such as
835:
This early auto loan deal was a $ 60 million (~$ 144 million in 2023) securitization originated by Marine
Midland Bank and securitised in 1985 by the Certificate for Automobile Receivables Trust (CARS, 1985-1).
365:, generally consisting of short-term, highly rated investments purchased either from the seller's own funds, or from funds borrowed from third parties that can be used to make up shortfalls in promised cash flows.
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issues classes of securities backed by these loans. Principal and interest received on the loans, after expenses are taken into account, are passed through to the holders of the securities on a pro-rata basis.
95:
Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $ 10.24 trillion in the United States and $ 2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007,
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is a vital part of the deal as the gate-keeper of the assets that are being held in the issuer. Even though the trustee is part of the SPV, which is typically wholly owned by the
Originator, the trustee has a
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be many tranched securities issued by the trust all based on one set of receivables. After this transaction, typically the originator would continue to service the receivables, in this case the credit cards.
457:, meaning that the final bullet payment is not guaranteed to be paid on the scheduled maturity date; however, the majority of these securitizations are paid on time. The second type of bullet structure is the
342:, in which funds remaining after expenses such as principal and interest payments, charge-offs and other fees have been paid-off are accumulated, and can be used when SPE expenses are greater than its income.
171:), a tax-exempt company or trust formed for the specific purpose of funding the assets. Once the assets are transferred to the issuer, there is normally no recourse to the originator. The issuer is "
241:
will assemble the underlying collateral, help structure the securities and work with the financial markets to sell the securities to investors. The depositor has taken on added significance under
897:
At the end of 2004, the larger sectors of this market were credit card-backed securities (21 percent), home-equity backed securities (25 percent), automobile-backed securities (13 percent), and
851:
markets including life and catastrophe. This activity grew to nearly $ 15bn (~$ 21.8 billion in 2023) of issuance in 2006 following the disruptions in the underlying markets caused by
622:, reinvestment, asset concentration): Securitization makes it possible to transfer risks from an entity that does not want to bear it, to one that does. Two good examples of this are
805:: The transfer or collection of payments may be delayed or reduced if the servicer becomes insolvent. This risk is mitigated by having a backup servicer involved in the transaction.
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fees, rating fees and ongoing administration. An allowance for unforeseen costs is usually essential in securitizations, especially if it is an atypical securitization.
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due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all
889:, in the United States, the total amount outstanding at the end of 2004 was $ 1.8 (~$ 2.78 trillion in 2023) trillion. This amount was about 8 percent of total
813:
Among the early examples of mortgage-backed securities in the United States were the farm railroad mortgage bonds of the mid-19th century which contributed to the
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added expense if risky loans are subject to repurchase requests or improperly originated loans lead to litigation, have paid more attention to credit quality.
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FASB Statement No. 140 "Accounting for transfers and servicing of financial assets and extinguishments of liabilities—a replacement of FASB Statement No. 125"
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rate the securities which are issued to provide an external perspective on the liabilities being created and help the investor make a more informed decision.
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142:. However, stock offerings dilute the ownership and control of the company, while loan or bond financing is often prohibitively expensive due to the
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assemble the underlying collateral, help structure the securities and work with the financial markets in order to sell the securities to investors.
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issuance amounted to $ 3.455 trillion in the US and $ 652 billion in Europe. WBS (Whole
Business Securitization) arrangements first appeared in the
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355:, usually by using finance income to pay off principal on some securities before principal on the corresponding share of collateral is collected.
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Asset-Backed securities in
Germany: the sale and Securitization of loans by German credit institutions (Report). Deutsche Bundesbank. July 1997.
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in a series of defined periodic payments, usually within a year. An early amortization event is the risk of the debt being retired early.
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579:: "Depending on the structure chosen, securitization can offer perfect matched funding by eliminating funding exposure in terms of both
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and principal repayment. In this case all the revenue is used to pay the cash flows due on the bonds as those cash flows become due.
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of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.
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Riddiough, Timothy J.; Thompson, Howard E. (2012). "DĂ©jĂ Vu All Over Again: Agency, Uncertainty, Leverage and the Panic of 1857".
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Starting in the 1990s with some earlier private transactions, securitization technology was applied to a number of sectors of the
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securitization guru
Emmanuel Issanchou) or even more esoteric asset classes (for example securitization of lottery receivables).
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698:: Securitizations often require large scale structuring, and thus may not be cost-efficient for small and medium transactions.
271:(LIBOR). The floating rate usually reflects the movement in the index plus an additional fixed margin to cover the added risk.
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as well as other institutional investors tend to like investing in bonds created through securitizations because they may be
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Hearing before the U.S. House subcommittee on Policy
Research and Insurance in "Asset Securitization and Secondary Markets"
678:: If the AAA risks, for example, are being securitized out, this would leave a materially worse quality of residual risk.
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created the first modern residential mortgage-backed security. The Government National Mortgage Association (GNMA or
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and excess finance income to prepay securities before principal, which leaves more collateral for the other classes.
230:) or on the open market. The performance of the securities is then directly linked to the performance of the assets.
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which provides guarantees or partial guarantees for the assets, the principal and the interest payments, for a fee.
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882:(CRA) loans started in 1997. CRA loans are loans targeted to low and moderate income borrowers and neighborhoods.
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structures return the principal to investors in a single payment. The most common bullet structure is called the
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legal systems where senior creditors of an insolvent business effectively gain the right to control the company.
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645:(ISDA) who have for a long time provided documentation on how to treat such derivatives on balance sheets.
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there is language written into the securitization to protect the investors and potential receivables.
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to fund the purchase. Investors purchase the securities, either through a private offering (targeting
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Unlike conventional corporate bonds which are unsecured, securities created in a securitization are "
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structures pay each tranche a proportionate share of principal throughout the life of the security.
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Sabarwal, T. (29 December 2005). "Common Structures of Asset Backed Securities and Their Risks".
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says were caused by "wildly inaccurate" credit ratings from the three leading ratings agencies.
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1172:"Fixed Income Sectors: Asset-Backed Securities – A primer on asset-backed securities"
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duty to protect the assets and those who own the assets, typically the investors.
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Because of these structural issues, the originator typically needs the help of an
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2271:
2213:
2076:
1980:
1970:
1951:
1918:
1842:
1837:
1773:
1758:
975:
543:
423:
207:
192:
3835:
3815:
3717:
3657:
3609:
3594:
3586:
3477:
3457:
3417:
3356:
3138:
3108:
2674:
2530:
2526:
2517:
2385:
2364:
2312:
2302:
2292:
2282:
2251:
2176:
1955:
1723:
1411:
1178:
758:
714:
263:
rate or a floating rate under currency pegging system. Fixed rate ABS set the "
101:
81:
77:
46:
1196:
3958:
3947:
3927:
3895:
3891:
3810:
3627:
3548:
3275:
3207:
3192:
3021:
2781:
2669:
2579:
2569:
2522:
2502:
2395:
2344:
2050:
2015:
1941:
1052:
Hill, Claire A. (2002). "Whole Business Securitization in Emerging Markets".
918:
909:
814:
580:
242:
143:
139:
1211:
3860:
3855:
3840:
3830:
3782:
3762:
3734:
3447:
3346:
3331:
3305:
3128:
3094:
2736:
2721:
2497:
2359:
2320:
2055:
2010:
1897:
1882:
1763:
922:
740:
689:
431:
191:
Under US accounting standards, the originator achieves a sale by being at
130:
concepts, such a company would have three options to raise new capital: a
3899:
3802:
3777:
3692:
3642:
3472:
3326:
3148:
3143:
3016:
2851:
2786:
2746:
2492:
2477:
2390:
2277:
2255:
2243:
2195:
1887:
1827:
844:
567:
495:
284:
73:
69:
494:
A master trust is a type of SPV particularly suited to handle revolving
222:
To be able to buy the assets from the originator, the issuer SPV issues
3917:
3747:
3677:
3637:
3427:
3300:
2369:
2349:
2263:
2259:
1636:
995:"securitization | Definition & Facts Definition | Britannica Money"
825:
736:
685:
595:
187:
172:
157:
A suitably large portfolio of assets is "pooled" and transferred to a "
135:
1213:
3772:
3599:
2716:
1653:
1453:
926:
848:
663:
615:
411:
349:, or guarantees of principal and interest payments on the securities.
346:
1807:
1352:. Comptroller of the Currency Administrator of National Banks. 1997.
684:: Securitizations are expensive due to management and system costs,
3922:
3742:
3407:
3351:
3153:
3079:
2862:
2574:
649:
520:
288:
260:
147:
1214:
The role of ratings in structured finance: issues and implications
2629:
1510:
1276:
Tavakoli, Janet (September–October 2005). "CDOs: Caveat Emptor".
960:, securitization vehicle for private equity and hedge fund assets
296:
89:
2175:
3632:
3212:
2696:
1251:"The Handbook of Asset-Backed Securities", Jess Lederman, 1990.
722:
Opportunity to invest in a specific pool of high quality assets
2820:
1605:
330:
In addition to subordination, credit may be enhanced through:
195:
from the issuer, in which case the issuer is classified as a "
3652:
3168:
1233:
Reis-Roy, Calvin (1998). "Rating Securitisation Structures".
1212:
The Committee on the Global Financial System (January 2005).
61:(MBS), while those backed by other types of receivables are
3619:
3571:
3133:
2711:
828:) sold securities backed by a portfolio of mortgage loans.
563:
131:
1228:
1226:
1195:
Kim, M.; Hessami, A.; Sombolestani, E. (24 March 2010).
3540:
1177:. Dwight Asset Management Company. 2005. Archived from
1084:. Financial Accounting Standards Board. September 2000.
966:, securitization vehicle for mortgage-backed securities
1194:
954:, securitization vehicle for corporate debt securities
291:(although this may introduce a conflict of interest).
1263:
An Analysis of the Law and Practice of Securitisation
1223:
1017:
475:
637:
of many types have in the past been referred to as "
274:
484:
214:) in setting up the structure of the transaction.
1292:
1054:Duke Journal of Comparative and International Law
422:Unlike corporate bonds, most securitizations are
259:The securities can be issued with either a fixed
3945:
72:of pools of securitized assets can mitigate the
1282:(26). Global Association of Risk Professionals.
747:Isolation of credit risk from the parent entity
643:International Swaps and Derivatives Association
859:. Key areas of activity in the broad area of
405:When the issuer is structured as a trust, the
3556:
3483:List of housing markets by real estate prices
2836:
2161:
1621:
1469:
1342:
1340:
1219:(Report). Bank for International Settlements.
549:
319:investors have a more predictable cash flow.
1425:
972:, securitization vehicle for corporate loans
2105:Alternative investment management companies
2082:Standards Board for Alternative Investments
1349:Asset Securitization Comptroller's Handbook
1326:
1042:"ESF Securitization Data Report Q2:business
822:Department of Housing and Urban Development
294:The issued securities are often split into
104:in the 1990s, and became common in various
3563:
3549:
3523:
2843:
2829:
2168:
2154:
2130:
1986:Taxation of private equity and hedge funds
1628:
1614:
1476:
1462:
1337:
780:Prepayment/reinvestment/early amortization
707:
670:
464:Securitizations are often structured as a
146:of the company and the associated rise in
1166:
713:Opportunity to potentially earn a higher
566:and AAA debt can be multiple hundreds of
300:, or categorized into varying degrees of
182:the outline of the master trust structure
1275:
1260:
1245:
1232:
1205:
1164:
1162:
1160:
1158:
1156:
1154:
1152:
1150:
1148:
1146:
1109:
1105:
1103:
1101:
1099:
1097:
1095:
1093:
1091:
1022:. Oxford University Press. p. 103.
311:The most junior class (often called the
76:of individual borrowers. Unlike general
32:Securitization (international relations)
1428:"Caper Sues over Ratings of Securities"
1018:Raynes; Sylvain; Rutledge, Ann (2003).
554:
417:
116:
14:
3946:
1483:
1269:
237:In transactions with static assets, a
3544:
2824:
2149:
1686:fixed-income relative-value investing
1609:
1457:
1407:"Mechanism for Credit Is Still Stuck"
1404:
1356:
1143:
1088:
1020:The Analysis of Structured Securities
752:
743:to their other bonds and securities.
327:make the securities more attractive.
252:Some deals may include a third-party
3713:Debtor-in-possession (DIP) financing
3510:
1235:Journal of International Banking Law
1051:
1036:
380:Discounted receivables for the pool.
1072:
878:The first public Securitization of
786:Currency interest rate fluctuations
735:: Depending on the securitization,
126:securitization). Under traditional
24:
3468:Undergraduate real estate programs
1566:Collateralized mortgage obligation
964:Collateralized mortgage obligation
936:
476:Structural risks and misincentives
25:
3985:
3266:Investment rating for real estate
1450:BBC Programme: The City Uncovered
1441:
514:
377:A back-up servicer for the loans.
197:qualifying special purpose entity
181:
3522:
3509:
3497:
3496:
2443:Conditional Value-at-Risk (CVaR)
2129:
2120:
2119:
2110:
2109:
2100:
2099:
1806:
1448:The Rocket Scientists of Finance
527:
275:Credit enhancement and tranching
2850:
1635:
1419:
1405:Bajaj, Vikas (12 August 2008).
1398:
1380:
1286:
1254:
899:collateralized debt obligations
489:
485:Special types of securitization
55:collateralized debt obligations
3423:Graduate real estate education
2868:Tertiary sector of the economy
2762:Strategic financial management
2565:Asset and liability management
1584:Collateralized fund obligation
1578:Collateralized loan obligation
1572:Collateralized bond obligation
1560:Collateralized debt obligation
1198:CVEN 640 - Cash Flow Waterfall
1188:
1045:
1011:
987:
970:Collateralized loan obligation
958:Collateralized fund obligation
952:Collateralized debt obligation
536:
27:Financial engineering practice
13:
1:
1426:Leslie Wayne (15 July 2009).
981:
869:Life Insurance Securitization
269:London Interbank Offered Rate
3964:United States housing bubble
3377:Real estate investment trust
2982:Extraterrestrial real estate
1960:security characteristic line
1366:. 31 July 1991. p. 13.
676:May reduce portfolio quality
594:: Some firms, due to legal,
384:
111:
45:, which may be described as
7:
3382:Real property administrator
3372:Real estate investment club
2340:Operational risk management
1948:Capital asset pricing model
1667:Capital structure arbitrage
945:
820:In February 1970, the U.S.
217:
176:Many issuers are typically
84:of securitized debt is non-
10:
3990:
3039:Private equity real estate
2512:Proportional hazards model
2463:Interest rate immunization
1750:Commodity trading advisors
1501:Securitization transaction
880:Community Reinvestment Act
808:
717:(on a risk-adjusted basis)
550:Motives for securitization
59:mortgage-backed securities
29:
3908:
3874:
3801:
3726:
3670:
3618:
3585:
3578:
3491:
3395:
3314:
3221:
3093:
3057:
2987:International real estate
2957:
2876:
2858:
2795:
2552:
2413:
2378:
2330:
2242:
2194:
2187:
2181:financial risk management
2095:
2087:Managed Funds Association
2069:
2031:High-net-worth individual
2003:
1911:
1865:
1856:
1815:
1804:
1782:
1737:
1704:
1652:
1643:
1529:
1491:
1388:"Wachovia Press Releases"
1261:Reis-Roy, Calvin (2003).
861:alternative risk transfer
438:is a well-known example.
3570:
2458:First-hitting-time model
2423:Arbitrage pricing theory
1924:Arbitrage pricing theory
1543:Mortgage-backed security
914:subprime mortgage crisis
576:asset-liability mismatch
30:Not to be confused with
3882:Consumer leverage ratio
3793:Tax refund interception
3181:Real estate transaction
3070:Real estate development
2767:Stress test (financial)
2473:Modern portfolio theory
2036:Institutional investors
1929:Assets under management
1754:managed futures account
887:Bond Market Association
708:Advantages to investors
671:Disadvantages to issuer
374:or corporate guarantee.
363:cash collateral account
228:institutional investors
160:special purpose vehicle
63:asset-backed securities
51:pass-through securities
3281:Real estate derivative
3241:Effective gross income
3007:Healthcare real estate
2061:Sovereign wealth funds
1833:High-frequency trading
1682:Fixed income arbitrage
1314:Cite journal requires
1131:Cite journal requires
792:Contractual agreements
400:probability of default
353:Over-collateralisation
232:Credit rating agencies
3887:Debt levels and flows
3438:Industry trade groups
3342:Exclusive buyer agent
3296:Real estate valuation
3286:Real estate economics
3246:Gross rent multiplier
3075:Real estate investing
2977:Corporate Real Estate
2805:Investment management
2707:Investment management
2433:Replicating portfolio
2209:Sovereign credit risk
1903:Structured securities
1719:Distressed securities
1691:Statistical arbitrage
1677:Equity market neutral
1672:Convertible arbitrage
1537:Asset-backed security
908:As the result of the
560:Reduces funding costs
3954:Securities (finance)
3708:Debt snowball method
3256:Highest and best use
3222:Economics, financing
3186:Real estate contract
3080:Real estate flipping
3049:Residential property
2992:Lease administration
2944:United Arab Emirates
2810:Mathematical finance
2742:Risk-return spectrum
2732:Mathematical finance
2687:Fundamental analysis
2620:Exchange traded fund
2204:Consumer credit risk
2021:Financial endowments
1966:Fundamental analysis
1714:Shareholder activism
1696:Volatility arbitrage
1394:on 11 February 2009.
931:commercial mortgages
912:precipitated by the
885:As estimated by the
873:Reinsurance Sidecars
555:Advantages to issuer
436:PSA prepayment model
418:Repayment structures
117:Pooling and transfer
3236:Capitalization rate
3231:Asset-based lending
3065:Property management
2970:Commercial building
2965:Commercial property
2800:Financial economics
2757:Statistical finance
2523:Value-at-Risk (VaR)
2428:Black–Scholes model
2268:Holding period risk
2135:List of hedge funds
2125:Hedge fund managers
2041:Insurance companies
2026:Fund of hedge funds
1934:Black–Scholes model
1848:Proprietary trading
1823:Algorithmic trading
1790:Fund of hedge funds
1590:Senior stretch loan
1554:Credit default swap
1530:Types of securities
466:sequential pay bond
445:On the other hand,
306:cash flow waterfall
224:tradable securities
3463:Real estate trends
3367:Real estate broker
3337:Chartered Surveyor
3291:Real estate bubble
3271:Mortgage insurance
3104:Adverse possession
3027:Luxury real estate
3002:Garden real estate
2777:Structured product
2772:Structured finance
2752:Speculative attack
2438:Cash flow matching
2401:Non-financial risk
2298:Interest rate risk
2224:Concentration risk
1991:Technical analysis
1595:Structured product
1506:Credit enhancement
1485:Structured finance
999:www.britannica.com
753:Risks to investors
602:Locking in profits
430:, auto loans, and
3974:Management theory
3941:
3940:
3788:Strategic default
3753:Collection agency
3666:
3665:
3648:Predatory lending
3538:
3537:
3176:Property abstract
3159:Land registration
3119:Concurrent estate
3044:Real estate owned
3034:Off-plan property
3012:Vacation property
2997:Niche real estate
2818:
2817:
2590:Corporate finance
2585:Capital structure
2539:Cash flow at risk
2535:Liquidity at risk
2508:Survival analysis
2409:
2408:
2355:Reputational risk
2229:Credit derivative
2143:
2142:
1999:
1998:
1802:
1801:
1769:Long/short equity
1745:Convergence trade
1729:Special situation
1603:
1602:
1549:Credit derivative
1184:on 18 March 2009.
1029:978-0-19-515273-9
865:catastrophe bonds
853:Hurricane Katrina
639:off-balance-sheet
631:Off balance sheet
624:catastrophe bonds
428:home equity loans
138:, or issuance of
128:corporate finance
16:(Redirected from
3981:
3633:Consumer lending
3583:
3582:
3565:
3558:
3551:
3542:
3541:
3526:
3525:
3513:
3512:
3500:
3499:
3443:Investment firms
3362:Property manager
3261:Home equity loan
3164:Leasehold estate
3124:Conditional sale
2845:
2838:
2831:
2822:
2821:
2692:Growth investing
2610:Enterprise value
2560:Asset allocation
2543:Earnings at risk
2525:and extensions (
2468:Market portfolio
2332:Operational risk
2317:Refinancing risk
2192:
2191:
2170:
2163:
2156:
2147:
2146:
2133:
2132:
2123:
2122:
2113:
2112:
2103:
2102:
2046:Investment banks
1893:Foreign exchange
1863:
1862:
1810:
1650:
1649:
1630:
1623:
1616:
1607:
1606:
1516:Orphan structure
1478:
1471:
1464:
1455:
1454:
1436:
1435:
1423:
1417:
1416:
1402:
1396:
1395:
1390:. Archived from
1384:
1378:
1377:
1360:
1354:
1353:
1344:
1335:
1334:
1330:
1324:
1323:
1317:
1312:
1310:
1302:
1290:
1284:
1283:
1279:GARP Risk Review
1273:
1267:
1266:
1258:
1252:
1249:
1243:
1242:
1230:
1221:
1220:
1218:
1209:
1203:
1202:
1192:
1186:
1185:
1183:
1176:
1168:
1141:
1140:
1134:
1129:
1127:
1119:
1107:
1086:
1085:
1076:
1070:
1069:
1049:
1043:
1040:
1034:
1033:
1015:
1009:
1008:
1006:
1005:
991:
891:outstanding bond
696:Size limitations
371:letter of credit
21:
3989:
3988:
3984:
3983:
3982:
3980:
3979:
3978:
3944:
3943:
3942:
3937:
3933:Promissory note
3904:
3870:
3851:Deposit account
3797:
3768:Debtors' prison
3722:
3688:Management plan
3662:
3614:
3574:
3569:
3539:
3534:
3487:
3391:
3310:
3251:Hard money loan
3223:
3217:
3198:Rent regulation
3089:
3053:
2953:
2872:
2854:
2849:
2819:
2814:
2791:
2727:Systematic risk
2625:Expected return
2605:Economic bubble
2600:Diversification
2595:Cost of capital
2548:
2405:
2374:
2326:
2308:Volatility risk
2272:Price area risk
2238:
2214:Settlement risk
2183:
2174:
2144:
2139:
2091:
2077:Fund governance
2065:
1995:
1919:Absolute return
1907:
1858:
1852:
1843:Program trading
1838:Prime brokerage
1811:
1798:
1778:
1774:Trend following
1759:Dedicated short
1733:
1700:
1657:
1645:
1639:
1634:
1604:
1599:
1525:
1487:
1482:
1444:
1439:
1424:
1420:
1403:
1399:
1386:
1385:
1381:
1374:
1362:
1361:
1357:
1346:
1345:
1338:
1332:
1331:
1327:
1315:
1313:
1304:
1303:
1291:
1287:
1274:
1270:
1259:
1255:
1250:
1246:
1231:
1224:
1216:
1210:
1206:
1193:
1189:
1181:
1174:
1170:
1169:
1144:
1132:
1130:
1121:
1120:
1108:
1089:
1078:
1077:
1073:
1050:
1046:
1041:
1037:
1030:
1016:
1012:
1003:
1001:
993:
992:
988:
984:
976:Strip financing
948:
939:
937:Recent lawsuits
811:
755:
732:diversification
710:
673:
557:
552:
544:excess reserves
539:
530:
517:
492:
487:
478:
420:
387:
281:credit enhanced
277:
220:
208:investment bank
119:
114:
35:
28:
23:
22:
15:
12:
11:
5:
3987:
3977:
3976:
3971:
3966:
3961:
3956:
3939:
3938:
3936:
3935:
3930:
3925:
3920:
3915:
3909:
3906:
3905:
3903:
3902:
3889:
3884:
3878:
3876:
3872:
3871:
3869:
3868:
3866:Securitization
3863:
3858:
3853:
3848:
3843:
3838:
3833:
3828:
3823:
3818:
3813:
3807:
3805:
3799:
3798:
3796:
3795:
3790:
3785:
3780:
3775:
3770:
3765:
3760:
3755:
3750:
3745:
3739:
3737:
3724:
3723:
3721:
3720:
3718:Loan guarantee
3715:
3710:
3705:
3700:
3690:
3685:
3680:
3674:
3672:
3668:
3667:
3664:
3663:
3661:
3660:
3658:Vendor finance
3655:
3650:
3645:
3640:
3635:
3630:
3624:
3622:
3616:
3615:
3613:
3612:
3607:
3602:
3597:
3591:
3589:
3580:
3576:
3575:
3568:
3567:
3560:
3553:
3545:
3536:
3535:
3533:
3532:
3529:List of topics
3519:
3506:
3492:
3489:
3488:
3486:
3485:
3480:
3478:Urban planning
3475:
3470:
3465:
3460:
3458:Property cycle
3455:
3450:
3445:
3440:
3435:
3430:
3425:
3420:
3418:Gentrification
3415:
3410:
3405:
3399:
3397:
3393:
3392:
3390:
3389:
3384:
3379:
3374:
3369:
3364:
3359:
3357:Moving company
3354:
3349:
3344:
3339:
3334:
3329:
3324:
3318:
3316:
3312:
3311:
3309:
3308:
3303:
3298:
3293:
3288:
3283:
3278:
3273:
3268:
3263:
3258:
3253:
3248:
3243:
3238:
3233:
3227:
3225:
3219:
3218:
3216:
3215:
3210:
3205:
3200:
3195:
3190:
3189:
3188:
3178:
3173:
3172:
3171:
3161:
3156:
3151:
3146:
3141:
3139:Eminent domain
3136:
3131:
3126:
3121:
3116:
3111:
3109:Chain of title
3106:
3100:
3098:
3097:and regulation
3091:
3090:
3088:
3087:
3082:
3077:
3072:
3067:
3061:
3059:
3055:
3054:
3052:
3051:
3046:
3041:
3036:
3031:
3030:
3029:
3024:
3019:
3014:
3009:
3004:
2994:
2989:
2984:
2979:
2974:
2973:
2972:
2961:
2959:
2955:
2954:
2952:
2951:
2949:United Kingdom
2946:
2941:
2936:
2931:
2926:
2921:
2916:
2911:
2906:
2901:
2896:
2891:
2886:
2880:
2878:
2874:
2873:
2871:
2870:
2865:
2859:
2856:
2855:
2848:
2847:
2840:
2833:
2825:
2816:
2815:
2813:
2812:
2807:
2802:
2796:
2793:
2792:
2790:
2789:
2784:
2779:
2774:
2769:
2764:
2759:
2754:
2749:
2744:
2739:
2734:
2729:
2724:
2719:
2714:
2709:
2704:
2699:
2694:
2689:
2684:
2683:
2682:
2677:
2672:
2667:
2662:
2657:
2652:
2647:
2642:
2637:
2627:
2622:
2617:
2612:
2607:
2602:
2597:
2592:
2587:
2582:
2577:
2572:
2567:
2562:
2556:
2554:
2553:Basic concepts
2550:
2549:
2547:
2546:
2531:Margin at risk
2527:Profit at risk
2520:
2518:Tracking error
2515:
2505:
2500:
2495:
2490:
2488:Risk-free rate
2485:
2480:
2475:
2470:
2465:
2460:
2455:
2450:
2445:
2440:
2435:
2430:
2425:
2419:
2417:
2411:
2410:
2407:
2406:
2404:
2403:
2398:
2393:
2388:
2386:Execution risk
2382:
2380:
2376:
2375:
2373:
2372:
2367:
2365:Political risk
2362:
2357:
2352:
2347:
2342:
2336:
2334:
2328:
2327:
2325:
2324:
2313:Liquidity risk
2310:
2305:
2303:Inflation risk
2300:
2295:
2293:Margining risk
2290:
2285:
2283:Valuation risk
2280:
2275:
2252:Commodity risk
2248:
2246:
2240:
2239:
2237:
2236:
2234:Securitization
2231:
2226:
2221:
2216:
2211:
2206:
2200:
2198:
2189:
2185:
2184:
2177:Financial risk
2173:
2172:
2165:
2158:
2150:
2141:
2140:
2138:
2137:
2127:
2117:
2107:
2096:
2093:
2092:
2090:
2089:
2084:
2079:
2073:
2071:
2067:
2066:
2064:
2063:
2058:
2053:
2051:Merchant banks
2048:
2043:
2038:
2033:
2028:
2023:
2018:
2016:Family offices
2013:
2007:
2005:
2001:
2000:
1997:
1996:
1994:
1993:
1988:
1983:
1978:
1976:Securitization
1973:
1968:
1963:
1945:
1931:
1926:
1921:
1915:
1913:
1909:
1908:
1906:
1905:
1900:
1895:
1890:
1885:
1880:
1875:
1869:
1867:
1860:
1854:
1853:
1851:
1850:
1845:
1840:
1835:
1830:
1825:
1819:
1817:
1813:
1812:
1805:
1803:
1800:
1799:
1797:
1796:
1786:
1784:
1780:
1779:
1777:
1776:
1771:
1766:
1761:
1756:
1747:
1741:
1739:
1735:
1734:
1732:
1731:
1726:
1724:Risk arbitrage
1721:
1716:
1710:
1708:
1702:
1701:
1699:
1698:
1693:
1688:
1679:
1674:
1669:
1663:
1661:
1659:relative value
1647:
1641:
1640:
1633:
1632:
1625:
1618:
1610:
1601:
1600:
1598:
1597:
1592:
1587:
1581:
1575:
1569:
1563:
1557:
1551:
1546:
1540:
1533:
1531:
1527:
1526:
1524:
1523:
1518:
1513:
1508:
1503:
1497:
1495:
1493:Securitization
1489:
1488:
1481:
1480:
1473:
1466:
1458:
1452:
1451:
1443:
1442:External links
1440:
1438:
1437:
1432:New York Times
1418:
1412:New York Times
1397:
1379:
1372:
1355:
1336:
1325:
1316:|journal=
1285:
1268:
1253:
1244:
1222:
1204:
1187:
1142:
1133:|journal=
1087:
1071:
1044:
1035:
1028:
1010:
985:
983:
980:
979:
978:
973:
967:
961:
955:
947:
944:
938:
935:
919:home mortgages
857:Regulation XXX
810:
807:
765:Credit/default
759:Liquidity risk
754:
751:
715:rate of return
709:
706:
672:
669:
608:Transfer risks
556:
553:
551:
548:
538:
535:
529:
526:
516:
515:Issuance trust
513:
491:
488:
486:
483:
477:
474:
419:
416:
386:
383:
382:
381:
378:
375:
368:A third-party
366:
356:
350:
343:
340:spread account
276:
273:
247:asset managers
219:
216:
118:
115:
113:
110:
102:United Kingdom
82:credit quality
78:corporate debt
38:Securitization
26:
18:Securitisation
9:
6:
4:
3:
2:
3986:
3975:
3972:
3970:
3967:
3965:
3962:
3960:
3957:
3955:
3952:
3951:
3949:
3934:
3931:
3929:
3928:Interest rate
3926:
3924:
3921:
3919:
3916:
3914:
3911:
3910:
3907:
3901:
3897:
3893:
3890:
3888:
3885:
3883:
3880:
3879:
3877:
3873:
3867:
3864:
3862:
3859:
3857:
3854:
3852:
3849:
3847:
3844:
3842:
3839:
3837:
3834:
3832:
3829:
3827:
3824:
3822:
3819:
3817:
3814:
3812:
3809:
3808:
3806:
3804:
3800:
3794:
3791:
3789:
3786:
3784:
3781:
3779:
3776:
3774:
3771:
3769:
3766:
3764:
3761:
3759:
3756:
3754:
3751:
3749:
3746:
3744:
3741:
3740:
3738:
3736:
3733:
3729:
3725:
3719:
3716:
3714:
3711:
3709:
3706:
3704:
3703:Restructuring
3701:
3698:
3694:
3691:
3689:
3686:
3684:
3683:Consolidation
3681:
3679:
3676:
3675:
3673:
3669:
3659:
3656:
3654:
3651:
3649:
3646:
3644:
3641:
3639:
3636:
3634:
3631:
3629:
3628:Business loan
3626:
3625:
3623:
3621:
3617:
3611:
3608:
3606:
3603:
3601:
3598:
3596:
3593:
3592:
3590:
3588:
3584:
3581:
3577:
3573:
3566:
3561:
3559:
3554:
3552:
3547:
3546:
3543:
3531:
3530:
3520:
3518:
3517:
3507:
3505:
3504:
3494:
3493:
3490:
3484:
3481:
3479:
3476:
3474:
3471:
3469:
3466:
3464:
3461:
3459:
3456:
3454:
3451:
3449:
3446:
3444:
3441:
3439:
3436:
3434:
3431:
3429:
3426:
3424:
3421:
3419:
3416:
3414:
3411:
3409:
3406:
3404:
3401:
3400:
3398:
3394:
3388:
3385:
3383:
3380:
3378:
3375:
3373:
3370:
3368:
3365:
3363:
3360:
3358:
3355:
3353:
3350:
3348:
3345:
3343:
3340:
3338:
3335:
3333:
3330:
3328:
3325:
3323:
3320:
3319:
3317:
3313:
3307:
3304:
3302:
3299:
3297:
3294:
3292:
3289:
3287:
3284:
3282:
3279:
3277:
3276:Mortgage loan
3274:
3272:
3269:
3267:
3264:
3262:
3259:
3257:
3254:
3252:
3249:
3247:
3244:
3242:
3239:
3237:
3234:
3232:
3229:
3228:
3226:
3224:and valuation
3220:
3214:
3211:
3209:
3208:Torrens title
3206:
3204:
3201:
3199:
3196:
3194:
3193:Real property
3191:
3187:
3184:
3183:
3182:
3179:
3177:
3174:
3170:
3167:
3166:
3165:
3162:
3160:
3157:
3155:
3152:
3150:
3147:
3145:
3142:
3140:
3137:
3135:
3132:
3130:
3127:
3125:
3122:
3120:
3117:
3115:
3112:
3110:
3107:
3105:
3102:
3101:
3099:
3096:
3092:
3086:
3083:
3081:
3078:
3076:
3073:
3071:
3068:
3066:
3063:
3062:
3060:
3056:
3050:
3047:
3045:
3042:
3040:
3037:
3035:
3032:
3028:
3025:
3023:
3022:Golf property
3020:
3018:
3015:
3013:
3010:
3008:
3005:
3003:
3000:
2999:
2998:
2995:
2993:
2990:
2988:
2985:
2983:
2980:
2978:
2975:
2971:
2968:
2967:
2966:
2963:
2962:
2960:
2956:
2950:
2947:
2945:
2942:
2940:
2937:
2935:
2932:
2930:
2927:
2925:
2922:
2920:
2917:
2915:
2912:
2910:
2907:
2905:
2902:
2900:
2897:
2895:
2892:
2890:
2887:
2885:
2882:
2881:
2879:
2875:
2869:
2866:
2864:
2861:
2860:
2857:
2853:
2846:
2841:
2839:
2834:
2832:
2827:
2826:
2823:
2811:
2808:
2806:
2803:
2801:
2798:
2797:
2794:
2788:
2785:
2783:
2782:Systemic risk
2780:
2778:
2775:
2773:
2770:
2768:
2765:
2763:
2760:
2758:
2755:
2753:
2750:
2748:
2745:
2743:
2740:
2738:
2735:
2733:
2730:
2728:
2725:
2723:
2720:
2718:
2715:
2713:
2710:
2708:
2705:
2703:
2700:
2698:
2695:
2693:
2690:
2688:
2685:
2681:
2678:
2676:
2673:
2671:
2668:
2666:
2663:
2661:
2658:
2656:
2653:
2651:
2648:
2646:
2643:
2641:
2638:
2636:
2633:
2632:
2631:
2628:
2626:
2623:
2621:
2618:
2616:
2613:
2611:
2608:
2606:
2603:
2601:
2598:
2596:
2593:
2591:
2588:
2586:
2583:
2581:
2580:Capital asset
2578:
2576:
2573:
2571:
2570:Asset pricing
2568:
2566:
2563:
2561:
2558:
2557:
2555:
2551:
2544:
2540:
2536:
2532:
2528:
2524:
2521:
2519:
2516:
2513:
2509:
2506:
2504:
2503:Sortino ratio
2501:
2499:
2496:
2494:
2491:
2489:
2486:
2484:
2481:
2479:
2476:
2474:
2471:
2469:
2466:
2464:
2461:
2459:
2456:
2454:
2451:
2449:
2446:
2444:
2441:
2439:
2436:
2434:
2431:
2429:
2426:
2424:
2421:
2420:
2418:
2416:
2412:
2402:
2399:
2397:
2396:Systemic risk
2394:
2392:
2389:
2387:
2384:
2383:
2381:
2377:
2371:
2368:
2366:
2363:
2361:
2358:
2356:
2353:
2351:
2348:
2346:
2345:Business risk
2343:
2341:
2338:
2337:
2335:
2333:
2329:
2322:
2318:
2314:
2311:
2309:
2306:
2304:
2301:
2299:
2296:
2294:
2291:
2289:
2286:
2284:
2281:
2279:
2276:
2273:
2269:
2265:
2261:
2257:
2253:
2250:
2249:
2247:
2245:
2241:
2235:
2232:
2230:
2227:
2225:
2222:
2220:
2217:
2215:
2212:
2210:
2207:
2205:
2202:
2201:
2199:
2197:
2193:
2190:
2186:
2182:
2178:
2171:
2166:
2164:
2159:
2157:
2152:
2151:
2148:
2136:
2128:
2126:
2118:
2116:
2108:
2106:
2098:
2097:
2094:
2088:
2085:
2083:
2080:
2078:
2075:
2074:
2072:
2068:
2062:
2059:
2057:
2056:Pension funds
2054:
2052:
2049:
2047:
2044:
2042:
2039:
2037:
2034:
2032:
2029:
2027:
2024:
2022:
2019:
2017:
2014:
2012:
2011:Vulture funds
2009:
2008:
2006:
2002:
1992:
1989:
1987:
1984:
1982:
1979:
1977:
1974:
1972:
1969:
1967:
1964:
1961:
1957:
1953:
1949:
1946:
1943:
1942:delta neutral
1939:
1935:
1932:
1930:
1927:
1925:
1922:
1920:
1917:
1916:
1914:
1910:
1904:
1901:
1899:
1898:Money markets
1896:
1894:
1891:
1889:
1886:
1884:
1881:
1879:
1876:
1874:
1871:
1870:
1868:
1864:
1861:
1855:
1849:
1846:
1844:
1841:
1839:
1836:
1834:
1831:
1829:
1826:
1824:
1821:
1820:
1818:
1814:
1809:
1795:
1794:Multi-manager
1791:
1788:
1787:
1785:
1781:
1775:
1772:
1770:
1767:
1765:
1762:
1760:
1757:
1755:
1751:
1748:
1746:
1743:
1742:
1740:
1736:
1730:
1727:
1725:
1722:
1720:
1717:
1715:
1712:
1711:
1709:
1707:
1703:
1697:
1694:
1692:
1689:
1687:
1683:
1680:
1678:
1675:
1673:
1670:
1668:
1665:
1664:
1662:
1660:
1655:
1651:
1648:
1642:
1638:
1631:
1626:
1624:
1619:
1617:
1612:
1611:
1608:
1596:
1593:
1591:
1588:
1585:
1582:
1579:
1576:
1573:
1570:
1567:
1564:
1561:
1558:
1555:
1552:
1550:
1547:
1544:
1541:
1538:
1535:
1534:
1532:
1528:
1522:
1521:Shell company
1519:
1517:
1514:
1512:
1509:
1507:
1504:
1502:
1499:
1498:
1496:
1494:
1490:
1486:
1479:
1474:
1472:
1467:
1465:
1460:
1459:
1456:
1449:
1446:
1445:
1433:
1429:
1422:
1414:
1413:
1408:
1401:
1393:
1389:
1383:
1375:
1369:
1365:
1359:
1351:
1350:
1343:
1341:
1329:
1321:
1308:
1300:
1296:
1289:
1281:
1280:
1272:
1264:
1257:
1248:
1241:(9): 298–304.
1240:
1236:
1229:
1227:
1215:
1208:
1200:
1199:
1191:
1180:
1173:
1167:
1165:
1163:
1161:
1159:
1157:
1155:
1153:
1151:
1149:
1147:
1138:
1125:
1117:
1113:
1106:
1104:
1102:
1100:
1098:
1096:
1094:
1092:
1083:
1082:
1075:
1067:
1063:
1059:
1055:
1048:
1039:
1031:
1025:
1021:
1014:
1000:
996:
990:
986:
977:
974:
971:
968:
965:
962:
959:
956:
953:
950:
949:
943:
934:
932:
928:
924:
923:student loans
920:
915:
911:
910:credit crunch
906:
902:
900:
895:
892:
888:
883:
881:
876:
874:
870:
866:
862:
858:
854:
850:
846:
841:
837:
833:
829:
827:
823:
818:
816:
815:panic of 1857
806:
804:
803:Servicer risk
800:
798:
794:
793:
789:
787:
783:
781:
777:
776:
772:
768:
766:
762:
761:
760:
750:
748:
744:
742:
738:
734:
733:
730:
725:
723:
719:
718:
716:
705:
703:
699:
697:
693:
691:
687:
683:
679:
677:
668:
666:
665:
660:
658:
657:Admissibility
654:
652:
651:
646:
644:
640:
636:
632:
628:
625:
621:
617:
613:
609:
605:
603:
599:
597:
593:
591:
585:
582:
578:
577:
571:
569:
565:
561:
547:
545:
534:
528:Grantor trust
525:
522:
512:
508:
504:
500:
497:
482:
473:
471:
470:Pro rata bond
467:
462:
460:
456:
452:
448:
443:
439:
437:
433:
432:student loans
429:
425:
415:
413:
408:
403:
401:
395:
392:
379:
376:
373:
372:
367:
364:
360:
357:
354:
351:
348:
344:
341:
337:
333:
332:
331:
328:
324:
320:
316:
314:
309:
307:
303:
302:subordination
299:
298:
292:
290:
287:and parental
286:
282:
272:
270:
266:
262:
257:
255:
250:
248:
244:
243:Regulation AB
240:
235:
233:
229:
225:
215:
213:
209:
204:
202:
198:
194:
189:
185:
183:
179:
174:
170:
166:
162:
161:
155:
151:
149:
145:
144:credit rating
141:
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3861:Money market
3856:Fixed income
3783:Phantom debt
3763:Debt bondage
3731:
3527:
3515:
3501:
3448:Land banking
3347:Land banking
3332:Buyer broker
3306:Rental value
3129:Conveyancing
2939:Saudi Arabia
2737:Moral hazard
2722:Risk of ruin
2498:Sharpe ratio
2360:Country risk
2321:Deposit risk
2233:
2219:Default risk
1975:
1888:Fixed income
1764:Global macro
1706:Event-driven
1492:
1431:
1421:
1410:
1400:
1392:the original
1382:
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1307:cite journal
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797:Moral hazard
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592:requirements
587:
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568:basis points
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313:equity class
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186:
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122:
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106:Commonwealth
94:
67:
37:
36:
3969:Credit risk
3900:Odious debt
3778:Garnishment
3643:Payday loan
3579:Instruments
3473:Urban decay
3327:Buyer agent
3149:Foreclosure
3144:Encumbrance
3017:Arable land
2929:Puerto Rico
2877:By location
2852:Real estate
2787:Toxic asset
2747:Speculation
2680:social work
2665:engineering
2493:Risk parity
2478:Omega ratio
2391:Profit risk
2278:Equity risk
2256:Volume risk
2244:Market risk
2196:Credit risk
2115:Hedge funds
1878:Derivatives
1873:Commodities
1828:Day trading
1738:Directional
1637:Hedge funds
845:reinsurance
737:hedge funds
635:Derivatives
537:Owner trust
496:credit card
459:hard bullet
455:soft bullet
74:credit risk
70:granularity
3948:Categories
3918:Insolvency
3826:Government
3758:Compliance
3748:Charge-off
3728:Collection
3678:Bankruptcy
3671:Management
3638:Loan shark
3605:Government
3428:Green belt
3301:Remortgage
3085:Relocation
2884:Bangladesh
2370:Legal risk
2350:Model risk
2264:Shape risk
2260:Basis risk
2188:Categories
2070:Governance
1644:Investment
1373:0160370140
1004:2023-07-30
982:References
927:auto loans
826:Ginnie Mae
775:Event risk
686:legal fees
620:prepayment
596:regulatory
289:guarantees
188:Accounting
178:"orphaned"
173:bankruptcy
136:bond issue
123:originator
86:stationary
43:securities
3875:Economics
3836:Municipal
3821:Diplomacy
3816:Corporate
3773:Distraint
3610:Municipal
3600:Debenture
3595:Corporate
3413:Filtering
3403:Companies
3322:Appraiser
3203:Severance
2899:Indonesia
2717:Risk pool
2630:Financial
2004:Investors
1654:Arbitrage
849:insurance
729:Portfolio
664:Liquidity
616:liquidity
519:In 2000,
424:amortized
412:fiduciary
385:Servicing
347:insurance
254:guarantor
239:depositor
112:Structure
3923:Interest
3896:Internal
3892:External
3811:Consumer
3743:Bad debt
3503:Category
3408:Eviction
3352:Landlord
3154:Land law
2919:Pakistan
2863:Property
2640:analysis
2575:Bad debt
2453:Drawdown
2415:Modeling
1646:strategy
946:See also
863:include
650:Earnings
581:duration
574:Reduces
521:Citibank
391:servicer
297:tranches
261:interest
218:Issuance
212:arranger
184:below).
148:interest
90:tranches
3913:Default
3841:Venture
3831:Medical
3803:Markets
3735:Evasion
3697:history
3516:Commons
3433:Indices
3315:Parties
3114:Closing
3058:Sectors
2655:betting
2645:analyst
2635:adviser
2288:FX risk
1866:Markets
1857:Related
1816:Trading
1511:Tranche
1299:2042316
1116:3367860
809:History
590:capital
407:trustee
336:reserve
167:" (the
150:rates.
65:(ABS).
3730:
3693:Relief
3521:
3508:
3495:
3453:People
3387:Tenant
3213:Zoning
2934:Russia
2924:Panama
2909:Turkey
2889:Canada
2697:Hazard
2448:Copula
2315:(e.g.
2254:(e.g.
1938:Greeks
1883:Equity
1370:
1297:
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1066:333008
1064:
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612:credit
588:Lower
447:bullet
265:coupon
199:" or "
169:issuer
163:" or "
80:, the
3846:Buyer
3653:Usury
3620:Loans
3587:Bonds
3396:Other
3169:Lease
2958:Types
2914:Kenya
2904:Italy
2894:China
2702:Hedge
2660:crime
2650:asset
2483:RAROC
2379:Other
1981:Short
1971:Hedge
1952:alpha
1859:terms
1783:Other
1586:(CFO)
1580:(CLO)
1574:(CBO)
1568:(CMO)
1562:(CDO)
1556:(CDS)
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1217:(PDF)
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682:Costs
361:or a
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53:, or
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3959:Debt
3572:Debt
3134:Deed
2712:Risk
2675:risk
2179:and
1956:beta
1912:Misc
1368:ISBN
1320:help
1295:SSRN
1137:help
1112:SSRN
1062:SSRN
1024:ISBN
929:and
871:and
855:and
847:and
564:debt
451:slug
201:qSPE
132:loan
121:The
68:The
3095:Law
2670:law
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338:or
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