Understanding The Securitization Of Subprime Mortgage Credit PDF Download
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| Author | : Adam B. Ashcraft |
| Publisher | : DIANE Publishing |
| Total Pages | : 76 |
| Release | : 2010-03 |
| Genre | : |
| ISBN | : 1437925146 |
Download Understanding the Securitization of Subprime Mortgage Credit Book in PDF, ePub and Kindle
Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.
| Author | : Laurie S. Goodman |
| Publisher | : John Wiley & Sons |
| Total Pages | : 352 |
| Release | : 2008-06-02 |
| Genre | : Business & Economics |
| ISBN | : 0470392746 |
Download Subprime Mortgage Credit Derivatives Book in PDF, ePub and Kindle
Mortgage credit derivatives are a risky business, especially of late. Written by an expert author team of UBS practitioners-Laurie Goodman, Shumin Li, Douglas Lucas, and Thomas Zimmerman-along with Frank Fabozzi of Yale University, Subprime Mortgage Credit Derivatives covers state-of-the-art instruments and strategies for managing a portfolio of mortgage credits in today's volatile climate. Divided into four parts, this book addresses a variety of important topics, including mortgage credit (non-agency, first and second lien), mortgage securitizations (alternate structures and subprime triggers), credit default swaps on mortgage securities (ABX, cash synthetic relationships, CDO credit default swaps), and much more. In addition, the authors outline the origins of the subprime crisis, showing how during the 2004-2006 period, as housing became less affordable, origination standards were stretched-and when home price appreciation then turned to home price depreciation, defaults and delinquencies rose across the board. The recent growth in subprime lending, along with a number of other industry factors, has made the demand for timely knowledge and solutions greater than ever before, and this guide contains the information financial professionals need to succeed in this challenging field.
| Author | : Taylor D. Nadauld |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2009 |
| Genre | : Asset-backed financing |
| ISBN | : |
Download The Role of the Securitization Process in the Expansion of Subprime Credit Book in PDF, ePub and Kindle
This paper analyze the structure and attributes of subprime mortgage-backed securitization deals originated between 1997 and 2007. Their set allows us to link loan-level data for over 6.7 million subprime loans to the securitization deals into which the loans were sold. They show that the securitization process, including the assignment of credit ratings, provided incentives for securitizing banks to purchase loans of poor credit quality in areas with high rates of house price appreciation. Increased demand from the secondary mortgage market for these types of loans appears to have facilitated easier credit in the primary mortgage market. To test this hypothesis, they identify an event which represents an external shock to the relative demand for subprime mortgages in the secondary market. They show that following the SEC's adoption of rules reducing capital requirements on certain broker dealers in 2004, five large deal underwriters disproportionately increased their purchasing activity relative to competing underwriters in ZIP codes with the highest realized rates of house price appreciation but lower average credit quality. They show that these loans subsequently defaulted at marginally higher rates. Finally, using the event as an instrument, they demonstrate a causal link between the demand for mortgages in the secondary mortgage market and the supply of subprime credit in the primary mortgage market.
| Author | : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment |
| Publisher | : |
| Total Pages | : 160 |
| Release | : 2009 |
| Genre | : Business & Economics |
| ISBN | : |
Download Subprime Mortgage Market Turmoil Book in PDF, ePub and Kindle
| Author | : |
| Publisher | : |
| Total Pages | : 1290 |
| Release | : 2008 |
| Genre | : Law |
| ISBN | : |
Download Subprime Credit Crisis Book in PDF, ePub and Kindle
| Author | : Anton Theunissen |
| Publisher | : |
| Total Pages | : 21 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Download Securitization, Loan Modification and the Supply of Subprime Mortgage Credit in the US. Book in PDF, ePub and Kindle
This paper develops a continuous time, contingent claims model of mortgage valuation with strategic behavior to show that mortgages that are securitized are characterized by significantly higher loan to value ratios than mortgages held on the balance sheet of the originator, if securitized mortgages cannot be renegotiated. Insofar as securitization inhibits loan modification, it serves as a credible threat to the borrower that default will provoke foreclosure. This enhances the value of the lender's claim on the loan collateral, the home, and she is willing to lend more per dollar of collateral value. An important implication of the analysis is that the higher loan to value ratio for the securitized mortgage does not imply that the securitized mortgage is characterized by looser underwriting standards than the mortgage held on balance sheet. Higher loan to value ratios for securitized mortgages do not necessarily constitute evidence that securitization encourages risky lending.
| Author | : Paul S. Mills |
| Publisher | : International Monetary Fund |
| Total Pages | : 24 |
| Release | : 2007-07 |
| Genre | : Business & Economics |
| ISBN | : |
Download Money for Nothing and Checks for Free Book in PDF, ePub and Kindle
After a number of warning signs, the U.S. "subprime mortgage crisis" became a headline issue in February 2007. Notwithstanding the bankruptcy of numerous mortgage companies, historically high delinquencies and foreclosures, and a significant tightening in subprime lending standards, the impact thus far on core U.S. financial institutions has been limited. This paper reviews the history and structure of the subprime market. The results suggest that new origination and funding technology appear to have made the financial system more stable at the expense of undermining the effectiveness of consumer protection regulation. Potential solutions to the management of this trade-off are then explored.
| Author | : Edward L. Glaeser |
| Publisher | : University of Chicago Press |
| Total Pages | : 443 |
| Release | : 2013-08-19 |
| Genre | : Business & Economics |
| ISBN | : 022603061X |
Download Housing and the Financial Crisis Book in PDF, ePub and Kindle
Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to climb and crash. Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than others. It then examines the causes of the boom and bust, including the availability of credit, the perceived risk reduction due to the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.
| Author | : United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity |
| Publisher | : |
| Total Pages | : 408 |
| Release | : 2004 |
| Genre | : Business & Economics |
| ISBN | : |
Download Subprime Lending Book in PDF, ePub and Kindle
| Author | : David Marques?Ibanez |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2016-11-15 |
| Genre | : Business & Economics |
| ISBN | : 1475554001 |
Download Securitization and Credit Quality Book in PDF, ePub and Kindle
Banks are usually better informed on the loans they originate than other financial intermediaries. As a result, securitized loans might be of lower credit quality than otherwise similar nonsecuritized loans. We assess the effect of securitization activity on loans’ relative credit quality employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, at issuance, banks do not seem to select and securitize loans of lower credit quality. Following securitization, however, the credit quality of borrowers whose loans are securitized deteriorates by more than those in the control group. We find tentative evidence suggesting that poorer performance by securitized loans might be linked to banks’ reduced monitoring incentives.
