Securitization And Moral Hazard
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| Author | : Adam B. Ashcraft |
| Publisher | : DIANE Publishing |
| Total Pages | : 76 |
| Release | : 2010-03 |
| Genre | : |
| ISBN | : 1437925146 |
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 | : David Marques-Ibanez |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2016-11-15 |
| Genre | : Business & Economics |
| ISBN | : 1475554001 |
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.
| Author | : Kristopher S. Gerardi |
| Publisher | : DIANE Publishing |
| Total Pages | : 75 |
| Release | : 2011 |
| Genre | : Business & Economics |
| ISBN | : 1437929850 |
This is a print on demand edition of a hard to find publication. Explores the question of whether market participants could have or should have anticipated the large increase in foreclosures that occurred in 2007 and 2008. Most of these foreclosures stemmed from loans originated in 2005 and 2006, leading many to suspect that lenders originated a large volume of extremely risky loans during this period. While loans originated in this period did carry extra risk factors, underwriting standards alone cannot explain the dramatic rise in foreclosures. Market participants should have understood that a significant fall in prices would cause a large increase in foreclosures. Analysts understood that a fall in prices would have disastrous consequences for the market but assigned a low probability to such an outcome. Charts and tables.
| Author | : Stuart I. Greenbaum |
| Publisher | : Academic Press |
| Total Pages | : 492 |
| Release | : 2019-05-14 |
| Genre | : Business & Economics |
| ISBN | : 0124059341 |
Contemporary Financial Intermediation, 4th Edition by Greenbaum, Thakor, and Boot continues to offer a distinctive approach to the study of financial markets and institutions by presenting an integrated portrait that puts information and economic reasoning at the core. Instead of primarily naming and describing markets, regulations, and institutions as is common, Contemporary Financial Intermediation explores the subtlety, plasticity and fragility of financial institutions and credit markets. In this new edition every chapter has been updated and pedagogical supplements have been enhanced. For the financial sector, the best preprofessional training explains the reasons why markets, institutions, and regulators evolve they do, why we suffer recurring financial crises occur and how we typically react to them. Our textbook demands more in terms of quantitative skills and analysis, but its ability to teach about the forces shaping the financial world is unmatched. - Updates and expands a legacy title in a valuable field - Holds a prominent position in a growing portfolio of finance textbooks - Teaches tactics on how to recognize and forecast fluctuations in financial markets
| Author | : Adam B. Ashcraft |
| Publisher | : Lulu.com |
| Total Pages | : 84 |
| Release | : 2012-08-04 |
| Genre | : Business & Economics |
| ISBN | : 1300051523 |
This is an overview of the subprime mortgage securitization process and seven key informational frictions that arise. The authors discuss the ways that market participants work to minimize these frictions and speculate on how this process broke down. They offer a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. They present the key structural features of a typical subprime securitization, document how rating agencies assign credit ratings to mortgage-backed securities, and outline how these agencies monitor the performance of mortgage pools over time. (Originally published as a Federal Reserve Bank of New York Staff Report)
| Author | : Timothy F. Geithner |
| Publisher | : DIANE Publishing |
| Total Pages | : 35 |
| Release | : 2011 |
| Genre | : Asset-backed financing |
| ISBN | : 1437980368 |
| Author | : Solomon Y Deku |
| Publisher | : Palgrave Macmillan |
| Total Pages | : 0 |
| Release | : 2018-08-04 |
| Genre | : Business & Economics |
| ISBN | : 9783319867861 |
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.
| Author | : Adam Ashcraft |
| Publisher | : DIANE Publishing |
| Total Pages | : 60 |
| Release | : 2010-11 |
| Genre | : Business & Economics |
| ISBN | : 1437934617 |
Studies credit ratings on subprime and Alt-A mortgage-backed-securities (MBS) deals issued between 2001 and 2007, the period leading up to the subprime crisis. The fraction of highly rated securities in each deal is decreasing in mortgage credit risk; ratings contain useful info. for investors. There was also evidence of significant time variation in risk-adjusted credit ratings, incl. a progressive decline in standards around the MBS market peak between 2005 and mid-2007. Conditional on initial ratings, they observe underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages based on a simple ex ante model and deals with a high fraction of opaque low-documentation loans.
| Author | : Laurent Gauthier |
| Publisher | : Springer Nature |
| Total Pages | : 494 |
| Release | : 2020-07-31 |
| Genre | : Business & Economics |
| ISBN | : 3030503267 |
Securitization is widely used around the world, and structured products are one of the largest fixed-income asset classes. This textbook guides readers through the complexity of this financial technique and first introduces them to the mechanics of securitization and makes the key concepts, techniques and logic of this field accessible for teachers and students alike. Further, the textbook presents a systematic economic analysis of securitization, asking and answering why it exists, how it works, why it has failed, how complex structures operate, why they are so complex, and many other related questions. The author offers a unique approach, and combines detailed discussions of theoretical economics models with advanced empirical research in order to confront them to the perspective of an experienced practitioner in this market.
| Author | : Christopher Beshouri |
| Publisher | : |
| Total Pages | : 48 |
| Release | : 1994 |
| Genre | : Asset-backed financing |
| ISBN | : |
