Understanding the Securitization of Subprime Mortgage Credit - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Understanding the Securitization of Subprime Mortgage Credit write by Adam B. Ashcraft. This book was released on 2010-03. Understanding the Securitization of Subprime Mortgage Credit available 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.
Subprime Mortgage Credit Derivatives
Subprime Mortgage Credit Derivatives - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Subprime Mortgage Credit Derivatives write by Laurie S. Goodman. This book was released on 2008-06-02. Subprime Mortgage Credit Derivatives available 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.
The Role of the Securitization Process in the Expansion of Subprime Credit
The Role of the Securitization Process in the Expansion of Subprime Credit - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Role of the Securitization Process in the Expansion of Subprime Credit write by Taylor D. Nadauld. This book was released on 2009. The Role of the Securitization Process in the Expansion of Subprime Credit available 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.
Subprime Mortgage Market Turmoil
Subprime Mortgage Market Turmoil - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Subprime Mortgage Market Turmoil write by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment. This book was released on 2009. Subprime Mortgage Market Turmoil available in PDF, EPUB and Kindle.
What Is Securitization?
What Is Securitization? - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook What Is Securitization? write by Mark Zandi. This book was released on 2009-11-16. What Is Securitization? available in PDF, EPUB and Kindle. This Element is an excerpt form Financial Shock: Global Panic and Government Bailouts--How We Got Here and What Must Be Done to Fix It (ISBN: 9780137016631) by Mark Zandi. Available in print and digital formats. Pull back the curtain on the subprime mortgage collapse and discover what really happened. To fully understand the subprime mortgage implosion, you need to know how subprime mortgages were financed. Fundamentally, loans either are financed directly by financial institutions such as commercial banks and thrift institutions or are repackaged as bonds (that is, securitized) and sold to investors, who keep or trade them. The overwhelming majority of subprime loans were securitized...
