Text

A Primer on securitization

---

A Primer on Securitization introduces readers to America's newest system of raising capital: what it is, how it operates, and what difference securitization makes. Gathering fourteen lectures by the pioneers of securitization and by current practitioners--from Freddie Mac, Paine Webber, JP Morgan, Chrysler, McKinsey & Co, and other major players--A Primer on Securitization introduces readers to America's newest system of raising capital: what it is, how it operates, and what difference securitization makes. The securitization process bypasses financial intermediaries that have historically collected deposits and loaned them to those seeking funds, and links borrowers directly to money and capital markets. Although little has been written about what is perhaps one of the most important innovations to emerge in financial markets since the 1930s, securitization has revolutionized the way that the borrowing needs of consumers and businesses are met. Today, for example, over two-thirds of all home loans are being securitized, along with substantial percentages of auto loans and credit card receivables, and the process continues to expand into new fields including synthetic securities. Authoritative and practical, these lectures show how securitization was developed to fill a gap in financial markets. They discuss the nature and causes of the market imperfections that made securitization a valuable source of funds, and describe how securitization has linked local mortgage markets with international capital markets. Readers will gain a broad perspective of the different parties--the borrower, the loan originator, the servicer, the rating agency, the special purpose vehicle, the credit enhancer, the underwriter, and the investor--as well as a detailed analysis of how these parties relate to one another. From the inception of the secondary mortgage market through the collapse of the Granite funds, readers will learn not only about the success but also about the excesses and failures that typically accompany the development of any product in the real or financial sector.OCLC-licensed vendor bibliographic record.

---

Availability

No copy data

Detail Information

Series Title

-

Call Number

-

Publisher

Cambridge, Mass. : : The MIT Press., 1996.

Collation

1 online resource (viii, 189 pages) :illustrations

Language

English

ISBN/ISSN

9780262276986

Classification

NONE

Content Type

text

Media Type

computer

Carrier Type

online resource

Edition

-

Subject(s)

Asset-backed financing

Specific Detail Info

-

Statement of Responsibility

edited by Leon T. Kendall and Michael J. Fishman.

Other Information

Cataloger

Kholif Basri

Source

-

Validator

Kholif Basri

Digital Object Identifier (DOI)

https://doi.org/10.7551/mitpress/5544.001.0001

Journal Volume

-

Journal Issue

-

Subtitle

-

Parallel Title

-

Other version/related

File Attachment

Comments

---

You must be logged in to post a comment