Book description
A comprehensive guide to the continuously evolving world of securitization
The Second Edition of The Securitization Markets Handbook is a valuable resource for both experienced money managers trying to put a securitization strategy into place as well as newcomers looking to acquire a broad and strong foundation in this discipline. This edition takes a close look at the pre- and post-crash mortgage market and the mortgage-backed securities based on those mortgages, as well as other asset-backed securities including commercial paper or credit cards.
The crash of the subprime market and the failure of the asset-backed markets offer an opportunity to learn about banking finance, specifically off-balance sheet finance, and the many costly mistakes that resulted in one of the most severe downturns in financial markets. With this book, you'll discover why certain mortgage and asset-backed securities imploded and others didn't. This new edition examines why the market failed and how the next crisis can be averted or made less severe. It also explains why securitization remains a primary source of capital for the mortgage market, credit card market, home equity market, auto loan market, and segments of the commercial paper market.
Offers an informed overview of how the securitization market works, how to make money in it, and what's next for asset- and mortgage-backed securities after the crisis
Contains new chapters on CDOs and SIVs, along with a history of the growth and crash of the subprime market, asset-backed securities, and home equity lines of credit
Written by securitization experts Charles Stone and Anne Zissu
Updated to reflect the current market environment, the Second Edition of The Securitization Markets Handbook offers clear, comprehensive guidance to these complex markets.
Table of contents
- Cover
- Contents
- Title
- Copyright
- Dedication
- Acknowledgments
- Introduction
- Part One: Key Structures and Cash Flow Dynamics
-
Part Two: Corporate Debt and the Securitization Markets
-
Chapter 5: How Ford Motor Credit Corporation Has Used Securitization
- The Case of Ford Motor Credit
- Securitized Receivables
- Advantages of Securitization
- Special-Purpose Structure
- Allocating and Funding Credit Risk: Subordinate Classes and Residual Interests
- The Two-Step Securitization Transaction
- Credit Ratings and On-Balance-Sheet Versus Off-Balance-Sheet Cost of Funding
- Ford Credit Auto Owner Trust 2000-A: A Case Study
- Waterfall of Cash Flows
- Credit Enhancement
- Overcollateralization
- Chapter 6: Asset-Backed Commercial Paper
-
Chapter 5: How Ford Motor Credit Corporation Has Used Securitization
- Part Three: Securitization of Revolving Credit
- Part Four: Searching for Value in the Mortgage- and Asset-Backed Markets
- About the Authors
- Index
Product information
- Title: The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-backed Securities, 2nd Edition
- Author(s):
- Release date: September 2012
- Publisher(s): Bloomberg Press
- ISBN: 9781118006740
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