Introduction to Securitization outlines the basics of
securitization, addressing applications for this technology to
mortgages, collateralized debt obligations, future flows, credit
cards, and auto loans. The authors present a comprehensive overview
of the topic based on the experience they have gathered through
years of interaction with practitioners and graduate students
around the world. The authors offer coverage of such key topics as:
structuring agency MBS deals and nonagency deals, credit
enhancements and sizing, using interest rate derivatives in
securitization transactions, asset classes securitized, operational
risk factors, implications for financial markets, and applying
securitization technology to CDOs. Finally, in the appendices, the
authors provide an essential introduction to credit derivatives, an
explanation of the methodology for the valuation of MBS/ABS, and
the estimation of interest rate risk. Securitization is a financial
technique that pools assets together and, in effect, turns them
into a tradable security. The end result of a securitization
transaction is that a corporation can obtain proceeds by selling
assets and not borrowing funds. In real life, many securitization
structures are quite complex and enigmatic for practitioners,
investors, and finance students. Typically, books detailing this
topic are either too lengthy, too technical, or too superficial in
their presentation. Introduction to Securitization is the first to
offer essential information on this topic at a fundamental, yet
comprehensive level-providing readers with a working understanding
of what has become one of today's most important areas of finance.
Authors Frank Fabozzi and Vinod Kothari, internationally recognized
experts in the field, clearly define securitization, contrast it
with corporate finance, and explain its advantages. They carefully
illustrate the structuring of asset-backed securities (ABS)
transactions, including agency mortgage-backed securities (MBS)
deals and nonagency deals, and show the use of credit enhancements
and interest rate derivatives in such transactions. They review the
collateral classes in ABS, such as retail loans, credit cards, and
future flows, and discuss ongoing funding vehicles such as
asset-backed commercial paper conduits and other structured
vehicles. And they explain the different types of collateralized
debt obligations (CDOs) and structured credit, detailing their
structuring and analysis. To complement the discussion, an
introduction to credit derivatives is also provided. The authors
conclude with a close look at securitization's impact on the
financial markets and the economy, with a review of the now
well-documented problems of the securitization of one asset class:
subprime mortgages. While questions about the contribution of
securitization have been tainted by the subprime mortgage crisis,
it remains an important process for corporations, municipalities,
and government entities seeking funding. The significance of this
financial innovation is that it has been an important form of
raising capital for corporations and government entities throughout
the world, as well as a vehicle for risk management. Introduction
to Securitization offers practitioners and students a simple and
comprehensive entry into the interesting world of securitization
and structured credit.
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