Securitization, Structured Finance, and Capital Markets

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LexisNexis, Jan 1, 2004 - Law - 722 pages
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Securitization, Structured Finance, and Capital Markets provides an introduction to securitization as a method of financing. It is suitable for an independent course or seminar in securitization and structured finance, and may also be used as supplementary reading or as advanced examples in courses in bankruptcy, secured transactions, trusts, corporations, securities regulation, corporate finance, tax, banking, or accounting.

The book is organized by substantive legal areas. The first chapter provides an overview of securitization and is a terrific starting point for anyone trying to learn more about this $6 trillion industry where assets as diverse as car loans, credit card debt, student loans, home mortgages, and commercial mortgages are securitized to provide the loan originator with a source of capital at lower cost than might otherwise be available. The first chapter introduces securitization through a detailed discussion of an actual securitization of loans made to purchasers of Hondas. The Honda deal is followed as an example throughout the subsequent chapters and numerous documents from the deal are reprinted in the book. Students should benefit from the concrete example and the opportunity to examine the actual legal documents used to implement this type of financing transaction.

Subsequent chapters of the book examine Article 9 of the UCC, the Bankruptcy Code, accounting issues, tax and other considerations, securities laws, and the Investment Company Act. There is a separate chapter focused on special concerns of banks securitizing loans, a chapter on international and cross-border issues in securitization, and a concluding chapter exploring the academic debate relating to the efficiency of securitization. Each chapter of the book contains discussion questions.

 

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Contents

Origination
1
Civil Law vs Common
2
The Rating Agency Paradox 2002
10
TRANSFER
The Universal Language of International Securitization 12 DUKE
BANKRUPTCY AND SECURITIZATION
Recourse
Required Legal Opinions
Rethinking A Corporation s Obligations to Creditors 17 CARDoZo L
THE ECONOMICS OF SECURITIZATION
A LowCost Sweetener for Lemons 74
The New Way to Securitize Assets 11 CARDoZo L
Schwarcz
APPENDICES
Form
01 Definitions

ACCOUNTING ISSUES
TAX ISSUES AND STRUCTURING
Commercial Trusts
SECURITIES LAWS AND
Rule 10b5
BANKS and SECURITIZATION
Joint Final Rule of the OCC FRB FDIC and OTS RiskBased
Interagency Advisory on the Unsafe and Unsound Use
international and crossborder ISSUES
The Universal Language of CrossBorder Finance 8 DUKE J CoMP
Richard F Broude Bruce A Markell The Priority Provisions of
02 Incorporation by Reference of Trust Indenture
06 Persons Deemed Owner
Amended and Restated Trust Agreement
01 Name
02 Other Definitional Provisions
AMERICAN HONDA RECEIVABLES CORP as Purchaser
Administration Agreement
Administration Agreement
Table of Statutes
Index
Copyright

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