Securitization of Credit: Inside the New Technology of Finance
The first guide to this new financial trend. Credit securitization (also known as asset securitization) is a financial technology for packaging, underwriting, and selling loans in the form of securities. First used in packaging mortgage loans (as in the case of GNMA and other federally insured mortgage-backed securities), credit securitization has grown rapidly and spread to other forms of credit, including auto loans, student loans, credit-card balances, and so on. This book provides lenders and other financial professionals with clear analyses of many actual credit securitization deals. Includes much information unavailable elsewhere.
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AAA/Aaa ABSC notes all-in amount annual asset-backed securities assets auto loans balance sheet Banc Bank of America Bankruptcy Code borrowers Boston CAFCO capital coverage Citibank Citicorp commercial paper cost of capital credit card credit card receivables credit enhancement credit losses credit securitization credit support debt securities equity cost estimate expected loss federal Figure Finance Corporation financing cost funds GAAP GMAC GMAC's grantor trust income interest rate investors issue issuer lending loan sale maturity McKinsey analysis million monthly Morgan Guaranty mortgage loans noteholders Olympia & York originator owner trust pass-through certificates percent pool portfolio prepayment risk pretax programs purchase REMIC RepublicBank Delaware residential mortgages result revolving period Salomon Brothers Mtg securitized credit servicing fee SLFC sold special purpose vehicle Sperry Sperry Corporation spread account Standard & Poor's structure tranche transaction true sale typically underwriting fees vehicle loans weighted average yield York Maiden Lane