Securitization of small business loans
Comptroller of the Currency, Administrator of National Banks, 1994 - Business & Economics - 42 pages
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agency problem amormt assets Bank Loans bank's Barking beneﬁts of securitimtion borrower behavior capital beneﬁts capital cost capital markets carry substantial cash ﬂow characteristics of small concems covenants credit available credit enhancement credit risk creditworthiness debt market direct monitoring required Disintermediation Federal Reserve Bank Federal Reserve System ﬁnance ﬁnancial intermediaries ﬁnns ﬁom ﬁrm's ﬁrst ﬁxed frmding impact incentive to monitor indirect monitoring mechanism inﬂuence infomiation and monitoring infonnation information problems investors Joumd lender level of loss liquidity constraint loan sale loans it sells loans sold loss protection provided manufacturing ﬁrms migrate monitoring problems mortgage loans nonbank originators Norwest ongoing monitoring participants percent subordination pool portfolio portions of SBA regulatory capital relationship between monitoring SBA loans Secmitization secondary market seller selling bank signiﬁcant small business borrowers small business lending small business loans small ﬁrms speciﬁc substantial loss protection transactions transactions accounts underlying credits