Asset securitization : theory and practice / / Joseph C. Hu

• Record Nr.: UNINA9910130958603321
• Autore: Hu Joseph C.
• Pubbl/distr/stampa: Singapore : , : John Wiley & Sons (Asia) Pte. Ltd, , 2011
• ISBN: 0-470-82898-6; 1-118-39048-2
• Edizione: [1st edition]
• Descrizione fisica: 1 online resource (423 p.)
• Collana: Wiley finance
• Disciplina: 332.632
• Soggetti: Asset-backed financing; Electronic books.
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Cover; Title Page; Copyright; Preface; Introduction; Part One: Basics of Asset Securitization; Chapter 1: Asset Securitization: Concept and Market Development; Basic Concept of Asset Securitization; Development of the Asset Securitization Market in the United States; Chapter 2: Originators and Investors of the Asset Securitization Market; Efficient Financing for Originators with Asset Securitization; Satisfying Varying Investor Demands with Asset Securitization; Chapter 3: Intermediary Participants of the Asset Securitization Market; Attorneys; Accountants; Guarantors and Credit Enhancers; Credit Rating AgenciesInvestment Bankers; Chapter 4: Necessary Ingredients and Benefits of Asset Securitization; The Nine Necessary Ingredients; Benefits of Asset Securitization; Part Two: Residential Mortgages and Securitization of Residential Mortgages; Chapter 5: Residential Mortgages; Description of a Residential Mortgage; Characteristics of a Fixed-Rate Mortgage; Alternative Mortgages; Chapter 6: The Residential Mortgage Market; The Origination of a Residential Mortgage; Mortgage Originators; Mortgage Servicers; Mortgage Insurers; The Development of the Residential Mortgage Market; Chapter 7: Residential Mortgage Pass-Through SecuritiesMortgage Pass-Throughs; Trading and Relative Value of Pass-Throughs; Chapter 8: Multiclass Mortgage Pass-Throughs; Prepayment of Mortgage Pass-Throughs; The Need for Multiclass Securities; Collateralized Mortgage ; Obligations; Real Estate Mortgage Investment Conduits; The Rise, Collapse, and Recovery of REMICs; Trading and Relative Value; Chapter 9: Private-Label Mortgage Pass-Throughs; The Growth of the Private-Label Pass-Through Market; A Typical Transaction; Credit Rating Criteria; Performance of Credit Ratings; Prepayment Pattern; Trading and Relative ValueChapter 10: Subprime Mortgage-Backed Securities; Evolution of the Subprime Mortgage Market; Features of Home Equity Loans; Varying Characteristics of Pools of Subprime Mortgages; Examples of Transactions; Unique Prepayment Pattern; Performance of Credit Ratings; Trading and Relative Value; Part Three: Securitization of Commercial Mortgages and Consumer Loans; Chapter 11: Commercial Mortgage-Backed Securities; The Growth of the CMBS Market; The Origination of a Commercial Mortgage; Defaults and Losses of Commercial Mortgages; A Typical Transaction; Performance of Credit RatingsTrading and Relative Value; Chapter 12: Asset-Backed Securities; The Growth of the ABS Market; Credit Card ABS; Auto Loan ABS; Performance of Credit Ratings; Trading and Relative Value; Chapter 13: Collateralized Debt Obligations; Basic Concept and Market Development of CDOs; CDOs are not Mutual Funds; Different Structural Types of CDOs; Motivations for Issuing CDOs; Incentives for Investing in CDOs; Structuring and Credit Rating CDOs; A Simulation Model to Structure CDOs; Trading and Relative Value; Part Four: The Current Asset Securitization Market in the United States and Asia-Pacific
• Sommario/riassunto: Asset Securitization is intended for beginners and market professionals alike who are interested in learning about asset securitization-its concepts and practices. It is designed so that the readers will come away with a fundamental but comprehensive understanding of the asset securitization market. As such, the book aims to provide a review of the market's development, necessary framework, potential benefits, and detailed descriptions of major asset securitization products. Part I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficie