TY - BOOK ID - 30664259 TI - A Primer on securitization AU - Kendall, Leon T. AU - Fishman, Michael J. PY - 1996 SN - 0585002924 0262276984 9780585002927 9780262112116 0262112116 9780262276986 0262611635 9780262611633 PB - Cambridge, Mass. : MIT Press, DB - UniCat KW - Asset-backed financing KW - Financial Management & Planning KW - Finance KW - Business & Economics KW - Congresses KW - Asset-backed securities KW - Asset-based financing KW - Asset securitization KW - Securitization, Asset KW - Corporations KW - Covered bonds KW - Securities KW - ECONOMICS/Finance KW - Money market. Capital market KW - International finance KW - Congresses. KW - 333.745 KW - AA / International- internationaal KW - effectisering. Titrisatie KW - Titrisation KW - Titrisation - Congres. UR - https://www.unicat.be/uniCat?func=search&query=sysid:30664259 AB - A Primer on Securitization introduces readers to America's newest system of raising capital: what it is, how it operates, and what difference securitization makes. Gathering fourteen lectures by the pioneers of securitization and by current practitioners--from Freddie Mac, Paine Webber, JP Morgan, Chrysler, McKinsey & Co, and other major players--A Primer on Securitization introduces readers to America's newest system of raising capital: what it is, how it operates, and what difference securitization makes. The securitization process bypasses financial intermediaries that have historically collected deposits and loaned them to those seeking funds, and links borrowers directly to money and capital markets. Although little has been written about what is perhaps one of the most important innovations to emerge in financial markets since the 1930s, securitization has revolutionized the way that the borrowing needs of consumers and businesses are met. Today, for example, over two-thirds of all home loans are being securitized, along with substantial percentages of auto loans and credit card receivables, and the process continues to expand into new fields including synthetic securities. Authoritative and practical, these lectures show how securitization was developed to fill a gap in financial markets. They discuss the nature and causes of the market imperfections that made securitization a valuable source of funds, and describe how securitization has linked local mortgage markets with international capital markets. Readers will gain a broad perspective of the different parties--the borrower, the loan originator, the servicer, the rating agency, the special purpose vehicle, the credit enhancer, the underwriter, and the investor--as well as a detailed analysis of how these parties relate to one another. From the inception of the secondary mortgage market through the collapse of the Granite funds, readers will learn not only about the success but also about the excesses and failures that typically accompany the development of any product in the real or financial sector. ER -