Hu | Asset Securitization | E-Book | www.sack.de
E-Book

E-Book, Englisch, 280 Seiten, E-Book

Reihe: Wiley Finance Editions

Hu Asset Securitization

Theory and Practice
1. Auflage 2010
ISBN: 978-0-470-82899-1
Verlag: John Wiley & Sons
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

Theory and Practice

E-Book, Englisch, 280 Seiten, E-Book

Reihe: Wiley Finance Editions

ISBN: 978-0-470-82899-1
Verlag: John Wiley & Sons
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)



Asset Securitization is intended for beginners and marketprofessionals alike who are interested in learning about assetsecuritization--its concepts and practices. It is designed sothat the readers will come away with a fundamental butcomprehensive understanding of the asset securitization market. Assuch, the book aims to provide a review of the market'sdevelopment, necessary framework, potential benefits, and detaileddescriptions of major asset securitization products.
Part I of the book, which consists of four chapters, willdiscuss the fundamental concepts, the funding efficiency, themarket participants, and the potential benefits of assetsecuritization. An analysis of mortgage finance will be provided inPart II, which consists of six chapters that cover a variety oftopics from the description of many different types of residentialmortgages to the securitization of different types of residentialmortgages, including the now infamous sub-prime mortgages. Alsoincluded are important topics, such as prepayments, cash flowstructure, maturity and credit tranching, and the trading andrelative value of the various mortgage-backed securities. The threechapters in Part III will explain the other major assetsecuritization products, such as commercial mortgage-backedsecurities, credit card receivable-backed securities, autoloan-backed securities, and collateralized bond obligations. PartIV has two chapters: one reviews the collapse and the potentialrecovery of the asset securitization market, and the otherdescribes the asset securitization efforts in Japan, Australia,Taiwan, and China.
Extensive tables and charts are presented to help illustrate aconcept or describe a product. Neither analytical discussions norinvestment strategies of the various asset-backed securities areincluded as they are not the focus of this book.

Hu Asset Securitization jetzt bestellen!

Autoren/Hrsg.


Weitere Infos & Material


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 Agencies.
Investment 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 Mortgages.
Characteristics of a Fixed-Rate Mortgage.
Alternative Mortgages.
Chapter 6 Residential Mortgage Market.
The Origination of a Residential Mortgages.
Mortgage Originators.
Mortgage Servicers.
Mortgage Insurers.
The Development of the Residential Mortgage Market.
Chapter 7 Residential Mortgage Pass-Through Securities.
Mortgage Pass-Throughs.
Concept and Terminology.
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.
Variety of REMIC Classes.
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-Throughs Market.
A Typical Transaction.
Credit Rating Criteria.
Performance of Credit Ratings.
Prepayment Pattern.
Trading and Relative Value.
Chapter 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 Securitizatin 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 Ratings.
Trading 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.
Incentives for Investing in CDOs.
Structuring and Credit Ratings 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.
Chapter 14 The Collapse and Recovery Prospects of the Asset Securitization Market.
How the Market Collapsed.
Prospects for Recovery.
Chapter 15 Asset Securitization in Asia-Pacific.
Asset Securitization in Japan.
Asset Securitization in Australia.
Different Patterns of Asset Securitization in Japan and Australia.
Asset Securitization in Taiwan.
Asset Securitization in China.
Appendix A Analysis of Prepayment and Prepayment Rate.
Appendix B Housing Price Appreciation and Mortgage Credit Performance.
Appendix C Fundamental Element in Credit Ratings.
Appendix D The Collapse of the Asset Securitization Market.
Index.


Dr. Joseph C. Hu is professor of the International MBAProgram at the National Chengchi University, Republic of China(Taiwan) and visiting professor at Hanqing Advanced Institute ofEconomics and Finance, Renmin University of China, People'sRepublic of China. Dr. Hu was formerly Standard & Poor's Chinacountry manager. He also served as Standard & Poor's globalhead of structured finance research.
Prior to Standard & Poor's, Dr. Hu held positions asmanaging director at Oppenheimer & Co. Inc., senior vicepresident at Nomura Securities International, Inc., executive vicepresident at Shearson Lehman Hutton Inc., senior vice president atE. F. Hutton Inc., and vice president at Salomon Brothers, Inc. Healso worked as economist at Fannie Mae and taught as assistanteconomics professor at University of Maine. Dr. Hu is also theauthor of Basics of Mortgage-Backed Securities.



Ihre Fragen, Wünsche oder Anmerkungen
Vorname*
Nachname*
Ihre E-Mail-Adresse*
Kundennr.
Ihre Nachricht*
Lediglich mit * gekennzeichnete Felder sind Pflichtfelder.
Wenn Sie die im Kontaktformular eingegebenen Daten durch Klick auf den nachfolgenden Button übersenden, erklären Sie sich damit einverstanden, dass wir Ihr Angaben für die Beantwortung Ihrer Anfrage verwenden. Selbstverständlich werden Ihre Daten vertraulich behandelt und nicht an Dritte weitergegeben. Sie können der Verwendung Ihrer Daten jederzeit widersprechen. Das Datenhandling bei Sack Fachmedien erklären wir Ihnen in unserer Datenschutzerklärung.