Understanding the Securitization of Subprime Mortgage Credit - Couverture souple

Ashcraft, Adam B.; Schuermann, Til

Couverture souple

ISBN 10 : 1601981406 ISBN 13 : 9781601981400

Editeur : now publishers Inc, 2008

Synopsis

How does one securitize a pool of mortgages, especially subprime mortgages? What is the process from origination of the loan or mortgage to the selling of debt instruments backed by a pool of those mortgages? What problems creep up in this process, and what are the mechanisms in place to mitigate those problems?

Understanding the Securitization of Subprime Mortgage Credit seeks to answer all of these questions. It provides an overview of the market and some of the key players, and provides an extensive discussion of the important role played by the credit rating agencies. It provides a broad description of the securitization process and pays special attention to seven key frictions that need to be resolved. Several of these frictions involve moral hazard, adverse selection and principal-agent problems.

The authors provide an overview of subprime mortgage credit with a focus on the subprime borrower and the subprime loan and discuss how predatory lending and predatory borrowing fit into the picture. Next, the authors examine subprime mortgage-backed securities and discuss the key structural features of a typical securitization. The last section examines credit rating and rating monitoring process, and the extent to which investors rely upon on credit rating agencies views.

A propos du livre

Présentation de l'éditeur

This Is An Overview Of The Subprime Mortgage Securitization Process And Seven Key Informational Frictions That Arise. The Authors Discuss The Ways That Market Participants Work To Minimize These Frictions And Speculate On How This Process Broke Down. They Offer A Complete Picture Of The Subprime Borrower And The Subprime Loan, Discussing Both Predatory Borrowing And Predatory Lending. They Present The Key Structural Features Of A Typical Subprime Securitization, Document How Rating Agencies Assign Credit Ratings To Mortgage-Backed Securities, And Outline How These Agencies Monitor The Performance Of Mortgage Pools Over Time. (Originally Published As A Federal Reserve Bank Of New York Staff Report)

Détails de l'édition

• Éditeur: now publishers Inc
• Date d'édition: 2008
• Langue: anglais
• ISBN 10: 1601981406
• ISBN 13: 9781601981400
• Reliure: Broché
• Nombre de pages: 132
• Coordonnées du fabricant: non disponible
• Personne responsable: non disponible