A Primer on Securitization
Publisher: The MIT Press
ISBN: 0262611635
Edition: Paperback; 2000-07-31
Summary:
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. 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.
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