Asset Securitization Theory And Practice Pdf

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Although issuers may benefit generally from securitization, some asset securitizations transfer more credit risk than others. Therefore, securitization only reduces an issuer's net i. To illustrate this point, they provide conceptual examples of the net effect of an asset securitization on the residual credit risk retained by an issuer.

Asset Securitization: Theory and Practice

Part I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficiency, the market participants, and the potential benefits of asset securitization. An analysis of mortgage finance will be provided in Part II, which consists of six chapters that cover a variety of topics from the description of many different types of residential mortgages to the securitization of different types of residential mortgages, including the now infamous sub-prime mortgages.

Also included are important topics, such as prepayments, cash flow structure, maturity and credit tranching, and the trading and relative value of the various mortgage-backed securities. The three chapters in Part III will explain the other major asset securitization products, such as commercial mortgage-backed securities, credit card receivable-backed securities, auto loan-backed securities, and collateralized bond obligations.

Part IV has two chapters: one reviews the collapse and the potential recovery of the asset securitization market, and the other describes the asset securitization efforts in Japan, Australia, Taiwan, and China. Extensive tables and charts are presented to help illustrate a concept or describe a product. Neither analytical discussions nor investment strategies of the various asset-backed securities are included as they are not the focus of this book.

Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. To get the free app, enter your mobile phone number. Hu delves into the history of securitization to show the promise and pitfalls of securitization. He describes the essential underpinnings of securitization and the fundamental features of a successful securitization program.

This fact and theory-filled book, from a pioneer of the market, should be essential reading for all those seeking to rebuild asset securitization on a firmer foundation. Asset Securitization is a well-written, important, and timely book. It is a comprehensive and detailed account of the role asset securitization plays in contributing to economic growth as well as creating problems when prudential practices are ignored.

Nobody interested in understanding the basics of this remarkable financial innovation can afford not to read this book. Joseph Hu's practical expertise of how this market works comes through loud and clear. Hutton Inc. He also worked as economist at Fannie Mae and taught as assistant economics professor at University of Maine. Hu is also the author of Basics of Mortgage-Backed Securities. 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. Read more Read less. Previous page. Print length. Publication date. See all details. Next page. Kindle Cloud Reader Read instantly in your browser. Customers who viewed this item also viewed. Page 1 of 1 Start over Page 1 of 1.

The Mechanics of Securitization. Moorad Choudhry. Introduction to Structured Finance. Frank J. Customers who bought this item also bought. Register a free business account. Review In Asset Securitization: Theory and Practice , Joseph Hu brings his unexcelled credentials to a critically needed description, explanation, and analysis of the huge and complex process of asset securitization.

All too frequently securitization is seen from the perspective of one of its critical parts or processes, but rarely is there a full view of securitization as the complex industry that it, in fact, is.

In spite of the enormity of the securitization industry, there are few experts having the knowledge and capability to see all the parts and processes individually and in sequential combination, that bring the only approach that allows full understanding of the "how's and why's" of securitization.

No other approach is valid for public sector and private sector managers and policy-makers, all of whom should take Dr. Hu's new book as mandatory and standard-setting. In Asset Securitization: Theory and Practice , Joseph Hu brings his unexcelled credentials to a critically needed description, explanation, and analysis of the huge and complex process of asset securitization. In spite of the enormity of the securitization industry, there are few experts having the knowledge and capability to see all the parts and processes individually and in sequential combination, that bring the only approach that allows full understanding of the how's and why's of securitization.

From the Back Cover In Asset Securitization: Theory and Practice , Joseph Hu brings his unexcelled credentials to a critically needed description, explanation, and analysis of the huge and complex process of asset securitization.

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Securitization of Financial Assets: Approximation in Theory and Practice

Part I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficiency, the market participants, and the potential benefits of asset securitization. An analysis of mortgage finance will be provided in Part II, which consists of six chapters that cover a variety of topics from the description of many different types of residential mortgages to the securitization of different types of residential mortgages, including the now infamous sub-prime mortgages. Also included are important topics, such as prepayments, cash flow structure, maturity and credit tranching, and the trading and relative value of the various mortgage-backed securities. The three chapters in Part III will explain the other major asset securitization products, such as commercial mortgage-backed securities, credit card receivable-backed securities, auto loan-backed securities, and collateralized bond obligations. Part IV has two chapters: one reviews the collapse and the potential recovery of the asset securitization market, and the other describes the asset securitization efforts in Japan, Australia, Taiwan, and China.

We present a model in which issuers of asset-backed securities choose to release coarse information to enhance the liquidity of their primary market, at the cost of reducing secondary market liquidity. The degree of transparency is inefficiently low if the social value of secondary market liquidity exceeds its private value. We show that various types of public intervention mandatory transparency standards, provision of liquidity to distressed banks, or secondary market price support have quite different welfare implications. Finally, we extend the model by endogenizing the private and social value of liquidity and the proportion of sophisticated investors. Most users should sign in with their email address. If you originally registered with a username please use that to sign in. To purchase short term access, please sign in to your Oxford Academic account above.


Asset Securitization: Theory and Practice. Author(s). Joseph C. Hu. First published March Print ISBN |Online ISBN:​


Another Perspective on Credit Risk Transfer and Asset Securitization

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations or other non-debt assets which generate receivables and selling their related cash flows to third party investors as securities , which may be described as bonds , pass-through securities, or collateralized debt obligations CDOs. Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities MBS , while those backed by other types of receivables are asset-backed securities ABS. The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers.

TABLE OF CONTENTS

Explore a preview version of Asset Securitization: Theory and Practice right now. 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 efficiency, the market participants, and the potential benefits of asset securitization.

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5 Response
  1. Florence G.

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  2. Fabienne S.

    Securitization, a structured process involving the transformation of illiquid assets into marketable securities, experienced an exponential growth in the s and early s.

  3. Aletunoth

    Asset Securitization is intended for beginners and market professionals alike who are interested in learning about asset securitization—its concepts and practices.

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