Securitization is one of the most important innovations of modern finance. The securitization process involves the isolation of a pool of assets or rights to a set of cash flows and the repackaging of the asset or cash flows into securities that are traded in capital markets. The objective of...
This article discusses the process by which the law of cross-border securitization evolves and becomes uniform. New forms of cross-border securitization and new legal issues emerge while old forms and settled issues solidify into rules. In the beginning, article defines the meaning of a unified cross-border securitization "law." It also...
The rules proposed in the New Basel Capital Accord for treating securitization exposures have changed significantly since the release of the October 2001 Working Paper on the Treatment of Asset Securitizations by the Basel Committee on Banking Supervision's the Committee securitization group. While some changes may be made in terms...
High correlations between risks can increase required insurer capital and/or reduce the availability of insurance. For such insurance lines, securitization is rapidly emerging as an alternative form of risk transfer. The ultimate success of securitization in replacing or complementing traditional insurance and reinsurance products depends on the ability of securitization...
Asset Securitization facilitates 'on-balance sheet' lending to an 'off-balance sheet' income stream that improves return on capital and places fewer constraints on regulatory capital. The paper depicts that since the primary goal of asset securitization is to separate the credit risk of the originator from that of the underlying assets,...
NEW YORK -- Fitch Ratings has issued a presale report on California Statewide Securitization Authority, subordinate series 2006 Pooled Tobacco Securitization Program.
From the executive summary: ‘Whole Company Securitization WCS, sometimes called whole business securitization or operating company securitization, is a more complex version of traditional securitization. A parent company isolates revenue-producing assets often the trademarks or patents that are the crown jewels of its intellectual property by selling them to a...
Securitization of the Master Settlement Agreement MSA payments from tobacco companies is hotly debated in states and policy circles. Securitization is issuing a bond backed by future payments in return for up-front money. Many public health advocates are strongly against securitization. However, securitization itself does not rob states of tobacco...
PHILADELPHIA -- RAIT Financial Trust ("RAIT") (NYSE:RAS) announced the closing on September 13, 2007 of a EUR 900 million European real estate securitization transaction managed by a subsidiary of RAIT. RAIT purchased EUR 17.5 million of unrated notes in the securitization and will earn collateral management and origination fees. This...
DALLAS -- Palm Harbor Homes, Inc. (NASDAQ: PHHM) today announced that CountryPlace Mortgage, Ltd., the Company's 80 percent owned full-service chattel lender subsidiary, has closed CountryPlace Manufactured Housing Contract Trust 2007-1, a $117 million Rule 144A securitization. The securitization consists of asset-backed certificates secured by a portfolio of chattel loans...
DENVER -- GMAC Municipal Mortgage Trust GMAC MMT announced that it closed a new $82 million securitization with Freddie Mac (NYSE:FRE) on November 1, 2005. GMAC MMT and its affiliates sponsored the securitization and contributed the underlying tax-exempt and taxable multifamily bonds. Freddie Mac, as the issuer, guarantees the payment...
This article examines the issues and challenges involved for institutions, policy makers, and lawmakers in less developed countries in their effort to implement asset securitization techniques in their financial market. Challenges and issues in the area of market development, legislation, accounting, regulation, and structuring are examined in the light of...
This paper develops a model of the interactions between borrowers, originators, and a securitizer in primary and secondary mortgage markets. In the secondary market, the securitizer adds liquidity and plays a strategic game with mortgage originators. The securitizer sets the price at which it will purchase mortgages and the credit-score...
NEW YORK--BUSINESS WIRE--Dec. 9, 1994--Bear, Stearns & Co. Inc. and Credit Lyonnais today announced the launching of the first publicly issued credit card securitization in Europe. James E. Cayne, CEO and president of Bear Stearns, said "This marks a significant development for the international securitization market, and Bear Stearns...
Securitization is a means of raising finance secured on the back of identifiable and predictable cash flows derived from a particular set of assets. Almost any assets that generate a predictable income stream can be securitized. The process of securitization involves the creation of a bankruptcy remote company known as...
IHOP Corp. (NYSE: IHP), one of America's favorite family restaurants for breakfast, lunch and dinner, today announced that certain of its subsidiaries have priced a $200 million securitization transaction. This private securitization consists of $175 million in Fixed Rate Notes and a revolving credit facility of $25 million in...
Todd Sullivan submits: Some interesting items from the 10-Q released by Harley Davidson HOG HDFS Harley Davidson Financial Services Income from securitizations during the first six months of 2008 was lower as compared to 2007 due primarily to the loss on the first quarter 2008 securitization transaction and the absence...
Origination Targets for Securitization Programs Loans originated for securitization. Figures were supplied by the lenders * and were not independently verified ...
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