Topic
Securitisation
464 published works
PropertyProf Blog
Singer on the Subprime Mortgage Conundrums and How to Fix Them
Joseph Singer (Harvard) has posted Foreclosure and the Failures of Formality, or Subprime Mortgage Conundrums and How to Fix Them (UConn). Here's the abstract:The subprime mortgage crisis was not only…
Securities Law Prof Blog
Barnett on Mortgage Backed Securities
Harold C. Barnett has posted Risk and Mortgage Backed Securities in a Time of Transition on SSRN with the following abstract:The residential mortgage backed securities (MBS) market expanded and collapsed as…
Banking, Finance and Securities
EBA consults on guidelines on significant risk transfer for securitisation transactions
The European Banking Authority (EBA) has published a Consultation Paper on proposed guidelines on significant credit risk transfer for securitisation transactions relating to articles 243 and 244 of the Capital…
Banking, Finance and Securities
BCBS second consultation on revisions to the Basel securitisation framework
The Basel Committee on Banking Supervision (BCBS) has published its second consultative document on revisions to the securitisation framework, including draft standards text. The revisions to the capital framework set…
Structured Finance In Brief
Sunshine backed bonds – time to look on the sunny side?
By Ranajoy Basu
So called ‘sunshine backed bonds’ are one of the newest and most exciting asset classes to enter the asset-backed securities market since the financial crisis. The resurgence of the market…
PropertyProf Blog
Levitin on the Uncertainty of Mortgage Title
Adam Levitin (Georgetown) has posted The Paper Chase: Securitization, Foreclosure, and the Uncertainty of Mortgage Title on SSRN. Here's the abstract:The mortgage foreclosure crisis raises legal questions as important as…
Securities Law Prof Blog
Lützenkirchen, Roesch & Scheule on Securitization
Kristina Lützenkirchen, Daniel Roesch, and Harald Scheule have posted Ratings Based Capital Adequacy for Securitizations on SSRN with the following abstract:This paper develops a framework to measure the exposure to systematic…
PropertyProf Blog
Hockett on Eminent Domain and the Underwater Mortgage Problem
By propertyprof
Robert Hockett (Cornell) has posted Accidental Suicide Pacts and Creditor Collective Action Problems: The Mortgage Mess, the Deadweight Loss, and How to Get the Value Back (Cornell Law Review) on…
Crunched Credit
ABS East 2013 Conference
By Sean Solis
Dechert's securitization team is looking forward to attending the ABS East 2013 (“ABS East”) conference, which kicks off on October 6, 2013 at the Fontainebleau Hotel in Miami, FL. The…
China Law Insight
资产证券化进行时——银行开展信贷资产证券化的具体问题解答
By King & Wood
作者：张东成 李实 金杜律师事务所证券发行和上市组 2013年8月28日，国务院总理李克强主持召开国务院常务会议，指出“要在实行总量控制的前提下，扩大信贷资产证券化试点规模。优质信贷资产证券化产品可在交易所上市交易，在加快银行资金周转的同时，为投资者提供更多选择” 。随着信贷资产证券化常态化工作的稳步推进，作为银行重要资管手段、代表未来发展方向的信贷资产证券化正受到银行、证券公司、基金子公司、信托机构等各方越来越多的关注，那么，银行该如何开展信贷资产证券化的相关工作，在此过程中需要关注的具体法律问题又有哪些？ 本文以问答的形式针对银行信贷资产证券化业务过程中可能遇到的具体问题作出简要说明。 问：什么是“信贷资产证券化”？银行、金融机构开展信贷资产证券化的意义何在？ 答：信贷资产证券化作为舶来品，最早源于美国的金融创新，所谓信贷资产证券化，作为一种结构性融资手段，是指发起人，一般为银行，将缺乏流动性，但具有可预测现金收入属性的基础资产，即信贷资产，出售或者信托给特定的受托人，创立一种以该信贷资产产生的现金流为支持的一种金融工具或权利凭证，即资产支持证券。 信贷资产证券化对银行的意义主要包括以下几个方面： 一、 调整资产与负债期限结构，增加融资渠道。 存款是银行主要的资金来源, 而其中活期、中短期存款较多, 银行的负债期限较短, 证券化可以为银行带来长期、稳定的资金来源，拓宽银行的融资渠道。帮助银行从负债管理战略向负债管理战略与资产管理战略并重转变。 二、 转移风险 银行的债权可能集中在某一些行业, 通过资产证券化出售贷款可以使银行减少集中在该行业的风险, 达到风险分散化, 进行风险管理的目的。 三、 提高资本充足率 不同于增发股份等“分子策略”, 资产证券化 是“分母策略”, 将部分信贷资产真实出售, 把证券化资产转移到表外, 通过减少信贷资产存量释放相应的资本, 从而提高资本充足率。…