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Special Report on

Public Finance Securitization

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Ed Jacob assumed the top leadership position at NHS of Chicago in June 2010 after serving 10 years as CEO of the North Side Community Federal Union. He has more than 25 years of community development and lending experience. “It’s a great honor for me to join NHS,” said Jacob. “There is no better place to be if you want to preserve communities and make an impact in Chicago.” While at the North Side Community Federal Credit Union, Jacob developed nationally recognized alternatives to “Payday’ loans and other forms of predatory loans. Under his leadership, North Side CFCU doubled its ...
Trade Associations Submit Comment Letters on GSE Reform
The common underlying thread in all the letters is the belief that government support is still essential to U.S. housing finance. For instance, SIFMA  said in its comments that absent the benefit of government support, mortgage credit would be more expensive and less available, making it difficult for consumers to obtain loans and own homes. Additionally, the CRE Finance Council also reiterated that government support for multifamily properties was essential in moving forward, given the adverse affects at the macro and micro level of a withdrawal of government guarantees. SIFMA’s letter also said that the secondary ... market research, surveys and trends
Speaking of Securitization « Mind on Money
On a day when JP Morgan Chase is out marketing its first new issue CMBS in a while, we have to look at what the non-government securitization market will look like after the storm passes. Deloitte Partner Ann Kenyon penned their latest monthly newsletter on the securitization market.  She was kind enough to allow me to share it with my readers. Though it can only speculate about what the eventual new rules will look like, Ann is in a unique position, as Deloitte’s practice in the field of “matching numbers” on new-issue securitizations is far larger than any other accounting firm’s share. After the break, ... market research, surveys and trends


Finance & Development, March 2001 - Securitization of Future Flow ...
During financial crises, developing countries cannot obtain low-cost, long-term loans. Securitization of future flow receivables can help investment-grade public and private sector entities in these countries obtain credit ratings higher than those of their governments and raise funds in international capital markets. Since Mexico's devaluation of the peso in 1994, financial crises have occurred in a number of emerging markets, dealing severe blows to investor confidence. Three years after the Asian crisis, capital flows to emerging markets remain depressed, while borrowing costs remain high. The major international ... industry trends, business articles and survey research
Restoring Confidence in the Securitization Markets
investor and public confidence in these markets in the near-term, and thereby assist their ..... for the rating assigned to a structured finance product ..... Seventy-eight percent ($524 billion) of 2006 issuances were in real estate ... industry trends, business articles and survey research
Credit-Rating Rules Unlikely to 'Freeze' Securitization Markets
July 21 (Bloomberg) -- Credit raters’ reactions to the U.S. financial-regulation law that boosts their legal risks are unlikely to “freeze” the securitization market even while forcing changes in practices and potentially slowing sales, RBS Securities Inc. and Bank of America Corp. analysts said. Issuers will probably do more so-called private placement or 144a transactions, which can be bought only by large, sophisticated buyers and aren’t affected by the regulatory changes, Paul Jablansky, a senior debt strategist at Stamford, Connecticut-based RBS Securities, said in a telephone interview. If they do, ... market trends, news research and surveys resources
Ranieri: Mortgage Securities Didn't Cause Housing Crash
The practice of turning mortgage loans into bonds may have helped to fuel a binge in risky lending in the middle of the past decade, but before then, the model worked just fine, Lewis Ranieri argued in a letter to the Obama administration this week. “Securitization is not the villain. Abuses in securitization are to blame,” Mr. Ranieri wrote. ( Read the letter. ) He said the abuses began about eight years ago–long after he invented the mortgage-backed security as a trader at Salomon Brothers in the late 1970s. The letter is one of dozens sent this week opining on the government’s proper role in housing ... market trends, news research and surveys resources


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Sovereign And International Public Finance Securitization. The Sovereign and International Public Finance Securitizations Group covers a rapidly expanding ... technology research, surveys study and trend statistics
SEC Speech: Addressing the Information Asymmetry in the ...
The widespread ramifications of the financial crisis demand an in-depth review into what happened and significant reform in areas where the crisis has revealed that change is needed. 1 The securitization market is one such area. 2 With the benefit of hindsight, investors have said that "[t]he structures and mechanisms that have defined the securitization market to date have been constructed by issuers, underwriters, credit ratings agencies, and asset servicers with minimal disclosure-based, procedural, or substantive regulation by Congress, financial regulators, or the SEC." 3 Investors are demanding more information ... technology research, surveys study and trend statistics
Project Finance Securitization
There is a huge unmet need for project financing both domestically and internationally. Various types of securitization transactions can be used to assist in meeting this need. For example, after a project has been constructed and is performing satisfactorily, a special purpose entity ("SPE") could issue debt and equity securities and use the proceeds to purchase project loans from the original lender. Alternatively, at such time, the SPE could use the proceeds to refinance a project at a lower rate. In both cases, the banks and other financial institutions which originated the project financing and evaluated ...
WikiAnswers - What are the Process of securitization
The process of securitization is relatively easy. First, an entity (the originator) desiring financing identifies an asset that is suitable to use. Loans or receivables are common examples of payment streams that are securitized. Second, a special legal entity or Special Purpose Vehicles ("SPV") is created and the originator sells the assets to that SPV. This effectively separates the risk related to the original entities operations from the risk associated with collection. When done properly the loans owned by the SPV are beyond the reach of creditors in the case of bankruptcy or other financial crisis; i.e. the ...
what is the future of the cdo market and the securitization ...
In my crystal ball I can see something - it looks like increasing government regulation, more risk averse investors looking for security in their securities and far more c in the cdo - the problem in these markets in the last few years was players with no skin in the game taking a chunk of the glory, this won't be as easy in future..... posted May 11, 2009 I agree that regulation will play a much larger role in the future of the CDO market. Additionally, there will most likely be an exchange, or something similar to, trade these securities on. Ratings agencies will play a larger role, and I would hope that any conflicts of ...