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论文作者:www.51lunwen.org论文属性:硕士毕业论文 dissertation登出时间:2014-09-27编辑:felicia点击率:29795
论文字数:16124论文编号:org201409251350209724语种:英语 English地区:美国价格:免费论文
关键词:非流动性资产资产证券化投资者Asset SecuritizationFinancial Crisis
摘要:资产证券化有什么作用?对金融风险和金融危机有什么影响?如何写好资产证券化留学论文?该从哪里入手?还在等什么,赶快看看这篇文章,这篇文章让你留学美国不再困难,让你申请宾夕法尼亚不再费力,让你留学不再苦恼。
The rise in delinquency and foreclosure rate is mainly due to poor practices in lending. And local unemployment rate, downfall in housing prices from 2006 played a major role in rapid increase in rise of foreclosure and delinquency rate.
According to Rousseau Stephane (2009) the loan to value ratio is one more parameter in accessing default risk of the loans. Higher the loan to value ratio higher the borrower likely to get defaulted. For the period of 2000 till 2008 there is the increase in the trend of loan to value ratio.
Easing in lending standards, demand for loans, and rising housing boom, lower interest rates, created perfect environment. Banks started to lend loans to people with poor credit histories. This practice showed it effect on higher credit to loan ratio. And poor performance in loans. At the start of 2006 the unemployment starts to rise, housing prices start to decline. As major share of mortgages consists of subprime borrowers who felt difficult to repay due to worsening economic environment. So delinquency and foreclosure rate increased. This gave way to financial crisis. So the main reasons for financial crisis are ease in lending mortgages, lower interest rates, and government policies.
4.2 Analysis of Moody's Models for Rating RMBS
Non prime mortgages are known to be more profitable than prime loans but are more risky. To get rid of this risk banks pool up these loans and sell it to agencies. These agencies are called SPV. SPV can be government backed or private. Banks pool up prime loans as well but majority of loans consists of non prime which are considered too risky. The SPV divided this pool of loans in tranches and sell to investors. Before selling these tranched securities to investor's agencies need to get it rated from rating agencies.
Rating agencies main purpose is to rate these tranched securities depending upon the probability of default. Probability of default is calculated using quantitative modeling using statistical models.
Let us consider moody's investors service. Moody's are one of the three top rating industries in the world. It is also most respected for its commitment and its good history of good ratings.
The agencies before they want to sell tranched securities in the market for investors they approach moody are to rate these tranched securities. Moody's use their quantitative model to calculate default of probability. The quantitative model used by moody's is called moody's mort本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。