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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:29800
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。
* Interest rate has profound impact on the severity and foreclosure. Moody's mortgage metrics uses different economic simulations for varied interest rates to find out probability of default of foreclosure and severity.
* Property type can be single house attached or detached, villas, bungalows etc. detached houses experiences experience less loss severity when compared to attached houses and apartments. So it is very important to add property type in the loss calculations.
* Home value can be important parameter because higher the home value it is more difficult to sell it in the market and to convert it in to liquid cast in case of worsen economic situation.
* Purpose of loan can be for new home or to refurbish existing home. Historical data suggests that mortgages taken to refurbish existing home are less likely to default because their equity is not too bad. Whereas those borrowers with mortgages used to buy new homes are more likely to default because of lowering equity.
* The presence of mortgage insurance covers principle as well as interest payments and expenses to cover to see the property such as legal and real estate expenses. So mortgage insurance will decrease loss severity. Moody's mortgage metrics incorporated mortgage insurance in the calculation of loss severity. It is very complex calculation method to incorporate insurance in to loss severity calculations.
* Concentration issues like pool size have its effect on calculation of loss distribution. Smaller the size of the pool loss expectation can be calculated where as larger the pool size it becomes difficult to calculate the default.
Moody's mortgage metrics uses all the above parameters in the calculation of probability of loss. To calculate loss using simulation of various economies (economic simulations). Moody's simulate future economic stress rather than depending on historical economy as worst possible situation. Moody's mortgage metrics simulates loan by loan quarter by quarter of all possible economies to calculate probability of default.
Once probability of default is calculated Moody's then considers its credit enhancement to rate accordingly. If probability of default is low and credit enhancement is sufficient enough to absorb any principal or interest default it is rated top most. and if it does not matches then Moody's contact originator and advice him to enhance credit. After all these steps Moody's rate tranched securities and give the rating to originators. (Moody`s Investors service, 1998), These ratings are given in a specific scale so that investors can understand. The rating scale Moody's followed as;
Aaa rating is supposed to be of the highest quality, with mi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。