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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:29809
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。
When we compare impairments on yearly basis, impairment rate is higher on the 2005 to 2007 vintages especially those of 2006. And largest number of impairments are those that of subprime first liens, and then closely followed by ALT-A, subprime seconds.
US RMBS sector played a major role in the total impairments from the starting. Initially it has huge share but at the starting of 2000 because of lowering of interest rate, favored conditions for housing market, the impairment rate in US RMBS sector decreased. This decrease was short lived for couple of years and kick started to all time highs in the years 2007 and 2008. The main reason are bad housing market, banks become stricter in lending loans.
Due to increase in housing prices and interest rate slashes and ease in lending of mortgages resulted lending more mortgages. Banks in turn securitized these loans and got extra liquidity to lend more loans. The extra liquidity in the hands of banks and demand for non prime mortgages made banks to lend more loans to non prime borrowers. All these mortgages are pooled and sold to agencies who are SPV. These agencies then convert these pools of loans in to securities and sold to investors. Before selling to investors these securities need to get rated from rating agencies for its marketability. Due to ease in lending practices there is sharp increase in issuance of these securities till 2006 and with the start of financial crisis lot of securities are frozen with agencies and that is why there is sharp decline in the issuance from the year 2007 till 2008. Whereas rating outstanding depends on previous year's issuance it has slight increase. Due to poor lending practices, the impairments rose from the year 2007. These impairments are mainly due to poor lending of mortgages to subprime borrowers.
Moody's have updated their model in the 2005 and later updated in the years 2006 and 2007 as well. The major updates started in the year 2006. When we compare the default rate it has sharp increase in the year 2007 and default rate sky lined in the year 2008. The effect of changes to the rating methodologies in the year 2006 has huge effect and can be seen in the default rate in the year 2007. Later in the year 2007 more updates has been introduced in the rating methodology which resulted in the highest default rate.
4.5 Short Comes In the Rating Process and Methodologies
(Committee on the Global Financial System, 2005), and (Mason and Rosner, 2007) has argued that the rating methodologies used by rating agencies (in this case we consider moody's) to rate RMBS products is in appropriate. Rating agencies rate both the products in the same scale. This can be analyzed by comparing the economics of both RMBS products (tranched securities) with corporate products (corporate bonds).
The main aim of rating is to show how much risk is involved to investor's before they invest. Moody's rate both RMBS and corporate bonds in same scale irrespective of risk involved in both are different.
If we consider corporate bonding structure its dynamic in nature where as RMBS structure is sta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。