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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:29811
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。
If we consider RMBS structure, it is static in nature. It is static in nature because it has fixed pool of assets. The performance of these pools depends on borrower's ability to repay timely installments and principal. These pools can never outperform as there is no scope for outperform because it is based on payments by borrowers which are fixed. There are more chances of these pools to underperform because there are more chances of borrower getting defaulted in the payments due to social and economic reasons. So change in originator standards can highly influence the performance of these securities.
An investment in corporate bonds is an investment in a proven ongoing dynamic investment strategy. An investment in a mortgage pool is an investment in a static pool of unproven fixed-income investments.
Issuers of structured finance products wanted RMBS to be rated on the same scale astraditionalbonds so that investors think structured finance has same kind of risk that of bonds.(Mason and Rosner, 2007). This can be clearly proved here that despite of differences in the risk rating agencies rate RMBS and corporate bonds on same scale thus creating conflict of interest.
According to(Committee on the Global Financial System,2005), and(Mason and Rosner, 2007) rating agenciesNeverdisclosed completely theirmethodologies they use to rate RMBSand keyassumptions and rating criteria. This can be proved by looking at the moody's models used for the rating and their methodologies. The methodologies were not clearly explained and there are many parameters those are not explainedin the models andare used by analyst according to situation in the rating process. This practicerise concerns about rating process and transparency of the rating process.
The rating agencies main role is to act as an intermediate between investors and issuers. This trust of being intermediate has been broken by rating agencies by charging issuers for rating products instead of getting paid by subscribers who subscribe for these ratings to invest in these products. Because of shift in the axis of being intermediate, these rating agencies got paid from issuer who in turn profited rating agencies by gaining millions of dollars.
If we look at 16 which gives information of net revenue of the moody's over a period of eight years from 2000 till 2008, we can easily find the net revenue moody's increased rapidly over years till 2007 where credit crisis has halted the growth. Because of crisis new issuance has decreased there by decrease in the net revenue. But due to past issuance and rating outstanding moody's still get revenu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。