Bussiness ManagementMBAstrategyHuman ResourceMarketingHospitalityE-commerceInternational Tradingproject managementmedia managementLogisticsFinanceAccountingadvertisingLawBusiness LawEducationEconomicsBusiness Reportbusiness planresearch proposal
英语论文题目英语教学英语论文商务英语英语论文格式商务英语翻译广告英语商务英语商务英语教学英语翻译论文英美文学英语语言学文化交流中西方文化差异英语论文范文英语论文开题报告初中英语教学英语论文文献综述英语论文参考文献
ResumeRecommendation LetterMotivation LetterPSapplication letterMBA essayBusiness Letteradmission letter Offer letter
澳大利亚论文英国论文加拿大论文芬兰论文瑞典论文澳洲论文新西兰论文法国论文香港论文挪威论文美国论文泰国论文马来西亚论文台湾论文新加坡论文荷兰论文南非论文西班牙论文爱尔兰论文
小学英语教学初中英语教学英语语法高中英语教学大学英语教学听力口语英语阅读英语词汇学英语素质教育英语教育毕业英语教学法
英语论文开题报告英语毕业论文写作指导英语论文写作笔记handbook英语论文提纲英语论文参考文献英语论文文献综述Research Proposal代写留学论文代写留学作业代写Essay论文英语摘要英语论文任务书英语论文格式专业名词turnitin抄袭检查
temcet听力雅思考试托福考试GMATGRE职称英语理工卫生职称英语综合职称英语职称英语
经贸英语论文题目旅游英语论文题目大学英语论文题目中学英语论文题目小学英语论文题目英语文学论文题目英语教学论文题目英语语言学论文题目委婉语论文题目商务英语论文题目最新英语论文题目英语翻译论文题目英语跨文化论文题目
日本文学日本语言学商务日语日本历史日本经济怎样写日语论文日语论文写作格式日语教学日本社会文化日语开题报告日语论文选题
职称英语理工完形填空历年试题模拟试题补全短文概括大意词汇指导阅读理解例题习题卫生职称英语词汇指导完形填空概括大意历年试题阅读理解补全短文模拟试题例题习题综合职称英语完形填空历年试题模拟试题例题习题词汇指导阅读理解补全短文概括大意
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:29813
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 mortgage originators found new innovative methods in lending to cope up with the borrowers demand this could have been done only with the help of government intervention. The aggressive lending methods and increase in non prime mortgages led to increase in credit risk for the borrowers and investors as well.
As the interest rate increased, the borrowers found it difficult to repay monthly installments as many borrowers are non prime borrowers with low credit history. So with the rise in interest rate these borrowers found it difficult to cope up with increased monthly installments. This in turn increased delinquency and foreclosure rate. The final blow came when housing prices started to decrease. The condition got much worse and additional stress contributed for much higher delinquency and foreclosure rate.
Banks in turn securitized these toxic 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. Rating agencies charged the agencies to rate the RMBS thereby there is change in role played by rating agencies. This change is role of rating agencies earned them millions of dollars of money. To rate these securities Moody's used statistical models.
Rating agencies like moody's relied on data provided by these agencies for their models. They have never verified the accuracy of the data provided by the agencies. And models used by rating agencies are not that accurate if the data is not accurate the results from these models are not accurate. And their methodologies lack transparency and had endogenous risk involved it. Finally these models predict probability of default for present and are not accurate for calculating future probability of risk. So rating agencies like moody's started to play catching up game by updating their models for changing economic conditions.
As risk involved is not clearly assessed by these banks they started to rate these tranches high enough. As the market started to meltdown because of financial crisis, moody's updated their methodology accordingly to changing economy and reviewed the securities and downgraded many top rated securities. These downgrades created uncertainty and doubt on quality of rating these rating agencies assigned. With more exposure to risk related to subprime debts, restricted liquidity of banks, the aftermarket for term loans has effected so there is sharp increase in risk premium. Thus banks lost confidence and have less liquidity. This resulted in present financial crisis.