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1、ChapterNineRiskManagement:Asset-BackedSecurities,LoanSales,CreditStandbys,andCreditDerivativesKeyTopicsTheSecuritizationProcessSecuritization’sImpactandRisksSalesofLoans:NatureandRisksStandbyCredits:PricingandRisksCreditDerivativesandCDOs–BenefitsandRisksIntroductionManyissuessuc
2、hascreditriskandtheburdenofhavingtoraisenewcapitaltomeetthefundingneedsofyourcustomersandsatisfyregulatorystandardskeepmanagersbusyNewtoolssuchassecuritizingloans,sellingloansoffbalancesheets,issuingstandbylettersofcredit,andparticipatingincreditderivativecontractscanhelpwithrisk
3、managementNotonlyhavethesetoolsattemptedtocontrolriskmoreeffectively,buttheyhavealsoopenedupnewsourcesoffeeincomeAsthegreatcreditcrisisof2007-2009emergedwealsolearnedthatthesenewrisk-managementtoolscarrysignificantlimitations,includingunexpectedrisksandextremecomplexity,thatcanov
4、erwhelmunpreparedfinancialinstitutionsandwreakhavocwiththefinancialsystemSecuritizingLoansandOtherAssetsSecuritizationofloansandotherassetsisasimpleideaforraisingnewfundsRequiresalendinginstitutiontosetasideagroupofincome-earning,relativelyilliquidassets,suchashomemortgagesorcred
5、itcardloans,andtosellrelativelyliquidsecurities(financialclaims)againstthoseassetsintheopenmarketIneffect,loansaretransformedintopubliclytradedsecuritiesThelenderwhoseloansaresecuritizediscalledtheoriginatorTheseloansarepassedontoanissuer,whoisusuallydesignatedaspecial-purposeent
6、ity(SPE)TheSPEisseparatedfromtheoriginatortohelpensurethat,iftheoriginatinglendergoesbankrupt,thiseventwillnotaffectthecreditstatusofthepooledloans,supposedlymakingthepoolanditscashflow“bankruptcyremote”EXHIBIT9–1TheHeartoftheSecuritizationProcessSecuritizingLoansandOtherAssets(c
7、ontinued)AcreditratingagencyratessecuritiestobesoldsothatinvestorshaveabetterideawhatthenewfinancialinstrumentsareworthPossiblemoralhazardproblemTheissuerthensellssecuritiesinthemoneyandcapitalmarkets,oftenwiththeaidofasecurityunderwriter(investmentbanker)Atrusteeisappointedtoens
8、uretheissuerfulfillsalltherequirementsof
