research guide on securitization

《research guide on securitization》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、ResearchGuideonSecuritizationAdvancedLegalResearchProfessorGeorgeJacksonFall200132TABLEOFCONTENTSI.Introduction2A.Background2B.ScopeofResearchGuide4II.StartingYourResearch5III.SecondarySources6A.LegalDictionaries7B.LegalEncyclopedias8C.Texts&Treatises10D.Loosel

2、eafTreatises11E.Directories12F.Indexes–includingJournalsandPeriodicals13G.ResearchGuidesandBibliographies16H.OtherSources17I.Annotations18J.WestDigest19IV.PrimaryMaterials19A.StatutorySources20B.LegislativeHistory23C.AdministrativeSources25D.AdministrativeDecis

3、ions26V.ElectronicandOnlineSources26A.WestlawDatabases26B.LexisDatabases29C.UpdatingWestlawandLexisResearch30VI.UpdatingyourResearch31VII.Conclusion3132INTRODUCTIONA.BackgroundInitsmostsimpleform,securitizationinvolvespoolingpredictablebutilliquidcashflows,rest

4、ructuringthemwithcreditenhancements,andsellingtheminthecapitalmarkets.Securitizationoriginatedinthe1920swhenmortgageinsurancecompaniessoldguaranteedmortgageparticipationcertificatesforpoolsofmortgageloans.Investorsactivelytradedthesecertificatesuntiltherealesta

5、temarketcrashedduringtheGreatDepression.Inthelate1970sandearly1980ssecuritizationroselikeaphoenixfromtheashes.Thetwinenergycrisesofthe1970swreakedhavocontheeconomyandbanksexperiencedseveredisintermediation.Aphenomenonwherefreemarketinterestratesexceedtheregulat

6、edinterestrateceilingfortimedeposits,thiscauseddepositorstowithdrawfundsandseekhigherinterestsrateselsewhere.FreddieMac–afederalpurchaserofmortgagesfrommembersoftheFederalReserveSystem–respondedtothisbytakinglegislativeinitiativestoimproveliquidityinthesecondar

7、ymarketformortgageloanssoastoincreasetheavailabilityofinvestmentcapitalforhousingfinance.Throughoutthe1980ssecuritizationgrewinpopularitytobecomeawidelyrecognized,costeffectivefinancingalternativetotraditionalbanksourcesforalargenumberofthriftsandothermortgagel

8、enders.Bythemid-80ssecuritizationhadbeenextendedtoincludeautomobileloans,credit-cardreceivables,secondmortgages,andhome-equityloans.Indeed,evencompaniessuchasCitibank,GMAC,C