Securitization

Securitization is a corporate funding technique that is widely adopted by financial and industrial companies throughout the world, used to finance both working capital and capital budgets. Importantly, it is also used as a risk management tool and a source of liquidity. Securitization has been adapted to fund corporate acquisitions, capitalize future streams of revenue, and to liquidate pools of nonperforming loans. In this book securitization experts Charles Stone and Anne Zissu provide a practical explanation of how securitization works and explain how future cash flows from various asset classes–from credit card receipts and mortgage payments to movie royalties–can be packaged into bond-like products and sold to investors. The discussion includes descriptions of all major classes of asset-backed securities and offers a practice-oriented commentary on trends in securitization and the value of asset- and mortgage-backed securities across industries and throughout the global markets.

This book examines the controversial issue of securitization in a global, historical context. It traces its origins and compares evidence of securitization across countries, linking differences to variations in legal, political,

This book examines the controversial issue of securitization in a global, historical context. It traces its origins and compares evidence of securitization across countries, linking differences to variations in legal, political, and cultural regimes.