商业银行管理全套配套课件英文PPT教师手册习题习题答案 Chap009.ppt

商业银行管理全套配套课件英文PPT教师手册习题习题答案 Chap009.ppt

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时间:2020-03-26

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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

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