“Securitization” stands for the massive movement since the 1970s to transform illiquid debt into securities. It is the conversion of third party obligations into tradable securities. When called “structured financing,” it described securitization by corporate borrowers of their own obligations or their financial assets. “Securities” and “debts” have much in common; both are obligations by one party to pay another, and both can be viewed as evidence of money claims. However, debts are less amenable to trading than are securities. Markets, including securities markets, require standard forms and terms rather than “custom-made” instruments, a sufficient number of instruments in denominations that facilitate trading and relatively low-cost information about the borrowers. Bonds have these attributes. Debts lack these attributes. Parties to debt and securities are even described by different words.
Securitization has grown enormously. By the end of 1989, approximately $900 billion in mortgage-backed securities were outstanding. By the end of 1991 the amount grew to approximately $4 trillion. In 1996, publicly-registered issues of asset-backed securities yielded $156 billion, up 41% from 1995’s $110 billion. The variety of securitized loans is enormous: commercial real estate loans, single-family mortgages, debts of bankrupt companies, auto and light truck loans, credit card loans and other receivables (including health care and pharmaceutical receivables, license and franchise fee receivables, airline ticket, hotel and other travel receivables, tax receivables) and trade credits, equipment and automobile leases, taxi-cab medallions, computer leases, municipal leases, bad debts resulting from defaults by credit card debtors and junk bond issuers, student loans, cosmetic surgery receivables, servicing rights, tax liens, loans made and held by the federal Government, royalties generated by performing celebrities, natural resource assets, mutual fund shares, athletic venue revenues, state indebtedness to finance easement acquisition, software financing obligations and insurance premium loans.
Securitization involves instruments, transactions, institutions, and markets. There are many legal problems that this process raises, touching almost all branches of the law. The legal problems rise from the three innovations presented by securitization. (1) The legal metamorphosis of instruments from loans (contracts) to securities (personal property); (2) The creation of additional intermediaries: the SPVs that issue asset-backed securities. (3) The process, which combines institutional with market intermediation.
Like it or not, definitions and classifications are crucial to legal coherence. Classifications are necessary to organize the vast legal material. The human mind is incapable of retaining a large amount of detailed information. Also, classifications are important for legal analysis by pointing to the book of rules. Choosing one definition or class rather than another can lead to different legal outcomes. In addition, classifications provide predictability, important in business law. The important questions are: under what circumstances should we reclassify and redefine, and which institution should perform the task?
Securitization requires a reclassification from contract (loans) to property (securities). Contract, property, and markets are the building blocks of an economic and business order. It is assumed that property and contract laws are compatible. But a closer examination of current law shows that they are not compatible today. If it is desirable to create markets, important contract law policies must give way to conflicting policies underlying property law.
Contract and property categories are shaped by different policies. Subject to exceptions: (1) The underlying policy in contract law is that personal relations should be fostered. The starting point is that contractual relationships are personal and not transferable without the consent of the other party. (2) The parties are essentially free to design their relationships as they wish and may keep their contract relationship confidential.
Today, property law is based on the policy of facilitating market transactions. Therefore, (1) property should be transferable and the parties cannot usually limit the transfer of property (with exceptions). (2) Transfers of some kinds of property, such as real estate, should be made a matter of public record. (3) Parties may not create different property rights (to avoid confusion). To the extent possible, buyers should know what they are buying.
Policies underlying contract and property show sharp conflicts. If property must be transferable, interpersonal relationships cannot always be preserved. If the transfer must be publicized, and the form of transfer and the contents of transferable rights are standardized, the freedom of the parties to design the terms of their arrangement is curtailed. This conflict does not mean that these classifications are mutually exclusive. Property and contract law overlap: parties contract for the sale or lease of property. However, when contract and property overlap and their underlying policies conflict, one classification must have priority over the other.
In some respects, securitization is not unique. America is constantly “propertizing” contractual arrangements and creating markets for them. Therefore we ought to prepare for transitions from contract to property at the lowest cost and friction. This task should not be left to the courts: legislators, regulators, codifiers of uniform laws must step in; lawyers, law teachers and scholars can also lend a hand.
Overview of Securitization
Overview of Securitization
§1.1 A. What is Securitization?
§1.4 B. The Legal Infrastructure for Securitization
History and Future of Securitization
§2.1 A. Is Securitization Here to Stay?
§2.3 B. Securitization by Pooling
§2.4 C. The Pooling Process
§2.9 D. Markets for Loans and Securitized Loans and the Future
Effect of Securitization on the Economy and the Financial System
§3.1 A. Markets and Institutions
§3.6 B. “Crowding Out”
§3.10 C. Does Securitization Contribute to Debt and Risk in The Economy?
§3.13 D. Effect of Securitization on Monetary Controls
Effect of Securitization on Financial Intermediaries
§4.1 A. Effect On Banks’ Financial Structure: Old Problem Revisited
§4.6 B. Effect on Competition in the Banking Business
§4.9 C. Effect on Risk in the Banking Business
§4.10 D. New Business for Banks
§4.14 E. Legal Limitations on Bank Entry into the Securities Business
§4.15 F. Organizational and Cultural Changes
§4.19 G. Effect on Nonbank Intermediaries
Effect of Securitization on Borrowers and Investors
§5.1 A. Effect of Securitization on Borrowers
§5.6 B. Effect of Securitization on Investors
§5.9 C. Concluding Comments to Part I
Securitization by Pooling
Introduction to SPVs
Making, Selling and Pooling Loans
§7.1 A. Lenders and Borrowers
§7.2 B. Bank Powers to Securitize Loans
§7.12 C. Powers of Thrifts and Finance Companies
§7.13 D. Standards in The Making of Loans
§7.14 E. The Transaction: Transfer of Loans
§7.17 F. Regulation of the Process of Sale and Purchase
The Financial Structure of SPVs
§8.1 A. SPV Securities: Pass-Throughs, Bonds, and Pay-Throughs
§8.8 B. Classification of SPV Securities as Debt or Equity
§8.10 C. Tax Law
§8.19 D. Effects of Other Laws on SPV Financial Structure
§9.1 A. Types of Credit Enhancement
§9.8 B. Appraisals
Protecting SPVs from Bankruptcy
§10.1 A. Effects of Bankruptcy
§10.6 B. Insolvency of the Transferor of the Loans
§10.11 C. Reducing Business Risks: Special Purpose Entities
§10.12 D. Insolvency of the Borrower
§10.16 E. Insolvency of a Transferor that is Not Subject to the Bankruptcy Code
Regulation of SPVs Under the Investment Company Act of 1940
§11.1 A. The Investment Company Act of 1940
§11.4 B. Are SPVs Investment Companies Under the 1940 Act?
§11.7 C. Exceptions from the Definition of an Investment Company
§11.19 D. SEC Exemption under Section 2(b): Government Agencies
§11.23 E. Section 6(c) Exemptions to Private Sector Sponsors
§11.32 F. Effect of SPV Exemptions by the SEC
Issuance and Distribution of SPV Securities
§12.1 A. SPV Securities
§12.3 B. Registration Requirement under the 1933 Act
§12.10 C. Exemptions from Registration under the 1933 Act
§12.20 D. Shelf Registration Under the 1933 Act
§12.24 E. State Securities (Blue Sky) Laws
§12.25 F. Violations of the 1933 Act Relating to Securitization
§12.26 G. Trust Indenture Act of the 1939 (“TIA”)
Regulation of the Secondary Markets in SPV Securities
§13.1 A. The Securities Exchange Act of 1934 (The “1934 Act”)
§13.7 B. Investment Advisers Act of 1940
Operating the SPVs
§14.1 A. SPV Operations
§14.2 B. The Custodian
§14.7 C. The Servicer
§14:11 D. The Sponsor
Introduction to Loan Participation
The LP Agreement: Disclosure
§16.1 A. Contract and Tort Duties in LP Relationships
§16.3 B. Disclosure Requirements under Bank Regulation
§16.9 C. Waivers of the Right to Information
§16.12 D. The Borrower’s Right to Confidentiality
Applicability of the Securities Acts to LPs
§17.1 A. The 1933 and 1934 Acts
§17.3 The Definition of a Security in the 1933 and 1934 Acts—History
§17.6 B. The Investment Company Act of 1940 (The “1940 Act”)
§17.7 C. The Investment Advisers Act of 1940 (The “Advisers Act”)
§17.8 D. The Trust Indenture Act of 1939 (“TIA”)
Relationships Among the Lead Bank and the Participants
§18.1 A. Terms of the LP Agreement: Requirements and Constraints
§18.3 B. Duties of Lead Banks to the Participants
§18.8 C. Duties of the Participants
§18.12 D. Remedies
Rights of the Participants in the Participation
§19.1 A. Law Applicable to the Status of LPS
§19.3 B. The Basic Categories of LPs
§19.5 C. Purchase and Sale
§19.12.1 D. The Ongoing Relationship Between LP Holders and the Lead
§19.16 E. LPs as Loans to the Lead Bank
Effect of Bankruptcy on LPs
§20.1 A. The Lead’s Insolvency When Government Agencies are the Receivers
§20.5 B. Setoffs
§20.15 C. Bankruptcy of the Borrower
Rights of the Borrower Againat the Lead Bank and LP Holders
§21.1 A. Right of the Borrower to Confidentiality
§21.4 B. Rights of the Borrower Against the Lead Bank and LP Holders
§21.6 C. Setoffs
§21.9 D. Tax Implications
Drafting the LP and Loan Agreements: Issues for the Drafting Attorney
§22.1 A. The LP Agreement
§22.7 B. The Participated Loan Agreement
International Aspects of Securitization
Tables and Index
Table of Cases
Table of United States Code Sections
Table of Code of Regulations Sections
Table of Uniform Commercial Code Sections
Table of State Statutes
The following sites are referenced in Securitization, Second Edition and are provided here for the reader's convenience. No representation or warranty as to the accuracy of the links or the information at the sites presented by these links is made.
|U. S. Government Sites|
|Organization and Association Sites|
|United Nation Sites|
The Employee Benefits Security Administration (EBSA) is committed to educating and assisting the 150 million Americans covered by the 730,000 private retirement plans and six million private health and welfare plans and the plan sponsors and members of the employee benefits community. EBSA promotes voluntary compliance and facilitates self-regulation, working diligently to provide quality assistance to plan participants and beneficiaries. It is the policy of EBSA to provide the highest quality of service to its customers.
The Depository Trust Company (DTC) is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the Securities and Exchange Commission. The depository brings efficiency to the securities industry by retaining custody of some 2 million securities issues, effectively “dematerializing” most of them so that they exist only as electronic files rather than as countless pieces of paper. The depository also provides the services necessary for the maintenance of the securities it has in custody.
The Federal Reserve Bank of Boston works in conjunction with other federal and state authorities, the Boston Fed works to ensure that financial institutions safely manage their operations and provide fair and equitable services to consumers. Activities include processing bank and bank holding company applications, conducting off-site surveillance of First District companies, conducting commercial bank examinations and bank holding company inspections to evaluate the safety and soundness of banking organization's operations, provides quantitative research and analysis in support of supervisory policy initiatives, and maintaining comprehensive information on banks and other institutions for which the Federal Reserve has a supervisory, regulatory, or research interest.
The Federal Reserve Bank of San Francisco (FRBSF) is one of twelve regional Federal Reserve Banks across the U.S. that, together with the Board of Governors in Washington, D.C., serve as our nation’s central bank. San Francisco is the headquarters for the Twelfth Federal Reserve District, which includes the nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. Branch offices are located in Los Angeles, Portland, Salt Lake City, and Seattle, with a cash processing center in Phoenix.
The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for up to $100,000; by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails. An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s.
The Federal Financial Institutions Examination Council (Council) was established on March 10, 1979, pursuant to title X of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRA), Public Law 95-630. In 1989, title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) established The Appraisal Subcommittee (ASC) within the Examination Council. The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS) and to make recommendations to promote uniformity in the supervision of financial institutions.
The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded. The Federal Reserve’s duties fall into four general areas: conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates; supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers; maintaining the stability of the financial system and containing systemic risk that may arise in financial markets; providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system.
Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing whose goal is to help lower housing costs and provide better access to home financing.
The Ginnie Mae guaranty allows mortgage lenders to obtain a better price for their mortgage loans in the secondary market. The lenders can then use the proceeds to make new mortgage loans available. Ginnie Mae does not buy or sell loans or issue mortgage-backed securities (MBS). Therefore, Ginnie Mae's balance sheet doesn't use derivatives to hedge or carry long term debt. What Ginnie Mae does is guarantee investors the timely payment of principal and interest on MBS backed by federally insured or guaranteed loans.
The U.S. Department of Housing and Urban Development (HUD) mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination.
The Office of Federal Housing Enterprise Oversight (OFHEO) was established as an independent entity within the Department of Housing and Urban Development by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Title 13 of P.L. 102-550). The Office is headed by a Director appointed by the President for a five-year term. In October 1999, Armando Falcon, Jr. was sworn in as OFHEO Director. Pursuant to statute, with the resignation of Director Armando Falcon, Jr., on May 20, 2005, Stephen A. Blumenthal assumed the role of Acting Director of the Office of Federal Housing Enterprise Oversight. OFHEO's primary mission is ensuring the capital adequacy and financial safety and soundness of two government-sponsored enterprises (GSEs) -- the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
The Office of Thrift Supervision mission is to supervise savings associations and their holding companies in order to maintain their safety and soundness and compliance with consumer laws, and to encourage a competitive industry that meets America's financial services needs.
The U.S. Department of State's mission is to create a more secure, democratic, and prosperous world for the benefit of the American people and the international community. "American diplomacy in the 21st century is based on fundamental beliefs: our freedom is best protected by ensuring that others are free; our prosperity depends on the prosperity of others; and our security relies on a global effort to secure the rights of all. The history of the American people is the chronicle of our efforts to live up to our ideals. In this moment in history, we recognize that the United States has an immense responsibility to use its power constructively to advance security, democracy, and prosperity around the globe."
U.S. Securities and Exchange Commission's (SEC) primary mission is to protect investors and maintain the integrity of the securities markets. The laws and rules that govern the securities industry in the United States derive from a simple and straightforward concept: all investors, whether large institutions or private individuals, should have access to certain basic facts about an investment prior to buying it. To achieve this, the SEC requires public companies to disclose meaningful financial and other information to the public, which provides a common pool of knowledge for all investors to use to judge for themselves if a company's securities are a good investment.
The Cowles Foundation for Research in Economics at Yale University has as its purpose the conduct and encouragement of research in economics and related fields. The Cowles Foundation seeks to foster the development and application of rigorous logical, mathematical, and statistical methods of analysis. Members of the Cowles research staff are, as a rule, faculty members with appointments and teaching responsibilities in the Department of Economics and other departments. Among its activities, the Cowles Foundation provides financial support for research, visiting faculty, postdoctoral fellowships, workshops, and graduate students. Cowles regularly sponsors conferences and publishes a working paper series, a reprint series, and research monographs.
EconPapers is run by Sune Karlsson on hardware provided by the Department of Business, Economics, Statistics and Informatics at Örebro University. EconPapers use the RePEc bibliographic and author data, providing access to the largest collection of online Economics working papers and journal articles. The majority of the full text files are freely available, but some (typically journal articles) require that you or your organization subscribe to the service providing the full text file. eFannieMae.com is Fannie Mae's business-to-business Web site for its customers and partners in the mortgage industry. The site contains information and tools to help its customers transact business with Fannie Mae.
The Legal Information Institute (LII), Cornell Law School, publishes electronic editions of core materials for important law school courses. For the 2004-2005 academic year, the LII offers a wide range of such material - from the Federal Rules of Civil Procedure and Evidence, to the full U.C.C., from U.S. intellectual property statutes and cases to an introduction to legal citation. The list includes two new titles: the Federal Rules of Bankruptcy Procedure and Federal Rules of Criminal Procedure.
The Biddle Law Library supports the research, education, and scholarship of the Penn Law faculty and students. In addition, the library also supports the needs of the rest of the university, the wider scholarly community and the general public. Biddle Law Library has a collection that is rich in modern and historical Anglo-American law, foreign and international law.
Mark J. Perry's Economics Page at the University of Michigan-Flint offers numerous links and articles along with class information.
The Bond Market Association® is the trade association representing the largest securities markets in the world, the estimated $48 trillion debt markets. As the industry's voice, the Association speaks for the global bond industry, advocating its positions and representing its interests in New York; Washington, D.C.; London; Frankfurt; Brussels and Tokyo; and with issuer and investor groups worldwide. The Association represents a diverse mix of securities firms and banks, whether they are large, multi-product firms or companies with special market niches.
The Cato Institute was founded in 1977 by Edward H. Crane. It is a non-profit public policy research foundation headquartered in Washington, D.C. The Institute is named for Cato's Letters, a series of libertarian pamphlets that helped lay the philosophical foundation for the American Revolution. The Cato Institute seeks to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets and peace. Toward that goal, the Institute strives to achieve greater involvement of the intelligent, concerned lay public in questions of policy and the proper role of government.
The Financial Accounting Standards Board 's mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.
The International Monetary Fund (IMF) is an organization of 184 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.
The International Swaps and Derivatives Association (ISDA) is the global trade association representing participants in the privately negotiated derivatives industry, a business covering swaps and options across all asset classes (interest rate, currency, commodity and energy, credit and equity). ISDA was chartered in 1985, and today numbers over 670 member institutions from 47 countries on six continents. These members include most of the world's major institutions who deal in, as well as leading end-users of, privately negotiated derivatives. The membership includes associated service providers and consultants.
Multilateral Investment Guarantee Agency (MIGA) is a multilateral risk mitigator, promoting foreign direct investment into developing countries by insuring investors against political or noncommercial risks, mediating disputes between investors and governments, advising governments on attracting investment and sharing information through online investment information services.
The North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of 67 state, provincial, and territorial securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico. In the United States, NASAA is the voice of state securities agencies responsible for efficient capital formation and grass-roots investor protection. Their fundamental mission is protecting consumers who purchase securities or investment advice, and their jurisdiction extends to a wide variety of issuers and intermediaries who offer and sell securities to the public.
The Securities and Exchange Commission Historical Society and its virtual museum and archive are independent of and separate from the U.S. Securities and Exchange Commission, and receive no federal funding. The virtual museum and archive preserves and shares the history of the U.S. Securities and Exchange Commission and of the securities industry from 1929 to the present. It includes a wide range of primary materials, including a timeline, papers, photos, oral histories and original programs broadcast from this site, which contribute to the understanding of how the SEC has shaped and continues to shape U.S. and international capital markets.
The mission of the Viatical and Life Settlement Association of America (VLSAA) is to promote the development, integrity and reputation of the viatical and life settlement industry and to promote a competitive market for the people it serves.
The United Nations Commission on International Trade Law (UNCITRAL) is the core legal body of the United Nations system in the field of international trade law. A legal body with universal membership specializing in commercial law reform worldwide for over 40 years, UNCITRAL’s business is the modernization and harmonization of rules on international business. Trade means faster growth, higher living standards, and new opportunities through commerce. In order to increase these opportunities worldwide, UNCITRAL is formulating modern, fair, and harmonized rules on commercial transactions.
The United Nations Institute for Training and Research (UNITAR) was established in 1965 as an autonomous body within the United Nations with the purpose of enhancing the effectiveness of the Organization through appropriate training and research. UNITAR is governed by a Board of Trustees and is headed by an Executive Director. The Institute is supported by voluntary contributions from governments, intergovernmental organizations, foundations, and other non-governmental sources. UNITAR's functions include carrying out a wide range of training programs in the field of social and economic development.
Banknet India, promoted & managed by senior bankers, is a company focused on Banking knowledge, research and conferences. Banknet India brings out publications & reports specific to Banking, IT-BPO industry based on extensive industry research & surveys. Banknet India also organizes series of highly focused banking conferences and workshops, which provide a platform for knowledge sharing and networking for senior professionals. Banknet India's online portal www.banknetindia.com focuses on content, community & commerce.
The Bank for International Settlements (BIS) is an international organization which fosters international monetary and financial cooperation and serves as a bank for central banks. The BIS fulfils this mandate by acting as: a forum to promote discussion and facilitate decision-making processes among central banks and within the international financial community, a centre for economic and monetary research, a prime counterparty for central banks in their financial transactions, and an agent or trustee in connection with international financial operations.
The Ludwig von Mises Institute is the research and educational center of classical liberalism, libertarian political theory, and the Austrian School of economics. Working in the intellectual tradition of Ludwig von Mises (1881-1973) and Murray N. Rothbard (1926-1995), with a vast array of publications, programs, and fellowships, the Mises Institute seeks a radical shift in the intellectual climate as the foundation for a renewal of the free and prosperous commonwealth. It is the mission of the Mises Institute to restore a high place for theory in economics and the social sciences, encourage a revival of critical historical research, and draw attention to neglected traditions in Western philosophy.
Vinod Kothari (VK), based in Calcutta, India is internationally recognized as an author, trainer and expert on securitization, asset-based finance, credit derivatives and derivatives accounting. VK offers training include various issues in securitization, credit derivatives, asset finance and leasing.
www.whereisthemoney.org is managed by Henri Poole, Software Activist, President, CivicActions, Current Member of the Board, Free Software Foundation; Catherine Austin Fitts, Investment Banker, President, Solari , Inc., Former Assistant Secretary of Housing - Federal Housing Commissioner - HUD; Brad deGraf, Social Entrepreneur, Director, VentureCollective. The site reviews financial reports of federal agencies.
Württemberger Hypo is one of the largest private banks in Baden-Württemberg. In its capacity as a special financial institution, it provides mortgage loans and loans to the public sector. It offers professional real estate customers extensive financing and consultancy services in and for the whole of Europe.
Bondsonline® is a source for fixed income investing offering information, education and direction in making bond and fixed income investment decisions. It is a source for tracking bond prices and bond market news, searching for preferred stocks and convertible preferred stocks, self directed education, active personal advice and bond trading.
CFO Publishing is an Economist Group business, dedicated to providing relevant insights to senior financial executives around the world. CFO Publishing is made up of a wide array of enterprises including: CFO, CFO IT, CFO Asia, CFO China, CFO Europe and their complementary Websites: CFO.com, CFOASIA.com, CFOCHINA.net and CFOEUROPE.com. CFO Executive Programs and CFO Research Services complete the portfolio.
The Economy Professor provides content about the models developed so far to explain economic phenomena, information about those who built them, and an online library featuring the primary sources of economics. It is a provider of information on economic theories and theorists. It is an open-content web site which means that users can provide EconomyProfessor.com with further information on the subjects for publication.
FindArticles.com facilitates searching millions of articles from leading academic, industry, business & finance and general interest publications.
GMAC Bank Wholesale Mortgage Lending Bank offers unique products and services, competitive rates, and excellent service to its correspondent and broker partners.
Goodwin Proctor, LLC attorneys analyze legal decisions, pending legislation and industry trends to help clients anticipate and prepare for potential changes in the marketplace. Writing for external publications and preparing Goodwin newsletters and client alerts, its attorneys offer analysis and nationally recognized expertise.
Onecle specializes in helping members of the State Bar of California remain current regarding the law, the obligations and standards of the profession, and the management of their practices. Its goal is to deliver affordable continuing legal education (MCLE) courses in a convenient format so that attorneys can integrate these courses into their daily practice. Onecle is also focused on bringing the best legal information to the online community through the Onecle Web site providing a free competitive intelligence database featuring thousands of public domain business contracts extracted from securities filings submitted to the U.S. Securities and Exchange Commission.
KnowledgePlex is a source for data about any place in the US: demographic, economic, housing, and mortgage lending data from US Census, Home Mortgage Disclosure Act, and other data sets; and key statistics on any region in the US through maps, charts, tables and rankings.
Reuters Loan Pricing Corporation (Reuters LPC) mission is to be the premier global provider of loan market news, data and analytics to the credit markets worldwide. Reuters LPC's news, data and analytics span the United States, Europe, Middle East, Africa, Latin America, Asia and the Pacific region.
Loan Prospector® is a risk assessment tool that provides ready access to Freddie Mac’s credit and pricing terms. It uses statistical models, credit data from the national credit repositories and the loan application. Loan Prospector assesses the "Three C's—Credit, Capacity and Collateral" and the layers of risk to assist the originator in determining a borrower's creditworthiness and the acceptability of the loan application.
National Real Estate Investor is an authority on commercial real estate trends. The magazine's readers represent a cross-section of disciplines -- brokerage, construction, owner/development, finance/investment, property management, corporate real estate, and real estate services. It provides as much independent research on a variety of topics that pertain to the office, industrial, retail, hotel and multifamily markets.
The New York Stock Exchange (NYSE) is the world's leading and most technologically advanced equities market. A broad spectrum of market participants, including listed companies, individual investors, institutional investors and member firms, create the NYSE market.
Securitization.net™ is designed to be a resource for the structured finance industry, providing information from a variety of industry players. Contributing to, using and linking with Securitization. Net™ are all free.
Securitization, Second Edition, Second Printing
ISBN 978-1-888215-59-5, LC 2006920185
Paperback, 6" x 9"
You may order by mail or through PayPal. Payment in advance is required. Shipping via USPS flat rate 3-day service is included to USA addresses.
To order by mail, please send your name and address along with your check to:
Fathom Publishing Company
PO Box 200448
Anchorage, AK 99520-0448 USA
To pay by credit card, please click the link below. This will allow you to pay by credit card through PayPal. You do not have to be a PayPal Member.
Booksellers should contact us directly for more information.