Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

THE RISKS OF MORTGAGE BACKED SECURITIES AND THEIR DERIVATIVES

THE RISKS OF MORTGAGE BACKED SECURITIES AND THEIR DERIVATIVES Footnotes 1 . For an economic analysis of the securitization of mortgages, see A. C. Hess & C. W. Smith , Jr. , “ Elements of Mortgage Securitization ,” The journal of Real Estate Finance and Economics , 1 : 331 – 346 ( 1988 ) . 2 . For an in‐depth analysis of the legal, accounting, and commercial dimensions of securitization, see Securitization of Financial Assets , edited by Jason H.P. Kravitt (Prentice Hall, 1991). 3 . For a description of the constraints faced by different groups of investors in asset backed securities, see Jason H. P. Kravitt, Francesca M. Maher and Marc L. Klyman, “Credit and Liquidity Enhancement” in Securitization of Financial Assets , edited by Jason H.P. Kravitt (1991). Receiving a high rating from a recognized rating agency can release many of these constraints and thus make the securities more marketable. Many securitization transactions would not be economical if credit risk were not explicitly financed by a subordinate class of securities or a third party guarantee. 4 . Boldface appears in original. Supplement To Prospectus dated May 21, 1992, Mortgage Pass‐Through Certificates, Series 1992–4, Bear Stearns Mortgage Securities Inc. 5 . Every exhibit is a http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Applied Corporate Finance Wiley

THE RISKS OF MORTGAGE BACKED SECURITIES AND THEIR DERIVATIVES

Download PDF
15 pages

Loading next page...
 
/lp/wiley/the-risks-of-mortgage-backed-securities-and-their-derivatives-n6u496EuHM

References (1)

Publisher
Wiley
Copyright
Copyright © 1994 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1078-1196
eISSN
1745-6622
DOI
10.1111/j.1745-6622.1994.tb00421.x
Publisher site
See Article on Publisher Site

Abstract

Footnotes 1 . For an economic analysis of the securitization of mortgages, see A. C. Hess & C. W. Smith , Jr. , “ Elements of Mortgage Securitization ,” The journal of Real Estate Finance and Economics , 1 : 331 – 346 ( 1988 ) . 2 . For an in‐depth analysis of the legal, accounting, and commercial dimensions of securitization, see Securitization of Financial Assets , edited by Jason H.P. Kravitt (Prentice Hall, 1991). 3 . For a description of the constraints faced by different groups of investors in asset backed securities, see Jason H. P. Kravitt, Francesca M. Maher and Marc L. Klyman, “Credit and Liquidity Enhancement” in Securitization of Financial Assets , edited by Jason H.P. Kravitt (1991). Receiving a high rating from a recognized rating agency can release many of these constraints and thus make the securities more marketable. Many securitization transactions would not be economical if credit risk were not explicitly financed by a subordinate class of securities or a third party guarantee. 4 . Boldface appears in original. Supplement To Prospectus dated May 21, 1992, Mortgage Pass‐Through Certificates, Series 1992–4, Bear Stearns Mortgage Securities Inc. 5 . Every exhibit is a

Journal

Journal of Applied Corporate Finance – Wiley

Published: Sep 1, 1994

There are no references for this article.