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Lecture Financial markets and institutions: Chapter 24 - Anthony Saunders, Marcia Millon Cornett

Chapter 24 - Managing risk off the balance sheet with loan sales and securitization. This chapter discussed the increasing role of loan sales in addition to the legal and regulatory factors that are likely to affect the future growth of this market. The chapter also discussed three major forms of securitization pass-through securities, collateralized mortgage obligations (CMOs), and mortgage-backed bonds and described recent innovations in the securitization of other FI assets. | 8- McGraw-Hill/Irwin Chapter Twenty-Four Managing Risk off the Balance Sheet with Loan Sales and Securitization 24- McGraw-Hill/Irwin Loan Sales and Securitization FIs use loan sales and securitization to hedge credit, interest rate, and liquidity risk exposure A loan sale occurs when an FI originates a loan and then subsequently sells it Loan securitization is the packaging and selling of loans and other assets backed by securities issued by an FI Loan securitization generally takes one of three forms pass-through securities collateralized mortgage obligations (CMOs) mortgage-backed bonds (MBBs) 24- McGraw-Hill/Irwin Loan Sales and Securitization A large part of correspondent banking involves small FIs making large loans and selling (or syndicating) parts of the loans to large banks correspondent banking is a relationship between a small bank and a large bank in which the large bank provides a number of deposit, lending, and other services Large banks also sell parts of their loans, called participations, to smaller FIs The syndicated loan market is the buying and selling of loans once they have been originated 24- McGraw-Hill/Irwin Loan Sales and Securitization Syndicated loan market participants market makers generally large commercial banks (CBs) and investment banks (IBs) active traders mainly IBs, CBs, and vulture funds occasional sellers and investors The syndicated loan market grew rapidly in the early 1980 due to the expansion of HLT loans highly leveraged transaction (HLT) loans are loans that finance a merger and acquisition; a leveraged buyout results in a high leverage ratio for the borrower 24- McGraw-Hill/Irwin Loan Sales A loan sale is the sale of a loan originated by a bank with or without recourse recourse is the ability of a loan buyer to sell the loan back to the originator should it go bad Types of loan sale contracts a participation in a loan is the act of buying a share in a loan syndication with limited . | 8- McGraw-Hill/Irwin Chapter Twenty-Four Managing Risk off the Balance Sheet with Loan Sales and Securitization 24- McGraw-Hill/Irwin Loan Sales and Securitization FIs use loan sales and securitization to hedge credit, interest rate, and liquidity risk exposure A loan sale occurs when an FI originates a loan and then subsequently sells it Loan securitization is the packaging and selling of loans and other assets backed by securities issued by an FI Loan securitization generally takes one of three forms pass-through securities collateralized mortgage obligations (CMOs) mortgage-backed bonds (MBBs) 24- McGraw-Hill/Irwin Loan Sales and Securitization A large part of correspondent banking involves small FIs making large loans and selling (or syndicating) parts of the loans to large banks correspondent banking is a relationship between a small bank and a large bank in which the large bank provides a number of deposit, lending, and other services Large banks also sell .