网上代写留学生作业How to Implement Securitization in China: the Implications by other Country’s Securitization Experiences
I. Introduction
II．The Problems Unearthed by the U.S. Subprime Crisis
2.1 Securitization techniques
2.1.1. What is Securitization?
2.1.2. The Role of SPV
2.1.3. The Role of Credit Rating Agency
2.2 The Promise of Securitization
2.3. The Rise, Decline, and Fall of Securitization
2.4. The Problems Unearthed by the U.S. Subprime Crisis
III. Other Experiences of Securitization in Asia
IV. Securitization in China
3.1 Development
Non-performing Loans
3.2 Problems
3.3 Recommendations by the Global Experience
V. Conclusion
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II．The Problems Unearthed by the U.S. Subprime Crisis
2.1 Securitization techniques
2.1.1. What is Securitization?
In Global Financial Stability Report (GFSR, 2009), securitization is defined as ‘a process that involves repackaging portfolios of cash-flow-procducing financial instruments into securities for transfer to third parties.’ (Jobst, 2008a). Strictly speaking, structured finance, such as asset- backed securities (ABS) and asset-backed commercial paper, mortgage-backed securities (MBS) and collateral debt obligations (CDOs) are recognized as one of the forms of securitization. And there are two other forms of securitization which are covered bonds and pass-through securities (GFSR, 2009). However, most literatures focus on structured finance while they refer to securitization, and so do this paper, due to its complexity and the important role in the current financial crisis.
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The diagram below reflects the process of MBS, however it can also reflects the general process of securitization.