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Mechanics of Securitization

In: Securitization: Past, Present and Future

Author

Listed:
  • Solomon Y Deku

    (Nottingham Trent University)

  • Alper Kara

    (Loughborough University)

Abstract

Asset Backed Securitization (from hereon, securitization) involves the transformation of financial assets such as loans and other receivables into tradeable securities – generally known as Asset Backed Securities (ABS). In practice however, securities backed by mortgages are termed mortgage backed securities (MBS) while securities backed by any other underlying assets are known as ABS in a narrow sense. The future cash proceeds of these underlying financial assets are then channelled to support payments to ABS investors. This mechanism can be used by both financial and non-financial institutions as a funding and a risk management tool. Securitization is essentially a bridge between balance sheets and capital markets.

Suggested Citation

  • Solomon Y Deku & Alper Kara, 2017. "Mechanics of Securitization," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Securitization: Past, Present and Future, chapter 2, pages 7-30, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-60128-1_2
    DOI: 10.1007/978-3-319-60128-1_2
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