asset securitization - comptroller's handbook - borrower is party to securitization pg 8
TRANSCRIPT
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Comptroller of the Currency
Administratoro National Banks
sset
Securitization
Sec
Comptroller s Handbook
November 99
L
Ligui ity and Funds Management
BORROWER IS PARTY TO SECURITIZATION - PAGE 8
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redit
nhancer
Exhibit 1:
Parties
Involved In Structuring
Asset-Backed Securities
orrower
rlclnator ervlcer
I
peci l
-
urpose
ntitylTrultlle
I
Underwriter
I
nvestors
Borrower
The borrower is
responsible
for
payment
on the underlying loans
and therefore the ultimate
performance
of the asset-backed security. Because
borrowers
often
do not realize that their loans
have
been
sold
the originating
bank is
often able
to maintain the
customer
relationship.
From a credit risk
perspective
securitization has made popular the
practice
of
grouping borrowers by letter or
categories.
At the top of the
rating
scale A
quality borrowers have relatively pristine credit histories. At the bottom D
quality borrowers usually have
severely
blemished credit
histories.
The
categories are by no means rigid; in fact credit evaluation problems exist
because one originator s A borrower may be another s A- or B borrower.
Nevertheless the terms A paper and BIC paper are becoming more and
more popular.
Exhibit 2 is an example of generic borrower descriptions
used
by Duff
and
Phelps
Credit
Rating
Corporation in rating
mortgage
borrowers.
The
borrowers
characteristics
in the exhibit
are
generalizations of each
category s
standards
and fluctuate over time; however the table
does
provide an
illustration of general standards in use today. For example an A quality
Asset
Securitization
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Exhl•• 3: c.edk .isk
div
ific.lio.
• Talces catastrophiccredit
risk
• U,ually somemultipl. 01 expected 10
• Cantake several forms(letter ofcredit,CIA, ere.)
I
-Takes market
risk
but
only
minimal
creditrisk
redit
E hncer
nvestor
reI
latinS leney
O·ia; ·lo
•
Takes first-loss
ri lk
(built[ntosecurity
strucbJ
• Set standards for level of
risk
based on a
de ired
rating
•
Negotiates with
originator for
level
of
enhancement
based on desired creditrating
undertaken by the investors that buy the asset-backed securities themselves.
Although investors are exposed to other types of
risk,
such
as
prepayment or
interest
rate risk, senior-level
classes
of
asset-backed securities
typically
have
little
exposure
to credit
loss.
Aside
from the coupon rate
paid
to
investors,
the
largest
expense in
structuring
an asset-backed
security is the
cost
of credit
enhancement. Issuers
are
constantly attempting to minimize the costs associated with providing
credit protection to the ultimate
investors.
Credit enhancement
comes
in
several different
forms,
although it can generally be divided into two
main
types: external
third-party or seller s guarantee or internal
structural
or
cash
flow-driven). Common
types
of credit enhancements in use today include:
Credit
Enhancement
Provided by External
Parties
• Third party letter credit
For issuers with credit ratings below the
level sought
for the security issued, a third
party
may provide a letter of
credit to cover a certain amount of
loss
or percentage of losses. Draws
on the letter of credit protection
are
often
repaid
if
possible
from
excess
cash
flows from the securitized portfolio.
Asset Securitization
20
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Exhibit
4: The
Two Stag
of a Revolving Receivable A
et Backed Security
Revolving p lod - • • tD p r l n ~ 1 p.yments
.r e
reinvested in new receivables;
s.II. s
~ t e s t absorbs luclua lDns trust
ba nces
Amortlu.lIon
period k vsstors are paid thslr
share
of
princip.1callectiDns
\
mon 4
m_th
28 \ month 32
\
\
\
\
Revolving period ands and
amortization period begins
month
t
••
2•
j
~ ~
••
J _ . . I
on
Pl
Truat
a II
lnv lor
Certlflcatea
lellsr lervi
.ddltlon.1
receivabl.s
Early Amortization Protection
In addition to the previously discussed credit enhancement types revolving
asset-backed
securities
typically
use early
amortization triggers to protect
Investors
from credit risk.
These triggers
or
payout
events accelerate the
repayment
of investor principal If
cash
flow from the pool declines or the
condition of the pooled
assets
deteriorates.
This accelerated
repayment
method requires
that the
investors
share of all principal collections be
returned
Immediately as it is
received
by the trust.
The payout
events are
defined In the pooling
and
servicing agreement and series supplement of
each securitization and are
Intended
to protect investors from prolonged
exposure
to deteriorating
performance
of the underlying
assets
or the default
of a
servlcer.
To monitor the asset-backed security s
performance
the
trustee
the
rating
agencies and Investors focus on several indicators of pool
performance:
portfolio yield the
loss
rate
the monthly payment
rate and
the
purchase
rate.
• ortfolio yiel generally consists of
three
types of payments: finance
charges
fees and
interchange. Finance
charges
are the periodic
Comptroller s Handbook
27
Asset Securitization
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7/23/2019 Asset Securitization - Comptroller's Handbook - Borrower is Party to Securitization PG 8
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7/23/2019 Asset Securitization - Comptroller's Handbook - Borrower is Party to Securitization PG 8
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7/23/2019 Asset Securitization - Comptroller's Handbook - Borrower is Party to Securitization PG 8
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7/23/2019 Asset Securitization - Comptroller's Handbook - Borrower is Party to Securitization PG 8
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7/23/2019 Asset Securitization - Comptroller's Handbook - Borrower is Party to Securitization PG 8
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7/23/2019 Asset Securitization - Comptroller's Handbook - Borrower is Party to Securitization PG 8
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7/23/2019 Asset Securitization - Comptroller's Handbook - Borrower is Party to Securitization PG 8
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7/23/2019 Asset Securitization - Comptroller's Handbook - Borrower is Party to Securitization PG 8
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