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Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS). Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization is believed to have played an important role in the U.S. subprime mortgage crisis.〔Michael Simkovic, (''Competition and Crisis in Mortgage Securitization'' )〕 In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations are believed to have played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts.〔Michael Simkovic, (''Secret Liens and the Financial Crisis of 2008'' ), American Bankruptcy Law Journal, Vol. 83, p. 253, 2009〕 The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.〔Raynes, Sylvain and Ann Rutledge, The Analysis of Structured Securities, Oxford U Press, 2003, p. 103. ISBN 978-0-19-515273-9〕 Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe.〔"ESF Securitization Data Report Q2:business〕 WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.〔Claire A. Hill, (Whole Business Securitization in Emerging Markets ), Duke Journal of Comparative and International Law 12:2 (2002).〕 ==History== Examples of securitization can be found at least as far back as the 18th century.〔("Dutch Securities for American Land Speculation in the Late-Eighteenth Century" ), Rik Frehen, K. Geert Rouwenhorst, and William N. Goetzmann, 2012.〕 Among the early examples of mortgage-backed securities in the United States were the farm railroad mortgage bonds of the mid-19th century which contributed to the panic of 1857.〔("Déjà Vu All Over Again: Agency, Uncertainty, Leverage and the Panic of 1857", Timothy J. Riddiough and Howard E. Thompson, 2012. )〕 In February 1970, the U.S. Department of Housing and Urban Development created the first modern residential mortgage-backed security. The Government National Mortgage Association (GNMA or Ginnie Mae) sold securities backed by a portfolio of mortgage loans.〔"Asset-Backed securities in Germany: the sale and Securitization of loans by German credit institutions", Deutsche Bundesbank Monthly Report July, 1997.〕 To facilitate the securitization of non-mortgage assets, businesses substituted private credit enhancements. First, they over-collateralised pools of assets; shortly thereafter, they improved third-party and structural enhancements. In 1985, securitization techniques that had been developed in the mortgage market were applied for the first time to a class of non-mortgage assets — automobile loans. A pool of assets second only to mortgages in volume, auto loans were a good match for structured finance; their maturities, considerably shorter than those of mortgages, made the timing of cash flows more predictable, and their long statistical histories of performance gave investors confidence.〔"Asset Securitization Comptroller's Handbook", Comptroller of the Currency Administrator of National Banks, 1997.〕 This early auto loan deal was a $60 million securitization originated by Marine Midland Bank and securitised in 1985 by the Certificate for Automobile Receivables Trust (CARS, 1985-1).〔"Hearing before the U.S. House subcommittee on Policy Research and Insurance in "Asset Securitization and Secondary Markets" (July 31, 1991), page 13〕 The first significant bank credit card sale came to market in 1986 with a private placement of $50 million of outstanding bank card loans. This transaction demonstrated to investors that, if the yields were high enough, loan pools could support asset sales with higher expected losses and administrative costs than was true within the mortgage market. Sales of this type — with no contractual obligation by the seller to provide recourse — allowed banks to receive sales treatment for accounting and regulatory purposes (easing balance sheet and capital constraints), while at the same time allowing them to retain origination and servicing fees. After the success of this initial transaction, investors grew to accept credit card receivables as collateral, and banks developed structures to normalize the cash flows.〔 Starting in the 1990s with some earlier private transactions, securitization technology was applied to a number of sectors of the reinsurance and insurance markets including life and catastrophe. This activity grew to nearly $15bn of issuance in 2006 following the disruptions in the underlying markets caused by Hurricane Katrina and Regulation XXX. Key areas of activity in the broad area of Alternative Risk Transfer include catastrophe bonds, Life Insurance Securitization and Reinsurance Sidecars. The first public Securitization of Community Reinvestment Act (CRA) loans started in 1997. CRA loans are loans targeted to low and moderate income borrowers and neighborhoods.〔(Wachovia Press Releases )〕 As estimated by the Bond Market Association, in the United States, the total amount outstanding at the end of 2004 was $1.8 trillion. This amount was about 8 percent of total outstanding bond market debt ($23.6 trillion), about 33 percent of mortgage-related debt ($5.5 trillion), and about 39 percent of corporate debt ($4.7 trillion) in the United States. In nominal terms, over the previous ten years (1995–2004) ABS amount outstanding had grown about 19 percent annually, with mortgage-related debt and corporate debt each growing at about 9 percent. Gross public issuance of asset-backed securities was strong, setting new records in many years. In 2004, issuance was at an all-time record of about $0.9 trillion.〔"Common Structures of Asset-Backed Securities and Their Risks", Tarun Sabarwal, December 29, 2005〕 At the end of 2004, the larger sectors of this market were credit card-backed securities (21 percent), home-equity backed securities (25 percent), automobile-backed securities (13 percent), and collateralized debt obligations (15 percent). Among the other market segments were student loan-backed securities (6 percent), equipment leases (4 percent), manufactured housing (2 percent), small business loans (such as loans to convenience stores and gas stations), and aircraft leases.〔 Modern securitization took off in the late 1990s or early 2000s, thanks to the innovative structures implemented across the asset classes, such as UK Mortgage Master Trusts (concept imported from the US Credit Cards), Insurance-backed transaction (such as those implemented by the insurance securitization guru Emmanuel Issanchou) or even more esoteric asset classes (for example securitization of lottery receivables). As the result of the credit crunch precipitated by the subprime mortgage crisis the US market for bonds backed by securitised loans was very weak in 2008 except for bonds guaranteed by a federally backed agency. As a result, interest rates rose for loans that were previously securitised such as home mortgages, student loans, auto loans and commercial mortgages〔("Mechanism for Credit Is Still Stuck" ) article by Vikas Bajaj in ''The New York Times'' August 12, 2008〕 Recently, securitization has been proposed and used to accelerate development of solar photovoltaic projects.〔Lowder, T., & Mendelsohn, M. (2013). The Potential of Securitization in Solar PV Finance.〕 For example, SolarCity offered the first U.S. asset-backed security in the solar industry in 2013.〔"Done Deal: The First Securitization Of Rooftop Solar Assets" Forbes - URL: http://www.forbes.com/sites/uciliawang/2013/11/21/done-deal-the-first-securitization-of-rooftop-solar-assets/〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Securitization」の詳細全文を読む スポンサード リンク
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