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In the asset backed securities world similarly rated loans or bonds are combined in a portfolio  

2011-07-12 10:47:24|  分类: 默认分类 |  标签: |举报 |字号 订阅

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In the asset backed securities world similarly rated loans or bonds are combined in a portfolio, then divided into different tranches with the riskiest tranches taking the first loss,mac cosmetics wholesale receiving the lowest credit rating and offering the highest yield.Best Mac Concealer Similarly the least risky tranche takes the last loss, receives the highest credit rating and offers the lowest yield.MAC Lip Gloss In this way a portfolio comprised of B rated individual securities can be packaged to offer senior tranches that receive an A or even AAA rating and junior tranches that receive a junk rating.Cheap Bobbi Brown Brushes Bubble trouble: In recent years double bubbles drove US economic growth by providing unprecedented liquidity to the financial markets: 1) asset securitization, most notably subprime loans; and 2) the shadow banking system, defined as hedge funds, pension funds and the whole alphabet soup of highly levered non-bank investment conduits, vehicles and structures like ABSs, CBOs, CDOs, CLOs, CMOs, SIVs and CDSs. The joint growth of these two bubbles was grounded in the irrational belief that home prices would forever increase irrespective of affordability, and access to capital at low interest rates would be unlimited because holders of "safe" asset backed commercial paper would forever roll their investments. Belief in the former proved unfounded in 2007 when subprime loan defaults soared, which caused a de facto run on the shadow banking system as investors refused to roll their asset backed commercial paper holdings and demanded their money back.Changing models, changing ratings: As sub-prime loan defaults rose in 2007, in contravention of the rating agencies' mathematical models, CMOs began to collapseBest Mac Concealer.
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