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Residential Mortgage-backed Security
Residential mortgage-backed security (RMBS) are a type of mortgage-backed security backed by residential real estate mortgages. Bonds securitizing mortgages are usually treated as a separate class, making reference to the general package of financial agreements that typically represents cash yields that are paid to investors and that are supported by cash payments received from homeowners who pay interest and principal according to terms agreed to with their lenders; it is a funding instrument created by the "originator" or "sponsor" of the mortgage loan; without cross-collateralizing individual loans and mortgages (because it would be impossible to receive permission from individual homeowners), it is a funding instrument that pools the cash flow received from individuals and pays these cash receipts out with waterfall priorities that enable investors to become comfortable with the certainty of receipt of cash at any point in time. There are multiple important differences bet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage-backed Security
A mortgage-backed security (MBS) is a type of asset-backed security (an "Financial instrument, instrument") which is secured by a mortgage loan, mortgage or collection of mortgages. The mortgages are aggregated and sold to a group of individuals (a government agency or investment bank) that securitization, securitizes, or packages, the loans together into a security that investors can buy. Bonds securitizing mortgages are usually treated as a separate class, termed Residential mortgage-backed security, residential; another class is Commercial mortgage-backed security, commercial, depending on whether the underlying asset is mortgages owned by borrowers or assets for commercial purposes ranging from office space to multi-dwelling buildings. The structure of the MBS may be known as pass-through security, "pass-through", where the interest and principal payments from the borrower or homebuyer pass through it to the MBS holder, or it may be more complex, made up of a pool of other MBSs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lewis Ranieri
Lewis S. Ranieri (; born 1947) is a former bond trader, and founding partner and current chairman of Ranieri Partners, a real estate firm. He is considered the "father" of mortgage-backed securities and co-founder of mortgage-backed securities with Anthony J. Nocella former CEO of Franklin Bank, for his pioneering role in their emergence in the 1970s, during his tenure in Salomon Brothers, where he reached the position of Vice Chairman. Although he was named by ''BusinessWeek'' in 2004 as "one of the greatest innovators of the past 75 years", he was later strongly criticized for his role in the subprime mortgage crisis of 200709. Early life Lewis S. Ranieri was born in Brooklyn, New York, in 1947. Ranieri had sought to be an Italian chef before finding that his asthma prevented him from working in smoky kitchens. He began college at St. John's University but left before completing his degree. Ranieri later returned to school and completed his Bachelor of Arts in English in 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Century Financial
New Century Financial Mortgage Corporation was a real estate investment trust that originated mortgage loans in the United States through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation. It was founded in 1995. In 2004 it converted to a real estate investment trust. In 2006, the company was second only to HSBC Finance in issuing subprime mortgages. In the spring of 2007, New Century ran into financial difficulties, and trading of its stock on the NYSE was halted. On April 2, 2007, it filed for Chapter 11 bankruptcy. In July 2010, three officers of the company agreed to pay $90 million in settlements and were barred from serving as directors of public companies for five years. History Founding of the company It was founded in 1995 by a trio of former managers and cofounders at Option One Mortgage, including Brad Morrice, who became chief executive. It was headquartered in Irvine, California. It originally employed 50 people in 1996, when it b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RMBS Selected Investors
RMBS may refer to: * Residential mortgage-backed security * Royal Marines Band Service * Rambus Rambus Inc. is an American technology company that designs, develops and licenses chip interface technologies and architectures that are used in digital electronics products. The company, founded in 1990, is well known for inventing RDRAM ..., ticker symbol {{disambig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government-sponsored Enterprise
A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress. Their intended function is to enhance the flow of Credit (finance), credit to targeted sectors of the economy, to make those segments of the capital market more efficient and transparent, and to reduce the risk to investors and other suppliers of capital. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors primarily by reducing the risk of capital losses to investors: agriculture, Home mortgage, home finance and Education loan, education. Well known GSEs are the Federal National Mortgage Association, known as Fannie Mae, and the Federal Home Loan Mortgage Corporation, or Freddie Mac. Congress created the first GSE in 1916 with the creation of the Farm Credit System. It initiated GSEs in the home finance segment of the economy with the creation of the Federal Home Loan Banks in 1932; and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Hidden History Of The Financial Crisis
''The'' is a grammatical article in English, denoting nouns that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with nouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of the archaic pronoun ''thee' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McLean, Bethany
Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for '' Vanity Fair'' magazine. She is known for her writing on the Enron scandal and the 2008 financial crisis. Previous assignments include editor-at-large, columnist for ''Fortune,'' and a contributor to ''Slate''. Early life and education McLean was born in Hibbing, Minnesota on December 12, 1970. McLean graduated from Hibbing High School in 1988. In 1992 she received a B.A. in English and mathematics from Williams College. Career McLean started her career as an investment banking analyst for Goldman Sachs and joined ''Vanity Fair'' as a contributing editor in 2008. She began as a contributor to ''Slate'''s Moneybox column, in 2010 and "The Bulldog" column in ''Fortune''. She authored an article on Enron for the March 5, 2001, issue of ''Fortune'' entitled, "Is Enron Overpriced?" The article noted some irregularities in Enron's financial documents that were available to the pub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alt-A
An Alt-A mortgage, short for Alternative A-paper, is a type of U.S. Mortgage loan, mortgage that, for various reasons, is considered riskier than A-paper, or "prime", and less risky than "subprime lending, subprime," the riskiest category. For these reasons, as well as in some cases their size, Alt-A loans are not eligible for purchase by Fannie Mae or Freddie Mac. Alt-A interest rates, which are determined by credit risk, therefore tend to be between those of prime and subprime home loans, although there is no single accepted definition of Alt-A. Typically Alt-A mortgages are characterized by borrowers with less than full documentation, average credit scores, higher Loan-to-value ratio, loan-to-values, and more Investment property, investment properties and secondary homes. A-minus is related to Alt-A, with some lenders categorizing them the same, but A-minus is traditionally defined as mortgage borrowers with a FICO score of below 680 while Alt-A is traditionally defined as loans ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subprime Lending
In finance, subprime lending (also referred to as near-prime, subpar, non-prime, and second-chance lending) is the provision of loans to people in the United States who may have difficulty maintaining the repayment schedule. Historically, subprime borrowers were defined as having FICO scores below 600, although this threshold has varied over time. These loans are characterized by higher interest rates, poor quality collateral, and less favorable terms in order to compensate for higher credit risk. During the early to mid-2000s, many subprime loans were packaged into mortgage-backed securities (MBS) and ultimately defaulted, contributing to the 2008 financial crisis.Lemke, Lins and Picard, ''Mortgage-Backed Securities'', Chapter 3 (Thomson West, 2013 ed.). Defining subprime risk The term ''subprime'' refers to the credit quality of particular borrowers, who have weakened credit histories and a greater risk of loan default than prime borrowers. As people become economically ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joe Nocera
Joseph Nocera (born May 6, 1952) is an American business journalist and author. He has written for ''The New York Times'' since April 2005, writing for the editorial page from 2011 to 2015. He was also an opinion columnist for '' Bloomberg Opinion''. He has co-written the books ''The Big Fail'', ''A Piece of the Action'' and '' All the Devils Are Here.'' Early life and education Nocera was born in Providence, Rhode Island. He earned a B.S. in journalism from Boston University in 1974. Career Early years (1970s-2014) Nocera became a business columnist for ''The New York Times'' in April 2005. In March 2011, Nocera became a regular opinion columnist for ''The Times''s Op-Ed page, writing on Tuesdays and Saturdays. He was also a business commentator for NPR’s '' Weekend Edition'' with Scott Simon. 2015-2024 In November 2015, Nocera began writing in the sports page of ''The Times''. Executives at ''The Times'' cited Nocera's interest in sports, specifically injuries to studen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bethany McLean
Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for '' Vanity Fair'' magazine. She is known for her writing on the Enron scandal and the 2008 financial crisis. Previous assignments include editor-at-large, columnist for ''Fortune,'' and a contributor to ''Slate''. Early life and education McLean was born in Hibbing, Minnesota on December 12, 1970. McLean graduated from Hibbing High School in 1988. In 1992 she received a B.A. in English and mathematics from Williams College. Career McLean started her career as an investment banking analyst for Goldman Sachs and joined ''Vanity Fair'' as a contributing editor in 2008. She began as a contributor to ''Slate'''s Moneybox column, in 2010 and "The Bulldog" column in ''Fortune''. She authored an article on Enron for the March 5, 2001, issue of ''Fortune'' entitled, "Is Enron Overpriced?" The article noted some irregularities in Enron's financial documents that were available to the pu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RMBS
RMBS may refer to: * Residential mortgage-backed security * Royal Marines Band Service * Rambus Rambus Inc. is an American technology company that designs, develops and licenses chip interface technologies and architectures that are used in digital electronics products. The company, founded in 1990, is well known for inventing RDRAM ..., ticker symbol {{disambig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
