Asset-Backed Securities I Dr. Ian Giddy NYU Stern School ...people.stern.nyu.edu/igiddy/ABS/abs-keren1.pdf · New York University/IDC Asset-Backed Securities I Dr. Ian Giddy NYU Stern

Dr.

Ian

Gid

dy

NY

U S

tern

Sch

ool o

f Bus

ines

s

New

Yor

k U

nive

rsity

/IDC

Ass

et-B

acke

d S

ecur

ities

I

3Copyright ©2005 Ian H Giddy

Ass

etA

sset

-- Bac

ked

Sec

uriti

es M

ade

Sim

ple

Bac

ked

Sec

uriti

es M

ade

Sim

ple


Ass

etA

sset

-- Bac

ked

Sec

uriti

esB

acke

d S

ecur

ities

�A

sset

-bac

ked

secu

ritie

s (A

BS

) ar

e bo

nds

that

rep

rese

nt p

ools

of

loan

s.�

The

loan

s ar

e us

ually

of s

imila

r ty

pes,

dur

atio

n an

d in

tere

st r

ates

, so

that

thei

r ris

ks c

an b

e un

ders

tood

.�

By

selli

ng th

eir

loan

s to

AB

S p

acka

gers

, the

orig

inal

lend

ers

reco

ver

cash

qui

ckly

, ena

blin

g th

em to

mak

e m

ore

loan

s.

�T

he a

sset

-bac

ked

secu

ritie

s m

arke

t has

gro

wn

as d

iffer

ent t

ypes

of

loan

s ar

e se

curit

ized

and

sol

d to

inve

stor

s.


Ass

etA

sset

-- Bac

ked

Sec

uriti

es: A

Big

Seg

men

t of t

he B

ond

Mar

ket

Bac

ked

Sec

uriti

es: A

Big

Seg

men

t of t

he B

ond

Mar

ket

So

urc

e: b

on

dm

ark

ets

.co

m, R

ese

arc

h Q

ua

rte

rly


Ass

etA

sset

-- Bac

ked

Issu

ance

Gro

win

g F

aste

rB

acke

d Is

suan

ce G

row

ing

Fas

ter

So

urc

e: b

on

dm

ark

ets

.co

m, R

ese

arc

h Q

ua

rte

rly


Con

sum

er F

inan

ce D

omin

ates

Con

sum

er F

inan

ce D

omin

ates

So

urc

e: b

on

dm

ark

ets

.co

m, R

ese

arc

h Q

ua

rte

rly


The

Eur

opea

n M

arke

tT

he E

urop

ean

Mar

ket

Source: HSBC Market Update on absnet.net


Typ

ical

Cre

dit C

ard

Sec

uriti

zatio

nT

ypic

al C

redi

t Car

d S

ecur

itiza

tion


Use

d to

Fin

ance

Man

y T

hing

sU

sed

to F

inan

ce M

any

Thi

ngs

Aut

o Lo

ans

and

Leas

esC

omm

erci

al A

sset

sA

ircra

ftF

ranc

hise

Loa

nsE

quip

men

t Lea

ses

Tim

esha

re L

oans

Ent

erta

inm

ent/I

ntel

lect

ual P

rope

rty

SB

A L

oans

Tra

de R

ecei

vabl

esM

utua

l Fun

d F

ees

Hea

lthca

re R

ecei

vabl

esC

onsu

mer

Loa

nsC

redi

t Car

ds

Mor

tgag

esH

ome

Equ

ity L

oans

Man

ufac

ture

d H

ousi

ngS

ubpr

ime

Mor

tgag

esS

tude

nt L

oans

Insu

ranc

e R

elat

ed

Sec

uriti

zatio

nsLi

fe S

ettle

men

tsC

atas

trop

hic

Ris

kIn

sura

nce

Pre

miu

ms

Str

uctu

red

Set

tlem

ents

Spo

rts

Rec

eiva

bles


Why

Sec

uriti

zatio

n?W

hy S

ecur

itiza

tion?

�Lo

ans

and

othe

r fin

anci

al c

ontr

acts

�Ill

iqui

d�

Orig

inat

or a

sses

ses

risk,

sub

ject

ive,

per

iodi

c

�H

igh

oper

atin

g co

st�

Lim

ited

inve

stor

s ba

se

�S

ecur

ity�

Liqu

id/tr

adab

le�

Inde

pend

ent t

hird

par

ty e

valu

atio

n

�G

loba

l inv

esto

rs b

ase

and

flexi

ble

stru

ctur

es


Cho

ose

a S

truc

ture

to S

uit t

he T

ype

of A

sset

s to

be

Cho

ose

a S

truc

ture

to S

uit t

he T

ype

of A

sset

s to

be

Sec

uriti

zed

Sec

uriti

zed

�M

ortg

age

Sec

uriti

zatio

n�

Non

-Mor

tgag

e A

BS

�C

olla

tera

lized

Deb

t Obl

igat

ions

�S

ynth

etic

AB

S a

nd C

redi

t-Li

nked

Not

es�

Inta

ngib

les

�In

fras

truc

ture

and

Pro

ject

Fin

anci

ng


Cas

e S

tudy

: The

Com

pany

Cas

e S

tudy

: The

Com

pany

(Fin

ance

Com

pany

Lim

ited)

(Fin

ance

Com

pany

Lim

ited)

�F

inan

ce c

ompa

ny w

hose

gro

wth

is c

onst

rain

ed�

Has

poo

l of a

utom

obile

rec

eiva

bles

�H

as tr

ack

reco

rd�

Pla

ns to

use

this

as

an o

ngoi

ng s

ourc

e of

fina

ncin

g


Sec

urit

ize

the

asse

ts

Fo

rm o

f tra

nsf

er

of a

sset

Fo

rm o

f cre

dit

enh

ance

men

t

Fo

rm o

ftr

an

sfor

ma

tion

of

cash

flo

ws

Fo

rm o

f ca

sh fl

ow

allo

catio

n

Dec

isio

ns

Fo

rm o

f sp

ecia

lp

urp

ose

veh

icle

Key

Dec

isio

nsK

ey D

ecis

ions


Ass

etA

sset

-- Bac

ked

Sec

uriti

es:

Bac

ked

Sec

uriti

es:

The

Typ

ical

Str

uctu

reT

he T

ypic

al S

truc

ture F

OR

D (

SP

ON

SO

R)

SP

EC

IAL

PU

RP

OS

EV

EH

ICLE

LOA

NS

.

ISS

UE

SA

SS

ET

-BA

CK

ED

CE

RT

IFIC

AT

ES

SA

LE

OR

AS

SIG

NM

EN

T

LOA

NS

.

Ser

vici

ng A

gree

men

t


The

Alte

rnat

ive:

Syn

thet

ic A

BS

The

Alte

rnat

ive:

Syn

thet

ic A

BS

DB

(O

rigin

ator

) SP

EC

IAL

PU

RP

OS

EV

EH

ICLE

RE

FE

RE

NC

EP

OO

L O

F L

OA

NS

(Sta

y on

bala

nce

shee

t)

ISS

UE

SA

SS

ET

-BA

CK

ED

CE

RT

IFIC

AT

ES

CR

ED

IT S

WA

PA

GR

EE

ME

NT

TO

P Q

UA

LIT

YIN

VE

ST

ME

NT

S


Fin

an

ce C

o. L

td(S

elle

r)

Fin

an

ce C

o.’s

Cu

stom

ers

Hire

-Pur

chas

eA

gree

me

nt

Cas

e S

tudy

: Ini

tial E

xcha

nges

Cas

e S

tudy

: Ini

tial E

xcha

nges


Fin

an

ce C

o. L

td(S

elle

r)F

CL

199

7-A

(Spe

cial

Pur

pose

Co.

)In

vest

ors

Pro

ceed

sP

roce

eds

Fin

an

ce C

o.’s

Cu

stom

ers

Hire

-Pur

chas

eA

gree

me

nt

Cas

e S

tudy

: Ini

tial E

xcha

nges

Cas

e S

tudy

: Ini

tial E

xcha

nges


Fin

an

ce C

o. L

td(S

elle

r)F

CL

19

97-A

(Sp

ecia

l Pu

rpos

e C

o.)

Inve

stor

s

Ser

vici

ng A

gree

me

nt

Pro

ceed

s

Sa

le o

f Ass

ets

Pro

ceed

s

Ass

et-B

acke

dS

ecur

ities

Tru

ste

eT

rust

Agr

eem

ent

Fin

an

ce C

o.’s

Cu

stom

ers

Hire

-Pur

chas

eA

gree

me

nt

Cas

e S

tudy

: Ini

tial E

xcha

nges

Cas

e S

tudy

: Ini

tial E

xcha

nges


Fin

an

ce C

o. L

td(S

elle

r)F

CL

19

97-A

(Sp

ecia

l Pu

rpos

e C

o.)

Inve

stor

s

Ser

vici

ng A

gree

me

nt

Pro

ceed

s

Sa

le o

f Ass

ets

Pro

ceed

s

Ass

et-B

acke

dS

ecur

ities

Ra

ting

Age

ncy

To

p R

atin

g

Tru

ste

eT

rust

Agr

eem

ent

Fin

an

ce C

o.’s

Cu

stom

ers

Hire

-Pur

chas

eA

gree

me

nt

Cas

e S

tudy

: Ini

tial E

xcha

nges

Cas

e S

tudy

: Ini

tial E

xcha

nges


Fin

an

ce C

o. L

td(S

elle

r)F

CL

19

97-A

(Sp

ecia

l Pu

rpos

e C

o.)

Inve

stor

s

Fin

an

cia

l Gu

ara

nte

eP

rovi

der

(if r

equ

ired

)

Ser

vici

ng A

gree

me

nt

Pro

ceed

s

Sa

le o

f Ass

ets

Pro

ceed

s

Ass

et-B

acke

dS

ecur

ities

Gua

rant

eeA

gree

me

nt

Ra

ting

Age

ncy

To

p R

atin

g

Tru

ste

eT

rust

Agr

eem

ent

Fin

an

ce C

o.’s

Cu

stom

ers

Hire

-Pur

chas

eA

gree

me

nt

Cre

dit E

nhan

cem

ent:

Gua

rant

ee M

etho

dC

redi

t Enh

ance

men

t: G

uara

ntee

Met

hod


Fin

an

ce C

o. L

td(S

elle

r)F

CL

19

97-A

(Sp

ecia

l Pu

rpos

e C

o.)

Sen

ior

Pro

ceed

s

Sa

le o

f Ass

ets

Rat

ing

Ag

ency

To

p R

atin

g

Cre

dit E

nhan

cem

ent:

Cre

dit E

nhan

cem

ent:

An

Alte

rnat

ive

App

roac

hA

n A

ltern

ativ

e A

ppro

ach

Su

bord

inat

ed

Mo

re S

ubo

rdin

ated

Low

er R

atin

g

No

Rat

ing

Fin

an

cia

l Gu

ara

nte

eP

rovi

der

(if r

equ

ired

)G

uara

ntee

Agr

eem

ent

24Copyright ©2005 Ian H GiddyAth

erto

n C

apita

l(S

elle

r)A

ther

ton

FLF

19

98

-A(S

pec

ial P

urp

ose

Co.

)In

vest

ors

Ser

vici

ng A

gree

me

nt

Pro

ceed

s

Sa

le o

f Ass

ets

Pro

ceed

s

Ass

et-B

acke

dS

ecur

ities

Mel

lon

Mor

tga

ge(S

ervi

cer)

Fra

nch

isee

s(B

orro

wer

s)

Loan

Agr

eem

ent

Exa

mpl

e:E

xam

ple:

Fra

nchi

se L

oan

Sec

uriti

zatio

nF

ranc

hise

Loa

n S

ecur

itiza

tion

Ser

vici

ng A

dvi

sor

Loan

Pa

yme

nts

Cla

ssR

atin

gS

ubor

dina

tion

A1,

A2,

A-x

AA

A28

%B

AA

22%

CA

16.5

%D

BB

B12

%E

BB

8.5%

FB

5.5%

Issu

er b

alan

ceN

R0%


The

Pro

cess

The

Pro

cess

Is th

e co

mpa

nyre

ady?

Is th

e co

mpa

nyre

ady?

Are

the

asse

tssu

itabl

e?

Are

the

asse

tssu

itabl

e?

Wha

t poo

l?W

hat p

ool?

Wha

t leg

alst

ruct

ure?

Wha

t leg

alst

ruct

ure?

Wha

t cre

dit

enha

ncem

ent?

Wha

t cre

dit

enha

ncem

ent?


Ass

etA

sset

-- Bac

ked

Sec

uriti

es:

Bac

ked

Sec

uriti

es:

Lega

l and

Reg

ulat

ory

Asp

ects

Lega

l and

Reg

ulat

ory

Asp

ects

�Le

gal

�T

he T

rans

fer

�T

he S

peci

al-P

urpo

se V

ehic

le

�T

axat

ion

�A

ccou

ntin

g T

reat

men

t�

Ban

k R

egul

ator

y T

reat

men

t


Lega

l Asp

ects

Lega

l Asp

ects

�G

oal:

Cre

dit q

ualit

y m

ust b

e so

lely

bas

ed o

n th

e qu

ality

of t

he a

sset

s an

d th

e cr

edit

enha

ncem

ent

back

ing

the

oblig

atio

n, w

ithou

t any

reg

ard

to th

e or

igin

ator

's o

wn

cred

itwor

thin

ess

�O

ther

wis

e, q

ualit

y of

the

AB

S is

sue

wou

ld b

e de

pend

ent o

n th

e or

igin

ator

's c

redi

t, an

d th

e w

hole

ra

tiona

le o

f the

ass

et-b

acke

d se

curit

y w

ould

be

unde

rmin

ed.

LEG

AL


Thr

ee c

ondi

tions

ena

ble

the

sepa

ratio

n of

the

asse

ts

Thr

ee c

ondi

tions

ena

ble

the

sepa

ratio

n of

the

asse

ts

and

the

orig

inat

oran

d th

e or

igin

ator

�T

he tr

ansf

er m

ust b

e a

true

sal

e, o

r its

lega

l eq

uiva

lent

. If o

rigin

ator

is o

nly

pled

ging

the

asse

ts to

se

cure

a d

ebt,

this

wou

ld b

e re

gard

ed a

s co

llate

rized

finan

cing

in w

hich

the

orig

inat

or w

ould

sta

y di

rect

ly

inde

bted

to th

e in

vest

or.

�T

he a

sset

s m

ust b

e ow

ned

by a

spe

cial

-pur

pose

co

rpor

atio

n, w

hose

ow

ners

hip

of th

e so

ld a

sset

s is

lik

ely

to s

urvi

ve b

ankr

uptc

y of

the

selle

r.�

The

spe

cial

-pur

pose

veh

icle

that

ow

ns th

e as

sets

m

ust b

e in

depe

nden

t

LEG

AL


6 B

atte

ry R

oad

6 B

atte

ry R

oad


6 B

atte

ry R

oad

6 B

atte

ry R

oad

�S

ecur

itiza

tion

of a

DB

S L

and

prop

erty

�D

BS

Lan

d se

lls 6

BR

to S

PV

, Clo

ver,

fo

r S

$835

m

�C

love

r is

sues

S$8

78m

of d

ebt:

66%

to

publ

ic, 3

4% to

DB

S L

and

�S

enio

r B

onds

: 10

year

, 6%

, plu

s “s

hare

of g

ain

if bu

ildin

g is

sol

d”C

ash

S$4

3m

Bui

ldin

g S

$835

m

Sen

ior

Bon

dsS

$550

m

Juni

orB

onds

S$3

28m

DB

SLa

nd

Sal

eP

urch

ase


Wha

t Mak

es it

a S

ale?

Wha

t Mak

es it

a S

ale?

�T

he fo

rm a

nd tr

eatm

ent o

f the

tran

sact

ion

�T

he n

atur

e an

d ex

tent

of t

he b

enef

its

tran

sfer

red

�T

he ir

revo

cabi

lity

of th

e tr

ansf

er�

The

leve

l and

tim

ing

of th

e pu

rcha

se p

rice,

�

Who

pos

sess

es th

e do

cum

ents

�N

otifi

catio

n w

hen

the

asse

ts a

re s

old

LEG

AL


Wha

t Mak

es it

Lik

ely

to b

e C

onso

lidat

ed?

Wha

t Mak

es it

Lik

ely

to b

e C

onso

lidat

ed?

�T

he d

iffic

ulty

of s

egre

gatin

g an

d as

cert

aini

ng

indi

vidu

al a

sset

s an

d lia

bilit

ies

�T

he p

rese

nce

or a

bsen

ce o

f con

solid

ated

fina

ncia

l st

atem

ents

�T

he c

omin

glin

gof

ass

ets

and

busi

ness

func

tions

�T

he e

xist

ence

of p

aren

t and

inte

rcor

pora

tegu

aran

tees

and

loan

s�

The

tran

sfer

of a

sset

s w

ithou

t str

ict o

bser

vanc

e of

co

rpor

ate

form

aliti

es.

LEG

AL


Tax

atio

n A

spec

tsT

axat

ion

Asp

ects

�If

the

SP

V o

r th

e tr

ansf

er is

sub

ject

to n

orm

al c

orpo

rate

, w

ithho

ldin

g, o

r in

divi

dual

tax

rate

s, in

vest

ors

or

borr

ower

s co

uld

in p

rinci

ple

be s

ubje

ct to

add

ition

al o

r do

uble

taxa

tion

Mus

t avo

id d

oubl

e ta

xatio

n of

�S

elle

r/se

rvic

er�

Tru

st o

r sp

ecia

l-pur

pose

cor

pora

tion

�In

vest

ors

TAX


Tax

atio

n: B

efor

eT

axat

ion:

Bef

ore

Sel

ler

TA

X

TAX


Tax

atio

n: B

efor

e an

d A

fter

Tax

atio

n: B

efor

e an

d A

fter T

rust

Sel

ler

TA

X

Sel

ler/

Se

rvic

er

Inve

sto

rT

AX

?

TA

X?

TA

X?

TA

X?

SA

LE

TAX


Acc

ount

ing

Tre

atm

ent

Acc

ount

ing

Tre

atm

ent

�S

ale

vers

us fi

nanc

ing

�C

onso

lidat

ion

�A

ccou

ntin

g fo

r lo

an s

ervi

cing

ACCOUNTI

NG


FA

SB

Sal

e T

reat

men

tF

AS

B S

ale

Tre

atm

ent

�T

he tr

ansf

eror

rel

inqu

ishe

s co

ntro

l of t

he fu

ture

ec

onom

ic b

enef

its e

mbo

died

in th

e as

sets

bei

ng

tran

sfer

red

�T

he S

PV

can

not r

equi

re th

e tr

ansf

eror

to r

epur

chas

e th

e as

sets

exc

ept p

usua

ntto

cer

tain

rec

ours

e pr

ovis

ions

�T

he tr

ansf

eror

's o

blig

atio

n un

der

any

reco

urse

pro

visi

on

are

conf

ined

and

can

be

reas

onab

ly e

stim

ated

ACCOUNTI

NG


Con

solid

atio

n T

reat

men

tC

onso

lidat

ion

Tre

atm

ent

�In

tern

atio

nal a

ccou

ntin

g st

anda

rds

hold

that

co

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idat

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men

ts a

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ore

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ful

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arat

e on

es�

"Non

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atio

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xcep

tion

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inan

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nsur

ance

, rea

l est

ate

and

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ing

subs

idia

ries

can

gene

rally

be

left

apar

t

ACCOUNTI

NG


Bas

el 2

and

AB

SB

asel

2 a

nd A

BS

�O

rigin

atin

g ba

nks

(“cl

ean

brea

k”)

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vest

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bank

s (u

se o

f rat

ings

)�

Spo

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ban

ks (

for

AB

S c

ondu

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�S

ynth

etic

sec

uriti

zatio

n (d

egre

e of

ris

k tr

ansf

eren

ce)


Bas

el 2

for

Inve

stin

g B

anks

Bas

el 2

for

Inve

stin

g B

anks

AA

A to

AA

-20

%A

+ to

A-

50%

BB

B+

to B

BB

-10

0%B

B+

to B

B-

150%

B+

and

bel

owD

educ

ted

from

cap

ital

Sou

rce:

Bas

el C

omm

ittee

on

Ban

king

Sup

ervi

sion

, Jan

uary

200

1


Exa

mpl

e:E

xam

ple:

For

d C

redi

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ner

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st 1

999

For

d C

redi

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ner

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st 1

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-- AA


For

d S

truc

ture

For

d S

truc

ture

For

dF

ord

Mot

or C

redi

t

For

d C

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oR

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wo

LP

For

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r T

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Rec

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e

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anke

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p W

ebsi

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ddy.

org/

abs-

hypo

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ebsi

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ddy.

org/

abs-

hypo

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Str

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Cos

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Ben

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naly

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anks

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orpo

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Inve

stor

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Sep

arat

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wo

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ines

ses:

Orig

inat

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arat

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inat

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ED

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IFIC

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ES

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RA

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IGN

ME

NT


For

Cor

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tions

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rgum

ent

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: “P

ure

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rgum

ent

Sep

arat

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edit

of th

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sets

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the

cred

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olat

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sset

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om a

com

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cial

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stitu

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se th

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asse

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r hi

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inve

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curit

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nden

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redi

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thin

ess

of th

e or

igin

ator

.


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ks: C

apita

l Req

uire

men

tsF

or B

anks

: Cap

ital R

equi

rem

ents

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a p

erfe

ct w

orld

, add

ing

good

ass

ets

wou

ld r

equi

re li

ttle

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tiona

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ital,

sinc

e cr

edito

rs w

ould

not

see

an

y in

crea

se in

th

e ba

nk's

ris

k�

But

if r

egul

ator

y ca

pita

l req

uire

men

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enal

ize

bank

s fo

r ho

ldin

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houl

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ofit

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gen

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ory

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rig

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e an

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r ba

nks

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k th

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bala

nce

shee

ts b

y se

curit

izin

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ans


Ban

ks

Ban

ks ––

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ital S

avin

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apita

l Sav

ings

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r ban

ks:

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dit

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ance

men

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cula

tion

Ass

ets

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bili

ties

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n P

ortf

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curit

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sse

sF

rom

AF

rom

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+Fro

m B

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55

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81

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8B

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100

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11

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0

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20

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76

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t7%

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S5%

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ity15

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8%E

quity

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l6.

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t Aut

o O

wne

r T

rust

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redi

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wne

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rust

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hat a

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e ec

onom

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in

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derly

ing

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arn?

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ates

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the

secu

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y?�

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er c

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Who

get

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e ex

cess

spr

ead?


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wne

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uto

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ts

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efau

lt lo

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ord

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dit’s

alte

rnat

ive


For

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F

ord

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dit A

uto

Ow

ner

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st

Siz

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462,

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FO

RD

199

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es2,

311,

593

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3.94

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ield

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undi

ng c

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lt ra

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ng fe

e1%

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l upf

ront

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ts0.

03%

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ess

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g fe

e1.

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2%8.

00%

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025.

30%

For

d C

redi

t

For

d C

redi

t A

uto

Rec

2 L

PTr

ust

1998

-B

Rec

eiva

bles

Rec

eiva

bles

Rec

eiva

bles

Cla

ss A

- A

AA

93%

Cla

ss B

- A

A3%

Cla

ss C

- B

BB

2%

Cla

ss D

- N

R2%


For

Inve

stor

s, S

prea

d A

naly

sis

For

Inve

stor

s, S

prea

d A

naly

sis


Eur

opea

n S

prea

dsE

urop

ean

Spr

eads

Source: HSBC Spread Matrix on absnet.net


All

AA

A A

re N

ot E

qual

All

AA

A A

re N

ot E

qual

So

urc

e: b

on

dm

ark

ets

.co

m, R

ese

arc

h Q

ua

rte

rly



For

d S

truc

ture

: Wat

erfa

llF

ord

Str

uctu

re: W

ater

fall


Impl

icat

ions

of W

ater

fall

Upg

rade

sIm

plic

atio

ns o

f Wat

erfa

ll U

pgra

des

�T

he c

apita

l allo

cate

d to

a w

ell-b

alan

ced

AB

S p

ortfo

lio s

houl

d sl

owly

dec

reas

e ov

er ti

me,

whe

reas

the

sam

e ca

nnot

be

said

of

a si

mila

r co

rpor

ate

loan

por

tfolio

.�

Rat

ing

upgr

ades

sho

uld

be th

e no

rm in

the

AB

S w

orld

, and

do

wng

rade

s th

e ex

cept

ion

(cur

rent

ly, t

he s

ituat

ion

is e

xact

ly th

e op

posi

te).

In th

e co

rpor

ate

wor

ld, w

e sh

ould

rat

her

expe

ct

dow

ngra

des

to e

qual

upg

rade

s ov

er lo

ng ti

me

inte

rval

s.�

An

AB

S p

ortfo

lio s

houl

d be

trad

ed m

uch

mor

e ac

tivel

y th

an a

co

rpor

ate

loan

por

tfolio

to ta

ke a

dvan

tage

of i

ts in

here

nt r

atin

g vo

latil

ity.


Ian

H. G

iddy

NY

U S

tern

Sch

ool o

f Bus

ines

s

Tel

+1.

646.

808.

0746

; Fax

+1.

206.

984.

4865

ian.

gidd

y@ny

u.ed

u

http

://gi

ddy.

org

Con

tact

Info

rmat

ion

Con

tact

Info

rmat

ion

Asset-Backed Securities I Dr. Ian Giddy NYU Stern School ...people.stern.nyu.edu/igiddy/ABS/abs-keren1.pdf · New York University/IDC Asset-Backed Securities I Dr. Ian Giddy NYU Stern

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