Financial Institutions Management ISE

Höfundur: SAUNDERS (Útgáfa: 12)
Financial Institutions Management ISE

Kaup valmöguleikar

Financial Institutions Management: A Risk Management Approach offers an innovative perspective on managing return and risk in today's financial institutions. While covering traditional sector activities, it emphasizes emerging areas such as asset securitization, off-balance-sheet banking, and international banking. The text highlights that risk management techniques and markets are increasingly similar across commercial banks, saving banks, investment banks, and insurance companies.

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Útgefandi
McGraw-Hill Higher Education (International)
ISBN
9781264546817
Print ISBN
9781266504983
Format
ePub
Útgáfa
12
Höfundar
SAUNDERS
Tungumál
English
Útgefið
2026-01-13
Prent takmörkun á líftíma
100
Prent takmörkun
2
Afritunar takmörkun
2

Kaflar

  • Front Matter
  • Cover Page
  • Financial Institutions Management
  • Copyright Page
  • Dedication
  • About the Authors
  • Anthony Saunders
  • Marcia Millon Cornett
  • Otgontsetseg (Otgo) Erhemjamts
  • Preface
  • INTENDED AUDIENCE
  • MAIN FEATURES
  • ORGANIZATION
  • CHANGES IN THE 2026 RELEASE
  • ANCILLARIES
  • Acknowledgments
  • Brief contents
  • Contents
  • Chapter 1: Why Are Financial Institutions Special?
  • Part One: Introduction
  • Chapter One Why Are Financial Institutions Special?
  • INTRODUCTION
  • Financial Institutions’ Specialness
  • FIs Function as Brokers
  • FIs Function as Asset Transformers
  • Information Costs
  • Liquidity and Price Risk
  • Other Special Services
  • Other Aspects of Specialness
  • The Transmission of Monetary Policy
  • Credit Allocation
  • Intergenerational Wealth Transfers or Time Intermediation
  • Payment Services
  • Denomination Intermediation
  • Specialness and Regulation
  • Safety and Soundness Regulation
  • Monetary Policy Regulation
  • Credit Allocation Regulation
  • Consumer Protection Regulation
  • Investor Protection Regulation
  • Entry Regulation
  • The Changing Dynamics of Specialness
  • Trends in the United States
  • Global Trends
  • Summary
  • Questions and Problems
  • Web Questions
  • Appendix 1A: The Financial Crisis: The Failure of Financial Services Institution Specialness
  • The Beginning of the Collapse
  • The Failure of Bear Stearns
  • The Crisis Hits
  • The Rescue Plan
  • The Crisis Spreads Worldwide
  • After the Rescue Plan
  • Some Bright Spots
  • The Crisis Continues in 2009
  • Appendix 1B: Monetary Policy Tools
  • Open Market Operations
  • The Discount Rate
  • Reserve Requirements [Reserve Ratios]
  • The Federal Reserve, the Money Supply, and Interest Rates
  • Effects of Monetary tools on Various Economic Variables
  • Money Supply Versus Interest Rate Targeting
  • Chapter 2: Financial Services: Depository Institutions
  • Chapter Two Financial Services: Depository Institutions
  • INTRODUCTION
  • Commercial Banks
  • Size, Structure, and Composition of the Industry
  • Balance Sheet and Recent Trends
  • Other Fee-Generating Activities
  • Regulation
  • Industry Performance
  • Savings Institutions
  • Size, Structure, and Composition of the Industry
  • Balance Sheet and Recent Trends
  • Regulation
  • Industry Performance
  • Credit Unions
  • Size, Structure, and Composition of the Industry
  • Balance Sheet and Recent Trends
  • Regulation
  • Industry Performance
  • Global Financial Performance
  • Summary
  • Questions and Problems
  • Web Questions
  • Appendix 2A: Financial Statement Analysis Using a Return on Equity (ROE) Framework
  • Appendix 2B: Commercial Banks’ Financial Statements and Analysis
  • Why Evaluate the Performance of Commercial Banks? an Overview
  • Financial Statements of Commercial Banks
  • Financial Statement Analysis Using a Return on Equity Framework
  • Impact of Market Niche and Bank Size on Financial Statement Analysis
  • Chapter 3: Financial Services: Securities Firms and Investment Banks
  • Chapter Three Financial Services: Securities Firms and Investment Banks
  • INTRODUCTION
  • Size, Structure, and Composition of the Industry
  • Key Activities
  • Balance Sheet and Recent Trends
  • Recent Trends
  • Balance Sheet
  • Regulation
  • Global Issues
  • Summary
  • Questions and Problems
  • Web Questions
  • Chapter 4: Financial Services: Mutual Funds and Exchange-Traded Funds
  • Chapter Four Financial Services: Mutual Funds and Exchange-Traded Funds
  • INTRODUCTION
  • Size, Structure, And Composition Of The Mutual Fund Industry
  • Historical Trends
  • Different Types of Mutual Funds
  • Mutual Fund Objectives
  • Investor Returns from Mutual Fund Ownership
  • Mutual Fund Costs
  • Balance Sheet and Recent Trends for the Mutual Fund Industry
  • Money Market Funds
  • Long-Term Funds
  • Regulation of Mutual Funds
  • Global Issues in the Mutual Fund Industry
  • Summary
  • Questions and Problems
  • Web Questions
  • Chapter 5: Financial Services: Mutual Fund and Hedge Fund Companies
  • Chapter Five Financial Services: Hedge Funds, Private Equity Funds, Venture Capital Funds, Private Real Estate Funds, and Private Credit Funds
  • INTRODUCTION
  • Size, Structure, Composition
  • Hedge Funds
  • Private Equity Funds
  • Venture Capital Funds
  • Private Real Estate Funds
  • Private Credit Funds
  • Balance Sheet and Recent Trends
  • Leverage
  • Fund Investments in Derivatives
  • Ownership Concentration
  • Performance and Fees
  • Regulation
  • Regulation of Hedge Funds
  • Global Trends
  • Summary
  • Questions and Problems
  • Chapter 6: Financial Services: Insurance Companies
  • Chapter Six Financial Services: Insurance Companies
  • INTRODUCTION
  • Life Insurance
  • Size, Structure, and Composition of the Industry
  • Balance Sheet and Recent Trends
  • Regulation
  • Property–Casualty Insurance
  • Size, Structure, and Composition of the Industry
  • Balance Sheet and Recent Trends
  • Regulation
  • Global Issues
  • Summary
  • Questions and Problems
  • Web Questions
  • Chapter 7: Risks of Financial Institutions
  • Chapter Seven Risks of Financial Institutions
  • INTRODUCTION
  • Interest Rate Risk
  • Credit Risk
  • Liquidity Risk
  • Foreign Exchange Risk
  • Country or Sovereign Risk
  • Market Risk
  • Off-Balance-Sheet Risk
  • Technology and Operational Risks
  • Risk of Digital Disruption and Fintech
  • Insolvency Risk
  • Other Risks and the Interaction of Risks
  • Summary
  • Questions and Problems
  • Chapter 8: Interest Rate Risk I
  • Part 2: Measuring Risk
  • Chapter Eight Interest Rate Risk I
  • INTRODUCTION
  • The Level and Movement of Interest Rates
  • The Repricing Model
  • Rate-Sensitive Assets
  • Rate-Sensitive Liabilities
  • Equal Changes in Rates on RSAs and RSLs
  • Unequal Changes in Rates on RSAs and RSLs
  • Weaknesses of the Repricing Model
  • Market Value Effects
  • Overaggregation
  • The Problem of Runoffs
  • Cash Flows from Off-Balance-Sheet Activities
  • Summary
  • Questions and Problems
  • Appendix 8A: The Maturity Model
  • The Maturity Model with a Portfolio of Assets and Liabilities
  • Weaknesses of the Maturity Model
  • Appendix 8B: Term Structure of Interest Rates
  • UNBIASED EXPECTATIONS THEORY
  • LIQUIDITY PREMIUM THEORY
  • MARKET SEGMENTATION THEORY
  • FORECASTING INTEREST RATES
  • Chapter 9: Interest Rate Risk II
  • Chapter Nine Interest Rate Risk II
  • INTRODUCTION
  • Duration: A Simple Introduction
  • A General Formula for Duration
  • The Duration of Interest-Bearing Bonds
  • The Duration of Zero-Coupon Bonds
  • The Duration of Consol Bonds (Perpetuities)
  • Features of Duration
  • Duration and Maturity
  • Duration and Yield
  • Duration and Coupon Interest
  • The Economic Meaning of Duration
  • Semiannual Coupon Bonds
  • Duration and Interest Rate Risk
  • Duration and Interest Rate Risk Management on a Single Security
  • Duration and Interest Rate Risk Management on the Whole Balance Sheet of an FI
  • Immunization and Regulatory Considerations
  • Difficulties in Applying the Duration Model
  • Duration Matching Can Be Costly
  • Immunization Is a Dynamic Problem
  • Large Interest Rate Changes and Convexity
  • Summary
  • Questions and Problems
  • Appendix 9A: The Basics of Bond Valuation
  • Bond valuation
  • Impact of Interest Rate Changes on Security Values
  • Impact of Maturity on Security Values
  • Maturity and Security Price Sensitivity to Changes in Interest Rates
  • Impact of Coupon Rates on Security Values
  • Appendix 9B: Incorporating Convexity into the Duration Model
  • Calculation of CX
  • The Problem of the Flat Term Structure
  • The Problem of Default Risk
  • Floating-Rate Loans and Bonds
  • Demand Deposits and Passbook Savings
  • Mortgages and Mortgage-Backed Securities
  • Futures, Options, Swaps, Caps, and Other Contingent Claims
  • Chapter 10: Credit Risk: Individual Loan Risk
  • Chapter Ten Credit Risk: Individual Loan Risk
  • INTRODUCTION
  • Credit Quality Problems
  • Types of Loans
  • Commercial and Industrial Loans
  • Real Estate Loans
  • Individual (Consumer) Loans
  • Other Loans
  • Calculating the Return on a Loan
  • The Contractually Promised Return on a Loan
  • The Expected Return on a Loan
  • Retail Versus Wholesale Credit Decisions
  • Retail
  • Wholesale
  • Measurement of Credit Risk
  • Default Risk Models
  • Qualitative Models
  • Quantitative Models
  • Newer Models of Credit Risk Measurement and Pricing
  • Summary
  • Questions and Problems
  • Web Questions
  • Appendix 10A: Credit Analysis and Loan Underwriting
  • Real Estate Lending
  • Consumer [Individual] and Small Business Lending
  • Mid-Market Commercial and Industrial Lending
  • Appendix 10B: Black–Scholes Option Pricing Model
  • Chapter 11: Credit Risk: Loan Portfolio and Concentration Risk
  • Chapter Eleven Credit Risk: Loan Portfolio and Concentration Risk
  • INTRODUCTION
  • Simple Models of Loan Concentration Risk
  • Loan Portfolio Diversification and Modern Portfolio Theory (MPT)
  • Moody’s Analytics RiskFrontier Model
  • Partial Applications of Portfolio Theory
  • Regulatory Models
  • Summary
  • Questions and Problems
  • Appendix 11A: CreditMetrics
  • RATING MIGRATION
  • VALUATION
  • CALCULATION OF VAR
  • CAPITAL REQUIREMENTS
  • Appendix 11B: CreditRisk+
  • THE FREQUENCY DISTRIBUTION OF DEFAULT RATES
  • Chapter 12: Liquidity Risk
  • Chapter Twelve Liquidity Risk
  • INTRODUCTION
  • Causes of Liquidity Risk
  • Liquidity Risk at Depository Institutions
  • Liability-Side Liquidity Risk
  • Asset-Side Liquidity Risk
  • Measuring a DI’s Liquidity Risk Exposure
  • Liquidity Risk Measure
  • Liquidity Planning
  • Liquidity Risk, Unexpected Deposit Drains, and Bank Runs
  • Bank Runs, the Discount Window, and Deposit Insurance
  • Liquidity Risk at Other Types of Financial Institutions
  • Life Insurance Companies
  • Property–Casualty Insurers
  • Investment Funds
  • Summary
  • Questions and Problems
  • Web Question
  • Appendix 12A: Consolidated Statements of Cash Flows,JPMorgan Chase, June 2018
  • Chapter 13: Foreign Exchange Risk
  • Chapter Thirteen Foreign Exchange Risk
  • INTRODUCTION
  • Foreign Exchange Rates and Transactions
  • Foreign Exchange Rates
  • Foreign Exchange Transactions
  • Sources of Foreign Exchange Risk Exposure
  • Foreign Exchange Rate Volatility and FX Exposure
  • Foreign Currency Trading
  • FX Trading Activities
  • Foreign Asset and Liability Positions
  • The Return and Risk of Foreign Investments
  • Risk and Hedging
  • Multicurrency Foreign Asset–Liability Positions
  • Interaction of Interest Rates, inflation, and Exchange Rates
  • Purchasing Power Parity
  • Interest Rate Parity Theorem
  • Summary
  • Questions and Problems
  • Web Questions
  • Chapter 14: Sovereign Risk
  • Chapter Fourteen Sovereign Risk
  • INTRODUCTION
  • Credit Risk Versus Sovereign Risk
  • Debt Repudiation Versus Debt Restructuring
  • Country Risk Evaluation
  • Outside Evaluation Models
  • OECD Country Risk Classifications
  • Internal Evaluation Models
  • Using Market Data to Measure Risk: The Secondary Market for LDC and Emerging Market Debt
  • Summary
  • Questions and Problems
  • Web Questions
  • Appendix 14A: Mechanisms for Dealing with Sovereign Risk Exposure
  • Debt-for-Equity Swaps
  • MULTIYEAR RESTRUCTURING AGREEMENTS (MYRAs)
  • Loan Sales
  • Bond-For-Loan Swaps
  • Chapter 15: Market Risk
  • Chapter Fifteen Market Risk
  • INTRODUCTION
  • Calculating Market Risk Exposure
  • The Riskmetrics Model
  • The Market Risk of Fixed-Income Securities
  • Foreign Exchange
  • Equities
  • Portfolio Aggregation
  • Historic (Back Simulation) Approach
  • The Historic (Back Simulation) Model versus RiskMetrics
  • The Monte Carlo Simulation Approach
  • Expected Shortfall
  • Regulatory Models: The Bis Standardized Framework
  • The Bis Regulations and Large-Bank Internal Models
  • Summary
  • Questions and Problems
  • Chapter 16: Off-Balance-Sheet Risk
  • Chapter Sixteen Off-Balance-Sheet Risk
  • INTRODUCTION
  • Off-Balance-Sheet Activities and Fi Solvency
  • Returns and Risks of Off-Balance-Sheet Activities
  • Loan Commitments
  • Commercial Letters of Credit and Standby Letters of Credit
  • Derivative Contracts: Futures, Forwards, Swaps, and Options
  • Forward Purchases and Sales of When-Issued Securities
  • Loans Sold
  • Non–Schedule l Off-Balance-Sheet Risks
  • Settlement Risk
  • Affiliate Risk
  • The Role of Obs Activities in Reducing Risk
  • Summary
  • Questions and Problems
  • Web Questions
  • Appendix 16A: A Letter of Credit Transaction
  • Chapter 17: Technology and Other Operational Risks
  • Chapter Seventeen Technology and Other Operational Risks
  • INTRODUCTION
  • Sources of Operational Risk
  • Information Technology (IT) Risks
  • Strategic Risk of IT
  • Cybersecurity Risk
  • Technology Vendor and Third-Party Risk
  • Data Management Risk
  • Risk of Ineffective Risk Management
  • The Effect of Technology on Revenues and Costs
  • Technology and Revenues
  • Technology and Costs
  • Technology and the Evolution of the Payments System
  • Risks That Arise in an Electronic Transfer Payment System
  • Regulatory Issues and Technology and Operational Risks
  • Summary
  • Questions and Problems
  • Web Questions
  • Chapter 18: Risk of Digital Disruption and Fintech
  • Chapter Eighteen Risk of Digital Disruption and Fintech
  • INTRODUCTION
  • The Evolution of Fintech
  • Changing Relationship Between Banks and Fintechs
  • How Big Tech is Transforming Fintech
  • The Types of Fintech Innovations
  • Payments, Clearing, and Settlement Services
  • Market Support Services
  • Credit, Deposit, and Capital-Raising Services
  • Investment Management Services
  • Regulatory Approaches to Fintech
  • Fintech Charters and Other Licenses
  • Regulating Big Techs
  • International Regulations
  • Summary
  • Questions and Problems
  • Chapter 19: Liability and Liquidity Management
  • Part Three Managing Risk
  • Chapter Nineteen Liability and Liquidity Management
  • INTRODUCTION
  • Liquid Asset Management
  • Monetary Policy Implementation Reasons
  • Taxation Reasons
  • The Composition of the Liquid Asset Portfolio
  • Managing Liquid Assets Other than Cash
  • Liability Management
  • Funding Risk and Cost
  • Choice of Liability Structure
  • Demand Deposits
  • Interest-Bearing Checking (NOW) Accounts
  • Passbook Savings
  • Money Market Deposit Accounts (MMDAs)
  • Retail Time Deposits and CDs
  • Wholesale CDs
  • Federal Funds
  • Repurchase Agreements (RPs)
  • Other Borrowings
  • Liquidity and Liability Structures for U.S. Depository Institutions
  • Liability and Liquidity Risk Management in Insurance Companies
  • Liability and Liquidity Risk Management in Other Financial Institutions
  • Summary
  • Questions and Problems
  • Web Question
  • Appendix 19A: Minimum Reserve Requirements
  • The Liquid Asset Reserve Management Problem for U.S. Depository Institutions
  • Undershooting/Overshooting of the Reserve Target
  • Appendix 19B: Bankers’ Acceptances and Commercial Paper as Sources of Financing
  • Commercial Paper
  • Bankers’ Acceptances
  • Chapter 20: Deposit Insurance and Other Liability Guarantees
  • Chapter Twenty Deposit Insurance and Other Liability Guarantees
  • INTRODUCTION
  • Bank and Thrift Guaranty Funds
  • The Causes of the Depository Fund Insolvencies
  • The Financial Environment
  • Moral Hazard
  • Panic Prevention Versus Moral Hazard
  • Controlling Depository Institution Risk Taking
  • Stockholder Discipline
  • Depositor Discipline
  • Regulatory Discipline
  • Non-U.S. Deposit Insurance Systems
  • The Discount Window
  • Deposit Insurance versus the Discount Window
  • The Discount Window
  • Other Guaranty Programs
  • National Credit Union Administration
  • Property–Casualty and Life Insurance Companies
  • The Securities Investor Protection Corporation
  • The Pension Benefit Guaranty Corporation
  • Summary
  • Questions and Problems
  • Web Questions
  • Appendix 20A: Calculation of Deposit Insurance Premiums
  • NEW FINANCIAL RATIOS IN 2016 RULE
  • Appendix 20B: PRESS RELEASE
  • Appendix 20C: Deposit Insurance Coverage for Commercial Banks in Various Countries
  • Chapter 21: Capital Adequacy
  • Chapter Twenty-One Capital Adequacy
  • INTRODUCTION
  • Capital and Insolvency Risk
  • Capital
  • The Market Value of Capital
  • The Book Value of Capital
  • The Discrepancy between the Market and Book Values of Equity
  • Arguments against Market Value Accounting
  • Capital Adequacy in the Commercial Banking and Thrift Industry
  • Credit Risk and Risk-Based Capital
  • Risk-Weighted Assets for Credit Risk
  • Interest Rate Risk, Market Risk, and Risk-Based Capital
  • Operational Risk and Risk-Based Capital
  • Summary
  • Questions and Problems
  • Web Question
  • Appendix 21A: Internal Ratings-Based Approach to Measuring Risk-Weighted Assets
  • 2017 Revisions to the IRB Approaches
  • Appendix 21B: Methodology Used to Determine G-SIBs’ Capital Surcharge
  • Appendix 21C: Capital Requirements for Other Financial Institutions
  • Securities Firms
  • Life Insurance
  • Property–Casualty Insurance
  • Chapter 22: Product and Geographic Expansion
  • Chapter Twenty-Two Product and Geographic Expansion
  • INTRODUCTION
  • Product Diversification
  • Segmentation in The U.S. Financial Services Industry
  • Commercial and Investment Banking Activities
  • Banking and Insurance
  • Commercial Banking and Commerce
  • Nonbank Financial Service Firms and Banking
  • Nonbank Financial Service Firms and Commerce
  • Activity Restrictions in The United States Versus Other Countries
  • Issues Involved in the Diversification of Product Offerings
  • Safety and Soundness Concerns
  • Economies of Scale and Scope
  • Conflicts of Interest
  • Deposit Insurance
  • Regulatory Oversight
  • Competition
  • Domestic Geographic Expansion
  • Regulatory Factors Affecting Geographic Expansion
  • Insurance Companies
  • Thrifts
  • Commercial Banks
  • Cost and Revenue Synergies Affecting Domestic Geographic Expansion by Merger and Acquisition
  • Cost Synergies
  • Revenue Synergies
  • Merger Guidelines for Acceptability
  • Other Market- and Firm-Specific Factors Affecting Domestic Geographic Expansion Decisions
  • Global and International Expansions
  • U.S. Banks Abroad
  • Foreign Banks in the United States
  • Advantages and Disadvantages of International Expansion
  • Advantages
  • Disadvantages
  • Summary
  • Questions and Problems
  • Web Question
  • Chapter 23: Futures and Forwards
  • Chapter Twenty-Three Futures and Forwards
  • INTRODUCTION
  • Forward and Futures Contracts
  • Spot Contracts
  • Forward Contracts
  • Futures Contracts
  • Forward Contracts and Hedging Interest Rate Risk
  • Hedging Interest Rate Risk With Futures Contracts
  • Microhedging
  • Macrohedging
  • Routine Hedging versus Selective Hedging
  • Macrohedging with Futures
  • The Problem of Basis Risk
  • Hedging Foreign Exchange Risk
  • Forwards
  • Futures
  • Estimating the Hedge Ratio
  • Hedging Credit Risk with Futures and Forwards
  • Credit Forward Contracts and Credit Risk Hedging
  • Futures Contracts and Catastrophe Risk
  • Regulation of Derivative Securities
  • Summary
  • Questions and Problems
  • Web Question
  • Appendix 23A: Microhedging with Futures
  • Chapter 24: Options, Caps, Floors, and Collars
  • Chapter Twenty-Four Options, Caps, Floors, and Collars
  • INTRODUCTION
  • Basic Features of Options
  • Buying a Call Option on a Bond
  • Writing a Call Option on a Bond
  • Buying a Put Option on a Bond
  • Writing a Put Option on a Bond
  • Writing Versus Buying Options
  • Economic Reasons for Not Writing Options
  • Regulatory Reasons
  • Futures versus Options Hedging
  • The Mechanics of Hedging a Bond or Bond Portfolio
  • Hedging with Bond Options Using the Binomial Model
  • Actual Bond Options
  • Using Options to Hedge Interest Rate Risk on the Balance Sheet
  • Basis Risk
  • Using Options to Hedge Foreign Exchange Risk
  • Hedging Credit Risk with Options
  • Hedging Catastrophe Risk with Call Spread Options
  • Caps, Floors, and Collars
  • Caps
  • Floors
  • Collars
  • Caps, Floors, Collars, and Credit Risk
  • Summary
  • Questions and Problems
  • Web Question
  • Appendix 24A: Microhedging with Options
  • Microhedging With Options
  • Chapter 25: Swaps
  • Chapter Twenty-Five Swaps
  • INTRODUCTION
  • Swap Markets
  • Interest Rate Swaps
  • Realized Cash Flows on an Interest Rate Swap
  • Macrohedging with Swaps
  • Currency Swaps
  • Fixed-Fixed Currency Swaps
  • Fixed-Floating Currency Swaps
  • Credit Swaps
  • Total Return Swaps
  • Pure Credit Swaps
  • CDS Indexes
  • Swaps and Credit Risk Concerns
  • Netting and Swaps
  • Payment Flows Are Interest, Not Principal
  • Standby Letters of Credit
  • Libor to Sofr Transition
  • Summary
  • Questions and Problems
  • Appendix 25A
  • Setting Rates on a Swap: An Example
  • Solving for the Implied Forward Rates/Floating Payments on a Swap Agreement
  • Chapter 26: Securitization
  • Chapter Twenty-Six Securitization
  • INTRODUCTION
  • Mechanisms Used to Convert On-Balance-Sheet Assets to a Securitized Asset
  • The Pass-Through Security
  • GNMA
  • FNMA
  • FHLMC
  • The Incentives and Mechanics of Pass-Through Security Creation
  • Prepayment Risk on Pass-Through Securities
  • Prepayment Models
  • Government Sponsorship and Oversight of Fannie Mae and Freddie Mac
  • The Collateralized Mortgage Obligation (CMO)
  • Creation of CMOs
  • Class A, B, and C Bond Buyers
  • Other CMO Classes
  • The Mortgage-Backed Bond (MBB) or Covered Bond
  • Innovations in Securitization
  • Mortgage Pass-Through Strips
  • Securitization of Other Assets
  • Can All Assets be Securitized?
  • Summary
  • Questions and Problems
  • Web Question
  • Appendix 26A: Fannie Mae and Freddie Mac Balance Sheets
  • FREDDIE MAC
  • Index
  • Index
  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • U
  • V
  • W
  • X
  • Y
  • Z
  • Accessibility Content: Extended Descriptions for Images
  • Figure 1–1 Extended Description (Chapter 1)
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  • Figure 11–2 Extended Description (Chapter 11)
  • Figure 11–3 Extended Description (Chapter 11)
  • Figure 11A–1 Extended Description (Chapter 11)
  • Figure 11B–1 Extended Description (Chapter 11)
  • Figure 11B–2 Extended Description (Chapter 11)
  • Figure 11B–3 Extended Description (Chapter 11)
  • Figure 11B–4 Extended Description (Chapter 11)
  • Figure 12–1 Extended Description (Chapter 12)
  • Table 13–1 Extended Description (Chapter 13)
  • Figure 13–1 Extended Description (Chapter 13)
  • Figure 13–2 Extended Description (Chapter 13)
  • Figure 13–3 Extended Description (Chapter 13)
  • Figure 14–1 Extended Description (Chapter 14)
  • Figure 14A–1 Extended Description (Chapter 14)
  • Figure 15–1 Extended Description (Chapter 15)
  • Figure 15–2 Extended Description (Chapter 15)
  • Figure 15–3 Extended Description (Chapter 15)
  • Figure 15–4 Extended Description (Chapter 15)
  • Figure 15–5 Extended Description (Chapter 15)
  • Figure 15–6 Extended Description (Chapter 15)
  • Figure 15–7 Extended Description (Chapter 15)
  • Figure 16–1 Extended Description (Chapter 16)
  • Figure 16–2 Extended Description (Chapter 16)
  • Figure 16–3 Extended Description (Chapter 16)
  • Figure 16–4 Extended Description (Chapter 16)
  • Figure 16A–1 Extended Description (Chapter 16)
  • Figure 17–1 Extended Description (Chapter 17)
  • Figure 17–2 Extended Description (Chapter 17)
  • Figure 17–3 Extended Description (Chapter 17)
  • Figure 18–1 Extended Description (Chapter 18)
  • Figure 18–2 Extended Description (Chapter 18)
  • Figure 18–3 Extended Description (Chapter 18)
  • Figure 18–5 Extended Description (Chapter 18)
  • Figure 18–6 Extended Description (Chapter 18)
  • Figure 18–7 Extended Description (Chapter 18)
  • Figure 18–8 Extended Description (Chapter 18)
  • Figure 19–1 Extended Description (Chapter 19)
  • Figure 19A–1 Extended Description (Chapter 19)
  • Figure 20–1 Extended Description (Chapter 20)
  • Figure 20–2 Extended Description (Chapter 20)
  • Figure 20–3 Extended Description (Chapter 20)
  • Figure 20–4 Extended Description (Chapter 20)
  • Un numbered Figure 21.1 Extended Description (Chapter 21)
  • Un numbered Figure 21.2 Extended Description (Chapter 21)
  • Table 21–8 Extended Description (Chapter 21)
  • Figure 21–1 Extended Description (Chapter 21)
  • Figure 21A–1 Extended Description (Chapter 21)
  • Figure 22–1 Extended Description (Chapter 22)
  • Figure 22–2 Extended Description (Chapter 22)
  • Figure 22–3 Extended Description (Chapter 22)
  • Figure 22–4 Extended Description (Chapter 22)
  • Figure 23–1 Extended Description (Chapter 23)
  • Figure 23–2 Extended Description (Chapter 23)
  • Figure 23–3 Extended Description (Chapter 23)
  • Figure 23–4 Extended Description (Chapter 23)
  • Figure 23–5 Extended Description (Chapter 23)
  • Figure 23–6 Extended Description (Chapter 23)
  • Figure 23A–1 Extended Description (Chapter 23)
  • Figure 24–1 Extended Description (Chapter 24)
  • Figure 24–2 Extended Description (Chapter 24)
  • Figure 24–3 Extended Description (Chapter 24)
  • Figure 24–4 Extended Description (Chapter 24)
  • Figure 24–5 Extended Description (Chapter 24)
  • Figure 24–6 Extended Description (Chapter 24)
  • Figure 24–7 Extended Description (Chapter 24)
  • Figure 24–8 Extended Description (Chapter 24)
  • Figure 24–9 Extended Description (Chapter 24)
  • Figure 24–10 Extended Description (Chapter 24)
  • Un numbered Figure 24.1 Extended Description (Chapter 24)
  • Figure 24–11 Extended Description (Chapter 24)
  • Figure 24–12 Extended Description (Chapter 24)
  • Figure 24–13 Extended Description (Chapter 24)
  • Figure 24–14 Extended Description (Chapter 24)
  • Figure 24–15 Extended Description (Chapter 24)
  • Figure 24–16 Extended Description (Chapter 24)
  • Figure 24–17 Extended Description (Chapter 24)
  • Figure 24–18 Extended Description (Chapter 24)
  • Figure 24–19 Extended Description (Chapter 24)
  • Figure 24–20 Extended Description (Chapter 24)
  • Figure 24–21 Extended Description (Chapter 24)
  • Figure 24–22 Extended Description (Chapter 24)
  • Figure 24–23 Extended Description (Chapter 24)
  • Figure 24–24 Extended Description (Chapter 24)
  • Figure 24–25 Extended Description (Chapter 24)
  • Figure 25–1 Extended Description (Chapter 25)
  • Figure 25–2 Extended Description (Chapter 25)
  • Figure 25–3 Extended Description (Chapter 25)
  • Figure 25–4 Extended Description (Chapter 25)
  • Figure 25–5 Extended Description (Chapter 25)
  • Un numbered Figure 25.1 Extended Description (Chapter 25)
  • Figure 25A–1 Extended Description (Chapter 25)
  • Figure 25A–2 Extended Description (Chapter 25)
  • Figure 26–1 Extended Description (Chapter 26: Loan Sales - OLD)
  • Figure 26–1 Extended Description (Chapter 26)
  • Figure 26–2 Extended Description (Chapter 26)
  • Figure 26–3 Extended Description (Chapter 26)
  • Figure 26–4 Extended Description (Chapter 26)
  • Figure 26–5 Extended Description (Chapter 26)
  • Figure 26–6 Extended Description (Chapter 26)
  • Figure 26–7 Extended Description (Chapter 26)
  • Figure 26–8 Extended Description (Chapter 26)
  • Figure 26–9 Extended Description (Chapter 26)
  • Figure 26–10 Extended Description (Chapter 26)
  • Figure 26–11 Extended Description (Chapter 26)
  • Figure 26–12 Extended Description (Chapter 26)
  • Figure 26–13 Extended Description (Chapter 26)
  • Figure 26–14 Extended Description (Chapter 26)
  • Figure 26–15 Extended Description (Chapter 26)
  • Figure 26–16 Extended Description (Chapter 26)
  • Figure 26–17 Extended Description (Chapter 26)
  • Figure 26–18 Extended Description (Chapter 26)