2016年4月20日 星期三

do-good, collateral, microfinancer, CDO, CDS, do-gooders

It's a do-good vision in a billion-dollar artisan industry. But investors are already losing patience


Do-gooders often suppress their own desires, sacrifice pleasures, and endure years of loneliness. But Larissa MacFarquhar doesn't think that altruists are necessarily deluded or dispirited


“THE do-gooder”, writes Larissa MacFarquhar in “Strangers Drowning”, “sets out to live as ethical a life as possible.”
ECON.ST

文章稱﹐由於缺乏對產品風險屬性的瞭解﹐監管機構工作人員對抵押債務憑證(CDO)等結構性投資工具和信用違約掉期(CDS)等衍生產品可能引發的問題﹐以及金融機構資產負債表不能體現的表外業務活動﹐其中包括對結構性產品至關重要的評級方法的缺陷等風險隱患不夠敏感。

In military jargon, civilian casualties in military actions are "collateral damage." The expression has a cold, soulless ring to it, devoid of any sense of the warmth normally associated with human life. The expression reduces each person's life and death to stark statistics, enabling aggressors to conveniently justify their actions.



A.I.G. has outlined only broad categories: some is being used to shore up its securities-lending program, some to make good on its guaranteed investment contracts, some to pay for day-to-day operations and — of perhaps greatest interest to watchdogs — tens of billions of dollars to post collateral with other financial institutions, as required by A.I.G.’s many derivatives contracts.
No information has been supplied yet about who these counterparties are, how much collateral they have received or what additional tripwires may require even more collateral if the housing market continues to slide.
Ms. Tavakoli said she thought that instead of pouring in more and more money, the Fed should bring A.I.G. together with all its derivatives counterparties and put a moratorium on the collateral calls. “We did that with ACA,” she said, referring to ACA Capital Holdings, a bond insurance company that filed for bankruptcy in 2007.






The positive version is that pawnshops are happy-to-help do-gooders for the unwealthy, a sort of poor man's banker: both the Franciscans of the Middle Ages and the Buddhist monks of Ancient China ran pawning operations for the benefit of the poor. Such pawnbrokers would provide tiny sums that those without a lot of collateral couldn't borrow from the more pompous lending bodies: in effect, they were microfinancers. Saint Nicholas is the patron saint of pawnbrokers - there's a touching legend whereby he provides dowries for three poor girls who can't get married without them, and the dowries were three bags of gold - hence the three gold balls you see hanging outside every Western pawnshop.






collateral damage noun [U]
during a war, the unintentional deaths and injuries of people who are not soldiers, and damage that is caused to their homes, hospitals, schools, etc.
wsj 新聞:
IBM said its new mortgage-origination services business received government approval. The unit will allow mortgage lenders to replace the fixed costs with a variable-cost framework.

mortgage-origination
是專門名詞
:The process of making a new loan from marketing to closing.

Collateralized debt obligation
CDO
An investment-grade security backed by a pool of bonds, loans and other assets. CDOs do not specialize in one type of debt but are often non-mortgage loans or bonds.
Investopedia Says:
Similar in structure to a collateralized mortgage obligation (CMO) or collateralized bond obligation (CBO), CDOs are unique in that they represent different types of debt and credit risk. In the case of CDOs, these different types of debt are often referred to as 'tranches' or 'slices'. Each slice has a different maturity and risk associated with it. The higher the risk, the more the CDO pays.






某教科書

Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities (Wiley Finance)-US-
ISBN:9780471385875 (Hard cover book)
Hayre, Lakhbir (EDT) /Publisher:John Wiley & Sons Inc Published 2001/04

Table of Contents
  Introduction.
AN OVERVIEW OF THE MARKET.
A Concise Guide to Mortgage-Backed Securities
(MBSs).
An Introduction to the Asset-Backed
Securities (ABSs) Market.
The Mechanics of Investing in Mortgage- and
Asset-Backed Securities.
PREPAYMENT ANALYSIS AND MODELING.
Anatomy of Prepayments: The Salomon Smith
Barney (SSB) Prepayment Model.
Random Error in Prepayment Projections.
The Mortgage Origination Process.
The Impact of the Internet on Prepayments.
COLLATERAL SECTORS.
Ginnie Mae.
Adjustable Rate Mortgages (ARMs).
Hybrid ARMs.
Jumbo Loans.
Alternative-A Loans.
OPTION-ADJUSTED SPREADS AND DURATIONS.
The SSB Two-Factor Term Structure Model.
Mortgage Durations and Price Moves.
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(CMOs) AND STRIPPED MBSs.
Structuring Mortgage Cash-Flows.
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBSs).
A Guide to CMBs.
A Guide to Interest Only CMBSs.
A Guide to Fannie Mae DUS MBSs.
MORTGAGE-RELATED ASSET-BACKED SECURITIES.
Home Equity Loan (HEL) Securities.
Prepayments on RFC Fixed-Rate Sub-Prime/HELs.
Manufactured Housing (MH) Loan Securities.
NON-MORTGAGE-RELATED ASSET-BACKED SECURITIES.
Class C Notes: Opening the Next Frontier in
Credit Card Asset-Backed Securities.
A Fresh Look at Credit Card Subordinate
Clauses.
Recreational Vehicle and Boat Loan ABSs.
The ABCs of CDO Equity.
Student Loans.
NON-U.S. MARKETS.
The Mortgages Market in the United Kingdom.
The CMBs Market in the United Kingdom.
The Mortgage Market in Australia.
APPENDICES.


do-gooder 

Pronunciation: /duːˈɡʊdə/ 

Derivatives

do-good

ADJECTIVENOUN

do-goodery

Pronunciation: /duːˈɡʊdəri/  
NOUN

do-gooding

NOUN

do-goodism

NOUN

col・lat・er・al


━━ a. 平行する; 従属[副次]的な; 傍系の; 【商業】追加担保のついた.
━━ n. 傍系の親戚; 〔米〕 担保物件, 見返り証券.
collateral bond 担保付き社債.
collateral damage 付随的被害.
collateralized mortgage obligation モーゲージ担保債務証書.
collateral loan 担保付きローン.
collateral trust bond 証券担保付き信託社債.

沒有留言: