Reading 45 -
7. non-mortgage asset-backed securities
다양한 종류의 논모기지 자산들이 증권화의 담보물로 사용되어져왔다.
자동차 담보 대출, 리스 리시버블 (lease receiavable), 신용카드 리시버블(credit card receivable), 개인대출(personal receivable), 그리고 상업대출(commercial receivable).
residential mortgage + auto loans 은 amortizing loans 의 한 예다.
여기서의 cash flow is 1. interest + 2. scheduled principal repayment + 3. any prepayments, if permissible.
no schedule for paying down the principal, it is a non-amortizing loan
credit card receivable ABS are an example of ABS backed by non-amortizing loans
the lockout period or revolving period - repaid principle can be reinvested to acquire additional loans with a principal equal to the principal repaid. When the lockout period is over, any principal that is repaid will not be used to reinvest in new loans but will instead be distributed to the bond classes.
Lockout provision: In a mortgage agreement the lockout provision keeps the borrower from prepaying the mortgage for a period of time after origination. The provision provides risk reduction to the lender when interest rates fall and the borrower tries to prepay or attempt to defease the loan.
7.1 Auto Loan ABS
*scheduled monthly payments (interest + scheduled principal repayments)
*any prepayment
*credit enhancement: senior/subordinated structure + overcollateralization + reserve account, excess spread account
7.2 Credit Card receivable ABS
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