2015년 11월 4일 수요일

[발췌: T. Hale's] Securitization: the chicken and egg version (FT, nov 2015(

출처: Financial Times, Nov 3, 2015.
자료: http://www.ft.com/intl/cms/s/0/9089429a-7ef3-11e5-98fb-5a6d4728f74e.html#axzz3qVbNsV14
지은이: Thomas Hale

※ 발췌(excerpt):

Securitization: the chicken and egg version


1. What is securitization?

Securitization is a way of transferring assets and risk to investors, and generating funding for more assets.

A bank might lend money to homebuyers. It can put these mortgages in a special vehicle (a shell company), which then issue bonds. Investors buy the bonds, and the bank receives the cash, via the vehicle. The investors receive income based on the mortgage payments. The bank has (mostly) moved the mortgages off its balance sheet and can issue new mortgages with the new funding.


2. I am still unclear─can you provide me with a frivolous analogy?

Yes. Consider a chicken farmer. Imagine you have 100 chickens and they each lay one egg per day.

One day, you decide the egg business is not necessarily the best way to make money─owning so many chickens is tiresome, and takes a long time to become profitable. So you speak to a group of peope from another village who need a long-term supply of eggs.

After much discussion, you agree to create an enormous special "coop" for the chickens (a "shell" company), somewhere between you respective villages. The investors pay a lump sum up front (for the value of 95 of the chickens─you retain 5 of them) and in return, they receive nearly all of the eggs the chickens lay each day. You receive a few daily eggs for yourself, and a few eggs are left to one side.

So far, so good. You have saved these people the trouble of tracking down eggs from different farms. Within such a large coop, the risk of the flow of eggs drying up is low, and if the chickens stop laying eggs, the investors can legally sell them to a butcher to recoup some value.

You don't need to worry about looking after your chickens any more, and anyway, they are not really "yours"─except for those 5 you retained. Some of the leftover eggs can be used to hire someone to look after the coop, and paid into a store of "spare eggs" in case the chicken stop laying.

You have also bought in "funding" from the investors, which you can use to breed or buy new chickens in your considerably more spacious village, and ultimately repeat the whole process, assuming enough people are addicted to eggs.


3. Hold on─isn't that what caused the crisis? No─the financial crisis?

( ... ... )


4. The chicken analogy has run its course ...

( ... ... )


5. So what is the problem?

( ... ... )


6. Why should I care about any of this?

( ... ... )

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