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insead_hecНе вижу в этом ничего плохого. Несмотря на их роль в кризисе 2007-2009 года, идея по сути правильная, и ценные бумаги такого типа неизбежны.
IF YOU asked regulators in 2008 which financial instrument they most wished had never been invented, odds were that they angrily splurted a three-letter acronym linked to securitisation. The practice of bundling up income streams such as credit-card and car-loan repayments, repackaging them as securities and selling them on in “tranches” with varying levels of risk once seemed like enlightened financial management. Not so after many a CDO, CLO, ABS, MBS and others (see table) turned out to be infested with worthless American subprime mortgages.
Find the same regulator today and he is probably devising a ploy to resuscitate the very financial vehicle he was bemoaning five years ago. Enthusiasm for the once-reviled practice of transforming a future income stream into a lump sum today—the essence of securitisation—is palpable. In Britain Andy Haldane, a cerebral official at the Bank of England, recently described it as “a financing vehicle for all seasons” that should no longer be thought of as a “bogeyman”. The European Central Bank (ECB) is a fan, as are global banking regulators who last month watered down rules that threatened to stifle securitisation.
Economist, January 11, 2014
IF YOU asked regulators in 2008 which financial instrument they most wished had never been invented, odds were that they angrily splurted a three-letter acronym linked to securitisation. The practice of bundling up income streams such as credit-card and car-loan repayments, repackaging them as securities and selling them on in “tranches” with varying levels of risk once seemed like enlightened financial management. Not so after many a CDO, CLO, ABS, MBS and others (see table) turned out to be infested with worthless American subprime mortgages.Find the same regulator today and he is probably devising a ploy to resuscitate the very financial vehicle he was bemoaning five years ago. Enthusiasm for the once-reviled practice of transforming a future income stream into a lump sum today—the essence of securitisation—is palpable. In Britain Andy Haldane, a cerebral official at the Bank of England, recently described it as “a financing vehicle for all seasons” that should no longer be thought of as a “bogeyman”. The European Central Bank (ECB) is a fan, as are global banking regulators who last month watered down rules that threatened to stifle securitisation.
Economist, January 11, 2014
