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Securitization

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Securitization

The Road Ahead

IMF,

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As securitizations return, it may be a good time to put more safeguards in place.

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7

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  • Analytical
  • Innovative
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Recommendation

Securitization is a double-edged sword: While pooling illiquid assets such as mortgages into tradable securities increases banks’ lending capacity, securitization can also pose numerous threats to financial systems. Miguel Segoviano, Bradley Jones, Peter Lindner and Johannes Blankenheim, economists at the International Monetary Fund, evaluate the risks of securitization as well as ways to address them in this expert report, though some lay readers may find its language difficult to sift through at times. getAbstract suggests it to bankers, traders and risk managers.

Summary

While 2014 securitization issuance is at less than half its 2003 peak, risk may be on the rise as specific types of issues, such as asset-backed securities in in the United States and Europe, and commercial mortgage-backed securities in America, show increasing signs of life. Proposals suggest reforms to four components of the securitization cycle:

  1. “Loan origination” – Before the financial crisis, weak lending standards and poor regulation, documentation and registration practices were common in the mortgage market. Lenders must, at a minimum, have a financial stake in the underlying securitized...

About the Authors

Miguel Segoviano, Bradley Jones, Peter Lindner and Johannes Blankenheim are economists at the International Monetary Fund.

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