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银行，为了摆脱他们所拥有的非流动性资产，并在贷款方面获得财务自由,不断地寻找新的极具创新性的技术。这种将这些非流动性资产转换为流动资产的创新性技术称为资产证券化。银行将这些非流动性资产作为抵押贷款，销售给称为特殊目的载体(SPV)的机构。这些特殊目的载体将这些贷款证券出售给投资者。机构出售这些证券之前，他们通过评级机构进行评级。资产证券化作为一个过程，能够减少信息的不对称;增加金融萧条;并作为低成本的资金来源,降低了监管资本,降低了银行风险。资产证券化的过程，作为一个整体，有许多优点，但是，在2007年年底，资产证券化由于金融危机的影响开始出现裂缝。因此有必要研究在资产证券化过程中出现了什么问题，是什么问题导致了金融危机。

这项研究通过分析经济发展中资产证券化过程，进而分析了资产证券化在金融危机产生过程中的作用，然后深入采用信用评级机构的分析方法和经济学相关理论，研究资产证券化的具体作用。很难分析所有评级公司的评级过程和方法，因此决定分析穆迪投资者服务中心。选择穆迪投资者服务中心是因为他的名字和市场上的“质量”概念是同义词。

“Role of Asset Securitization in Present Financial Crisis”

Abstract

Banks, to get rid of illiquid assets they posses and to attain financial freedom in lending, searched for new innovative techniques. This innovative method of converting these illiquid assets in to liquid assets technique is called asset securitization. Banks pool up these illiquid assets like mortgage loans and sell it to agencies called as special purpose vehicle (SPV). These special purpose vehicles convert these loans in to securities and sold to investors. Before agencies sold these securities they got it rated from rating agencies. Asset securitization as a process reduced information asymmetries; increased financial slack; served as a lower cost of financing source; reduced regulatory capital; and reduced bank risk. The process of asset securitization as a whole has many advantages but by the end of year 2007 it started to crack with financial crisis. It is therefore necessary to study what went wrong in the process of asset securitization that lead to financial crisis.

The study analyzes the role of asset securitization in financial crisis by analyzing the economics of asset securitization process as whole. Then in depth analysis of credit rating agencies methodologies and economics of how they rate these securities is studied. As it is difficult to analyze the rating processes and methodologies of all rating companies in this thesis I have decided to analyze Moody's investor service. Moody's has been selected because its name is synonym with quality in the market.

The growth and fall of mortgage industry performance of mortgage industry have been analyzed. The factors that led to financial crisis have been analyzed. The study analyze the moody's rating methodologies and rating models and updates to rating models. The short comes in rating methodologies and rating process has been discussed. The rating models updates effect on default rate of rating has been analyzed. Finally the effect of these default rates on financial crisis has been studied and analysis of role of asset securitization in financial crisis is studied.

Chapter 1

Introduction

The process of asset securitization started in the year 1870 when Government National Mortgage Association (GINNIE MAC) purchased pools of loans and converted in to securities and sold these securities to investors. In the year 1970 special innovative technique called 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。