Securitization

In February 1970, the U.S. Department of Housing and Urban Development created the first transaction using a mortgage-backed security. The Government National Mortgage Association (GNMA or Ginnie Mae) sold securities backed by a portfolio of mortgage loans.

Introduction 3
Chapter 1. Securitization 4
1.1 Nature of securitization 4
1.2 The process of securitization 6
1.3 Types of securitization 8
Chapter 2. Securitization: Practices and Implications 10
2.1 David Bowie Bonds 10
2.2 Motives for securitization 11
2.3 Securitization in Russia 12
Conclusion 13
References 14
Glossary 15