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SECURITIZATION AND STRUCTURED FINANCE - …
SCHWARCZ_Encyclopedia of financial Globalization - Elsevier [ELSEVIER S ENCYCLOPEDIA OF financial GLOBALIZATION] SECURITIZATION AND STRUCTURED FINANCE 1 Steven L. Schwarcz2 SECURITIZATION or, as it is spelled in Europe, securitisation refers to a category of financing transactions in which companies sell rights to payment under mortgage loans, accounts receivable, lease rentals, or other types of income-producing financial assets to a trust or other special-purpose vehicle (an SPV, sometimes interchangeably called a special-purpose entity or SPE). The goal is to separate these assets from the risks generally associated with the company. The company then can use these assets to raise funds in the capital markets at a lower cost than if the company, with its associated risks, had borrowed the funds. A threshold question is how SECURITIZATION and STRUCTURED FINANCE differ, since the terms are often used interchangeably.
SCHWARCZ_Encyclopedia of Financial Globalization - Elsevier [ELSEVIER‘S ENCYCLOPEDIA OF FINANCIAL GLOBALIZATION] SECURITIZATION AND STRUCTURED FINANCE 1 Steven L. Schwarcz2
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