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通知:《回 国 训 火 记》第十一集:《底牌摊开、乾坤初定》(下)已经发表 —— 第一次高潮! |
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你讲的资产证券化中某些形式,比如MORGAGE的证券化,MORTGAGE是被SOLD了。再比如不良资产的证券化,不良资产也被SOLD。但是。。。 -- 安普若 - (97 Byte) 2005-7-11 周一, 09:45 (796 reads) |
linghu [博客] [个人文集]
游客
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作者:游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
you are absolutely right that the toll fee case I mentioned a while ago (I could not even remember I did that before), and as a matter of fact, many other cases of the securitization (patent, royalty, etc), what are "sold" are certain rights that can generate future cash flows. On essence, most financial assets are just some rights to some cash flows without a meaningful collateral (mortgage is an exception).
I am just trying to use this chance to mention a general/fundamental concept of the securitization without getting into the nitty-gritties . In your story, I would think what is securitized(sold) is the right for the cleaning business (the ship itself, I believe, won't worth much). The SPE has to own this right although I am not sure how to achieve it practically (with a govenment gurantee?). If the company gets into trouble or goes bust, noboby can touch this right and the SPE can hire some other company or simply sell it (I am sure there should be many takers since it is a lucrative business based on Bob's in depth analysis). Again, not sure how to achieve this but this is the other fundament concept of the securitization, the so-called "bankruptcy remoteness".
Do not expect MMs from you since there were not any in your first reply. But fun and good story, keep it up.
作者:游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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- 通知:《回 国 训 火 记》第十一集:《底牌摊开、乾坤初定》(下)已经发表 —— 第一次高潮! -- 安普若 - (1425 Byte) 2005-7-03 周日, 11:41 (18786 reads)
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- 好!送! -- 安普若 - (44 Byte) 2005-7-04 周一, 00:17 (684 reads)
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