For the U.S., we will highlight two programs: the low income housing tax credit program, which uses the tax code as an incentive, and the capital fund financing program, that allows public housing authorities to securitize an ongoing stream of funds and use this to modernize properties.

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In Chapter 2, basing on the overview of the available literature, I sift the extant explanatory theories and empirical evidences for bank to securitize, and divide the motivations of asset securitization into seven reasons: increasing liquidity, regulatory capital arbitrage, saving funding cost, bank risk management, improving management efficiency, resolving information asymmetries, optimizing capital structure.

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In 2003, Berkshire did $2 billion of such borrowing and re-lending, with Clayton using much of this money to fund several large purchases of portfolios from lenders exiting the business. A portion of our loans to Clayton also provided "catch-up" funding for paper it had generated earlier in the year from its own operation and had found difficult to securitize.

2003年，Berkshire以這樣的方式借了20億美元，并將這筆錢轉(zhuǎn)借給Clayton国产A∨爱情动作片免费观看，Clayton則將大部分的資金從有意退出此業(yè)務(wù)的金主手中買回應(yīng)收帳款三级性视频，其余的資金則用來彌補(bǔ)年前已發(fā)行的受益憑證，但由于后續(xù)無法繼續(xù)發(fā)行所產(chǎn)生的資金缺口久久久久精品久久久久免费。

He spoke enthusiastically about supporting a legislative proposal to allow government-sponsored enterprises Fannie Mae and Freddie Mac to securitize more expensive mortgages to spread their liquidity function into a different part of the market, but signaled that the administration would condition its support on broader regulatory reform of the companies.

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REITs connects the market of real estate and stock, so the investors no longer need to spend large capital justto participate in the real estate market. Through securitize to detail to investment, and sell in public to decentralize the package. As well the benefit will be to vitalize the real estate market and their capital.

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Special Purpose Companies can issue different class securities to investors without injuring its tax treatment and can securitize the basic assets of an originator or one batch of originators without considering whether these assets are related with each other.

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The Group's aim is wherever possible to securitize its property, internationalize its capital, and widen the range of its shareholders, with the goal of becoming an internationally competitive major conglomerate with maximal corporate and social value.

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For example, Basel II only permits originating banks who securitize loans by way of a traditional securitization transaction, not to count those loans in its risk weighted exposures, if the sale of the mortgage loans to the SPV puts the loans completely beyond the bank's control (ie the transfer or the loans to the SPV must be by way of clean sale which cannot be set aside).

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We borrow money against portfolios of interest-bearing receivables whose risk characteristics we understand. We did this in 2001 when we guaranteed $5.6 billion of bank debt to take over, in partnership with Leucadia, a bankrupt Finova (which held a broad range of receivables). All of that debt has been repaid. More recently, we have borrowed to finance a widely-diversified, predictably-performing portfolio of manufactured-home receivables managed by Clayton. Alternatively, we could "securitize" that is, sell these receivables, but retain the servicing of them. If we followed this procedure, which is common in the industry, we would not show the debt that we do on our balance sheet, and we would also accelerate the earnings we report. In the end, however, we would earn less money. Were market variables to change so as to favor securitization, we could sell part of our portfolio and eliminate the related debt. Until then, we prefer better profits to better cosmetics.

2我們也會舉債用來買進(jìn)有利息收入且我們了解其風(fēng)險屬性的應(yīng)收帳款，像我們在2001年就與 Leucadia 合作聯(lián)合對當(dāng)時破產(chǎn)的融資公司 Finova給予56億美元的債務(wù)擔(dān)保，目前該筆借款業(yè)已清償完畢鲁鲁动态视频，而最近熟女丰满少妇一级毛片，我們也借錢給子公司 Clayton 房屋以協(xié)助其買進(jìn)風(fēng)險相當(dāng)分散且容易預(yù)估績效的房屋貸款債權(quán)，當(dāng)然我們大可以像其它同業(yè)一樣將這些債權(quán)證券化賣掉欧美性爱网综合，只保留后續(xù)的服務(wù)部份欧美六九，如此我們帳上不但可以降低負(fù)債比例，而且可以達(dá)到美化帳面的目的在线日韩素人自拍网页观看视频，但如此一來亚洲精品综合玖玖爱在线，我們卻必須犧牲部份利潤，除非市場真的轉(zhuǎn)變国产在线3p，使得證券化較有利人人骚人人操人人高潮，我們才可能出售部份應(yīng)收帳款以降低負(fù)債，在這之前岛国欧美黄色网站视频，我們寧要里子不要面子国产精品igao视频网网站。