Pub Date : 2022-01-31DOI: 10.3905/jsf.2022.27.4.073
Jennifer Kang
{"title":"Highlights from Global Capital","authors":"Jennifer Kang","doi":"10.3905/jsf.2022.27.4.073","DOIUrl":"https://doi.org/10.3905/jsf.2022.27.4.073","url":null,"abstract":"","PeriodicalId":51968,"journal":{"name":"Journal of Structured Finance","volume":"27 1","pages":"73 - 81"},"PeriodicalIF":0.4,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45830492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-31DOI: 10.3905/jsf.2022.27.4.082
{"title":"Highlights from Structured Finance Association (SFA)","authors":"","doi":"10.3905/jsf.2022.27.4.082","DOIUrl":"https://doi.org/10.3905/jsf.2022.27.4.082","url":null,"abstract":"","PeriodicalId":51968,"journal":{"name":"Journal of Structured Finance","volume":"27 1","pages":"82 - 91"},"PeriodicalIF":0.4,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47694181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-31DOI: 10.3905/jsf.2022.27.4.001
Mark Adelson
On the positive side, household balance sheets are quite strong, having received a solid boost from pandemic-related relief programs. According to one view, the current inflationary environment is most likely temporary (Alpert 2021). 2 12 C.F.R. § 7.1031 (2021);Office of the Comptroller of the Currency, National Banks and Federal Savings Associations as Lenders, 85 Fed.
{"title":"Editor’s Letter","authors":"Mark Adelson","doi":"10.3905/jsf.2022.27.4.001","DOIUrl":"https://doi.org/10.3905/jsf.2022.27.4.001","url":null,"abstract":"On the positive side, household balance sheets are quite strong, having received a solid boost from pandemic-related relief programs. According to one view, the current inflationary environment is most likely temporary (Alpert 2021). 2 12 C.F.R. § 7.1031 (2021);Office of the Comptroller of the Currency, National Banks and Federal Savings Associations as Lenders, 85 Fed.","PeriodicalId":51968,"journal":{"name":"Journal of Structured Finance","volume":"27 1","pages":"1 - 3"},"PeriodicalIF":0.4,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46501686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In 2014, the US Securities and Exchange Commission’s Regulation AB mandated loan-level data disclosure for public auto loan asset-backed securities (ABS). As a result, the loan level data from 2017 to 2021 display a rich set of loan-level variables that shed light on collateral performance patterns and improve risk analysis, especially for credit risk. Statistical predictive models that incorporate these loan-level drivers substantially improve the accuracy and granularity of default forecasts for auto ABS loans, and can provide benefits for investors and risk managers who use them.
{"title":"Auto ABS Loan-Level Data: Improved Risk Analysis","authors":"Yini Yang, Joy Zhang, Jiawei Zhang","doi":"10.3905/jsf.2022.1.130","DOIUrl":"https://doi.org/10.3905/jsf.2022.1.130","url":null,"abstract":"In 2014, the US Securities and Exchange Commission’s Regulation AB mandated loan-level data disclosure for public auto loan asset-backed securities (ABS). As a result, the loan level data from 2017 to 2021 display a rich set of loan-level variables that shed light on collateral performance patterns and improve risk analysis, especially for credit risk. Statistical predictive models that incorporate these loan-level drivers substantially improve the accuracy and granularity of default forecasts for auto ABS loans, and can provide benefits for investors and risk managers who use them.","PeriodicalId":51968,"journal":{"name":"Journal of Structured Finance","volume":"27 1","pages":"31 - 42"},"PeriodicalIF":0.4,"publicationDate":"2022-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47845751","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The recent 27th Annual ABS East Conference at the Fontainebleau in Miami Beach attracted roughly 1,500 attendees from issuers, investors, and government entities. The conference started on Monday, December 13, 2021, and ran through Wednesday, December 15, 2021. The conference was a hybrid event that allowed remote participation via the Internet. The overall mood was strongly positive. This report covers 18 sessions from the event, including the general sessions on Tuesday and breakout sessions covering ESG, the pandemic, mortgage-backed securities, consumer ABS, equipment lease ABS, and aircraft ABS. SESSIONS COVERED Monday Sessions ESG Hub: Analyzing and Implementing a Taxonomy Distressed Credit Trading Opportunities in the Commercial MBS Market ESG Hub: Applications to MBS FIIN Task Force: Consumer ABS Pandemic Recovery Assessment: The RMBS Market Tuesday Sessions IMN & FIIN ABS East Welcoming Remarks The Corporate World Re-Emerging: Pandemic Recovery and Moving Towards a Sustainable Finance Agenda Defining the Real Risks to Our Economy Today Keynote Fireside Chat: The Big Gender Short—Presented by 100 Women in Finance Trends in Non-QM MBS Single Family Rental: A Market Heating Up or Prone to Overheating? Outlook for GSE Mortgage Credit Risk Transfer FIIN Task Force: RMBS Sector Update: Aircraft ABS Wednesday Sessions The Fixed Income Investor Roundtable: Focus Areas for a Post-Pandemic Market Keynote Fireside Chat: Life Insurance Premium Finance—Evolution of a New ABS Asset Class Sector Update: Equipment Leasing Blockchain for ABS: Digitization and Automation Developments in Online Lending
{"title":"ABS East 2021 Conference Notes","authors":"Mark H. Adelson","doi":"10.3905/jsf.2022.1.129","DOIUrl":"https://doi.org/10.3905/jsf.2022.1.129","url":null,"abstract":"The recent 27th Annual ABS East Conference at the Fontainebleau in Miami Beach attracted roughly 1,500 attendees from issuers, investors, and government entities. The conference started on Monday, December 13, 2021, and ran through Wednesday, December 15, 2021. The conference was a hybrid event that allowed remote participation via the Internet. The overall mood was strongly positive. This report covers 18 sessions from the event, including the general sessions on Tuesday and breakout sessions covering ESG, the pandemic, mortgage-backed securities, consumer ABS, equipment lease ABS, and aircraft ABS. SESSIONS COVERED Monday Sessions ESG Hub: Analyzing and Implementing a Taxonomy Distressed Credit Trading Opportunities in the Commercial MBS Market ESG Hub: Applications to MBS FIIN Task Force: Consumer ABS Pandemic Recovery Assessment: The RMBS Market Tuesday Sessions IMN & FIIN ABS East Welcoming Remarks The Corporate World Re-Emerging: Pandemic Recovery and Moving Towards a Sustainable Finance Agenda Defining the Real Risks to Our Economy Today Keynote Fireside Chat: The Big Gender Short—Presented by 100 Women in Finance Trends in Non-QM MBS Single Family Rental: A Market Heating Up or Prone to Overheating? Outlook for GSE Mortgage Credit Risk Transfer FIIN Task Force: RMBS Sector Update: Aircraft ABS Wednesday Sessions The Fixed Income Investor Roundtable: Focus Areas for a Post-Pandemic Market Keynote Fireside Chat: Life Insurance Premium Finance—Evolution of a New ABS Asset Class Sector Update: Equipment Leasing Blockchain for ABS: Digitization and Automation Developments in Online Lending","PeriodicalId":51968,"journal":{"name":"Journal of Structured Finance","volume":"27 1","pages":"54 - 72"},"PeriodicalIF":0.4,"publicationDate":"2022-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43937810","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We focus here on traditional infrastructure, defined as capital-intensive physical assets that are vital to the functioning of an advanced society and that broadly enable economic activity: power and energy, transportation and transit, water supply and water treatment, and digital communications. This article questions seven myths about infrastructure investment in the United States: (1) the US government can unilaterally dictate where funds are spent for most infrastructure classes; (2) the federal government owns and controls interstate highways; (3) many infrastructure projects cannot get funding; (4) the United States disfavors public–private partnerships; (5) US airports should be privatized to achieve efficiencies and improved passenger service; (6) it is easy to transition the US power grid to renewable generation; and (7) only money matters for improving infrastructure. The vast stores of public and private capital earmarked for investments in infrastructure can be readily deployed if there is stakeholder alignment, political will, sufficient planning, timely regulatory approvals, and economic viability. In contrast, misalignment of costs and benefits, a lack of economic viability or political will, or opposition from key stakeholders creates project delivery challenges.
{"title":"Seven Myths About US Infrastructure","authors":"Barry Gold, A. Marks","doi":"10.3905/jsf.2021.1.128","DOIUrl":"https://doi.org/10.3905/jsf.2021.1.128","url":null,"abstract":"We focus here on traditional infrastructure, defined as capital-intensive physical assets that are vital to the functioning of an advanced society and that broadly enable economic activity: power and energy, transportation and transit, water supply and water treatment, and digital communications. This article questions seven myths about infrastructure investment in the United States: (1) the US government can unilaterally dictate where funds are spent for most infrastructure classes; (2) the federal government owns and controls interstate highways; (3) many infrastructure projects cannot get funding; (4) the United States disfavors public–private partnerships; (5) US airports should be privatized to achieve efficiencies and improved passenger service; (6) it is easy to transition the US power grid to renewable generation; and (7) only money matters for improving infrastructure. The vast stores of public and private capital earmarked for investments in infrastructure can be readily deployed if there is stakeholder alignment, political will, sufficient planning, timely regulatory approvals, and economic viability. In contrast, misalignment of costs and benefits, a lack of economic viability or political will, or opposition from key stakeholders creates project delivery challenges.","PeriodicalId":51968,"journal":{"name":"Journal of Structured Finance","volume":"27 1","pages":"8 - 24"},"PeriodicalIF":0.4,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46248918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In a pair of decisions, Seila Law LLC v. Consumer Fin. Prot. Bureau and Collins v. Yellen, the US Supreme Court addressed constitutional challenges to two agencies created during the depth of the 2008 Financial Crisis. The earlier Seila Law decision addressed challenges to the structure of the Consumer Protection Financial Bureau, which was headed by a single director not fully answerable to the President. In 2020, the Supreme Court found that structure to be unconstitutional, but avoided a dismantling of the agency by simply severing the “for cause” removal clause from the statute. In Collins v. Yellen, it did the same for the Federal Housing Finance Agency, finding that its structure could be saved by making its director removable at will.
在两项判决中，Seila Law LLC诉Consumer Fin。保护。在Bureau和Collins诉Yellen案中，美国最高法院对2008年金融危机最严重时期成立的两个机构提出了宪法挑战。Seila Law早些时候的决定解决了对消费者保护金融局结构的挑战，该局由一名对总统不完全负责的局长领导。2020年，最高法院认定该结构违宪，但通过简单地从法规中删除“出于原因”的罢免条款，避免了该机构的解散。在柯林斯诉耶伦案中，它对联邦住房金融局也采取了同样的做法，发现可以通过让其局长随意免职来挽救其结构。
{"title":"Collins v. Yellen: The Supreme Court Addresses Constitutional Challenges to the FHFA More Than a Decade after the Financial Crisis","authors":"A. Malyshev","doi":"10.3905/jsf.2021.1.127","DOIUrl":"https://doi.org/10.3905/jsf.2021.1.127","url":null,"abstract":"In a pair of decisions, Seila Law LLC v. Consumer Fin. Prot. Bureau and Collins v. Yellen, the US Supreme Court addressed constitutional challenges to two agencies created during the depth of the 2008 Financial Crisis. The earlier Seila Law decision addressed challenges to the structure of the Consumer Protection Financial Bureau, which was headed by a single director not fully answerable to the President. In 2020, the Supreme Court found that structure to be unconstitutional, but avoided a dismantling of the agency by simply severing the “for cause” removal clause from the statute. In Collins v. Yellen, it did the same for the Federal Housing Finance Agency, finding that its structure could be saved by making its director removable at will.","PeriodicalId":51968,"journal":{"name":"Journal of Structured Finance","volume":"27 1","pages":"25 - 30"},"PeriodicalIF":0.4,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46695899","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-31DOI: 10.3905/jsf.2021.27.3.080
{"title":"Highlights from Structured Finance Association (SFA)","authors":"","doi":"10.3905/jsf.2021.27.3.080","DOIUrl":"https://doi.org/10.3905/jsf.2021.27.3.080","url":null,"abstract":"","PeriodicalId":51968,"journal":{"name":"Journal of Structured Finance","volume":"27 1","pages":"80 - 87"},"PeriodicalIF":0.4,"publicationDate":"2021-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48040198","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-31DOI: 10.3905/jsf.2021.27.3.071
Jennifer Kang
BNPL can help create this alignment. [...]satisfying the ‘need’ for a replacement pair of shoes today falls in line with the reality that the consumer may not have budgeted for this expense today.” ABS market participants have long forecasted the rise of the BNPL sector, calling it the next frontier, particularly for marketplace loan ABS investors, owing to similarities between the marketplace lending and point of sale asset classes. Drawing a parallel to the early days of marketplace lending ABS, one analyst said the market should be wary of ‘stacking’, where consumers go to numerous lenders to take out loans at the same time without reporting it to the credit bureaus. On the buy side, US banks are propelling the post-Covid CLO boom, having increased their holdings of CLO bonds by 35% through the first half of 2021, said Bank of America.
{"title":"Highlights from Global Capital","authors":"Jennifer Kang","doi":"10.3905/jsf.2021.27.3.071","DOIUrl":"https://doi.org/10.3905/jsf.2021.27.3.071","url":null,"abstract":"BNPL can help create this alignment. [...]satisfying the ‘need’ for a replacement pair of shoes today falls in line with the reality that the consumer may not have budgeted for this expense today.” ABS market participants have long forecasted the rise of the BNPL sector, calling it the next frontier, particularly for marketplace loan ABS investors, owing to similarities between the marketplace lending and point of sale asset classes. Drawing a parallel to the early days of marketplace lending ABS, one analyst said the market should be wary of ‘stacking’, where consumers go to numerous lenders to take out loans at the same time without reporting it to the credit bureaus. On the buy side, US banks are propelling the post-Covid CLO boom, having increased their holdings of CLO bonds by 35% through the first half of 2021, said Bank of America.","PeriodicalId":51968,"journal":{"name":"Journal of Structured Finance","volume":"27 1","pages":"71 - 79"},"PeriodicalIF":0.4,"publicationDate":"2021-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41702272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：