Course Category

• Process of asset securitization
• Cash flows in asset securitization
• Benefits to different entities in Asset securitization
• Global scenario of asset securitization

Credit Enhancement

• Fundamentals of credit enhancement
• Types of credit enhancement
• Companies providing credit enhancement
• Calculating credit enhancement

Ratings Approach to Asset Securitization

• Credit rating in asset securitization
• Various concerns of rating agencies
• A generalized approach used by rating agencies

Mortgage Backed Securitization (Residential)

• Types of Mortgage Backed Securities
• Terminology used in Mortgage Backed Securitization
• Prepayment and the factors responsible for it
• Federal Agencies for securitizing Residential Mortgages
• Structuring Mortgage Backed Securities

Residential Mortgage Backed Securities

• Basics of Mortgage backed securities
• Federally sponsored mortgage securities
• Concept of prepayment
• Different prepayment standards
• Pass Through Securities
• Pay Through Securities
• Planned Amortization Class
• Targeted Amortization Class
• Stripped Mortgage Backed Securities
• Floaters
• CMO Residuals

Mortgage Backed Securitization (Commercial)

• Differences between residential and commercial mortgages
• Elements and features of a typical CMBS
• Commercial loan evaluation and rating process

Auto Loan Receivables Securitization

• Types of auto loans originated and securitized
• Structure of auto loan backed securities
• Features of trust structures
• Rating process in auto loan securitization
• Significant aspects of securitization for first time securitizers

Credit Card Receivables Securitization

• Fundamentals of Credit Card Receivables
• The structure of Credit Card Receivables transaction
• Securitization process
• Various measures of maturity
• Concepts of Interchange and Early Amortization
• Rating process for credit card receivables securitization

Collateralized Debt Obligations

• Fundamentals of CDOs
• Balance Sheet Vs. Arbitrage CDOs
• Cash Flow Vs. Market Value Structures
• Synthetic Structures
• Motivations behind CDOs
• Rating Process
• Role of Asset Manager
• Distinction between CBOs and CLOs

Case Studies (CDOs, CLOs, CBOs)

• Jubilee CDO I B.V
• ROSE Transaction
• SBC Glacier Transaction
• Panther CDO II B.V

Future Flow Receivables Securitization

• The basics of future flow receivables securitization
• Reasons for future flow receivables securitization
• Risks involved
• Securitization of airline ticket receivables
• Securitization of export receivables

Home Equity Loans

• Fundamentals of Home Equity Loans
• Types of Home Equity Loans
• Pros & Cons of Home Equity Loans
• Securitization of Home Equity Loans
• Structures based on credit enhancement

Insurance Risk Securitization

• Concepts underlying Insurance Risk Securitization
• Insurance Loss Indices
• Instruments of Insurance Risk Securitization
• Weather Risk Securitization
• Advantages and disadvantages of Insurance Risk Securitization
• Catastrophe (CAT) Bonds
• Issuance of CAT Bonds
• Probabilities and Cash Flows of CAT Bonds
• Types of Insurance Risk Structures

Case Studies (Non-Performing Loans)

• Korea Asset Funding 2000-1 Limited (KAMCO)
• Ariosto S.r.l
• Danaharta
• Japan II Ltd.

Case Studies (Different Products)

• Trade receivables securitization
• Equipment lease securitization
• Inventory securitization
• Dealer floorplan receivables securitization

• LG Card
• Pemex Finance Ltd.
• RAMS Mortgage Corp. Ltd. Series 11
• Series 2002-1G Medallion Trust

Case Studies (North America and Europe)

• Wells Fargo Student Loans Receivables I LLC
• BEC Funding LLC
• Ares Finance S.r.l.
• LIBRAVOU FL3

Asset Backed Commercial Paper

• Fundamentals of ABCP conduits
• Key parties to a transaction
• The risks faced by ABCP investors and methods to mitigate them
• Assets securitized through ABCP conduits
• Legal issues associated with ABCP conduits

Project Management

• An outline of various components of a basic asset securitization policy statement
• Project Plan for Credit Card Responsibility Delegation
• Project Plan for Auto Loans Responsibility Delegation

Risk Management

• The risks involved in asset securitization
• Nature of these risks
• Methods to manage each risk
• General risk management measures
• Risk-based capital requirements

Legal Aspects

• The importance of ownership and title to the collateral involved in securitization transactions
• The importance of establishing priority in having recourse against the collateral
• The bankruptcy issues and the consequent reforms in the United States
• The procedures for ABS issue as under the United States laws
• The UN convention on Assignment of Receivables

Accounting

• Accounting for Asset Securitization under FAS 140
• Sale and loan treatment
• Gain or loss on sale accounting
• Investor Accounting
• Bank Regulatory Capital Relief
• International Accounting Standard: IAS 39

Tax

• Taxation of different participants in the securitization process
• Tax issues in select countries
• Applicability of Withholding Tax
• Relevant aspects of The U.S. FASIT Law

Supervision

• Office of the Comptroller of the Currency
• Federal Deposit Insurance Corporation
• Federal Reserve System
• Interagency guidance on asset securitization activities

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