This document discusses securitization and housing finance in India. It begins by defining securitization as the process of liquidating illiquid long-term assets like loans and receivables by issuing marketable securities against them. It then outlines the key parties and stages involved in securitization. Some benefits of securitization include additional funding, profitability, and risk spreading. Housing finance and the role of the National Housing Bank in promoting affordable housing are also summarized. Securitization has grown the Indian debt market and housing finance sector.
This presentation covers Merchant Banking History; Categories; Services provided by them; Methods of placement; underwriting; Issue management & SEBI guidelines.
Formula Plan in Securities Analysis and Port folio ManagementSuryadipta Dutta
Formula Plan in Securities Analysis and Port folio Management INCLUDING introduction,need, types, advantages with constant rupee value plan, constant ratio plan, Variable Ratio Plan, limitations and with every notes.
This presentation covers Merchant Banking History; Categories; Services provided by them; Methods of placement; underwriting; Issue management & SEBI guidelines.
Formula Plan in Securities Analysis and Port folio ManagementSuryadipta Dutta
Formula Plan in Securities Analysis and Port folio Management INCLUDING introduction,need, types, advantages with constant rupee value plan, constant ratio plan, Variable Ratio Plan, limitations and with every notes.
Just in time (JIT) is a production strategy that strives to improve a business' return on investment by reducing in-process inventory and associated carrying costs. Just in time is a type of operations management approach which originated in Japan in the 1950s. It was adopted by Toyota and other Japanese manufacturing firms, with excellent results: Toyota and other companies that adopted the approach ended up raising productivity (through the elimination of waste) significantly.
Securitization is an American invention, but no longer remains an American curiosity. Almost every country’s financial systems have certain securitization schemes. Today, securitized assets not only include mortgages on properties, but also credit card receivables, computer leases, equipment notes financing, auto loans, and even future sales of music records. Securitization is the financial practice of pooling various types of contractual debt, such as residential mortgages, commercial mortgages, auto loans, or credit card debt obligations, and selling said consolidated debt as pass-through securities, or collateralized mortgage obligation (CMOs) to various investors. The cash collected from the financial instruments underlying the security is paid to the various investors who had advance money for that right. Securities backed by residential mortgage receivables are called residential-mortgage-backed securities (RMBS), while those backed by other types of receivables are asset-backed securities (ABS). Securitization has emerged globally as an important technique for bundling assets and segregating risks into marketable securities. It involves parceling and selling pools of eligible assets by the company owning the assets to a Special Purpose Vehicle (SPV) company, which issues debt securities to finance the purchase of such assets. This paper will discuss the present nascent state of the securitization market in India, its potential and attempts to identify what needs to be done by various stakeholders in this market for securitization to grow into its full potential. The paper will attempt to explain the growth of securitization in different markets, elaborating on the process, reasons for securitizing as- sets, benefits of and requirements for a successful asset securitization focusing on India with special reference to SARFAESI Act 2002.
This slides deals with financial engineering. It is an innovative financial service. it also deals with different financial services rendered by the forex and domestic market.
savings bank account services by karnataka bankAprameya joshi
the document starts with introduction to financial services then goes with comercial banks and then speaks about the profile of karnataka bank and savings bank account services of karnataka bank
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
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Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
2. Introduction
The financial system all over the world is in
transforming stage . The capital, money and debt
markets are getting widened and deepened. The
development of debt market increases the efficiency of
capital market. The debt or assets securitization plays
very important role. It is the debt market which has
provided more impetus for capital formation than
equity market in the economically advance countries.
Debt or asset securitization assumes
a significant role and it is one of the most innovative
techniques introduced in the debt market.
2
3. Meaning and Definition
Securitization of debt or asset refers to the process of
liquidating the illiquid and long term assets like loans
and receivables of financial institutions like banks by
issuing marketable securities against them.
The definition can be stated as “A carefully
structured process where by loans and other
receivables are packaged , underwritten and sold in
the form of asset backed securities”.
3
4. Securitization is also differs from
factoring, on following points.
Securitization Factoring
Associated with loans
Deals with loans
Nature is medium or long
term
Collection work is done by
originator or agency
Part of credit risk can be
absorbed by originator
Associated with book debts
Deals with bills receivables
Nature is short term
Collection work is done by
factor himself
Whole credit risk is on the
shoulder of factor
4
5. Modus of Operandi
In securitization following parties are required
1. Originator : An entity making loans to borrowers or having
receivable from customers.
2. Special purpose vehicle(SPV) : The entity which buys assets
from originator and packages them in to security for further
sale.
3. Investment Bank : A body that is Responsible for conducting
the documentation work
4. Credit rating agency : To provide value addition to security .
5. Insurance company/under writer : To provide cover against
redemption risk to investor and /or under subscription
6. Obligator : Company that gives debt to other company as a
result of borrowing (debtor)
7. Prospective investor : The party to whom securities are sold
5
6. Stages in securitization
There are 5 stages involved in the working of
securitization
1. Identification stage/ process
2. Transfer stage/ process
3. Issue stage/ process
4. Redemption stage / process
5. Credit rating stage/ process
6
7. Process of Securitization
Issue proceeds
Originator
Asset Pool
SPV
Note issue
Credit enhancement
Class A Notes
Class B Notes
Class C Notes
Investor
7
8. Securitization : Operational
Mechanism
The crucial link in the Securitization chain is the
creation of a special purpose vehicle (SPV). The SPV
intermediates between the primary market for the
underlying asset and the secondary market for the
asset backed security .The SPV is a separate entity ,
incorporated in consonance with prevailing laws . The
basic process can be split up into 3 function.
1 .The originator function
2 .The pooling function
3 .The securitization function
8
9. Methods of Securitization
As stated earlier, securitization is liquidating
long term assets in to marketable securities, the asset’s
quality , amount of amortization , default experience
of original borrower, financial reputation and
soundness etc ., is vital
There are 3 important Methods of Securitization
1 .Pass through and Pay through certificates
2 .Preferred stock certificates
3 .Asset based commercial paper
9
10. Pass through certificate
Cash flows are ‘passed through’ to the holders of the
securities in the form of monthly payments of interest,
principal & pre-payments
They reflect ownership right in the assets backing the
securities
Pre-payment precisely reflects the payment on the
underlying mortgage . If it is a home loan with
monthly payments, the payments on securities would
also be monthly but at a slightly less coupon rate than
the loan.
10
11. Pay through certificate
This permits the issuer to restructure receivables flow
to offer investment maturities to the investors
associated with varied yields and risk .The issuer owns
the receivables and sells the debt backed by the assets.
The cash flows can be remade into various debt
tranches with different maturities.
11
12. Preferred stock certificates : it is issued by a subsidiary
company against the trade debts and consumer
receivables of its parent company
Asset-based commercial papers : The SPV purchase
portfolio of mortgages from different sources (various
lending institutions) and they are combined into a
single group on the basis of interest rates, maturity
dates and underlying collaterals . Then it transferred
in to trust and issue mortgage backed securities.
12
13. Types of Securitization
1. Mortgaged Backed securitization (MBS)
2. Mortgage pass through securitization
3. Auto loan securitization (ALS)
4. Credit card segment
5. Trade receivable
6. Non asset based securitization
7. Asset based securitization (ABS)
13
14. The following assets are generally
securitized by financial institutions
1. Term loans to financially reputed companies
2. Receivables from government departments and
companies
3. Credit card receivables
4. Hire purchase loans like vehicle loans
5. Lease finance
6. Mortgage loans etc..;
14
15. Benefit of securitization
Securitization provides benefits to all the parties such as,
the originator, investor and the regulatory authorities .
Some of them are as below
1. Additional source of fund
2. Greater profitability
3. Enhancement of capital adequacy ratio
4. Spreading of credit risk
5. Lower cost of funding
6. Provision of multiple instrument
7. Higher rate of return
8. Prevention of idle capital
9. Better than traditional instrument.
15
16. History of securitization in India
Securitization in India began in the early 1990’s ,with CRISIL
rating the first securitization program in 1991-1992, of an auto
loan . City bank securitized auto loans and placed a paper with
GIC mutual fund worth about Rs 16 cores.
Securitization began with the sale of consumer loan pools, and
originators directly sold loans to buyers. They acted as servicers
and collected installments due on the loans.
Creation of transferable securities backed by pool receivables
(known as PTCs) becomes common in late 1990 through most of
the 90’s securitization of the Indian markets .
From 2000 till today ABS& RMBS have fuelled the growth of the
Indian securitization market.
16
17. Housing finance
Shelter being one of the 3 basic needs , every human being
aspires to own a home.
Homes are not just houses-they are environments which project
the aspirations of individual families to live a better life.
In India ,up to the late 1970’s housing finance was a key
constraint to ownership of a house.
The concept of housing finance was pioneered by housing
development finance corporation(HDFC)in Oct .1977.
Housing finance is a business of financial intermediation
wherein the money raised through various sources such as public
deposits , institutional borrowings , refinance from NHB and
their own capital , is lend to borrowers for purchasing house.
These intermediaries lend money by accepting mortgage by
deposit of title deeds of the residential property .
17
18. Types of housing loans in markets
Home - equity loans: A form of finance to the customer by
way of mortgage of existing property to the financier for
taking a loans for some other purpose .Current market
value basis of the property to provide loans
Home –extension loans
Home –improvement loans
Home - purchase loans
Land purchase loans
Home loans to self-help groups (SHGs)/Micro finance
institutions (MFIs)
Loans to NRIs
18
19. Housing finance in India
The responsibility to provide housing finance largely
rested with the govt of India till the mid-eighties. The
setting up of the National housing Bank (NHB) a fully
owned subsidiary of the RBI in 1998, as the apex
institution ,marked the beginning of the emergence of
housing finance as a fund-based financial service in
the country.
It has grown in volume and depth with the entry of a
number specialized financial institutions/companies
in the public, private and joint sector, although it is at
an early stage of development.
19
20. National housing bank
The NHB was established in 1988 under the NHB Act
1987, to operate as a principal agency to promote
housing finance institutions (HFIs) at both local &
regional level, and to provide financial and other
support to them. The HFIs include institutions ,
whether incorporated or not, that primarily transact or
have as one of their principal objects the transacting of
the business of providing finance for housing, either
directly or indirectly
20
21. Objective of NHB
To promote housing financing in India
To make housing credit more affordable
To augment resources for the sector and channelise them
for housing
To promote adequate housing finance institutions network
To encourage augmentation of supply of buildable land
and also building materials for housing and to upgrade the
housing stock in the country
To encourage public agencies to emerge as facilitators and
suppliers of serviced land , for housing
21
22. Residential Mortgage-Backed
Securitization ( MBSs)
NHB launched the pilot issues of MBSs in AUG 2000.
The primary lenders create mortgages against loans
provided by them to the purchasers of houses
The mortgages held as assets generate cash flows
represented by repayment of both principal as well as
interest on the loans.
The secondary mortgage market involves the
conversion of mortgages into financial instruments
and the sale of these instruments to prospective
investors
22
23. Reverse- Mortgage Loan ( RML)
There has been an increase in the residential-house price in the
past few years , which have created considerable ‘home equity
wealth’.
For most senior citizens, the house is the largest component of
their wealth.
Reverse mortgage seeks to monetize the house as an asset and
,specifically, the owner’s equity in the house.
It is a mortgage loan for senior citizens(over 60 years),who
generally are not eligible for any form of mortgage loan .The loan
is given on single or joint basis with the spouse , even if one of
the spouses is below 60 years .
Reverse mortgage is a loan that allows senior citizens to convert
home equity into cash , without leaving their homes and without
making monthly – mortgage payments.
23
24. The borrower can repay loan and accumulated interest
and have mortgage released without resorting to sale
of the property
Maximum period of loan will be 15 years, the payment
will not be made by the lender.
Borrower will be responsible for paying property tax ,
housing- insurance premium
Senior citizens owing a house but having inadequate
income to meet their needs such as renovation /repair
/hospitalisation,etc
24
25. Trends in housing finance
Retail home loan market is well integrated in to the
broader financial sector and the capital market
Large market segment dependent on formal financial
system for credit availability
Technology to be packaged with financing
A parallel intervention in terms of mortgage guarantee
has been introduced for mitigating the credit risk
associated with the segment
Union budget support(fiscal) towards Housing and
Housing finance sector
25