Quand la FED approuvait et encourageait la titrisation des Subprimes et la pulvérisation des pertes en confétis pour les vendre au monde entier.

MARCH 1994 et mise à jour 1996

Page 21 : http://www.federalreserve.gov/BoardDocs/SupManual/cbem/200710/4000.pdf

The federal government encourages the securitization of residential mortgages. In 1970, the Government National Mortgage Association (GNMA or Ginnie Mae) created the first publicly traded mortgage-backed security. Shortly thereafter, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), both government-sponsored agencies, also developed mortgage-backed securities. The guarantees on the securities that these government or government-sponsored entities provide ensure investors of the payment of principal and interest. These guarantees have greatly facilitated the securitization of mortgage assets. Banks also securitize other types of assets, such as credit card receivables, automobile loans, boat loans, commercial real estate loans, student loans, nonperforming loans, and lease receivables.

There are essentially five benefits that can be derived from securitized transactions. First, the sale of assets may reduce regulatory costs. The removal of an asset from an institution’s books reduces capital requirements and reserve requirements on the deposits funding the asset. Second, securitization provides originators with an additional source of funding or liquidity. The process of securitization basically converts an illiquid asset into a security with greater marketability. Securitized issues often require a credit enhancement, which results in a higher credit rating than what would normally be obtainable by the institution itself. Consequently, these issues may provide the institution with a cheaper form of funding. Third, securitization may be used to reduce interest-rate risk by improving the institution’s asset-liability mix. This is especially true if the institution has a large investment in fixed-rate, low-yield assets. Fourth, by removing assets, the institution enhances its return on equity and assets. Finally, the ability to sell these securities WORLDWIDE diversifies the institution’s funding base, which reduces the bank’s dependence on local economies.

D’autres textes là :

http://search.newyorkfed.org/search/search.jsp?template=BOARD&type=adv&who=patx&directory=pwall&text=securitization+of+residential+mortgages⊂mit=Search

Oui, vous avez bien lu selon la FED, l’intérêt de la titrisation des subprimes était de les vendre ai mond entier et de ne pas dépendre des économies locales.

C’etait effectivement bien vu.