[Article] Introduction to Mobile Money in Developing by Jane K Winn, Louis de Koker

By Jane K Winn, Louis de Koker

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This is accomplished by securitizing and selling the loans while retaining the rights to service the loans, with the servicing fee that is retained being like an interest-only strip of payments that compensates the servicer. In this respect, financial institutions and finance companies that are also originators of loans are uniquely positioned to take advantage of the growth of securitization since their infrastructure includes the human and technical resources required to service assets. STRUCTURING GOALS We have stated that securitization allows the creation from an asset pool securities that are more appealing to a wide range of investor types.

Finally, although the payment rules for the distribution of the principal payments are known, the exact amount of monthly principal is not. The monthly principal will depend on the principal cash flows generated by the collateral, which in turn depends on the actual preIf the par value of the bonds exceeds the par value of the collateral, it would mean the excess spread inherent in the assets has been capitalized. This presupposes that there will not be any prepayment and the excess spread will be realized.

It may seem strange that the issuer (FACET) can get any credit rating it wants, but that is the case. indd 14 5/31/08 8:14:48 PM Issuer Motivation for Securitizing Assets and the Goals of Structuring 15 for the bond classes are being sought. In turn, the rating agencies evaluating the bonds classes will tell the issuer how the transaction must be structured in order to obtain a specific rating for each of the bond classes in the structure. More specifically, the issuer will be told how much credit enhancement is required in the structure to be award a specific credit rating to each bond class.

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