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1. (1985-1994 .)
(. .)
1985 3461 1985 112761,1 1987 638
1987 187,4 1987 132317,5 1987 2229,7 1987 782 1988 769,5 1988
1054 1988 1585,2 1988
2139,3
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1992
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1993 3212 1994 ABS 776 1994 208 1994 207
304227,1
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2. (1994-1998 .)
,
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-
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3. ( )
CARs (Certificates of
Automobile Receivables)
MPTs (Mortgage
Pass-Throughs)
APTs (Agency Pass-
Throughs)
Strips (Separate Tranche
Interest and Principal Securities)
PO-Strips (Principal only)
IO-Strips (Interest only)
CMOs (Collateralizd
Mortgage Obligation)
CARDs (Certificates of
Amortising Revolving Debts)
CLEOs (Collateralized
Lease Equipment Obligation
Obligations)
Asset-Backed Securities
-
94
4. ABS
(Pass- Through)
:
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(Pay- Through)
:
;
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Asset-Backed Securities (ABS) - ,
.
Mortgage-Backed Securities (MBS) ,
. : ( 11
2003 . N152- " ").
Collateralized Mortgage Obligations (CMO) ( - overed bonds)
,
. :
( 11 2003 . N152- "
").
Mortgage Pass-Through Securities (MPTs) ,
. :
( 11 2003 . N152- "
").
Agency Mortgage-Backed Securities (Agency MBS) ,
: ,
. . :
, .
Non-agency Mortgage-Backed Securities (Non-agency MBS) -
. .
:
,
,
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.
Residential Mortgage Backed Securities (RMBS) - ,
. :
( 11 2003 . N152- "
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Commercial Mortgage-Backed Securities (CMBS) - ,
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-
105
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( 3)
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.
Agency Pass-Through Securitiy (APTs) ,
: , ,
.
Collateralized Mortgage Obligations (CMO) ,
. ,
, ()
.
Collaterized Bond Obligation (CBO)
.
Collateralized Debt Obligation (CDO) - ,
,
,
-
106
,
.
Collateralized Loan Obligation (CLO) - , ,
,
.
Collateralized Lease Equipment Obligation (CLEOs) ,
.
Certificates of Automobile Receivables (CARs) ,
, .
Certificates of Amortising Revolving Debts (CARDs) - ,
, ,
.
Stripped Mortgage-Backed Security (Strips)
,
. : (. Interest-
Only securities) (. Principal-Only securities)
PO (Principal-Only) Strips ,
.
.
IO (Interest-Only) Strips - ,
.
-
107
- :
1. 11.11.2003 152- " " (.
27.07.2006);
2. 29.11. 2001 . 156- " " (.
23.07.2008);
3. 22.04.1996 39- " " (. 07..02.2011);
4. 26.10.2002 127- " ()" (.
30.12.2008);
5. 26.12.1995 208- " (.
28.12.2010);
6. -39 : .
, , :
7. ... : -
. .: , 2007;
8. . . .1992;
9. . . , 1994;
10. . . , , 2007;
11. . . . 1994;
12. // . .. , ., 2002.
:
13. American securitization forum (ASF):
http://www.americansecuritization.com/;
14. The Securities Industry and Financial Markets Association
(SIFMA): http://www.sifma.org;
15. The Association for Financial Markets in Europe (AFME):
http://www.afme.eu;
16. Clifford Chance. Clifford Chance International
Securitisation Group. 1994;
17. The Wall Street Journal.
, , , :
18. . . // , 5, 2009;
19. . . :
, ? // , 1, 2010;
20. . . // , 8, 2006;
21. . . // , 5, 2007;
22. . . ,
// ,
18.02.2009;
-
108
23. . .
// , 04.02.2008;
24. . . //
, 04.03.2011;
25. . . // , 08.03.2011;
26. . , 21.06.10;
27. . . :
, // , 27.03.2007;
28. .. covered bonds MBS:
? // , 1, 2011;
29. . . // , 16.10.2009
30. . . : 2009
// , 2010;
31. . , , .
, 14.07.09;
32. . . . //
, 2010;
33. .. SPV // .
http://www.selivanovsky.ru/;
34. NSP: 16.03.2011 " ";
35. .. - // , 15.10.2008;
36. .. // , 2008;
37. .. : , , , 2010;
38. :
// , 2009;
39. .. //
, 12, 2007
40. . . // , 4, 2008;
41. . . .
, 2008;
42. . . // . 3, 2009;
43. . . //
, , 2009;
44. . . : // .
12, 2008;
-
109
45. Fitch, Standard & Poors.
-:
46. - http://cbr.ru/;
47. -2008-1 - http://3ma.ahml.ru/;
48. -http://www.rusipoteka.ru/;
49. Cbonds - http://www.cbonds.info/;
50. InvestFunds - http://pif.investfunds.ru/;
51. - http://www.ipotekasystem.ru/;
52. : http://www.pifovik.ru/about/12/ipoteka;
53. . - http://www.selivanovsky.ru/;
54. - http://bankir.ru/;
55. http://www.raexpert.ru/.
