The Journal of Lending & Credit Risk Management

Articles from Vol. 79, No. 9, May

An Introduction to Credit Derivatives
Broadly defined, a credit derivative is a financial contract outlining an exchange of payments in which at least one leg of the cash flews is linked to the performance of a specified underlying credit-sensitive asset or liability. The underlying markets...
A Road Map for Lenders Defending Preference Actions
A lender whose borrower has filed for bankruptcy protection incurs the expense and irritation of attempting to ensure recovery of the loan. Just when that ordeal seems to be wrapping up, the bankruptcy procedure can add insult to injury: A pithy letter...
Credit Derivatives: A User's Observations
During the 1980s, the interest rate swap, essentially a simple product, was introduced and grew to a market of staggering size. Today, the "plain vanilla" swap is one of the most common financial transactions in banking. I predict that credit derivatives...
Credit Derivatives: The New Wave in Risk Management
Credit risk is arguably the largest (by volume) single risk class in today's financial markets. As a consequence, we see the global credit derivatives market, which rose from $2 billion at the beginning of this decade to between $50 and $100 billion,...
Engineering Quality into Your Data
I once heard a bank consultant observe that banks throw away a valuable asset every day. He was talking about customer and account information. But is it really an asset, or just raw material with great potential? Participants in a round table discussion...
European Monetary Union: A Perspective on the Capital Markets
The 1992 Maastricht Treaty stipulates that European Monetary Union (EMU) will irrevocably fix exchange rates and introduce a single currency now referred to as the euro. The common European monetary policy will be run by a new supra-national institution...
Lien Priority Retention with a Little Help from the Dead
Keith and Donna Godchaux owned a trucking business. They were eager to refinance their trucks because interest rates were dropping. The commercial loan officer at Godchaux's bank, G.D. "Jerry" Garcia, also was eager - eager to get the refinancing business...
Reengineering Loan Underwriting: A Salute to the Three Musketeers and an Option of a Third Way
Part 1 of 2 Over the past 25 years, the failure of many American banks to maintain loan asset quality during both boom and bust times has devastated their management and shareholders. The capital lost by investors since 1970 in just the more visible...
The Case (For)(against)(for)(against) Regulation of Derivatives Markets: 150 Years of Experience Provide a Framework for Decision
The ongoing debate over the appropriate government regulation of derivative contracts has varied in intensity but has never fully subsided for at least ten years. Recent efforts by members of the Senate Agriculture Committee to clarify and rationalize...
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