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On the heels of the April downgrades of General Motors Corp. and Ford Motor Co. to non-investment grade status, the haircut unwinding of exposed CDO positions reverberated in mounting regulatory concerns about current risk measurement standards of derivatives and the impact of complex structured finance techniques on financial stability. Subsequent warnings about the resilience of credit risk transfer to financial shocks, however, hardly extended beyond indistinct assessments of derivatives. This brief article defines structured finance in order to inform a more specific debate about the regulatory challenges posed by the assembly of asset exposures and credit risk transfer in complex structured finance transactions

Topics: structured finance, credit risk transfer, asset-backed securitization (ABS, securitization, mortgage-backed
Year: 2005
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