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Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.

Abhandlungen über Johann Heinrich Jung-Stilling

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Retransfer clause

In the case of securitizations, the contractual agreement that securities whose servicing falters within the first few months can be returned to the special purpose entity or the originator. As a result, – buyers of securitized paper are less likely to scrutinize the credit quality of tranches taken into the portfolio: moral hazard, – the special purpose vehicle or originator has to draw on all credit lines because the original loans become uncollectible as a result of the borrower’s insolvency, as in the course of the subprime crisis in 2007, which can again – lead to rising interest rates on the financial market as well as to strong risk aversion. – See assets, illiquid, asset-backed securities-collateralized debt obligation, credit default swaps, loan-versus-paper business, development process, iterative, herd behavior, capital management company, credit card fiasco, collateral crisis, originate-to-distribute strategy, pay-green initiative, price changes, concurrent reintermediation, risk profile, setback effect, single master liquidity conduit, structured investment vehicle, true sale securitization, submarine effect, securitization, securitization structure, waterfall principle, special purpose vehicle.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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