Preface
This book, Asset Securitization: Theory and Practice, is based on my 30 years of observations and work experience in the U.S. asset securitization market. It is a celebration of this efficient financing method that has, over the last four decades, benefited lenders, borrowers, and investors alike. As a capstone for a career spent in some of the major investment banking firms and a leading credit rating agency, this book is also written with an unavoidable tinge of sadness. Powerhouses such as Salomon Brothers, Bear Stearns, and Lehman Brothers, and venerable investment firms like E. F. Hutton—places I admired or worked and honed my analytical skills at as a young man—have been swept away by the change of times or mismanagement. And the asset securitization market was almost destroyed by greed, abuse, and complacency. As a market practitioner who believes in the power of asset securitization, and contributed in a small way to its success, the events of the last three years have been painful to witness. However, ever the optimist, I am hopeful that the market will storm back bigger, better, and stronger, to once again provide financing to consumers and businesses, creating wealth for our society.
This book could not have been published without the help of many of my colleagues and friends. I would like to thank Rocco Sta. Maria, Head of Sales and Client Services for Standard & Poor's in Asia-Pacific, for putting me in touch with John Wiley & Sons. I am grateful for the assistance ...
