(DOWNLOAD) "Leveraged Liquidity: Bear Raids and Junk Loans in the New Credit Market." by The Journal of Corporation Law " Book PDF Kindle ePub Free
eBook details
- Title: Leveraged Liquidity: Bear Raids and Junk Loans in the New Credit Market.
- Author : The Journal of Corporation Law
- Release Date : January 01, 2009
- Genre: Business & Personal Finance,Books,
- Pages : * pages
- Size : 510 KB
Description
I. INTRODUCTION By now, we have all noticed the turbulence in our credit market. Defaults on residential mortgages have climbed, prices for structured credit products have fallen, and banks have tightened lending standards. To counter some of this, the Federal Reserve (Fed) has been adding "liquidity" to the credit system by lending banks cash (or financial resources that act like cash) against collateral pledged by the banks. (1) Liquidity injections reassure nervous banks and, it is hoped, coax them into making loans of their own to consumers and businesses, that way jump-starting confidence in the economy. One such liquidity tool is the Fed's discount window, which lets a bank pledge its own loans to bank customers (or securities from the bank's own portfolio) in exchange for a cash loan from the Fed. (2) Think of it as the Fed's pawnshop for commercial banks facing short-term liquidity problems.
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