Die Spezifik der ABS-Finanzierung und ihre aktuelle Entwicklung im Verbriefungsbereich
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Studienarbeit aus dem Jahr 2009 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Hochschule Merseburg (Wirtschaftswissenschaften), Veranstaltung: Finanzmanagement, Sprache: Deutsch, Abstract: Die Entwicklungen auf den internationalen Finanzmärkten in der jüngsten Vergangenheit, speziell die drastischen Auswirkungen der letzten 2 Jahre, haben gezeigt wie labil das internationale Finanzsystem ist. Als Konsequenz staatlicherseits überzeugte die Bundeskanzlerin Angela Merkel die Bürger in ihrer Rede vom 15.10.2008, dass der Staat die einzige Instanz war und ist, ''um das Vertrauen zwischen den Banken wiederherzustellen.'' Jedoch soll nicht der Schutz der Banken im Vordergrund stehen, sondern der Schutz der Bürger. Ursache dieser Entwicklungen war u. a. die exzessive Vergabe von Immobiliendarlehen. Diese wurden ohne weitere Kreditwürdigkeitsprüfungen an Kreditnehmer mit schlechter Bonität und geringem Einkommen, dem sog. Subprime-Markt, in den USA vergeben. Durch komplexe Finanzinstrumente wie den Asset-Backed Securities (ABS) wurde der Vertrieb der Hypothekarkredite an den Subprime-Markt gefördert und "quasi-staatlich" subventioniert. Solche Verfahrensweisen sind allerdings in Deutschland auf Grund der hiesigen Gesetzgebung nicht möglich. Ziel dieser Seminararbeit ist es, einen Überblick über die Spezifik der ABS und ihre aktuelle Entwicklung im Verbriefungsbereich zu geben. Im zweiten Kapitel werden zunächst die Begriffe ''Asset-Backed Securities'' sowie ''Verbriefung'' erklärt. Wie und wodurch ein derartiges Finanzinstrument in den USA entstand, wird im dritten Kapitel dargestellt. Ferner wird im vierten Kapitel auf die Chancen und Risiken der ABS eingegangen. Dabei werden in Unterkapiteln die Sichtweise des Originators und die Sichtweise der Investoren unterschieden. Im fünften Kapitel wird im Zusammenhang mit ihrer Ursprungsform, den Mortgage-Backed Securities (MBS), die Einwirkung dieses Finanzinstrument in die aktuelle Finanzmarktkrise veranscha
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