Commercial Law Aspects of Residential Mortgage Securitisation in Australia
This book evaluates key commercial law aspects of the relevant law and legislation governing residential mortgage-backed securities (RMBSs) in Australia from a legal perspective. Within the context of a “public benefit test” framework, the book seeks
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Commercial Law Aspects of Residential Mortgage Securitisation in Australia
Commercial Law Aspects of Residential Mortgage Securitisation in Australia
Pelma Rajapakse • Shanuka Senarath
Commercial Law Aspects of Residential Mortgage Securitisation in Australia
Pelma Rajapakse Griffith University Brisbane, QLD, Australia
Shanuka Senarath University of Colombo Colombo, Sri Lanka
ISBN 978-3-030-00604-4 ISBN 978-3-030-00605-1 (eBook) https://doi.org/10.1007/978-3-030-00605-1 Library of Congress Control Number: 2018968613 © The Editor(s) (if applicable) and The Author(s) 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: krisanapong detraphiphat / Getty Images This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Foreword
In 1998, as a young academic, I wrote the first article warning of the macro-economic risks of securitisation transactions. During the late 1990s, the volume of issuance of asset-backed securities backed by all types of receivables and cash flows was increasing exponentially, year after year. There was also very little regulation or oversight of the transactions’ structure, the credit quality of the underlying receivables, the value of the underlying collateral, as well as considerable uncertainty in governing law. Without much oversight, the financial services industry, which was making a great deal of money from these transactions, extolled the benefits of securitisation to both issuers and investors. Likening it to alchemy, securitisation enthusiasts failed to consider the possibility that the house of cards the industry was built on could ever come tumbling down. And tumble it did. The global financial crisis of 2007 saw the failure of financial institutions,
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