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Arnold Ziegel formed Mountain Mentors Associates after his retirement from a corporate banking career of more than 30 years at Citibank. The lessons learned from his experience in dealing with entrepreneurs, multinational corporations, highly leveraged companies, financial institutions, and structured finance, led to the development and delivery of numerous senior level credit risk training programs for major global financial institutions from 2002 through the present. This book was conceived and written as a result of the development of these courses and his experience as a corporate banker. It illustrates the fundamental issues of credit and credit analysis in a manner that tries to take away its mystery. The overriding theme of this book is that when an investor extends credit of any type, the goal is “to get your money back”, and with a return that is commensurate with the risk. The goal of credit analysis is not to make “yes or no” decisions about the extension of credit, but to identify the degree of risk associated with a particular obligor or a particular credit instrument. This is consistent with modern banking industry portfolio management and the rating systems of credit agencies. Once the “riskiness” of an obligor or credit instrument is established, it can be priced or structured to match the risk demands or investment criteria of the entity that is extending the credit. A simple quote from Mr. J. P. Morgan is used often in this text - “Lending is not based primarily on money or property. No sir, the first thing is character”. This statement represents one of the conflicts in modern credit analysis – that of models for decision making versus traditional credit analysis. The 2008 financial crisis was rooted in the mortgage backed securities business. Sophisticated models were used by investors, banks, and rating agencies to judge the credit worthiness of billions (and maybe trillions) of dollars worth of residential mortgage loans that were packaged into securities and distributed to investors. The models indicated that these securities would have very low losses. Of course, huge losses were incurred. Mr. Morgan had a good point. In this case is was both property and character. The properties that were the collateral for many of the mortgages had much less value than was anticipated. The valuation of the collateral was na�ve and flawed. Many assumptions were made that the value of homes would rise without pause. Many mortgage loans were made that were at or even above the appraised value of a residence. But character was a huge, perhaps larger, factor behind these losses. Many of the residential mortgage loans were made to individuals who knew that they did not have the income to make the required payments on the mortgages. Many of the mortgage brokers and lenders who made these loans also knew that many of the borrowers were not properly qualified. And, many of the bankers who securitized these loans also may have doubted the credit quality of some of the underlying mortgages. If bankers and rating agencies understood the extent of the fraud and lax standards in the fundamental loans backing the mortgage securities, or were willing to acknowledge it, the fiasco would not have occurred.
- Sales Rank: #144059 in Books
- Published on: 2015-01-14
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .32" w x 6.00" l, .43 pounds
- Binding: Paperback
- 138 pages
Most helpful customer reviews
4 of 4 people found the following review helpful.
This is one of the best books on Credit and Credit Analysis I have read ...
By isaac mtshali
This is one of the best books on Credit and Credit Analysis I have read in a recent while. Most that I read were full of very difficult and not easy to comprehend "mumbo- jumbo". Not this one, Arnold has endeavoured to make it an easy read even for novice banker/ or student of banking. The book is not intimidating to the aspiring Credit Analyst either. He has made transfer of Credit skills and knowledge a pleasant journey for the reader. I highly recommend it to any one who wants to acquire Credit Analysis skills, or those seasoned bankers who want a refresher on credit.
2 of 2 people found the following review helpful.
Concise book on the (often forgotten) fundamentals of sound corporate credit analysis
By M. Michalski
It is a concise by quite readable and informative book on the basics of corporate credit analysis. It may serve as an introduction for novice analysts and as a refresher for seasoned lenders – a guide that gets back to the basics of fundamental credit analysis. Although you won’t find here a detailed description of different types of credit instruments or specific analytical tools (ratios, differences in lending rationales behind the generic types of loans – seasonal, permanent WC loans, term loans, the way you use free cash flow to ascertain the capacity to repay, etc.), you will be reminded the fundamental principles of a sound credit culture which sometimes get lost among the often pseudo-scientific mathematical models some lenders use in place of, not as an addition to the fundamental credit analysis of each obligor. Dear Mr. Ziegel – I am looking forward to another book of yours where you could continue the journey to the credit analysis land and expand the topics of analytical tools / approaches, different credit analysis aspects of different types of loans depending on the needs being financed (seasonal and permanent WC needs, investment loans, etc.) and include the common dilemmas as e.g. how to cope with the fact that lenders often do not expect repayment of loans (usually WC loans) as long as the borrower remains sound and has the capacity to repay but demand repayment as soon as the client deteriorates and potentially loses the repayment capacity, thus using their "licence to kill".
1 of 1 people found the following review helpful.
very useful for entry level analysts or people eager to learn ...
By Amazon Customer
It delivers what it was supposed to... very useful for entry level analysts or people eager to learn the fundamentals of Corporate Credit Analysis... otherwise, for a experienced analyst it wouldn't add much...
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