I have 4 billion in residential CDOs, collateralized debt obligations.

This means no cross border sovereign debt (or esoteric instruments, such as collateralized debt obligations).

And that's what these residential CDOs are, that are the crux of the issue.

Finally, solvency rules should be complemented by an obligation that banks issue a substantial amount of non collateralized debt on the order of 100 of their capital that is convertible into equity.

And then this is the thing that I really wanted to highlight, that it also had 4 billion of residential collateralized debt obligations.

Coercive restructuring of insolvent banks unsecured debt would be next.

There are other liabilities other than debt.

Valuation of secured claims

And you say, this group of the CDOs, they'll get the first payments. or if any payments that go, immediately go to this very senior tranche, right?

The extended web of finance as it existed in the summer of 2008 was the result of millions of calculations that the US government did, in fact, guarantee the unsecured debt of every very large bank and bank like entity in America.

In order to prevent sinners from getting caught in a debt trap, the fines could take the form of covered bonds collateralized with privatizable state assets.

As a result, the spread of the Colombia Plan, despite its meager and ambivalent results, has remained obscured.

Insecure title affects decisions to invest and inhibits the use of land as collateral or the issuing of loans or mortgages.

Payment of interest may be limited, however, to the extent that the value of the encumbered asset exceeds the value of the secured claim.

Moreover, defaults on securitized credit card debt and commercial loans to companies that are driven to bankruptcy are still to come.

Recommendations of the draft legislative guide on secured transactions

on Secured Transactions

The critics would say that it is because of the tax preference accorded to debt, or because banks are too big to fail.

However, the holder of a CDO or MBS would be unable to take these homeowners to court. And even if he succeeded, homeowners could simply return their house keys, as they, too, enjoy the protection of non recourse.

(c ) Colloquium on Reform of Secured transactions Law the draft UNCITRAL Legislative Guide on Secured Transactions (Clermont Ferrand, France 23 April 2004)

The EU s debt arithmetic is uncertain and precarious.

The deflationary debt trap is threatening to destroy a still incomplete political union.

(cc) Bank account means, subject to law other than secured transactions law, an account maintained by a bank into which funds may be deposited.

Parties, security rights, secured obligations and assets covered

What CDOs are, you take these mortgage backed securities, you know, they're loans to some people in some region of the country, or maybe they're diversified across regions, then you slice and dice them.

Lending to foreign governments is in many ways inherently riskier than unsecured private debt or junk bonds.

Agriculture in Mali also needed to be protected against the uncertainties of climate, in particular through mechanization and the improvement of farming practices.

None the less, although it had diminished, the debt to export ratio remained high, and the debt servicing ratio remained higher than that of other regions.

In sum, debt restructuring activity has directly or indirectly touched most of the types of debt that developing countries have incurred.

However, the debt reduction mechanisms, eligibility criteria and the time frame for implementation could be improved.

CDOs, collateralized debt obligations, are derived from mortgage backed securities.

From 1991, non guaranteed loans flows took a negative turn, 0.4 billion increasing to 2 billion in 1992.

Not surprisingly, the political opposition to such debt mutualization was intense.

Private and public debt levels are high and possibly unsustainable.

This means extending the maturity dates of debts and reducing the interest rate on the new debt to levels much lower than currently unsustainable market rates.

Unsustainable private debt problems must be resolved by defaults, debt reductions, and conversion of debt into equity.

These transactions are essentially non possessory security rights, and they are primarily used in States where the secured transactions law has not yet appropriately recognized non possessory security rights.

The main conditions for success of decentralization include secure tenure and secure fiscal, revenue and taxation power, as well as control over decision making, resources, products and markets.

Credit lines secured by home equity provided another new way to finance spending.

B. External debt and debt relief

It is not debt and deficits and it is not dealing with the aftermath of irresponsible lending and borrowing.

The effect of these cancellations is not yet fully reflected in outstanding debt figures.

Yet greater short term insecurity seems inevitable as geographic diversity of supply is reduced and reliance on vulnerable supply routes grows.

The resolution, moreover, calls for the treatment of multilateral debt to alleviate debt and debt service burdens.

K. Harmonize secured transactions laws, including conflict of laws rules