What is Lewis Ranieri?
Former bond trader and former vice chairman of Salomon Brothers who is credited with introducing securitization to the financial world. Initially, mortgage-backed securities (MBS) were only acknowledged by a handful of states as legitimate investments, but Ranieri’s actions eventually led to federal government measures that supported these securities as a valid investment asset class, leading to the development of the bond market. Read more for examples and further explanation including related video clips and also comments
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Tag: savings
Retail Banking definition explanation
What is Retail Banking?
Typical mass-market banking in which individual customers use local branches of larger commercial banks. Services offered include savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs). Read more for examples and further explanation including related video clips and also comments
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Deposit definition explanation
What is Deposit?
1. A transaction involving a transfer of funds to another party for safekeeping.
2. A portion of funds that is used as security or collateral for the delivery of a good. Read more for examples and further explanation including related video clips and also comments
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All Savers Certificate definition explanation
What is All Savers Certificate?
A type of nontaxable certificate of deposit account with a duration of one year that was used primarily by thrift institutions to build funds for mortgage lending. All Savers Certificates were authorized by the Economic Recovery Tax Act of 1981. Read more for examples and further explanation including related video clips and also comments
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