WO2001035303A1 - A collaterally secured debt obligation and method of creating same - Google Patents
A collaterally secured debt obligation and method of creating same Download PDFInfo
- Publication number
- WO2001035303A1 WO2001035303A1 PCT/US2000/030992 US0030992W WO0135303A1 WO 2001035303 A1 WO2001035303 A1 WO 2001035303A1 US 0030992 W US0030992 W US 0030992W WO 0135303 A1 WO0135303 A1 WO 0135303A1
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- WO
- WIPO (PCT)
- Prior art keywords
- entity
- property
- debt
- owners
- homeowners
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Classifications
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/08—Insurance
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/03—Credit; Loans; Processing thereof
Definitions
- Cooperative apartment buildings or cooperatively owned clusters of homes have operated with the building or cluster being owned by a single entity and with the occupants owning proportional stock interests in the single entity. Occupants of such cooperative apartments or homes have borrowed monies using their resalable interests in stock in the single entity as collateral. Such single entities have borrowed monies against such building or cluster ownership through mortgage loans that were subsequently packaged as guaranty for "derivative" mortgage backed securities.
- Single family homes are traditionally sold one at a time at fair market value, whether as resales by owners or new sales by developers or builders.
- Mortgage loan lending sources such as banks and other mortgage loan providers, lend against the fair market, retail appraised value of the home.
- lenders lend against the retail value of homes is indirect proof that no wholesale market exists in single family homes.
- home owners have sufficient equity in excess of any mortgage loan balance, home owners have been able to obtain home equity loans the proceeds of which may be used for purposes unrelated to the home, such as starting a business.
- the present invention comprises a method of creating and selling marketable collateral backed debt instruments comprising creating a debt-instrument-issuing-entity which lends mortgage or other lien-backed monies to a group of property owners each owning his or her property in a fee simple or other mortgageable or transferable interest in property against which a lien may be placed. Each property owner retains his title or other interest pending a default of the entity.
- This invention contemplates the entity obtaining cross-collateralized mortgage or lien agreements from each of such property owners promising to pay his or her secured loan interest and debt and; in addition, such debt of each and every other property owner limited to the value of his or her equity, if any, remaining in his or her subject property.
- the entity may obtain property lien and loan cross collateralizing agreements from such property owners in which the owner promises to pay his or her group (or common) charges and those of each and every other owner in the group, as defined and declared by the debt- instrument-entity.
- the property owners are jointly and severally liable for each others obligations to such entity.
- the entity then issues debt instruments, such as notes and bonds, which are backed by mortgages or liens and cross-collateralizing agreements.
- Personal liability of each property owner for the share of group (or common) charges above the amount associated with his or her own property may be limited to his or her equity in said property.
- the present invention facilitates each and every member of a group of property owners in obtaining credit through the placing of mortgages or other liens upon group members properties to back bonds issued by a financing entity. Each bond is backed by all or a plurality of properties in the group.
- each and every participating property owner places his or her property at risk to be sold to guarantee the performance of each and every member of the group with respect to debt instruments (i.e. notes or bonds) being issued by the entity, such debt instruments have higher or enhanced credit ratings and will be marketable at reasonable yield rates.
- debt instruments i.e. notes or bonds
- Each individual loan is collateralized by the mortgage or other lien on the property of the individual signing the loan and further each loan is cross-collateralized in that additional mortgages or other liens from group members further secure repayment of such loan.
- the group of property owners have a commonality created by their participation in the group and which may include physical proximity, ownership of shares in the entity and participation in common facilities and social programs which may or may not be owned and or administered by the debt- instrument-Entity.
- An additional feature of the invention is that the organizing entity may enter into cross-collateralization agreements with other such entities so as to create a reinsurance pool, an Entity of entities. In such case no individual property owner liability shall extend beyond the equity in his or her property.
- Another feature of the invention is that the number of participants in each entity be small enough so as to facilitate a community of members who can be well acquainted with one another while at the same time large enough to assure adequate spreading of risk from an actuarial standpoint. It has been determined that this number is at present approximately three hundred property owners. Whatever this number is, the membership total in an entity shall attempt to approximate it. Acquaintanceship of neighbors has been shown to foster a sense of well being in a community and a desire of property owners to properly service home debt obligations; it has also been shown that risk pools large enough to absorb individual negative experiences without major disruption will qualify for lower insurance rates or higher credit ratings.
- An additional feature of this invention is the potential for credit insurance as an aspect of an overall casualty insurance agreement obtained by the entity in behalf of the property owners.
- the cross-collateralization within the entity renders a credit default a group casualty rather than an individual incident.
- casualty insurers may be induced to include credit insurance as indistinguishable from fire or other casualty insurance that may be offered the entity or its property owners.
- credit insurance is based significantly on "moral" risk where underwriting criteria include past installment debt payment practices often unrelated to housing or rent.
- the present invention will permit a first layer of credit risk to be absorbed internally by the Entity using reserves or assessments, thus requiring only a second layer of risk to be covered commercially.
- the second layer of risk may be limited to a situation in which, for example, 10% or more of the homeowners are simultaneously in default. This is extremely unlikely and the events that might bring such a situation about have more in common with casualty risks than general credit risks. Therefore, property and casualty risk underwriters, as opposed to credit risk underwriters, will have the expertise to underwrite such credit risks, a feature made possible by the present invention. Consolidating credit insurance with fire insurance will create underwriting efficiencies and enhance overall credit worthiness of the Entity, thus reducing interest costs.
- sweat equity is earned by homeowner candidates by providing manual labor to improve a candidate property and thereby earn a portion of its value or purchase price; under the present invention "sweat equity” is earned by the homeowner by agreeing to join with others in a group, wholesale purchase, below the independent appraised retail value. Homes offered individually for resale later may be priced at full retail value which will include both the spread between retail and wholesale at the time of original purchase plus any subsequent appreciation.
- Entity of entities shall act as a clearing house of ideas and information including home construction and building technology and an inventory of business models suitable for such entities (using funds not earmarked for homes) to start and operate. Such ideas and information will therefore inure to the benefit of all of the entities.
- the Entity lends monies to the property owners in the group to finance the purchases of the properties, using a bridge loan or other funds, secured by a mortgage or lien on each property, and a guarantee of a permanent lender or bond buyer/underwriter, then issuing the bonds or notes to repay the bridge funds after property acquisition is complete.
- the mortgages may be held by the Entity or alternatively placed in the custody of a third party to hold in trust for the benefit of the instrument holders in case of default. If a property owner defaults in his or her payments, the Entity adjusts the monthly payments of all other non-defaulting property owners in the group to make up this shortfall. Thus, the default of one or even several individual property owners may not trigger a default against the instrument holders.
- Entity then issues a series of twenty (20) ten thousand dollar ($10,000) bonds with staggered maturities from one (1) through twenty (20) years which bonds are backed by the credit of Entity plus the ten (10) cross-collateralized mortgage loan obligations of the property owners.
- the average maturity often years may be deliberately set to parallel the expected average holding period of a home in the Example market.
- a bond that matures before a sale or pay down that provides funds to satisfy that bond will be refinanced by Entity which will always endeavor to maintain a mix of maturities whose average approximates the average home holding period of the market.
- Entity preferably hires an administrative service unit to invest such monthly payments and prepayments, if any, and to calculate and recalculate the monthly payments as they vary over the life of the property owner loans.
- Digital calculators or other calculating means are used to compute 1) each monthly interest payment due 2) monies lost or gained due to prepayment or defaults 3) other expenses and 4) principal payments, when and if, due.
- Example II A development of three hundred (300) fifty thousand dollar ($50,000) homes is planned at an aggregate value of fifteen million dollars ($15,000,000). 300 homeowners are organized and form a corporation. The corporation obtains contracts for the delivery of 300 homes at a discount to retail of twenty percent (20%), i.e., forty thousand dollars ($40,000) each. All homeowner candidates agree to cross-collateralize one another's mortgage loan obligations and to subordinate such obligations and associated property to the corporation, enabling the corporation to offer to issue bonds against the collective pledges of the homeowners. A commitment is solicited and received from a bond underwriter to underwrite the bonds. Property development construction and ridge loans are obtained to develop the 300 homes.
- Example HI The Entity of Example I or the corporation of Example II may (1) arrange for group property and casualty insurance where a credit insurance feature is included to cover excess default by individual homeowners (2) negotiate with public lending institutions, such as the World Bank or Small Business Administration, to leverage entity financing overages for use in further investment to stimulate economic activity (3) appeal to service organizations such as Rotary International foe small business mentors (4) manage and enforce payment collections and obligations of the individual homeowners.
- public lending institutions such as the World Bank or Small Business Administration
- Example V The Entity and property owners of Example I or the corporation of Example II in which two or more such entities or corporations in geographically related or separated areas, including in different countries, are cross-collateralized with respect to the bonds issued by each and in which such bonds may be traded internationally.
- Example V The Entity and property owners arrangement of Example V in which two or more such Entities in geographically separated areas the Entities bonds are cross-collateralized and in which the bonds are traded internationally.
- Example VI is practiced by using a programmable computer.
- the computer is programmed to carry out the following steps and tasks as set out in the flow charge of Figs.
- a computer network such as the Internet.
- information, money transfers, reports, legal contract provisions and other information for storage and processing is inputted to a central processing computer which serves the entity or corporation controlling the processes herein described, all as set out on Fig. 3.
- Example VII Example II is practiced using a programmable computer. Information and instructions are inputted into the computer for storage and processing and data is outputted to inform the corporation of the transactions as they occur; compile information and otherwise assist in the corporation's operations.
- Example VIII The system of Example II in which the monies to buy the homes is raised by the Entity issuing bonds with varying maturities ranging from one (1) to fifteen (15) years. The average maturity is seven and one-half (7-1/2) years which lies within the six to eight year range which range is the average period of time a U.S. homeowner holds a mortgage before he or she prepays the mortgage for reasons of sale of the home, change in interest rates or other reasons. Since three hundred (300) mortgages are involved an average or median prepayment rate can be expected. Because the bonds will become due each year, the corporation will experience roll-over costs incurred to put cash to work at the highest practical interest rates. Roll-over costs may be reduced by seeking financing in world debt markets made more efficient by the use of the Internet and World Wide web.
- Example IX The computer is programmed to carry out the steps and tasks of Example II as set out on the flow chart of Figs. 4 and 4A.
- Example X As a further example of the present system a computer is programmed to receive information and data and output data in the form of reports set out in flow diagrams of Fig. 5 and the organizational schematic of Fig. 4.
- the proper operation of the present system of assisting a group to create an entity to purchase, finance and to provide service over a substantial and sustainable period of time requires leadership and pre-organization to initially obtain a group of prospective homeowners.
- the important second step is to screen the initial group through credit checks and other methods to obtain a final group of homeowners which are a peer lending group each member of which is qualified to purchase a home, agree to cross-collateralize; maintain their mortgage obligations and generally support the entity.
- Leadership to accomplish this selection process may come from the church, social organizations in the community or other sources.
- the entity or corporation serving a group of homeowner or prospective homeowners may be created by or out of other community organizations such as church groups, fraternal orders, ethnic organizations, political parties or community social groups.
- the corporation or entity carries out its functions as more particularly described in the above Examples.
- the corporation or entity may, in addition, invest in businesses including businesses that serve the community which includes the homeowners. It may also solicit professional help to assist such business and other businesses by obtaining donated services in the field of business administration, marketing, finance and law.
- cross-collateralization obligation may be limited by casualty insurance and obligations undertaken by related entities
Abstract
Description
Claims
Priority Applications (4)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
EP00978524A EP1240609A4 (en) | 1999-11-12 | 2000-11-09 | A collaterally secured debt obligation and method of creating same |
AU15980/01A AU1598001A (en) | 1999-11-12 | 2000-11-09 | A collaterally secured debt obligation and method of creating same |
MXPA02004635A MXPA02004635A (en) | 1999-11-12 | 2000-11-09 | A collaterally secured debt obligation and method of creating same. |
BR0015546-2A BR0015546A (en) | 1999-11-12 | 2000-11-09 | Debt Securities and Methods of Creating a Debt Securities, Creating and Selling Debt Securities, Creating a Community of Real Estate Owners and Organizing a Group of Real Estate Owners |
Applications Claiming Priority (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US09/438,433 | 1999-11-12 | ||
US09/438,433 US6460021B1 (en) | 1993-09-28 | 1999-11-12 | Collaterally secured debt obligation and method of creating same |
Publications (1)
Publication Number | Publication Date |
---|---|
WO2001035303A1 true WO2001035303A1 (en) | 2001-05-17 |
Family
ID=23740646
Family Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
PCT/US2000/030992 WO2001035303A1 (en) | 1999-11-12 | 2000-11-09 | A collaterally secured debt obligation and method of creating same |
Country Status (8)
Country | Link |
---|---|
US (2) | US6460021B1 (en) |
EP (1) | EP1240609A4 (en) |
CN (1) | CN1423788A (en) |
AU (1) | AU1598001A (en) |
BR (1) | BR0015546A (en) |
MX (1) | MXPA02004635A (en) |
RU (1) | RU2002115628A (en) |
WO (1) | WO2001035303A1 (en) |
Cited By (1)
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WO2002082206A2 (en) * | 2001-04-05 | 2002-10-17 | Ipn Holdings Pty Ltd. | Business system for defaulting mortgages |
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Also Published As
Publication number | Publication date |
---|---|
AU1598001A (en) | 2001-06-06 |
EP1240609A4 (en) | 2003-01-02 |
MXPA02004635A (en) | 2004-09-10 |
CN1423788A (en) | 2003-06-11 |
RU2002115628A (en) | 2004-03-10 |
US20030028479A1 (en) | 2003-02-06 |
EP1240609A1 (en) | 2002-09-18 |
US6460021B1 (en) | 2002-10-01 |
BR0015546A (en) | 2003-04-15 |
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