Appendix 2 — The Credit Intermediation Process of Bank Holding Companies

A Financial Holding Company's originate-to-distribute chain for non-conforming (HEL) mortgages, run through on-balance-sheet subsidiaries and off-balance-sheet shadow vehicles and funded in capital markets. Originators and broker-dealers retain no first-loss pieces. Hover any cell for instrument / tenor / rating / seniority / capital form / stress tags / backstop linkage; hover any arrow for the flow's instrument and counterparty role.