[精选]债券市场_分析与策略PPTCh10.pptx

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1、Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-1Chapter10ResidentialMortgageLoansCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-2LearningObjectivesAfterreadingthischapter,youwillunderstandwhatamortgageiswhothemajororiginatorsofresidentialmortgagesaretheborrowerandpr

2、opertycharacteristicsconsideredbyalenderinevaluatingthecreditriskofanapplicantforamortgageloanwhattheservicingofaresidentialmortgageloaninvolvesthetypesofresidentialmortgageloansbasedonlienstatus,creditclassification,interest-ratetype,amortizationtype,creditguarantees,loanbalances,andprepayments

3、andprepaymentpenaltiesCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-3LearningObjectives(continued)Afterreadingthischapter,youwillunderstandwhataprepaymentisthecashflowofamortgageloanwhataprepaymentpenaltymortgageiswhatahomeequityloanistherisksassociatedwithinvestinginmortgagesthe

4、significanceofprepaymentriskCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-4OriginationofResidentialMortgageLoansTheoriginallenderiscalledthemortgageoriginator.抵押贷款发放人Theprincipaloriginatorsofresidentialmortgageloansarethrifts（储蓄机构）,commercialbanks,andmortgagebankers（贷款抵押银行）.Mortg

5、ageoriginatorsmayservicethemortgagestheyoriginate,forwhichtheyobtainaservicingfee.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-5OriginationofResidentialMortgageLoans(continued)Whenamortgageoriginatorintendstosellthemortgage,itwillobtainacommitmentfromthepotentialinvestor(buyer).

6、Twogovernment-sponsoredenterprises(GSEs)andseveralprivatecompaniesbuymortgages.Becausetheseentitiespoolthesemortgagesandsellthemtoinvestors,theyarecalledconduits（导管企业）.Whenamortgageisusedascollateralfortheissuanceofasecurity,themortgageissaidtobesecuritized（抵押贷款证券化）.Copyright©2010PearsonEducatio

7、n,Inc.PublishingasPrenticeHall10-6UnderwritingStandards承销标准Payment-to-IncomeRatio还款额与收入之比Thepayment-to-incomeratio(PTI)istheratioofmonthlypaymentstomonthlyincome,whichmeasurestheabilityoftheapplicanttomakemonthlypayments(bot