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1、本科毕业论文（设计）外文翻译外文出处MORTGAGEBANKING,OCTOBER2010外文作者JoeMontiAndFrankTerzuoli原文：THEREALproblems：THEHOUSINGCRISIS62-68Realestatevalues,whichbubbledupatanunsustainableannualclipof20percentinsomemarketsintheyearsleadinguptothemortgagecrisis,maynothavehitbottomyet,atleastinmanykeymarkets.Ho
2、mepriceswereup3.8percentinApril2010fromayearearlier,accordingtotheStandard&Poor's(S&P)/Case-ShillerHomePriceIndexes,buteightofthetop20marketswerestillneartheirbottomsandnotrising,includingtheNewYorkCitymetro,whichcontinuestodrop.Sothemortgagecrisiscouldreassertitselfandbeeverybitasb
3、adasadvertised—orworse.Considerthefollowing:Housingsupplyanddemandarenotapproachingequilibrium.Theso-calledshadowinventory—whichincludesbothlenderrealestate-owned(RFO)propertythathasnotyetclearedthemarketaswellashomesthatotherwisemobilesellersarereluctanttolistinadownmarket—isconser
4、vativelyestimatedtobe3percentofallhouseholds(accordingtoCoreLogic,SantaAna,California),andcouldbeashighas13percent(accordingtoanalystsatAmherstSecuritiesGroupLP,Austin,Texas).Thisiscreatingdownwardpressureonpricesinmanymarkets.AMay2010MorganStanleyreportestimatestheinventorywilltake
5、47monthstoclear.AccordingtotheStateForeclosurePreventionWorkingGroup(SFPWG),primeloans—asopposedtosubprimeloansthatcatalyzedthecrisis—areincreasinglydrivingtherisingdelinquencyrates.Asthenumberofloansintheprocessofforeclosureincreasedby52percentbetweenOctober2008andOctober2009,thenu
6、mberofprimeloansinforeclosuremorethandoubledineachofthepasttwoyears.Primeloansnowaccountfornearlyhalfofallloansinforeclosure.Principalforgiveness,theultimateloan-modificationstrategy,remainsanathema10tolenderseventhoughmanyhavealreadywrittendownasizableportionoftheirportfolios.Banko
7、fAmerica,Charlotte,NorthCarolina,wasthefirstmajorbanktoannounce,inthefirstquarterof2010,thatitwillintroduceaprogramtoforgiveprincipal,inincrementalamountsoverthefirstthreeyears,providedtheloaniskeptcurrent.ButBofA'sprogramwillhavelimitedreach;itiscurrentlyavailableonlytoborrowersqua
8、lifiedfortheHomeAff
