最具争议性的住房抵押贷款：纯利息抵押【外文翻译】

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1、外文翻译TheMostControversialofHomeMortgageLoans:Interest-OnlyMortgagesMaterialSource:BankManagement&FinancialServicesAuthor:PeterS.Rose&SylviaC.HudginsBythemiddleofthecurrentdecadenearly70percentofAmericanfamiliesownedtheirownhomeand30percentofthevalueofUShousehold

2、s’assetscameformtheirownershipofresidentialproperty.Notsurprisingly,homemortgagecredithasbecomethenumberoneassetformanyfinancialinstitutions.Yet,recentsoaringhomepriceshaverousedtheconcernofmanymortgagelenders.Theincrediblehousingboomofthepastdecadecouldbecomet

3、he”housingbust”ofthenewera.Fewerandfewernewhomebuyersseemabletoaffordthehigh-pricedhomespresentinmanypartsoftheUnitedStatesandoverseas.Manyhouseholdsarealreadydeeplyindebtascreditcardbalancesapproachedrecordlevels.Howcanhouseholdsseekingnewhomesaffordtobuythem?

4、Clevermortgagebankershavequicklycomeupwithanalternative—offeringcashstrappedfamiliesandinterest-onlyadjustablemortgageloanoroptionARM.Withthistypeofcreditthehomebuyerisobligatedtopayonlytheinterestonhisorherhomeloanforandinitialperiod—forexample,thefirst10years

5、.Thenafterthatinitialtimeintervalbothprincipalandinterestpaymentswouldhavetobemadeuntiltheloanwaspaidoff.Unfortunately,somelendersfailedtotelltheirclientsthatbypayingonlytheinterestonthesenewinstruments,theprincipalpaymentswouldbemuchhigherwhentheseeventuallyca

6、medueinterest-onlyloansresembledpredatorylendingagainstlower-incomefamilies.Somemortgagebankerscountered,however,thatmostfamiliesstayonlyafewyearsinanyonehome.Aroughaverageis7to8yearsandthenanewfamilymovesinandtakesoutanewmortgage.Therefore,theinterest-onlyloan

7、customermaynotstayinhisorherhomelongenoughtoworryaboutafuturesharpriseinhisorhermonthlyhomeloanpaymentofprincipalmeantthatthefamilysellingtheirhomewouldgainlittleequityandmighthavealotlessmoneytomakeadownpaymentontheirnexthome.6Equallyproblematicisthefactthatmo

8、stsuchloanscarryandadjustableloanrare(thoughfixed-rageinterestonlyhomemortgagesareontherise).Thereforeinanenvironmentofrisingmarketinterestratesmanyinterest-onlyhomeborrower