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1、CHAPTERTWENTY-TWOANOVERVIEWOFMORTGAGESANDTHEMORTGAGEMARKETANANDK.BHATTACHARYA,PH.D.ManagingDirectorCountrywideSecuritiesCorporationWILLIAMS.BERLINERSeniorVicePresidentCountrywideSecuritiesCorporationAsacorollaryoftheAmericandreamofhomeownership,themortgagemarketintheUnitedStateshasemer
2、gedoverthelastdecadeasoneofthelargestassetclasses.Asofthefourthquarterof2003,thetotalfacevalueofone-tofour-familyresidentialmortgagedebtoutstandingwasapproximately$7.3trillion,withroughly$4.2trillionhavingbeensecuritizedintoavarietyofinvestmentvehicles.Asapointofcomparison,atthesamepoi
3、ntintime,theoutstandingamountofU.S.Treasurynotesandbondstotaled$3.7trillion.Foravarietyofreasons,suchasproductinnovation,technologicaladvancement,anddemographicandculturalchanges,thecompositionoftheprimarymortgagemarketcontinuestoevolveonafairlydynamicbasis.Themortgage-lendingparadigmc
4、ontinuestoberefinedinwaysthathaveledtolendersofferingalargevarietyofproductsdesignedtoappealtoconsumerneedsandtastes.Thisevolutionhasbeenfacilitatedbyatten-dantincreasedsophisticationinpricingthathasallowedforthequantificationoftherisksinherentinsuchloans.Thepurposeofthischapteristodefine
5、thevari-ousproductsoriginatedinthemortgagemarkets,discusstheongoingevolutioninthedevelopmentofsuchproducts,describetheprocessofdeterminingmort-gagelendingrates,anddiscusstherisksassociatedwithmortgageproducts.PRODUCTDEFINITIONANDTERMSIngeneral,amortgageisaloanthatissecuredbytheunderlyi
6、ngrealestatethatcanberepossessedintheeventofdefault.Forthepurposesofthischapter,amortgageisdefinedasaloanmadetotheownerofaone-tofour-familyresidentialdwellingandsecuredbytheunderlyingproperty.Suchloansgenerallyarelevel-pay“fullyamortizing”mortgages,indicatingthattheobligor’sprincipaland
7、interestpaymentsarecalculatedinequalincrementstopayofftheloanoverthestatedterm.There487Copyright©2005,2001,1997,1995,1991,1987,1983byTheMcGraw-HillCompanies,Inc.Clickherefortermsofuse.488PART3Securitiesare,however,anumberofkeycharacteristicsthatareconsideredcriticalinunder-standingth
