FMI7e_ch09Mortgage Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt

FMI7e_ch09Mortgage Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt

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时间:2020-07-30

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1、Chapter9MortgageMarketsFinancialMarketsandInstitutions,7e,JeffMaduraCopyright©2006bySouth-Western,adivisionofThomsonLearning.Allrightsreserved.1ChapterOutlineBackgroundonmortgagesResidentialmortgagecharacteristicsCreativemortgagefinancingInstitutionaluseofmortgagemarketsValuationofmortgagesRiskfromi

2、nvestinginmortgagesMortgage-backedsecuritiesGlobalizationofmortgagemarkets2BackgroundonMortgagesAmortgageisaformofdebtthatfinancesinvestmentinpropertyThedebtissecuredbythepropertyThemortgageisthedifferencebetweenthedownpaymentandthevaluetobepaidforthepropertyFinancialinstitutionssuchassavingsinstitu

3、tionsandmortgagecompaniesoriginatemortgagesTheyacceptmortgageapplicationsandassessthecreditworthinessoftheapplicantsThemortgagecontractspecifiesthemortgagerate,thematurity,andthecollateralthatisbackingtheloanTheoriginatorchargesanoriginationfeeTheoriginatormayearnaprofitfromthedifferencebetweenthemo

4、rtgagerateandtheratethatitpaidtoobtainfunds3BackgroundonMortgages(cont’d)ThelevelofmortgagedebthasrisenovertimeMortgagedebtrisesataslowerrateduringrecessionsThemajorityofmortgagedebtoutstandingisonone-tofour-familyproperties4ResidentialMortgageCharacteristicsThemortgagecontractshouldspecify:Whethert

5、hemortgageisfederallyinsuredTheamountoftheloanWhethertheinterestrateisfixedoradjustableTheinterestratetobechargedThematurityOtherspecialprovisions5ResidentialMortgageCharacteristics(cont’d)InsuredversusconventionalmortgagesFederallyinsuredmortgagesguaranteeloanrepaymenttothelendingfinancialinstituti

6、onTheinsurancefeeis0.5percentoftheloanamountTheguarantoriseithertheFHAortheVAThemaximummortgageamountislimitedbylawThevolumeofFHAloanshasconsistentlyexceededthatofVAloansConventionalmortgagescanbeprivatelyinsuredTheprivateinsurancepremiumistypicallypassedtotheborrowers6ResidentialMortgageCharacteris

7、tics(cont’d)Fixed-rateversusadjustable-ratemortgagesAfixed-ratemortgagelocksintheborrower’sinterestrateoverthelifeofthemortgageTheperiodicinterestpaymentisconstantFinancialinstitutionsthatholdfixed-ra

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