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时间:2020-07-30
《FMI7e_ch09Mortgage Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
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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