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来源：百度知道 编辑：UC知道 时间：2024/05/31 00:52:42
3.D Forms of Residential Mortgage Securitization
Our discussion so far has focused on the basic form of mortgage securitization, namely passthrough securities. In recent years, however, the securitization market has expanded to incorporate a number of more complicated securitization formats.
The impetus for these innovations is that most fixed-rate mortgages in the United States have a prepayment option that allows a borrower to repay a mortgage at little or no extra cost, as well as a due on sale clause which forces the borrower to prepay the mortgage if the property is sold. Each of these creates a condition under which a mortgage may be repaid far ahead of the normal amortization schedule. For mortgage holders, this creates an interest rate risk, comparable to the risk on any callable debt instrument, which reduces the price investors are willing to pay for mortgages or mortgage securities.
Our discussion so far has focused on the basic form of mortgage securitization, namely passthrough securities. In recent years, however, the securitization market has expanded to incorporate a number of more complicated securitization formats.
The impetus for these innovations is that most fixed-rate mortgages in the United States have a prepayment option that allows a borrower to repay a mortgage at little or no extra cost, as well as a due on sale clause which forces the borrower to prepay the mortgage if the property is sold. Each of these creates a condition under which a mortgage may be repaid far ahead of the normal amortization schedule. For mortgage holders, this creates an interest rate risk, comparable to the risk on any callable debt instrument, which reduces the price investors are willing to pay for mortgages or mortgage securities.
3.D 住宅抵押贷款Securitization 的形式 我们的讨论到目前为止集中于抵押securitization, 即passthrough 证券的基本的形式。近年来, 然而, securitization 市场扩展合并一定数量的更加复杂的securitization 格式。 推动为这些创新是, 多数固定利率抵押在美国有允许借户回报抵押在一点点或没有附加成本的先付选择, 并且销售款到期强迫借户预付抵押的如果物产被卖。每个这些创造下抵押也许被回报在正常分期偿还日程表之前的条件在。为抵押债权人, 这创造利息风险, 可比较与风险在任一台可赎回的债务仪器, 减少价格投资者是愿意支付抵押或抵押担保品。