股票与投资讲解.pptVIP

Chapter 1: Overview Securitization Securitization: pooling loans into standardized securities backed by those loans, which can then be traded like any other security. Mortgage pass-through securities (mortgage-backed securities)房贷抵押证券 Pools of home mortgage loans sold in one package. Owners of pass-through (转付)receive all of the principle and interest payments made by the borrowers If the homeowner defaults on the loan, the pass-through agency makes good on the loan. That is, no credit risk for investors. Chapter 1: Overview 發展歷史（中文部分僅供參考，不做考試要求） 早期探索 1992 年三亞市開發建設總公司，2 億元的地產投資券。 離岸證券化 1996