可调整利率和可变付款抵押贷款讲述.pptVIP

Chapter 5 Adjustable Rate and Variable PaymentMortgages可调整利率和可变付款抵押贷款 FRM—Fixed Rate Mortgage ARM—Adjustable Rate Mortgage 5. 1 ARM 和贷款人的考虑ARMs and Lender Considerations 贷款人的利率风险损失 For example, assume that a mortgage loan for $60000 is made for 30 years at 10 percent interest with an expected repayment period of 10 years. This mortgage would require monthly payments of about $527. 如未预期通货膨胀发生，证明贷款人应得利率是 12%而不是10%。 贷款人的利率风险损失 利率上升时期贷款人的困境 利差减小 期限差距—存款期短而贷款期长—加大风险 解决办法—将利率风险全部或部分转移给借款人 5.2 价格水平调整抵押贷款PLAMThe Price Level Adjusted Mortgage 在抵押贷款利率的构成中,最难预测的是通货膨胀率f。 PLAM的做法是,先估计出预期实际利率和风险溢价(r+p