ch8 The residential mortgage markets金融市场学课件.ppt

Chapter 8;Mortgages: Background;Chapter Outline;Origination of Residential Mortgage Loans;Mortgage Originator;Mortgage Origination Process;Mortgage Maturities;Types of Residential Mortgage Loans;Credit classification;Interest Rate Type;Amortization Type;Fully amortizing FRM ;Mortgage Calculation Formulas;Amortization Schedule;Fully amortizing ARM;Remaining mortgage balance;Monthly mortgage payment after adjustment;Question;Interest-only product;;Credit Guarantees;Prepayments and prepayment penalties;Creative Mortgages Product;Graduated-Payment Mortgages;Growing-Equity Mortgages;Second Mortgages;Shared-Appreciation Mortgages;Reverse-Annuity Mortgage;Investment Risks;Securitization of Residential Mortgages;Creation of a mortgage pass-through security First: 1968 Financial institutions pool the mortgages Sell shares or participation certificates in the pool Cash flow characteristics Agencies in Pass-through securities Ginnie Mae Fannie Mae Freddie Mac Prepayment risks on pass-through securities;Illustration of Creation of a Mortgage Pass-Through Security;Trading of pass-through securities;Prepayment risks on pass-through securities ;Collateralized Mortgage Obligations (CMOs);Sequential-Pay CMO;Accrual Bonds/ Z bond;Stripped Mortgage-Backed Securities;IO strips;PO strips;Securitization of Other Assets;Can all assets be securitized?;Potential boundary to securitization;MBS and Financial Crisis;美联储;次贷风波引发金融危机;美国房地产市场的调整是次贷危机的根源;Thank You !