第5章 可调整利率和可变付款抵押贷款 房地产金融与投资 教学课件.ppt

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)，然后以价格指数来调整PLAM的贷款余额。 付款额基于经通货膨胀调整后的贷款余额得出。 f 所带来的市场利率风险全部转移给借款人，贷款人 r 和 p 的未预期变化所带来的风险。 5.2.1 PLAM的付款机制PLAM: payment mechanics 30年期$60000贷款,利率为4%，贷款余额将以消费物价指数（CPI）每年调整一次。 起始付款为$286，一年后贷款余额为$58943， 如第一年 f =6%，年底贷款余额将调整为$62480（58943×1.06）,还款期为29年。 PLAM的继续过程 1、在剩余贷款期限内，基于4%的利率计算贷款余额 2、在下一年通过CPI的改变调整贷款余额 3、按4%的利率计算剩余贷款期新的付款额。 假设通货膨胀率不变 每年贷款余额 每月付款额 未清偿贷款余额 通货膨胀率变化 每年贷款余额 PLAM的问题 优点: 5.2.2 ARM概论 ARMs: An Overview 贷款人选择了利率按其他市场利率指数化的可变抵押贷款，而不是运用物价水平的变化调整抵押贷款利率和付款额的机制。贷款利率在每个调整期末更新为目前的市场利率。 5.2.3 ARM例示(ARMs Illustrated) An ARM for $60000 with an initial interest rate of 10 percent is originated with a term of 30 years, but its payments are to be adjusted at the end of each year based on an interest rate determined by a specified index at that time. 对ARM的评论 1、ARM并没有完全消除贷款人遭受损失的可能性，仍存在利率风险 2、调整间隔越长，贷款人的利率风险越大。 3、贷款人承担的利率风险越小，借款人承担的利率风险就越大，因此，ARM的起始利率通常应低于FRM的起始利率。 ARM Indexes One differentiating feature among ARMs is the range of indexes used to establish future mortgage terms. Some commonly used indexes are: Interest rates on six-month Treasury bills Interest rates on one-year Treasury securities Interest rates on three-year Treasury securities Interest rates on five-year Treasury securities Interest rates on one-year Treasury bills The weighted average national cost of funds (deposits) index. The national average of fixed interest rate on mortgage loans made on previously existi