债券市场分析与策略第7版答案10.docxVIP

PAGE PAGE 231 Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall. CHAPTER 10 RESIDENTIAL MORTGAGE LOANS CHAPTER SUMMARY Although the American dream may be to own a home, the major portion of the funds to purchase one must be borrowed. The market where these funds are borrowed is called the mortgage market. A mortgage is a pledge of property to secure payment of a debt. Typically, property refers to real estate. If the property owner (the mortgagor) fails to pay the lender (the mortgagee), the lender has the right to foreclose the loan and seize the property in order to ensure that it is repaid. The types of real estate properties that can be mortgaged are divided into two broad categories: single-family (one- to four-family) residential and commercial properties. This chapter describes residential mortgage loans, and the three chapters to follow describe securities created by using residential mortgage loans as collateral. In Chapter 14, we cover commercial loans and securities backed by commercial loans. ORIGINATION OF RESIDENTIAL MORTGAGE LOANS The original lender is called the mortgage originator. The principal originators of residential mortgage loans are thrifts, commercial banks, and mortgage bankers. Mortgage originators may service the mortgages they originate, for which they obtain a servicing fee. When a mortgage originator intends to sell the mortgage, it will obtain a commitment from the potential investor (buyer). Two government-sponsored enterprises (GSEs) and several private companies buy mortgages. Because these entities pool these mortgages and sell them to investors, they are called conduits. When a mortgage is used as collateral for the issuance of a security, the mortgage is said to be securitized. Underwriting Standards Originators may generate income for themselves in one or more ways. First, they typically charge an origination fee. The second source of revenue is the profit that might be generated from selling a mortgage