简介抵押贷款初级市场

1、簡介抵押貸款初級市場 The Mortgage Market1簡介不動產業是一個資本密集的產業主要資金的來源是負債買房子或是蓋一棟建築物的主要資金都是借來的提供這些借款資金的市場叫抵押貸款初級市場 the mortgage market抵押貸款市場是負債市場中最大的一個。2XX的負債市場3XX. Mortgage 相關債權發行額45為何要討論Mortgage市場兩大理由1.看抵押貸款市場的演進可以看出中介金融機構的興衰。證券化(securitization)是主要的驅動力2.看出財務工程及財務創新的功能及長處。抵押貸款證券化提供學習財務工程最佳的典範。6不動產融資工具抵押貸款：以不動產為抵押標

2、的Mortgage : Two PartiesDeed of Trust : Three PartiesPromissory NoteTitle Pledge7 Note + PledgeFundsPledge and lien are extinguished with performance of mortgage contract MORTGAGEBorrower(Mortgagor)Lender(Mortgagee)A bilateral financial contract8NoteFundspledgeof titleTitlegoesto borrowif nodefaultif

3、 defaultpropertyis soldand proceedsgoes tolenderDEED OF TRUSTBorrower(Trustor)Lender(Beneficiary)TrusteeA three-party financial contract9抵押貸款契約重要內容Parties to the contractLoan amountTerm of loanInterest rateAmortization periodProperty descriptionPriority of loanAcceleration clause, once defaultEscala

4、tion clause, once selling housePrepayment clausecallable mortgagenon-callable mortgage10抵押貸款契約重要內容Due-on-Sale ClauseDefault Clause (put option)Personal Liability ClauseDeficiency JudgmentForeclosureRedemption RightsEquitable right Statutory rightEscrow Provisions11貸款結束Termination by satisfying contr

5、actending lien against pledged propertytrustee provides deed of releasedefeasance clauseTermination by mutual agreementRefinanceRecastingTermination by foreclosure12Redemption Rightsdate ofdefaultForeclosuresuite filedForeclosuresaleEnd ofStatutory periodEquitable Right of Redemption PeriodStatutory

6、 Right of Redemption PeriodFORECLOSURE PROCESS13各式的抵押貸款契約Fixed Rate Mortgage (FRM)Adjustable Rate Mortgage (ARM)Graduated Payment Mortgage (GPM) Shared Appreciation Mortgage (SAM)A mortgage loan wherein the borrower gives the lender a portion of the propertys appreciation in return for a lower rate

7、of interestReverse Annuity Mortgage (RAM)The lenders make a monthly payments to a homeowner who later repay in a lump sumGrowing Equity Mortgage (GEM)A fixed-rate loan with increasing monthly payments that pays off early.Balloon Mortgage14還有Junior MortgagePurchase Money Mortgage Land Contract Wrapar

8、ound Mortgage15貸款攤銷方式 Interest only mortgage (bullet loans)Partially amortizing or balloon mortgageFully amortizing16Lenders所面臨的風險Credit risk:risk that money borrowed might not returned timely Default risk:risk that money lent might not be repaidCash flow risk:risk that market conditions will alter scheduled cash fl