简介抵押贷款初级市场.ppt

1 簡介抵押貸款初級市場TheMortgageMarket 2 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themortgagemarket抵押貸款市場是負債市場中最大的一個 3 XX的負債市場 4 XX Mortgage相關債權發行額 5 6 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 7 不動產融資工具 抵押貸款 以不動產為抵押標的Mortgage TwoPartiesDeedofTrust ThreePartiesPromissoryNoteTitlePledge 8 Note Pledge Funds Pledgeandlienareextinguishedwithperformanceofmortgagecontract MORTGAGE Borrower Mortgagor Lender Mortgagee Abilateralfinancialcontract 9 Note Funds pledgeoftitle Titlegoestoborrowifnodefault ifdefaultpropertyissoldandproceedsgoestolender DEEDOFTRUST Borrower Trustor Lender Beneficiary Trustee Athree partyfinancialcontract 10 抵押貸款契約重要內容 PartiestothecontractLoanamountTermofloanInterestrateAmortizationperiodPropertydescriptionPriorityofloanAccelerationclause oncedefaultEscalationclause oncesellinghousePrepaymentclausecallablemortgagenon callablemortgage 11 抵押貸款契約重要內容 Due on SaleClauseDefaultClause putoption PersonalLiabilityClauseDeficiencyJudgmentForeclosureRedemptionRightsEquitablerightStatutoryrightEscrowProvisions 12 貸款結束 TerminationbysatisfyingcontractendinglienagainstpledgedpropertytrusteeprovidesdeedofreleasedefeasanceclauseTerminationbymutualagreementRefinanceRecastingTerminationbyforeclosure 13 RedemptionRights dateofdefault Foreclosuresuitefiled Foreclosuresale EndofStatutoryperiod EquitableRightofRedemptionPeriod StatutoryRightofRedemptionPeriod FORECLOSUREPROCESS 14 各式的抵押貸款契約 FixedRateMortgage FRM AdjustableRateMortgage ARM GraduatedPaymentMortgage GPM SharedAppreciationMortgage SAM Amortgageloanwhereintheborrowergivesthelenderaportionoftheproperty sappreciationinreturnforalowerrateofinterestReverseAnnuityMortgage RAM ThelendersmakeamonthlypaymentstoahomeownerwholaterrepayinalumpsumGrowingEquityMortgage GEM Afixed rateloanwithincreasingmonthlypaymentsthatpaysoffearly BalloonMortgage 15 還有 JuniorMortgagePurchaseMoneyMortgageLandContractWraparoundMortgage 16 貸款攤銷方式 Interestonlymortgage bulletloans PartiallyamortizingorballoonmortgageFullyamortizing 17 Lenders所面臨的風險 Creditrisk riskthatmoneyborrowedmightnotreturnedtimelyDefaultrisk riskthatmoneylentmightnotberepaidCashflowrisk riskthatmarketconditionswillalterscheduledcashflowsprepa