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【正文】 default risks ? service fees associated with collecting amp。 loan associations Savings banks Credit unions Real estate investment trusts Insurance co. Pension plans Mutual funds Individual domestic investors Foreign investors Conventional home mortgage loans Mortgage banks Government guaranteed home loans Commercial mortgage loans Farm amp。 multifamily) Nonresidential Properties (mercial amp。 other recipients of mortgage credit Mortgage Lending Institutions Source: Board of Governors of the Federal Reserve System 24 8 ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 9 Mortgage Lending Institutions ? Most mortgages generate multiple potential cashflow streams: ? origination amp。Ls) are predominantly local lenders. They often service the mortgage loans they made. ? Commercial banks rank first as lenders for the purchase of homes, condominiums, and apartments, and in the mercial mortgage sector. ? Savings banks invest in both governmentguaranteed and conventional mortgage loans. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 12 The Roles Played by Financial Institutions In the Mortgage Market ? Life insurance panies make substantial investments in mercial as well as residential mortgage properties, both nationally and internationally. ? Mortgage banking houses act as a channel through which builders or contractors in need of longterm funds can find permanent mortgage financing. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 13 Government Activity ? The Great Depression generated massive, unprecedented unemployment, such that there were thousands of foreclosures, property values fell, and many mortgage lenders faced liquidity crises. ? So, the . federal government had to move in to tackle the mortgage market’s problems, through government guarantees and the development of a secondary market. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 14 Government Activity ? The major milestones include: ? 1932: Federal Home Loan Bank System ? 1934: National Housing Act, Federal Housing Administration ? 1938: Federal National Mortgage Association (Fannie Mae) ?1944: Servicemen’s Readjustment Act, Veterans Administration ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 15 Government Activity ? 1968: Government National Mortgage Association (Ginnie Mae) (Its passthroughs are popular with investors as safe, readily marketable securities with attractive rates of return.) ? 1970: Federal Home Loan Mortgage Corporation (Freddie Mac) (Its mortgagebacked securities include mortgage participation certificates (PCs), guaranteed mortgage certificates (GMCs), collateralized mortgage obligations (CMOs), and real estate mortgage investment conduits (REMICs).) ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 16 Innovations in Mortgage Instruments ? The problems created by fixedrate mortgages (FRMs) led to the development of variablerate mortgages (VRMs) and adjustable mortgage instruments (AMIs). ? Volatile interest rates also led to the development of convertible mortgage instruments (CMIs) and balloon loans. ? Reverseannuity mortgages (RAMs) have also been developed to help older families. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 17 Innovations in Mortgage Instruments ? Mortgage lockins protect borrowers from an increase in loan rates during the housebuying process, while loan modification agreements aid troubled borrowers in avoiding disclosure. ? In recent years, as market interest rates fell, many homeowners have chosen to refinance their home mortgages. Some have also opted to take home equity loans. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 18 Money and Capital Markets in Cyberspace ? More information about the residential mortgage market can be found at: ? ? ? ? ? ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 19 Chapter Review ? Introduction ? Recent Trends in New Home Prices and the Terms of Mortgage Loans ? The Structure of the Mortgage Market ? Volume of Mortgage Loans ? Resident
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