【正文】 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 ? Residential versus Nonresidential Mortgage Loans ? Mortgage Lending Institutions ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 20 Chapter Review ? The Roles Played by Financial Institutions in the Mortgage Market ? Savings and Loan Associations ? Commercial Banks ? Life Insurance Companies ? Savings Banks ? Mortgage Bankers ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 21 Chapter Review ? Government Activity ? The Impact of the Great Depression on Government Involvement in the Mortgage Market ? The Creation of Fannie Mae (FNMA) ? The Creation of Ginnie Mae (GNMA) ? The Federal Home Loan Mortgage Corporation (FHLMC) ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 22 Chapter Review ? Innovations in Mortgage Instruments ? VariableRate and Adjustable Mortgage Instruments ? Convertible Mortgages ? ReverseAnnuity Mortgages ? Mortgage Lockins ? Refinancing Home Mortgages and Home Equity Loans ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 23 Money and Capital Markets 5 C h a p t e r Eighth Edition Financial Institutions and Instruments in a Global Marketplace Peter S. Rose Slide by YeeTien (Ted) FuThe Determinants of Interest Rates: Competing Ideas ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 24 ? Learning Objectives ? ? To understand the important roles and functions that interest rates perform within the economy and the financial system. ? To explore the most important ideas about the determinants of interest rates and asset prices. ? To identify the key forces that economists believe set market interest rates and asset prices into motion. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 25 Introduction ? The acts of saving and lending, and borrowing and investing, are significantly influenced by and tied together by the interest rate. ? The interest rate is the price a borrower must pay to secure scarce loanable funds