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【正文】 articipants. 40 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Mortgage Pools 41 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. The Impact of Securitization on the Mortgage Market ? Benefits 1. Reduces the problems caused by regional lending institution’s sensitivity to local economic fluctuations 2. Borrowers have access to a national capital market 3. Investors have lowrisk and longterm investments in mortgages without having to service the loan 42 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. The Impact of Securitization on the Mortgage Market However, this is not without its costs. Because of securitization, mortgage rates have bee more national in nature, and this has lead to increased volatility in mortgage rates. 43 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. The Subprime Mortgage Market ? In 2023, only 2% of mortgages were subprime. This climbed to 17% by 2023. ? The average FICO score was 624 for subprime borrowers. Prime mortgage borrowers were 742. ? Mortgage products became more plicated, and ine requirements for these mortgages became very lax. 44 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. The Subprime Mortgage Market ? Subprime mortgages have bee quite controversial. Although predatory advertising and “bait and switch” tactics were alltoomon, home ownership did increase because of subprime lending. 45 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Chapter Summary ? What Are Mortgages? Loans made for the purchase on real property, and usually collateralized by the purchased property. ? Characteristics of Residential Mortgages: includes the length of the mortgage, the terms, and the rate charges for the loan 46 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Chapter Summary (cont.) ? Types of Mortgage Loans: includes conventional, insured, fixed and variable rate, and a variety of other designs. ? MortgageLending Institutions: the primarily originator and holder of mortgages is no longer thrift institutions as other attempt to generate fees 47 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Chapter Summary (cont.) ? Loan Servicing: the fees generated by collecting, distributing, and recording payments ? Secondary Mortgage Market: the active market for mortgages after the mortgage has been originated 48 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Chapter Summary (cont.) ? Securitization of Mortgages: growing in popularity, causing mortgages to plete with both Treasury and corporate debt ? The Impact of Securitized Mortgages on the Mortgage Market: although many benefits can be noted, increased rate volatility is also a sideeffect 49 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. Additional Chapter Art 51 Copyright 169。 2023 Pearson Prentice Hall. All rights reserved. 謝謝觀看 /歡迎下載 BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAIT
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