【正文】 type of prepayment is one where the entire mortgage balance is paid off. ? All mortgage loans have a “due on sale” clause, which means that the remaining balance of the loan must be paid when the house is sold. ? Effectively, the borrower’s right to prepay a loan in whole or in part without a penalty is a called an option. ? A mortgage design that mitigates the borrower’s right to prepay is the prepayment penalty 款懲罰貸款 提前還款會讓貸款人面臨什么風(fēng)險(xiǎn)？ Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 1034 Risks Associated with Investing in Mortgage Loans ? Investors face four main risks by investing in residential mortgage loans: i. credit risk 信用風(fēng)險(xiǎn) ii. liquidity risk 流動性風(fēng)險(xiǎn) iii. price risk 價(jià)格風(fēng)險(xiǎn) iv. prepayment risk 提前還款風(fēng)險(xiǎn) Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 1035 Risks Associated with Investing in Mortgage Loans (continued) ? Credit Risk ? Credit risk is the risk that the homeowner/borrower will default. ? For FHA and VAinsured mortgages, this risk is minimal. ? The LTV ratio provides a useful measure of the risk of loss of principal in case of default. Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 1036 Risks Associated with Investing in Mortgage Loans (continued) ? Liquidity Risk ? Although there is a secondary market for mortgage loans, the fact is that bidask spreads are large pared to other debt instruments. ? That is, mortgage loans tend to be rather illiquid because they are large and indivisible. ? The degree of liquidity determines the liquidity risk. ? Price Risk ? The price of a fixedine instrument will move in an opposite direction from market interest rates. ? Thus, a rise in interest rates will decrease the price of a mortgage loan. Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 1037 Risks Associated with Investing in Mortgage Loans (continued) ? Prepayments and Cash Flow Uncertainty ? The three ponents of the cash flow are: i. interest ii. principal repayment (scheduled principal repayment or amortization) iii. prepayment. ? Prepayment risk is the risk associated with a mortgage’s cash flow due to prepayments. ? More specifically, investors are concerned that borrowers will pay off a mortgage when prevailing mortgage rates fall below the loan’s note rate. ? 靜夜四無鄰，荒居舊業(yè)貧。 , February 2, 2023 ? 雨中黃葉樹，燈下白頭人。 19:34:2819:34:2819:342/2/2023 7:34:28 PM ? 1以我獨(dú)沈久，愧君相見頻。 :34:2819:34Feb232Feb23 ? 1故人江海別，幾度隔山川。 19:34:2819:34:2819:34Thursday, February 2, 2023 ? 1乍見翻疑夢，相悲各問年。 :34:2819:34:28February 2, 2023 ? 1他鄉(xiāng)生白發(fā)，舊國見青山。 2023年 2月 2日星期四 下午 7時(shí) 34分 28秒 19:34: ? 1比不了得就不比，得不到的就不要。 。 2023年 2月 下午 7時(shí) 34分 :34February 2, 2023 ? 1行動出成果，工作出財(cái)富。 2023年 2月 2日星期四 7時(shí) 34分 28秒 19:34:282 February 2023 ? 1做前，能夠環(huán)視四周；做時(shí)，你只能或者最好沿著以腳為起點(diǎn)的射線向前。 下午 7時(shí) 34分 28秒 下午 7時(shí) 34分 19:34: ? 沒有失敗，只有暫時(shí)停止成功！。 , February 2, 2023 ? 很多事情努力了未必有結(jié)果，但是不努力卻什么改變也沒有。 19:34:2819:34:2819:342/2/2023 7:34:28 PM ? 1成功就是日復(fù)一日那一點(diǎn)點(diǎn)小小努力的積累。 :34:2819:34Feb232Feb23 ? 1世間成事，不求其絕對圓滿，留一份不足，可得無限完美。 19:34:2819:34:2819:34Thursday, February 2, 2023 ? 1不知香積寺，數(shù)里入云峰。 :34:2819:34:28February 2, 2023 ? 1意志堅(jiān)強(qiáng)的人能把世界放在手中像泥塊一樣任意揉捏。 2023年 2月 2日星期四 下午 7時(shí) 34分 28秒 19:34: ? 1楚塞三湘接，荊門九派通。 。 2023年 2月 下午 7時(shí) 34分 :34February 2, 2023 ? 1少年十五二十時(shí)，步行奪得胡馬騎。 2023年 2月 2日星期四 7時(shí) 34分 28秒 19:34:282 February 2023 ? 1空山新雨后，天氣晚來秋。 下午 7時(shí) 34分 28秒 下午 7時(shí) 34分 19:34: ? 楊柳散和風(fēng)，青山澹吾慮。 , February 2, 2023 ? 閱讀一切好書如同和過去最杰出的人談話。 19:34:2819:34:2819:342/2/2023 7:34:28 PM ? 1越是沒有本領(lǐng)的就越加自命不凡。 :34:2819:34Feb232Feb23 ? 1越是無能的人，越喜歡挑剔別人的錯(cuò)兒。 19:34:2819:34:2819:34Thursday, February 2, 2023 ? 1知人者智，自知者明。勝人者有力，自勝者強(qiáng)。 :34:2819:34:28February 2, 2023 ? 1意志堅(jiān)強(qiáng)的人能把世界放在手中像泥塊一樣任意揉捏。 2023年 2月 2日星期四 下午 7時(shí) 34分 28秒 19:34: ? 1最具挑戰(zhàn)性的挑戰(zhàn)莫過于提升自我。 2023年 2月 下午 7時(shí) 34分 :34February 2, 2023 ? 1業(yè)余生活要有意義，不要越軌。 2023年 2月 2日星期四 7時(shí) 34分 28秒 19:34:282 February 2023 ? 1一個(gè)人即使已登上頂峰，也仍要自強(qiáng)不息。 下午 7時(shí) 34分 28秒 下午 7時(shí) 34分 19:34: MOMODA POWERPOINT Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce id urna blandit, eleifend nulla ac, fringilla purus. Nulla iaculis tempor felis ut cursus. 感謝您的下載觀看 專家告訴