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Mortgage Markets参考
5.1 Use of Mortgage-Backed Securities Ginnie Mae mortgage-backed securities Government National Mortgage Association Guarantees timely interest and principal payments to investors Pool of loans with the same interest rate Purchasers receive slightly lower rate than that on the loans to cover service and guarantee 5.2 Use of Mortgage-Backed Securities Fannie Mae mortgage-backed securities Uses funds from mortgage-backed pass-through securities to purchase mortgages Channel funds from investors to institutions that want to sell mortgages Guarantee timely payments to investors Some securities strip (securitize) interest and principal payment streams for separate sale 5.3 Use of Mortgage-Backed Securities Publicly issued pass-through securities (PIPS) Backed by conventional mortgages instead of FHA or VA mortgages Private mortgage insurance Participation certificates (PCs) Freddie Mac sells and uses funds to finance origination of conventional mortgages from financial institutions 5.4 Use of Mortgage-Backed Securities Collateralized mortgage obligations (CMOs) Semi-annual payments differ from other securities’ monthly payments Segmented into classes First class has quickest payback Any repaid principal goes first to investors in this class Investors choose a class to fit maturity needs One concern is payback speed when rates drop 5.4 Use of Mortgage-Backed Securities CMOs (cont.) Can be segmented into interest-only IO or principal-only PO classes High return for IO reflect risks Useful investment but be aware of the risks 1992 failure of Coastal States Life Insurance due to CMO investments Some CMO mutual funds Regulators have increased scrutiny 5.5 Use of Mortgage-Backed Securities Mortgage-backed securities for small investors In the past, high minimum denominations Unit trusts created to allow small investor participation Mutual funds Advantages Can purchase in secondary market without purchasing the need to service loans Insured Liquid 6. Globalization of Mo
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