The Residential Mortgage Market参考.ppt

The Residential Mortgage Market ? Learning Objectives ? To understand how the residential mortgage market supplies credit to build and buy homes. To learn about the problems faced by families and individuals in finding credit to finance the purchase of their homes. To see the problems faced by lenders in designing new home loan contracts that will protect them against inflation and other risks. ? Learning Objectives ? To look at how federal government agencies and government-sponsored mortgage firms support the development of the market for mortgage loans. Introduction Among the fastest growing of all financial markets today is the residential mortgage market, where individuals and families fund their purchases of homes. Originally a simple market that was primarily local and regional in character, the residential mortgage market has become an international capital market where home-mortgage-related instruments are traded around the globe. Recent Trends in New Home Prices and the Terms of Mortgage Loans The Structure of the Mortgage Market The Structure of the Mortgage Market Mortgage Lending Institutions Mortgage Lending Institutions Most mortgages generate multiple potential cash-flow streams: origination commitment fees (when a mortgage loan is first applied for) periodic loan repayments loan interest compensation for prepayment default risks service fees associated with collecting recording amounts owed net returns fees from the securitization of a pool of mortgage loans Mortgage Lending Institutions A mortgage loan may be held in the originating lender’s portfolio for the promised interest and principal payments, sold to an investor at a discounted value (although the originating lender may retain servicing rights and charge the loan purchaser loan servicing fees), or packaged with other similar mortgage loans into a pool and securitized (the lender receives residual interest income and servicing fees). The Roles Played by Financial InstitutionsIn the Mor