FIM06C12金融机构

Chapter12TheMortgageMarketsCopyright©2009PearsonPrenticeHall.Allrightsreserved.12-2ChapterPreviewPartoftheAmericanDreamistoownyourownhome.Buttheaveragepriceofahomeiswellover$140,000(andquiteabithigherissomeareas,likeCalifornia).Formostofus,homeownershipwouldbeimpossiblewithoutborrowingmostofthecostofahome.Copyright©2009PearsonPrenticeHall.Allrightsreserved.12-3ChapterPreview•Inthischapter,weidentifycharacteristicsoftypicalresidentialmortgagesandtheusualtermandtypesofmortgagesavailable.Wethenreviewwhoprovidesandservicestheloans,alongwiththegrowthinthesecondarymortgagemarket.Topicsinclude:–WhatAreMortgages?–CharacteristicsofResidentialMortgages–TypesofMortgageLoans–Mortgage-LendingInstitutionsCopyright©2009PearsonPrenticeHall.Allrightsreserved.12-4ChapterPreview(cont.)–LoanServicing–SecondaryMortgageMarket–SecuritizationofMortgages–TheImpactofSecuritizedMortgagesontheMortgageMarketCopyright©2009PearsonPrenticeHall.Allrightsreserved.12-5WhatAreMortgages?•Along-termloansecuredbyrealestate•AnamortizedloanwherebyafixedpaymentpaysbothprincipalandinteresteachmonthCopyright©2009PearsonPrenticeHall.Allrightsreserved.12-6WhatAreMortgages?•ThenextslideshowsthetotalamountofmortgagedebtoutstandingintheU.S.during2006.Itfurtherdelineatesbytypeofproperty.•Thetableshowsroughly$13trillionoutstanding.HowdoesthiscomparetothevalueofallthestockontheNYSE?Copyright©2009PearsonPrenticeHall.Allrightsreserved.12-7WhatAreMortgages?MortgageLoanBorrowersCopyright©2009PearsonPrenticeHall.Allrightsreserved.12-8WhatAreMortgages?History•Mortgageswereusedinthe1880s,butmassivedefaultsintheagriculturalrecessionof1890madelong-termmortgagesdifficulttoattain.•Untilpost-WWII,mostmortgageloanswereshort-termballoonloanswithmaturitiesoffiveyearsorless.Copyright©2009PearsonPrenticeHall.Allrightsreserved.12-9WhatAreMortgages?History•Balloonloans,however,causedproblemsduringthedepression.Typically,thelenderrenewstheloan.But,withsomanyAmericansoutofwork,lenderscouldnotcontinuetoextendcredit.•Asapartofthedepressionrecoveryprogram,thefederalgovernmentassistedincreatingthestandard30-yearmortgageweknowtoday.Copyright©2009PearsonPrenticeHall.Allrightsreserved.12-10CharacteristicsoftheResidentialMortgage•Mortgagescanberoughlyclassifiedalongthefollowingthreedimensions:–MortgageInterestRates–LoanTerms–MortgageLoanAmortizationCopyright©2009PearsonPrenticeHall.Allrightsreserved.12-11Avarietyoffunmortgagecalculators:MortgageInterestRates•Thestatedrateonamortgageloanisdeterminedbythreerates:–MarketRates:generalratesonTreasurybonds–Term:longer-termmortgageshavehigherrates–DiscountPoints:alowerratesnegotiatedforcashupfrontCopyright©2009PearsonPrenticeHall.Allrightsreserved.12-12Avarietyoffunmortgagecalculators:MortgageInterestRates•Thenextslideshowstherelationshipbetweenmortgageratesandlong-termtreasuryrates.Ascanbeseen,mortgageratesaretypicallyhigherthanTreasuryrates,butthespread(difference)betweenthetwovariesconsiderably.Copyright©2009PearsonPrenticeHall.Allrightsreserved.12-13Currentmortgageinterestrates:MortgageInterestRatesCopyright©2009PearsonPrenticeHall.Allrightsreserved.12-14Avarietyoffunmortgagecalculators:MortgageInterestRates&Points•Adifficultdecisionwhengettingamortgageiswhethertopaypoints(cash)upfrontinexchangeforalowerinterestrateonthemortgage.Supposeyouhadtochoosebetweena12%30-yearmortgageoran11.5%mortgagewith2discountpoints.Whichshouldyouchoose?Assumeyouwishedtoborrow$100,000.Copyright©2009PearsonPrenticeHall.Allrightsreserved.12-15CharacteristicsoftheResidentialMortgage:MortgageInterestRates&PointsFirst,examinethe12%mortgage.Usingafinancialcalculator,therequiredpaymentsis:n=360,i=1.0,PV=100,000,CalculatethePMT.PMT=$1,028.61Copyright©2009PearsonPrenticeHall.Allrightsreserved.12-16CharacteristicsoftheResidentialMortgage:MortgageInterestRates&PointsNow,examinethe11.5%mortgage.Usingafinancialcalculator,therequiredpaymentsis:n=360,i=11.5/12,PV=100,000,CalculatethePMT.PMT=$990.29Copyright©2009PearsonPrenticeHall.Allrightsreserved.12-17CharacteristicsoftheResidentialMortgage:MortgageInterestRates&Points•So,payingthepointswillsaveyou$38.32eachmonth.However,youhavetopay$2,000upfront.•Youcanseethatthedecisiondependsonhowlongyouwanttoliveinthehouse,keepingthesamemortgage.Copyright©2009PearsonPrenticeHall.Allrightsreserved.12-18CharacteristicsoftheResidentialMortgage:MortgageInterestRates&Points•Ifyouonlywanttolivethere12months,clearlythe$2,000upfrontcostisnotworththemonthlysavings.•Let’sseehowtodeterminetheanswer.Copyright©2009PearsonPrenticeHall.Allrightsreserved.12-19CharacteristicsoftheResidentialMortgage:MortgageInterestRates&PointsYouneedtodeterminewhenthepresentvalueofthesavings($38.32)equalsthe$2,000upfront.Usingafinancialcalculator,thisis:i=1,PV=-2,00