- 1. 簡介抵押貸款初級市場
The Mortgage Market1
- 2. 簡介不動產業是一個資本密集的產業
主要資金的來源是負債
買房子或是蓋一棟建築物的主要資金都是借來的
提供這些借款資金的市場叫抵押貸款初級市場 the mortgage market
抵押貸款市場是負債市場中最大的一個。2
- 3. XX的負債市場3
- 4. XX. Mortgage 相關債權發行額4
- 5. 5
- 6. 為何要討論Mortgage市場兩大理由
1.看抵押貸款市場的演進可以看出中介金融機構的興衰。
證券化(securitization)是主要的驅動力
2.看出財務工程及財務創新的功能及長處。抵押貸款證券化提供學習財務工程最佳的典範。6
- 7. 不動產融資工具抵押貸款:以不動產為抵押標的
Mortgage : Two Parties
Deed of Trust : Three Parties
Promissory Note
Title Pledge7
- 8. Note + PledgeFundsPledge and lien are extinguished
with performance of mortgage
contract MORTGAGEBorrower
(Mortgagor)Lender
(Mortgagee)A bilateral financial contract8
- 9. NoteFundspledge
of titleTitle
goes
to borrow
if no
defaultif default
property
is sold
and proceeds
goes to
lenderDEED OF TRUSTBorrower
(Trustor)Lender
(Beneficiary)TrusteeA three-party financial contract9
- 10. 抵押貸款契約重要內容Parties to the contract
Loan amount
Term of loan
Interest rate
Amortization period
Property description
Priority of loan
Acceleration clause, once default
Escalation clause, once selling house
Prepayment clause
callable mortgage
non-callable mortgage10
- 11. 抵押貸款契約重要內容Due-on-Sale Clause
Default Clause (put option)
Personal Liability Clause
Deficiency Judgment
Foreclosure
Redemption Rights
Equitable right
Statutory right
Escrow Provisions11
- 12. 貸款結束Termination by satisfying contract
ending lien against pledged property
trustee provides deed of release
defeasance clause
Termination by mutual agreement
Refinance
Recasting
Termination by foreclosure12
- 13. Redemption Rightsdate of
defaultForeclosure
suite filedForeclosure
saleEnd of
Statutory periodEquitable Right of
Redemption PeriodStatutory Right of
Redemption PeriodFORECLOSURE PROCESS13
- 14. 各式的抵押貸款契約Fixed Rate Mortgage (FRM)
Adjustable Rate Mortgage (ARM)
Graduated Payment Mortgage (GPM)
Shared Appreciation Mortgage (SAM)
A mortgage loan wherein the borrower gives the lender a portion of the property’s appreciation in return for a lower rate of interest
Reverse Annuity Mortgage (RAM)
The lenders make a monthly payments to a homeowner who later repay in a lump sum
Growing Equity Mortgage (GEM)
A fixed-rate loan with increasing monthly payments that pays off early.
Balloon Mortgage14
- 15. 還有Junior Mortgage
Purchase Money Mortgage
Land Contract
Wraparound Mortgage15
- 16. 貸款攤銷方式 Interest only mortgage (bullet loans)
Partially amortizing or balloon mortgage
Fully amortizing16
- 17. Lenders所面臨的風險Credit risk:
risk that money borrowed might not returned timely
Default risk:
risk that money lent might not be repaid
Cash flow risk:
risk that market conditions will alter scheduled cash flows
prepayment risk
inflation risk
exchange risk
interest rate risk
Liquidity risk:
risk that money will be needed before it is due17