1 簡介抵押貸款初級市場 The Mortgage Market

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。

3 美國的負債市場

4 美國的負債市場美國的負債市場

5 台灣的負債市場

6 U.S. Mortgage 相關債權發行額

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8 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。

9 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 Pledge

10 Note + Pledge Funds Pledge and lien are extinguished with performance of mortgage contract MORTGAGE Borrower (Mortgagor) Lender (Mortgagee) A bilateral financial contract

11 Note Funds pledge of title Title goes to borrow if no default if default property is sold and proceeds goes to lender DEED OF TRUST Borrower (Trustor) Lender (Beneficiary) Trustee A three-party financial contract

12 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 mortgage

13 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 Provisions

14 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 foreclosure

15 Redemption Rights date of default Foreclosur e suite filed Foreclosure sale End of Statutory period Equitable Right of Redemption Period Statutory Right of Redemption Period FORECLOSURE PROCESS

16 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 Mortgage

17 還有 Junior Mortgage Purchase Money Mortgage Land Contract Wraparound Mortgage

18 貸款攤銷方式 Interest only mortgage (bullet loans) Partially amortizing or balloon mortgage Fully amortizing

19 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 due