# Mortgage Loan and Floating Rate Mortgages Essay

Submitted By AaronMY
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Chapter 05:
Mortgage Loans 可调和浮动利率

McGraw-Hill/Irwin

Variable Payment Patterns 可变

 Fixed Rate Mortgages 定息按揭
 Adjustable or Floating Rate Mortgages 可调

 Price Level Adjusted Mortgage (PLAM) 价

PLAM ）
– Loan balance adjusted for inflation 贷款余额通

– New payment computed using adjusted balance 使用调整后的新平衡计算支付
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Exhibit 5-1
Payments and Loan Balance Patterns, \$60,000 PLAM, 4%
Inflation = 6% per Year, versus \$60,000 CPM, 10% Interest,
30 Years

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Fixed Rate and Price Level Adjusted Mortgage 固

 Fixed rate mortgages can lose substantial value if an unanticipated rise in inflation occurs after the mortgages have been made. 如果抵押贷款已作出后发生意外的上升，

 The PLAM is designed to avoid the loss that would otherwise occur due to unanticipated inflation. 该 PLAM 是

 As you might expect, the popularity of fixed rate mortgages ebbs and flows with the state of the market and the participants’ perception of the stability of inflation rates. 如

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 i = mortgage interest rates 房贷利率 , r = expected real rate of interest 预期实际利率 , p = risk premium 风险溢价 , f = expected inflation 通胀预期 i=r+p+f PLAM balances adjust with changes in inflation. PLAM 余额调整与变化
，通货膨胀。
Two problems 两个问题
 CPI is not a perfect index for housing pricesCPI 是不是房价上涨的完

 If borrower’s incomes do not increase at CPI, this may lead to the borrower’s inability to repay. 如果借款人的收入在消费物价指数上

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Mortgages
 ARMs do not eliminate interest rate risk 缴枪不排除利

 The longer the adjustment interval, the more interest rate risk the lender will take on 该调整的时间间隔越长
，利率风险的贷款人将采取
 As the lender assumes less interest rate risk by putting it onto the borrower, the lender should expect to receive a lower rate of interest than it would otherwise receive with a fixed rate mortgage. 由于贷

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 A new loan payment is computed at each reset date 新的调 款

– Composite Rate = index + margin 复合率 = 指数 + 缘
– Index 指数
 Interest rate that the lender does not control 利率的贷款人无

∙ Treasury securities 国债
∙ Cost Of Funds Index (COFI) 资金成本指数（ COFI ）中
∙ London Interbank Offered Rate (LIBOR) 伦敦银行同业拆借利率
（ LIBOR ）

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 Reset Date 重设日期
– When mortgage payment is readjusted 当按揭付款调整

 Negative Amortization 负摊销
– Payment does not cover the interest due 付款不包括到

Caps
Floors
Assumability
Points
Prepayment 预付款项
Conversion 转换
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 Hybrid Loans 混合贷款
– Longer initial reset period, 3/1, 5/1, and 7/1 较长的初

 Interest Only ARM and Floating Rate 只付利息
ARM 和浮动利率
– I.O. for initial period I.O. 在初始阶段
– Then, depending on what has been 然后，这取决于已

 Pay interest only 只付利息
 Pay interest & some principal 支付利息及本金部分
 Sometimes negative amortization 有调调

 Fully amortizing payments required in future 未来需要完全调调调
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 For residential loans, the teaser rate is important 对于住

Initial rate below market composite rate 低于市调调调

Market Competition 市调调调

Accrual Rate 调调调生率
Negative Amortization 调调调
Payment Shock 金震

– It is not clear whether all residential borrowers comprehend or appropriately price the inherent risks in adjustable rate mortgages. 目前尚不清楚所有住宅的借款人是否理解或

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