Mortgage Loan and Floating Rate Mortgages Essay

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Chapter 05:
Adjustable and Floating Rate
Mortgage Loans 可调和浮动利率
按揭贷款
McGraw-Hill/Irwin

Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved.

Variable Payment Patterns 可变
的支付模式
 Fixed Rate Mortgages 定息按揭
 Adjustable or Floating Rate Mortgages 可调
式或浮调调
利率抵押
调 调 调 调调

 Price Level Adjusted Mortgage (PLAM) 价
格水平调调
整后的抵押
调 调 调 调 调调
款(

PLAM )
– Loan balance adjusted for inflation 贷款余额通
货膨胀调整
– New payment computed using adjusted balance 使用调整后的新平衡计算支付
5-2

Exhibit 5-1
Payments and Loan Balance Patterns, $60,000 PLAM, 4%
Inflation = 6% per Year, versus $60,000 CPM, 10% Interest,
30 Years

5-3

Fixed Rate and Price Level Adjusted Mortgage 固
定利率和价格水平调 整后的抵押
调调调调调调调

 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,
通货膨胀的固定利率抵押贷款可能会失去巨大的价值。
 The PLAM is designed to avoid the loss that would otherwise occur due to unanticipated inflation. 该 PLAM 是
为了避免,否则将发生是由于未预料到的通货膨胀的损失。
 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
你所料,固定利率抵押贷款的普及和退潮与市场的状态和参
与者的看法通货膨胀率的稳定流动。
5-4

Price Level Adjusted Mortgage
 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
美指数
 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

不去,调 可能
调调调调
致借款人无力
调调调调调调调调


5-5

Basic Issues with Adjustable Rate
Mortgages
 ARMs do not eliminate interest rate risk 缴枪不排除利
率风险
 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
款人把它放到借款人承担更少的利率风险,贷款人应
该会接受低利率会比其他方式获得与固定利率抵押贷
款。
5-6

Adjustable Rate Mortgages
 A new loan payment is computed at each reset date 新的调 款
调调调
款计算在每个
调调调调调调调
整日

– 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
法控制
∙ 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 )

– Margin (or spread) 保证金(或扩散)
 Premium added to the index 溢价添加到索引
5-7

Adjustable Rate Mortgages
 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
期应缴的利息








Caps
Floors
Assumability
Points
Prepayment 预付款项
Conversion 转换
5-8

Adjustable Rate Mortgages
 Hybrid Loans 混合贷款
– Longer initial reset period, 3/1, 5/1, and 7/1 较长的初
步复位期间, 3 月 1 日, 5 月 1 日和 7 月 1 日

 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
协商 negotiated
 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
候,
调 调调调
 Fully amortizing payments required in future 未来需要完全调调调
5-9

Adjustable Rate Mortgages
 For residential loans, the teaser rate is important 对于住
宅贷款,传情率是很重要的






Initial rate below market composite rate 低于市调调调
合率初始速度
调调调 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

适当价格可调整利率抵押贷款的内在风险。
5-10

Adjustable Rate Mortgages
Yield & Rates
 Yields are a function of: 产量的函数:
– Initial interest rate 初始利率
– Index & margin 指数及按金
– Any points charged 任何收取点
– Frequency of payment adjustments 付款调整频

– Inclusion of caps or…