第5章 节 可调整利率和可变付款抵押贷款 房地产金融与投资 .ppt

Chapter 5 Adjustable Rate and Variable PaymentMortgages可调整利率和可变付款抵押贷款;5. 1 ARM 和贷款人的考虑ARMs and Lender Considerations;贷款人的利率风险损失;利差减小 期限差距—存款期短而贷款期长—加大风险 解决办法—将利率风险全部或部分转移给借款人;5.2 价格水平调整抵押贷款PLAMThe Price Level Adjusted Mortgage;假设通货膨胀率不变;每月付款额;未清偿贷款余额;通货膨胀率变化;PLAM的问题;5.2.2 ARM概论 ARMs: An Overview;5.2.3 ARM例示(ARMs Illustrated);对ARM的评论;ARM Indexes;Other ARM Characteristics;5、合成利率Composite rate 指数与边际之和 6、限制或上限Limitations or caps 由贷款合约规定的，允许付款额、利率、贷款展期和负摊销增加的最大值 7、负摊销Negative amortization 未被支付的利息是否加入贷款余额中 8、下限Floors 在调整间隔或整个贷款期内,付款额或利率的最大缩减值;ARM的其他特征;5.2.4 借贷双方面临的问题Problems Lenders and Borrowers face with ARMs;5.2.5 Risk Premiums,Interest Rate Risk,and Default Risk on ARMs;利率风险溢价;拖欠风险溢价;总的风险溢价;总的风险溢价;5.2.6 Expected Yield Relationshipsand Interest Rate Risk预期收益率的相关性和利率风险;利率风险与ARM收益率的一般关系;ARM与FRM利率比较;Initial ARM TermsARM起始条款;Comparison of Hypothetical Loan Terms;5.2.7 ARM Payment Mecanics;No Caps or Limitation on Paymentsor Interest Rates(ARM I);Summary Data and Results: ARM I;Payment Caps and Negative Amortization(ARM II);续上表;ARM II: Loan balances when payments are capped at 7.5% annually(negative amortization allowed);ARM III Interest Rate Capped at 2%,5%(no negative amortization allowed);5.2.8 Expected Yield on ARMs:A Comparison;IRR for an Unrestricted ARM, Payoff at End of Year 5;收益率比较(第5年末偿还);Ranking ARMs Based on Total Risk;5.3 Shared Appreciation Mortgage(SAM);SAM的收益率;SAM未被广泛采用的原因