The Secondary Mortgage Market: CMOs and Derivative Securities 抵押担保债券（Collateralized Mortgage Obligation，简称CMO） This chapter discusses how the explosion in the market for mortgage-backed securities (MBSs) has led to some of the most significant capital market innovations in recent history. This market began with relatively simple mortgage pass-through securities in which mortgages were pooled, securities were issued, and investors received a pro rata share of principal and interest less servicing fees. Investor concerns over unanticipated cash flow due to borrower prepayment prompted investment bankers and underwriters to innovate and develop the collateralized mortgage obligation (CMO). Rather than simply "passing through" cash flow, the new CMO structure provided for debt securities secured by a mortgage pool. Cash flows were prioritized according to different security classes. Investors in CMOs usually receive a coupon rate of interest and select a priority for the receipt of cash flow from amortization and prepayments on mortgages in the pool. The latter allocation effectively allows investment bankers to pool longer-term mortgages with higher interest rates as security for debt securities that range from short-term, lower interest rate securities to longer-term, higher interest rate securities. More investors can be reached in this structure, with its greater variety of securities, than in a simple pass-through structure. More recent innovations in this market include stripped securities and inverse floaters. These "derivatives" are intended to broaden the market even further as well as to offer investors the opportunity to hedge and manage interest rate risk.
Underwriting and Financing Residential Properties 第八章 住宅地产的担保与融资 This chapter deals with the process of seeking long-term mortgage financing for owner occupied residential properties. Here we focus on two aspects of this process: loan underwriting and closing . When discussing the underwriting process, we consider borrower and property characteristics and how loan terms are established. We also consider the size of the loan relative to property value, loan payments relative to borrower income, and default risk undertaken by lenders. We discuss the use of mortgage insurance or guarantees that may be necessary to grant a given loan request in cases where the total risk of lending to a specific borrower is too great for a given lender to undertake. Insurance may be provided by private insurers, or, depending on the property and borrower characteristics, insurance or guarantees may be available from various government agencies. We look at the loan closing process in terms of the necessary accounting between the borrower, lender, seller, and other parties to a transaction in which transfer of title and a loan closing occur simultaneously, and we consider federal regulations that require certain practices from the lender regarding uniform disclosure of interest charges, closing statements, and collection of credit and other information about the borrower.
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