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
款
 Price Level Adjusted Mortgage (PLAM) 价
格水平调调
整后的抵押
调 调 调 调 调调
款（
调
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
款
 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
调
– 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
争
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
率
– Inclusion of caps or
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