机构抵押担保证券的可移植性如何影响住房和抵押担保证券投资者

Journal of Fixed Income Pub Date : 2023-12-21 DOI:10.3905/jfi.2023.1.176

Jiawei “David” Zhang, Yihai Yu, Joy Zhang

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引用次数: 0

摘要

当前的高抵押贷款利率环境降低了大多数机构固定抵押贷款借款人的流动性，导致住房市场停滞不前。实现抵押贷款的可转移性将有助于缓解这些借款人的压力，振兴房地产市场和国民经济。通过向借款人收取可移植性行使费，并将其支付给 MBS 投资者，可移植性方案还可以提高 MBS 的估值，从而实现借款人和投资者的双赢。机构和监管者可以与 MBS 投资者及其他利益相关者合作，修改现有的抵押贷款和 MBS 合同，在现有和未来的机构抵押贷款中增加可转移性选项。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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How Making Agency Mortgage-Backed Securities Portable May Impact Housing and Mortgage-Backed Securities Investors

The current high mortgage-rates environment has reduced mobility for the majority of agency fixed mortgage borrowers, contributing to a stalled housing market. Making mortgages portable would help relieve these borrowers, and revive the housing market and national economy. By charging borrowers a portability exercising fee, paid to MBS investors, the portability option can also enhance MBS valuation, making it a win-win for borrowers and investors. Agencies and regulators can work with MBS investors, and other stakeholders, to modify existing mortgage and MBS contracts to add the portability option to existing and future agency mortgages.

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来源期刊

Journal of Fixed Income Economics, Econometrics and Finance-Economics and Econometrics

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The Journal of Fixed Income (JFI) provides sophisticated analytical research and case studies on bond instruments of all types – investment grade, high-yield, municipals, ABSs and MBSs, and structured products like CDOs and credit derivatives. Industry experts offer detailed models and analysis on fixed income structuring, performance tracking, and risk management. JFI keeps you on the front line of fixed income practices by: •Staying current on the cutting edge of fixed income markets •Managing your bond portfolios more efficiently •Evaluating interest rate strategies and manage interest rate risk •Gaining insights into the risk profile of structured products.