簡介抵押貸款初級市場 The mortgage market
1 簡介抵押貸款初級市場 The Mortgage Market
■不動產業是一個資本密集的產業 ■主要資金的來源是負債 ■買昺子或是蓋一棟建築物的主要資金都是借來的 ■提供這些借款資金的市場叫抵押貸款初級市場the mortgage market 抵押貸款市場是負債市場中最大的一個
2 簡介 ◼ 不動產業是一個資本密集的產業 ◼ 主要資金的來源是負債 ◼ 買房子或是蓋一棟建築物的主要資金都是借來的 ◼ 提供這些借款資金的市場叫抵押貸款初級市場 the mortgage market ◼ 抵押貸款市場是負債市場中最大的一個
債券發行概況統計表 單位:新台幣億元 年季月中央政府公债省及院轄市政府公债公司债金融债券 發行額餘額發行額餘額發行額餘額發行额餘额 1745 2601 874 237 578 757 4510 003 300 903 2100 6135 1087129593578870 83年 1480 876 02 333 941 84年 8051 620 438 922 447 85年 一李 3007880 1017 「二季 2007861100516640156611271096 三季 6008456 513 473 1963 661034 四季 11593511006021638250490928 _10月 05131421851301030 11月 350898051013019112011010 12月 09361110060236650440928 86年二季金融用途不動產動產企業投資週轉金Tol 機構放款餘額金额(億元)3410306493919334500:7100 ⅩX的負債市場 3
3 債券發行概況統計表 單位:新台幣億元 年季月 中央政府公債 省及院轄市政府公債 公司債 金融債券 發行額 餘額 發行額 餘額 發行額 餘額 發行額 餘額 80年 1745 2601 344 874 237 641 578 757 81年 2250 4510 253 1003 158 655 300 903 82年 2100 6135 273 1087 129 593 578 870 83年 1480 7101 0 876 302 702 333 941 84年 1250 8051 0 620 438 922 447 974 85年 一季 300 7880 0 597 86 967 83 1017 二季 200 7861 100 516 640 1566 127 1096 三季 600 8456 0 513 473 1963 66 1034 四季 1150 9361 100 602 638 2504 90 928 10月 300 8755 0 513 142 1851 30 1030 11月 350 8898 0 510 130 1951 20 1010 12月 500 9361 100 602 366 2504 40 928 86年二季金融 用途 不動產 動產 企業投資 週轉金 Total 機構放款餘額 金額(億元) 34110.30 6492.39 1983.3 44520.07 87106.06 XX的負債市場
XX. Mortgage相關債權發行额 rtgage Debt Outstanding 1994-2000* S Million 1997 19992000 ITotal Outstanding 4,392,794 4,603,98 4,877,536 8657366386,3876516503.51 By Type of Mortgage 33554853.510,3193,718.72339708484355376 4.788,204 Multipe 271,748 277,002 289,186 302517 330551373514 Commercial 100 847623 9542051.122968 154,354 Farm 87,134 7,0,000 6.000.000 日 Total Outstanding 5,00000 口 By Type of Mortgage 4.000.000 日1-4 Family 3,000000 日 Multifamily 2,000 a Commercial 1.000.000
4 XX. Mortgage 相關債權發行額 Mortgage Debt Outstanding 1994 - 2000* ($ Millions) 1994 1995 1996 1997 1998 1999 2000* Total Outstanding 4,392,794 4,603,981 4,877,536 5,211,286 5,736,638 6,387,651 6,503,518 By Type of Mortgage 1 - 4 Family 3,355,485 3,510,319 3,718,723 3,970,848 4,355,376 4,788,204 4,862,061 Multifamily 271,748 277,002 289,186 302,517 330,551 373,514 382,602 Commercial 682,590 732,100 782,493 847,623 954,205 1,122,968 1,154,354 Farm 82,971 84,561 87,134 90,299 96,506 102,965 104,501 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 1994 1995 1996 1997 1998 1999 2000* Total Outstanding By Type of Mortgage 1 - 4 Family Multifamily Commercial Farm
Mortgage Debt Outstanding 1994-2000 (S Millions) 1994 1997 1998 19992000 43927944603981487753652112865,736638 6.387.651 6,503518 By Hold ial Banks 101271110901891.14 1,3321714957171547038 596.191 1,826 668.634 28162 ra /Agency 308757 295,192 286.167 292636 320.105 Mortgage pools/ trusts 1863210 239.3502.58976 004 Individuals/Others 527,404 531,926 559609 601.788 659,425 719.026 724478 First Quarter Preliminary 3500000 口數列1 口數列2
5 Mortgage Debt Outstanding 1994 - 2000* ($ Millions) 1994 1995 1996 1997 1998 1999 2000* Total Outstanding 4,392,794 4,603,981 4,877,536 5,211,286 5,736,638 6,387,651 6,503,518 By Holder Commercial Banks 1,012,711 1,090,189 1,145,389 1,245,315 1,337,217 1,495,717 1,547,038 Savings Institutions 596,191 596,763 628,335 631,826 643,957 668,634 680,745 Life Insurance Cos 210,904 213,137 208,162 206,840 213,640 229,333 232,555 Federal / Agency 315,580 308,757 295,192 286,167 292,636 320,105 318,240 Mortgage Pools / Trusts 1,730,004 1,863,210 2,040,848 2,239,350 2,589,764 2,954,836 3,000,462 Individuals/Others 527,404 531,926 559,609 601,788 659,425 719,026 724,478 * First Quarter Preliminary Source: Federal Reserve Bulletin 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 By Holder Commercial Banks Savings Institutions Life Insurance Cos Federal / Agency Mortgage Pools / Trusts Individuals/Others 數列1 數列2
為何要討論 Mortgage市場 兩大理由 1.看抵押貸款市場的演進可以看出中介金融機 構的興衰 證券化 securitization)是主要的驅動力 2.看出財務工程及財務創新的功能及長處。抵 押貸款證券提供學習財務工程最佳的典範
6 為何要討論Mortgage市場 兩大理由 1.看抵押貸款市場的演進可以看出中介金融機 構的興衰。 證券化(securitization)是主要的驅動力 2.看出財務工程及財務創新的功能及長處。抵 押貸款證券化提供學習財務工程最佳的典範
不動產融資工具 抵押貸款:以不動產為抵押標的 Mortgage: Two Parties Deed of trust Three parties Promissory note Title Pledge
7 不動產融資工具 ◼ 抵押貸款：以不動產為抵押標的 Mortgage : Two Parties Deed of Trust : Three Parties ◼ Promissory Note ◼ Title Pledge
MORTGAGE a bilateral financial contract Note pledge Borrower ender (Mortgagor) Funds (Mortgagee) Pledge and lien are extinguished with performance of mortgage contract
8 Note + Pledge Funds Pledge and lien are extinguished with performance of mortgage contract MORTGAGE Borrower (Mortgagor) Lender (Mortgagee) A bilateral financial contract
DEED OF TRUST a three-party financial contract N ote Borrower L ender (Trustor) Funds ( Beneficiary) Title if default g oes pledge property to borrow of title is sold if no and default proceeds Trustee goes to lender
9 Note Funds pledge of title Title goes to borrow if no default if default property is sold and proceeds goes to lender DEED OF TRUST Borrower (Trustor) Lender (Beneficiary) Trustee A three-party financial contract
抵押貸款契約重要內容 Parties to the contract Loan amount Term of loan Interest rate Amortization period Property description Priority of loan Acceleration clause. once default Escalation clause. once selling house Prepayment clause callable mortgage non-callable mortgage
10 抵押貸款契約重要內容 ◼ Parties to the contract ◼ Loan amount ◼ Term of loan ◼ Interest rate ◼ Amortization period ◼ Property description ◼ Priority of loan ◼ Acceleration clause, once default ◼ Escalation clause, once selling house ◼ Prepayment clause ◼ callable mortgage ◼ non-callable mortgage