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:2009-04-21 15:26:08  ԴйгѧùίԱ  ߣΰ

    ժҪծܶҹĽϵӰбҪȡѵǿյķӶ֤ҹгƽͨծij̽ҹʲ֤ȯٵҪص̽ǰΥԼպʷҹҹӦòȡžμҵķϸƷزгĴȴʩķ
ؼʣծʲ֤ȯסѺ֤ȯ

    2006һծɨŷ½ȫ˱G10бϵͳע2 000ԪڻƵƵ漱ڶμѺͽڹ˾ʽƲͶб˹DZƲĽھͷҲ޿(2007ļȾ޿98.3Ԫ2007ȫ77.8Ԫ2008һֿ19.6ԪòԱ4000)ⳡӰ쵽һййкоΪдμծ¹ƱôμծΪ?μծζ?Ϊ֮?ҹܴⳡеõʲôʾ?DZҪֵ̽

һμծԴͷDDסѺ֤ȯ(MBS)

νμծμסѺ֧ծȯԴڴμμҵʱȴͳĸȸͻʸİҴֻṩǿĿͻü¼ϲҲϵ͵ĿͻѴİҹ˾еõֻ˾μ
μʮõѸͷչԭһڷز۸ijΪ׬סѺ֤ȯ(mortgage backed securitizationMBS)һڴ¹ߵķMBSʲ֤ȯ(asset backed secufitizationABS)һҪʽָҵеȽڻеסѺծȨ۸֤ȯ(special purpose vehiclesPV)ȻɸûչסѺΪȸʩ֤֮ȯгϷסѺ֤ȯΪҪصǿԽȱԵܹԤֽԭȲױͶ߽ܵĵѺתΪгͨױͶ߽֤ܵȯ
ͳMBSǰҹ˾()ȷŰҴȻѾĴծȯ۸ͶͶзгԸծȯʼμһǸͶʿͻƳͬMBSƷȻݲͬŴ׼򰴽ҹ˾߸ͶеҪѡ񷢷ŰҴĶͬʵĴMBSͶнͶתԤͶʿͻ˴μծķйģɰҹ˾ƱгһֻҪͶоͻ򰴽ҹ˾Ʒҹ˾򷢷Ÿ˴ٽ˴μծĿٷչ
2000ĭʮδϢʹʱгϵʽͶǶԸծȯμծΪսϸʵȻϸͶߵ»ԴμծгͶ߱鲼ȫҹҲǹʻ̶й2007걨͸¶2007ȫͶʾΪ155Ԫμծռ伯֤ȯͶܶ2.13ֵѼ49.9Ԫ

MBSҹķչ״

סѺ֤ȯǷزҵչһ׶εıȻҶʵоڳҹ1998סѺģõѸͷչƽʽӽ302007ҹסҴѴﵽ27031Ԫ֤ȯۻʵ϶ڳʼ׶оҪMBsҹĿԺͱҪԼչģʽо֮ʵϿʲ֧֤ȯ200512²ſʼеġԪŴʲ֧֤ȯкͽеġԪ20051סѺ֧֤ȯΪԵзֱΪ44ں30
ĿǰҹŴʲ֤ȯƷһƷ͹еĿԪ2006ABSһ֮оڶԵͷַаε2007911շ˹ģ43.8326ڵABSҲ20079·40.21Ԫʲ֧֤ȯ20071214еڶνзʲ֤ȯó41.6ԪסѺʲСԪ20071סѺ֧֤ȯеCMBS(ҵزѺ֤ȯ)ոͨδʽ
Ŵʲ֤ȯҵеشǵҵʲṹֶͨʲ֤ȯпԵʲĵҵṹʹʲֲԽٷʲԼʱʵѹҵ;ӪģЧֶʲ֤ȯΪһֱʷʽеʽпͨʲ֤ȯʽٸгµĴгٴҵӯֶͨΪ֤ȯʲṩͷмҵпԻмҵγµӯԳϸ֮ũһЩҲ׷ױʾԸԵּԹʣĴ󻷾Ȼ֤ȯȤһתABSĴģƳָտɴ˼ӴյķоҪʵ

MBSҪ

MBSܴſɽԽϲĵѺֵŵ佻ڶ׽ṹǿһͻԽϵͳȶDZڷĴμծʲ֤ȯո𲽵й˵ǷdzֵýͲο
MBSķҪΪʷΥԼǰͶʷԷԼ׽ṹյЩҹͻľǰպΥԼһͨ͵ѹӴʷҲͻ
1ǰաǰָʱֻ֧ȫѺΪMBSֽشӰдϢʧǸı֤ȯijծȯͶߴ

ڴģչMBS֮ǰסѺǰΪȡ÷ḻľͨ׼ȷԤЧعתǰҹⷽĹΪհǰʸ޷Ԥݱ߹۲ҹǰΪصһǶʵı䶯ҪԭҹĿǰסѺǸʴҵжǰΪȡΥԼÿǰΪɱǰΪձ롰ծһᡱĴͳйûĴ黹ʮĴһǮϾͻƫҲԭ֮һĿǰҹĸͶ֤7.87޷ʵͶĿûʽĻɱ֮ѡǰ¥е˥ʸ¥кǰΪͼǧټƴ֮ǰΪ
ΪҹǰΪֳϸ߱ʱȱǰľֲʹǰʵԤdzMBSĹؼھǶסѺδֽԤӶǡĶǰʲȷܼùйǰΪļģֻòȡֵֽ۷Ͷַ۵ʲ֧֤ȯ̺ϴ˴ģ򽫸SPVͶг
2ΥԼ ΥԼָ޷ʱ֧ծȯϢͳķĿǰסѺǸʲõĴƷ֮һʵ޳ͻɢ̶ԲصסѺʵʾи߷ҹھøٷչʱָձδͬʱסƶȵĸĸ2000סѺֳʽвؿҪԭǿסѺĵΥԼͳʾ2004ҹĴи˹ʽΪ1.5Ⲣ˵סѺķղֵһۻб仯סѺΥԼʾͻɱý屨2006ڷزгĽϺеסѺΥԼһ0.300.67˵סѺΥԼղСһǵԤڷΥԼսĴμծпй
3ˢʷ ʷָʵı仯ʹŵѺĻ֤ȯʧķҲMBSԹһֻķһѺ֧֤ȯļ۸ʳʷ仯/½ʱѺ֧֤ȯļ۸½/Ͷ߽Ѻ֧֤ȯô֤ȯǰ۸ı仯Ͷ߲ӰͶڵ֮ǰ֤ȯôʵͻᵼʱʧʷͬĵѺ֧֤ȯʷյг̶ҲͬͬѺ֧֤ȯϢƱԽ۸ʵı仯ԽѺ֧֤ȯĵԽ۸ʵı仯ԽˮƽԽѺ֧֤ȯļ۸ʵı仯Խ
ƩַеĵһABSƷǵͶ߶ԼϢĵ˸һڴ׼ΪͶȷձͶĽAбΪ73Դ˼Aʴﵽ4.33뵱ǰ10ڹծʴ൱ַܱμϢֶδԳƼϢȻϵȴڴʱСծȯȴŴʵˮǴַŲɻرܵĿ

MBSյķ

ϯȫĴծԿĸԴ¥еij߸˾ΪԴṩμΪôμͶΪ˾޶ӶṩMBSijͶΪ˸湺MBSֻҪۼ˶кôеķҹMBSĿǰģӸʽδԽԾԾԿԿ֤ȯ嶯ѴҽŻߵĴӽҵдȳѽӽܲ75ָʲ֤ȯƱģƳָտɴΪ˱ծҹDZ¼Ĺ
1Ͽžμծķ йĿǰĻ2000Ժ֮ԹʣʱѰƷͶʶʽͣתսк¥ʹַٽμҺʹμծгߵ¥лϽͬʱὫʽμծгΪʵǸסѺеʲʹ֤ȯҲܻȶĿǰҹסѺ5֮иԸ⽫õȼߵĴַ۵ADSͷΪȼʹμǵгƣȨĴμַԼֽ׶ε˵֤ȯĸڲƷҪǡϤгͽͶ߹ϵһгԸƷʢμҺʹμծƳؽˮϿžμծȯĴģƳڴԴͷϷֹķ
2ǿ۵Ͽط۸ ծγԭԿز۸ĭⳡйסŴ͹мܶԽڷյijܺͻҪԶԶڽڷֲϵ֮ϵгΪ˼᷿ز۸񲨶õĸӰҹӦȡЧĴʩǿ۵غ΢۹ͬʱӴ󾭼÷ⷿĹϿط۸ӶͶʱӷгƶгʵĽչ
3ŻҵоӪģʽתƵмҵ ¥еijҵѴҹҵеĴ󲿷ڴʹʱгѼӶ2007͹ͬмҵռȻٵÿв15.72ҳмемҵռȾ10޴ĴʹרעڴгŵĸסѺоؿʹȻǧټƵشģ2007ȫڻסҴռ˴82.5ҹͨʵijߵĴӽҵѾתӵڶƵMBSҵܵеĹעͨMBsʱܻʽµĴгӯģʽҵԾͣŴҵMBSμծȯƳпʵͻϵͳؽپ޴
4ֹרҵ˾ij ծǴڶ˾DDͽڹ˾ƲʼӵȻʽԴDDҵвͬʽԴ޵ĹɶͶMBSۻŴΪʽԴҪμṩ˰ձڵIJ֤ݼֵʱŴҲеļʦĽDZڵķվڴμгıΥΪӸϵ
ҹĿǰδרŵĴ˾еסѺзòѵؿڷгijеķŴ嶯վ2007סѺ20065ɳֻδ¶еIJۻҲй
5ʱгӴ˴ծԿмǿƫĶԳͶʻΪŴɢΪгIJȶԾʵ˺ҹʽʱгЩֱײĶԳȻѹƺҪȻϼʧƳɭξͿʱгҹʩѹһŴʽڻijֱؽҹδĽгϵͳձȻŴԿʱг֮Ӧ֮



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