论文部分内容阅读
通过分析抵押贷款组合和A、B、Z三类抵押担保证券 (CMO)的现金流量 ,揭示了住房抵押担保证券 (CMO)的连续支付结构是通过不同时支付A、B、Z三类证券投资者的利益来实现的。这种连续支付结构给各类投资者带来了不同的收益并能够满足不同投资者的偏好 ,与我国当前多层次的投资需求相适应。因此 ,我国住房抵押贷款在实行证券化时可以选择抵押担保证券 (CMO)。这将为我国住房抵押贷款二级市场的建立创造充分的条件。
By analyzing the mortgage loan portfolio and the cash flows of three types of collateralized securities (A, B and Z), it reveals that the continuous payment structure of the mortgage-backed securities (CMOs) is realized by not paying the A, B and Z securities investment The interests of people to achieve. This kind of continuous payment structure brings different benefits to all kinds of investors and can meet the preferences of different investors, which is compatible with the current multi-level investment demand in our country. Therefore, China’s mortgage loans in the implementation of securitization can choose mortgage-backed securities (CMO). This will create sufficient conditions for the establishment of the secondary market for home mortgage loans in China.