Question

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3.A Description of Residential Passthrough Mortgage Securities

The mortgage pool is created simply by combining a large number of individual mortgages. Each investor in the mortgage security receives a prorated share of the net cash flow arising from the mortgage pool. The cash flow consists of all categories of borrower payments: interest, amortization of principal, and prepayment of principal. The securities are described as "passthrough" because all payments made by the borrower pass through to the investor. The cash flow received by the investor, however, is net of a fee charged by the mortgage conduit for (1) servicing the mortgages, (2) bearing
or insuring the credit risk, and (3) changes in interest rate levels from the date of mortgage origination to the date of security issuance. In the United States, these fees range upward from 25 basis points annually.

For example, a mortgage security, based on a mortgage pool with an average coupon rate of 8.5% and with a 25 basis point servicing fee, a 50 basis point credit fee, and a 25 basis point interest rate gain, would pay the security investors an effective coupon rate of 7.50%. This effective coupon rate is applied to the outstanding principal balance of the mortgages in the pool. As the principal balances are paid down by the borrowers, the effective coupon rate applies only to the remaining principal. When the mortgage pool principal balance reaches zero, the mortgage security is considered redeemed.

Answer 1

3 。描述全数反映住宅按揭证券

把按揭贷款是创造简单地结合起来，大量的个人按揭贷款。每个投资者在抵押贷款的安全得到按比例分摊的净现金流量所产生的，由抵押池。现金流量包括所有类别的借款人的偿金：利息，摊还本金，并预付本金。证券业，被称为"全数" ，因为所有款项，由借款人通过向投资者。现金流量收到的投资者，不过，在扣除费用的收取由抵押管道（ 1 ）提供服务，抵押贷款， （ 2 ）轴承
或投保信用风险，以及（ 3 ）的变化，利率水平自公布之日起抵押起源到最新的安全发行。在美国，这些收费范围调升25个基点一次。

举例来说，抵押贷款安全的基础上，按揭池平均息率为8.5 ％ ，并与25个基点，服务费， 50个基点的信用费用，并为25个基点，利率增益，将支付保障投资者的一个有效的票面息率的7.50 ％ 。这个有效的票面息率是适用于未偿还本金余额部分抵押在游泳池。作为主要的余额支付，由借款人，有效地息率只适用于剩余的本金。当把按揭贷款的本金余额达到零，按揭安全，是考虑赎回。