Home Equity Conversion Mortgage (An FHA sponsored home ：住房反抵押贷款(FHA担保的家
不动产与不动产估价专业词汇
《不动产估价专业词汇》美国估价学会编11版第一章不动产与不动产估价appraisal 估价、评估bundle of rights 权利束complete appraisal 完整性估价consulting 咨询eminent domain 征收escheat 没收FIRREA金融机构改革、复原和执行法four powers of government 政府的四种权利leased fee estate 出租人权益leasehold estate 承租人权益liability 责任limited appraisal 限定性估价personal property 动产police power 管制权，警察权purpose of an appraisal 估价目的real estate 不动产，房地产real property 不动产，不动产权利restricted appraisal report 限制式估价报告review appraisal 复审性估价self-contained appraisal report 叙述式估价报告state licensing and certification 州政府颁发地执照和资格证书summary appraisal report 摘要式估价报告taxation 课税trade fixture 营业设备、营业装置、商贸设备Uniform Standard of Professional Appraisal Practice 专业估价实务通用标准use of an appraisal 估价用途第二章价值的属性assessed value 评估价值、评定价值cash equivalent price 约当价格construction costs 建筑成本cost 成本、花费demand 需求desire 欲望development cost 开发成本direct/hard cost 直接成本、硬成本effective purchasing power 实际购买力、有效购买力going－concern value 永续经营价值indirect/soft cost 间接成本、软成本insurable value 保险价值investment value 投资价值limited－market properties 限定市场的不动产market value 市场价值public interest value 公共利益价值real estate market 不动产市场，房地产市场scarcity 稀缺性special－purpose properties 特定用途的不动产supply 供给use value 使用价值utility 效用第三章不动产估价原则anticipation 预期conformity 适合consistent use 一致性使用contribution 贡献elasticity of demand需求弹性externalities 外部性highest and best use最高最佳使用highest and best use of land as though vacant假设为空地的最高最佳使用highest and best use of property as improved已经改良的不动产的最高最佳使用interim use 暂时使用law of increasing and decreasing returns报酬递增和递减规律location 位置、地方opportunity cost机会成本point of decreasing returns报酬递减点principle of progression 进化原则principle of regression 退化原则substitution 替代supply and demand供给和需求surplus productivity剩余生产力第四章不动产市场与市场分析absorption 吸纳active（seller’s）market 活跃（卖方）市场depressed （buyer’s）market萧条（买方）市场economic base analysis 经济基础分析household 家居单位全家人long-term cycle 长期循环，长周期short-term cycle 短期循环，短周期market analysis 市场分析market equilibrium 市场均衡market disequilibrium 市场不均衡market segmentation 市场细分move-up demand 改善需求share of the market 市场份额strong market 强势市场submarket 次级市场weak market 弱势市场第五章不动产估价程序allocation 分配capitalization rate 资本化率cash flow 现金流量comparable sales 比较实例competitive supply and demand data 竞争性供给和需求的数据cost approach 成本法date of the value estimate 价值日期、估价日期definition of the appraisal problem 估价事项界定definition of value 价值定义、价值界定direct capitalization 直接资本化法discount rate 折现率、贴现率extraction 抽取、提取final value estimate 最后价值估计、最终估价额general data 一般性数据ground rent capitalization 土地租金资本化highest and best use of land as though vacant 假设为空地的土地的最高最佳使用highest and best use of property as improved 已经改良的不动产的最高最佳使用identification of property rights 不动产权利的确认income capitalization approach 收益资本化法income multiplier 收益乘数limiting conditions 限制条件land residual technique 土地剩余法land value estimate 土地价值估计、土地估价preliminary analysis 初步分析present value 现值range of value 价值的范围、价值区间reconciliation of value indications 估价结果调整report of defined value 已定义价值的报告restricted appraisal report 限制性估价报告sales comparison approach 市场比较法scope of appraisal 估计范围selection and collection of data 数据选择和搜集self—contained appraisal report 叙述式估价报告specific data 详细数据、特定数据subdivision analysis 局部分析summary appraisal report 摘要式估价报告trends 趋势use or function of the appraisal 估价的用途或作用valuation process 估价过程、估价程序yield capitalization 报酬投资化yield rate 报酬率第六章货币市场与资本市场bankers’ acceptances 银行承兑汇票basis point 基点bond 债券、证券business cycle 商业周期capital market 资本市场certificates of deposit 定期存单collateralized mortgage obligations(CMOs ) 担保抵押证券commercial bank 商业银行commercial mortgage backed securities(CMBs) 商业抵押担保证券commercial paper 商业本票debt 债、债务deed of trust 信托契据demand deposits 活期存款disintermediation 逆中介dividends 股利equity 所有者权益、权益Eurodollars 欧洲美元Fannie Mae 联邦国民抵押协会Farmer Mac 联邦农业抵押公司Federal Deposit Insurance Corporation(FDIC) 联邦存款保险公司federal discount rate 联邦贴现率金federal funds 联邦资金、联邦基金Federal Open Market Committee(FOMC) 联邦公开市场委员会Federal Reserve System 联邦储备系统Financial Institutions Reform，Recovery and Enforcement Act(FIRREA) 金融机构改革、复苏和强化法案Fractional reserve banking 部分准备银行Freddie Mac 联邦住宅放款抵押公司general partnership 普通合伙Ginnie Mae 政府国民抵押协会home equity loan 住宅权益贷款inflation 通货膨胀installment sale contract 分期付款insurance company 保险公司interest rate 利息率interim financing 临时融资international equity capital 国际权益资本joint venture 合资公司junior lien 低位抵押（留置）junior mortgage originators 低位抵押贷款提供者key economic indicators 关键经济指标land contract 土地契约limited partnership 有限合伙money 货币money market 货币市场mortgage 抵押municipal notes 市政债券mutual savings bank 互助储蓄银行pension fund 退休基金purchase-money mortgage(PMM) 购买金抵押prime rate 基本利率real estate investment trusts(REITS)不动产投资信托real estate mortgage investment conduits (REMICs) 不动产抵押贷款投资转手凭证repurchase (and reverse repurchase) agreements回购（逆回购）协定reserve requirement 准备金要求reverse annuity mortgage 逆年金抵押risk rating 风险等级saving and loan association 储货机构secondary mortgage market 次级抵押市场securitization of real estate interests 不动产权益证券化stock 股票stock corporation 股份公司syndication 联合募股组织、企业联合组织takeout financing 后续长期借款融资time deposits 定期存款Treasury bill or note 短期无息国库券或中期国库券Trust 信托venture capital 投机资本第七章不动产绝对所有权及部分权利air rights 空中权book value 账面价值condominium 共同管理住宅conservation easement 保护地役权contract rent 合同租金cooperative 合伙式easements 地役权easements in gross 总地役权equity 资产净值equity syndication 企业联合组织募股fee simple 绝对所有权fractional interest 部分权益general partnership 普通合伙gross lease 租赁总额joint tenancy 联合承租权land trust 土地信托leased fee 出租额leasehold 租赁leasehold mortgaging 租赁抵押lessee 承租人lessor 出租人life estate 终生产业权limited liability company 有限责任公司limited partnership 有限合伙契约market rent 市场租金modified gross lease 修正后租金总额mortgage 抵押net lease 净租约partial interest 部分权益partnership 合伙preservation easement 保护地役权sandwich lease 承租人转让stock corporation 股份公司sublease 转租subsurface rights 地下权tenancy 租赁权tenancy by entirety 整体租赁权tenancy in common 共同租赁权timesharing 时间分享transferable development rights (TDRs)可转让开发权trust 信托第八章资料的搜集与分析absorption rate 吸纳率accelerated cost recovery system (ACRS) 加速折旧方法adjustment 修正ad valorem tax 从价税balance of trade 贸易均衡building permit 建筑许可building start 建筑开工business cycle 商业周期capitalization rate 资本化率competitive supply 竞争性供给consideration 因素construction cost 建设成本Consumer Price Index (CPI) 消费者价格指数cost-estimating manual 成本估计手册data array grid 资料列表debt service 债务服务demand 需求depreciation 折旧disposable income 可支配收入economic base 经济基础economic base analysis 经济基础分析economic indicator 经营指标economic life 经济寿命Electronic Data Interchange (EDI) 电子资料交换field inspection 现场调查forecasting 预测general data 一般资料Geographic Information System (GIS) 地理信息系统gross domestic product 国内生产总值gross national product 国民生产总值household 家庭household formation 家庭构成improvement cost data 建筑物成本资料income and expense data 收入与消费资料listing 列表macroeconomic factor 宏观经济因素market data grid 市场资料栏microeconomic factor 微观经济因素modified accelerated cost recovery system (MACRS) 加速折旧修正法nominal price 名义价格offering 提供operating expense 经营费用plat map 地区地图price level 价格水平prime interest rate 主要利率proprietary data 私人资料purchasing power 购买力real price 真实价格school tax 学校区税sitting factor 基地坐落因素specific data 特别资历料Topographically Integrated Geographic Encoding and Referencing(TIGER)datafiles 地形地理编码参考资料库transaction data 交易资料unemployment rate 失业率units of comparison 比较单位vacancy and collection loss 空置和欠租损失volume of retail sales 零售额wage level 工资水平第九章邻里与地区agricultural district 农业地区apartment and multifamily district 多家庭公寓地区business district 商业地区centrual business district (CBD) 中心商务区commercial district 商业地区community shopping center 社区购物中心Comprehensive Environmental Response, Compensation,and Liability Act of 1980 (CERCLA) 1980年颁布的《综合环境反应、补偿与责任法》decline 下降destination shopping 目的性购物displacement 替代district 地区education district 教育地区environmental hazards/liabilities 环境危险/责任environmental property assessment (EPRA) 不动产环境评估Environmental Protection Agency (EPA)环境保护署environmental remediation/cleanup 环境补救/清除environmental site assessment (ESA) 环保基地评估gentrification 更新growth 成长high technology parks 高科技园区historic district 历史性地区industrial district 工业地区innocent purchaser 非专业购买joint and several liability 联合与个别责任linkages 关联location 区位neighborhood 邻里medical district 医药卫生地区neighborhood or district boundaries 邻里或地区边界neighborhood or district life cycle 邻里或地区生命周期neighborhood and strip shopping center 邻里与带状购物中心nuisance 损害office district 办公地区Property Observation Checklist 不动产观察检验表regional shopping center 区域商业中心research and development park 研究开发园区residential district 居住地区revitalization 更新，（新生复兴）single-family residential neighborhood 单一家庭住宅邻里sitting 地点specialty center 专卖店stability 稳定度strict liability 严格责任Superfund Amendments and Reauthorization Act of 1986（SARA）1986年制定的《超级基金修正再授权法案》superregional shopping center 超级区域商业中心time-distance linkage 时间距离联结trade area 贸易区第十章土地或建筑基地描述abstract of title 产权摘要assessed value 评估价值base line 基准线constructive notice 建设通告corner influence 角地影响economic unit 经济单位excess land 超额土地Federal Emergency Management Agency (FEMA) 联邦紧急状况管理机构Floodplain 泛滥平原frontage 临街面宽geodetic survey program 大地测量系统government survey system 政府测量系统land or site analysis 土地或基地分析land- to- building ratio 土地对建筑物比率legal description 法律描述lot （抽签，一块地）and block system 宗地和街区系统metes and bounds system 分界系统off – site improvement 基地外建筑物on – site improvement 基地内建筑物point of beginning (POB) 起始点plat book 地图册plottage 土地分割plottage value 土地分割价值principal meridian 主子午线quadrangle 四边形range line 范围线raw land 生地rectangular (government) survey system 矩形(政府)测量系统site 基地subdivision development analysis 土地分割开发分析surplus land 剩余土地tax parcel 课税宗地total station 总站township 乡镇township line 乡镇线wetlands 湿地第十一章建筑物描述Americans with Disabilities Act (ADA) of 1990 1990年<美国残疾人法>asbestos-containing materials (ACMS) 石棉材料bays 隔间building code 建筑法规building description 建筑物描述cogeneration 集合deferred maintenance items 延迟维护部件economic life 经济寿命equipment and mechanical systems 设备及机电系统exterior description 外部描述facade 正立面floating foundation 浮筏基础footing 地基framing 框架gross building area (GBA) 总建筑面积gross leasable area (GLA) 总可出租面积gross living area (GLA) 总居住面积heating , ventilation , and air –conditioning (HV AC) system 供热、通风与空气调节系统immediate repair items 立即修复部件infrastructure 基础设施insulation 绝缘interior description 内部描述internal supports 内部支撑系统joists 托梁、桁架long – lived items 长寿命项目obsolescence 贬值platform construction 平面结构post and beam framing 梁柱框架process – related equipment 程序性设施quality and condition survey 质量与状况调查R- value R值remaining economic life 剩余经济寿命short – lived items 短寿命项目solar heating 太阳能供热strut 支撑studs 饰钉substructure 地下结构superstructure 地上结构use classification 用途分类ventilation 通风zone control 分区控制第十二章建筑风格与功能Adequacy 充足Agricultural building design 建筑设计Americans with Disabilities Act 美国残疾人保障法Architectural style 建筑风格Architecture 建筑（学）Bay depth 隔间深度Ceiling height 天花板高度Column spacing 柱间距Commercial building design 商业建筑设计Compatibility 可比较性Conversion 转变Elevator capacity 提升能力Energy conservation 能量保持Energy efficiency 能量效率Floor load 楼层承载力Formal architecture 正式建筑Functional inutility 功能无效Functional utility 功能效用Grass building area (GBA) 总建筑面积Heating , ventilation , air –conditioning (HV AC) systems 供热、通风与空气调节系统Hotel design 旅馆设计Industrial building design 工业建筑设计Live load/load – bearing capacity 活荷载/承载能力Market standard 市场标准Mixed – use development (MUD) 多用途开发Pre – engineered construction 设计的建筑Parking ratio 停车比率Public amenities 公共设施Regional building styles 地方建筑风格Reinforced concrete 预应力混凝土Sitting 建筑基地Special – purpose design 特殊用途（建筑）设计Storage building design 仓储建筑设计Styrofoam forming 聚苯乙烯合成树脂装填Temperature control system 温控系统Truss system 桁架系统Vernacular architecture 地方建筑Work letter 工作条件第十三章最高最佳使用分析alternative use 可替代性使用appropriately supported 技术可能consistent use 持续性利用criteria variable 标准价值intensity of use 集约化利用interim uses 内部利用land residual 土地剩余legally nonconforming uses 法律上的非一致性利用excess land 过量土地existing use 现有使用feasibility 可行性financially feasible 财物可行four criteria 四项标准legally permissible 法律许可maximally productive 产出最大化multiple uses 多种使用potential use 潜在利用single use 单一使用special – purpose uses 特殊目的用途speculative uses 投机性使用ideal improvement 理想化的改良物use density 使用密度surplus land 过量土地value in use 使用价值第十四章土地或基地估价absorption 吸纳率adjustments 修正allocation 分配法deed restriction 契据限制depreciated cost 折旧后成本developer’s profit 开发商利润development period 开发期direct capitalization 直接资本化法marketing period 营销期间offers 还价off – site improvements 基地外改良物on – site improvements 基地内正良物operating income 经营收益net operating income 净经营收益net sales proceeds 净销售额right – of – way 路权discounted cash flow analysis 折现现金流量法sales comparison 市场比较法extraction 抽取法gross income 总收益ground rent 土地租金easement 地役权site 基地site improvements 基地改良物subdivision development 分割开发unit price 单位价格ground rent capitalization 土地租金资本化法yield capitalization 报酬资本化法land 土地zoning 土地使用分区land residual 土地剩余法第十五章成本法估价carrying charges 持有费用contractor’s profit 承包商利润cost approach 成本法cost estimate 成本估计feasibility study 可行性研究functional obsolescence 功能性退化functional utility 功能效用incurable depreciation 不可修复折旧curable depreciation 可修复折旧indirect costs (soft costs) 间接成本（软件成本）depreciated cost 折旧后成本depreciation 折旧physical deterioration 实体损坏replacement cost 重置成本direct costs (hard costs) 直接成本（硬件成本）reproduction cost 重建成本entrepreneurial incentive (profit) 企业家奖励（利润）stabilized occupancy 稳定入住external obsolescence 外部性退化第十六章建筑物成本估计base cost 基础成本benchmark building 标准建筑comparative – unite method 比较单位法contractor’s overhead and profit 承包商经营管理费用与利润cost index 成本指数cost – index trending 成本指数趋势developer’s fee 开发商费用direct costs 直接成本entrepreneurial incentive and profit 企业家激励与利润gross building area (GBA) 总建筑面积gross leasable area (GLA) 总可出租面积gross living area (GLA) 总居住面积indirect costs 间接成本net rentable area (NRA) 净可出租面积project profit 项目利润quantity survey method 数量调查法replacement cost 重置成本reproduction cost 重建成本第十七章折旧估计actual age 实际使用年龄age – life method 年龄–寿命法functional obsolescence 功能性贬值functional obsolescence procedure 功能性贬值序列age –life procedure for physical deterioration 实体性损坏年龄–寿命法incurable physical deterioration/functional obsolescence 不可修复实体损坏或功能性贬值book depreciation 账面折旧break down method 分解法long – lived component 长寿命部件market extraction method 市场抽取法capitalization of rent loss 租金损失资本化法cost to cure 修复成本physical deterioration 实体性损坏cost to replace 重置成本remaining economic life 剩余经济寿命curable physical deterioration/functional obsolescence 可修复实体性损坏或功能性贬值remaining useful life 剩余使用寿命replacement cost 重置成本reproduction cost 重建成本deferred maintenance (items) 递延维护（项目）salvage（抢救, 打捞）value 回收价值deficiency 功能不足short – lived component 短寿命部件depreciation 折旧economic feasibility 经济性可行性economic life 经济寿命effective age 有效使用年龄external obsolescence 外部性贬值super adequacy 功能过度total life expectancy 总预期寿命useful life 使用寿命vandalism 破坏公物者第十八章市场比较法absolute adjustment 绝对值修正paired data analysis 对偶资料分析adjusted sale price 修正后的出售价格percentage adjustments 百分比修正adjustment grid 修正表physical characteristic 物理特征arm’s – length transaction 最近成交的交易property rights conveyed 转让产权bracketing 区间cash equivalency 等值现金comparative analysis 可比性分析conditions of sale 交易情况qualitative analysis 定性分析quantitative adjustments 定量调整ranking analysis 分类分析reconciliation 一致性data array grid 数据分类表dollar adjustments 货币修正relative comparison analysis 相对值修正sales comparison approach 市场比较法economic characteristic 经济特征secondary data analysis 二手数据elements of comparison 比较要素sensitivity analysis 敏感性分析expenditures made after purchase 售后费用sequence of adjustments 修正系列financing terms 金融术语graphic analysis 图形分析grouped data analysis 分组数据分析location 区位market conditions 市场状况non – realty components of value价值的非市场性因素statistical analysis 统计分析transactional data 交易数据trend analysis 趋势分析units of comparison 比较单位use 使用zoning 区划第十九章市场比较法的运用bracketing 区间（托架[座]）bracket n.墙上凸出的托架, 括弧, 支架v.括在一起quantitative adjustment 定量修正date of value estimate 价值日期range of value 价值范围gross adjustment 总修正值ranking analysis 分类分析grouped data analysis 分组数据分析reconciliation 一致性net adjustment 净修正值unit of comparison 比较单元point estimate 点估计weighting 权重relative comparison analysis 相对比较分析paired data analysis 对偶数据分析qualitative analysis 定性分析第二十章收益资本化法after – tax cash flow 税后现金流量annuity 年金appreciation 升值、涨价built – up method 贴现率构成法bundle of rights 权利束business enterprise value 企业经营价值capital recapture 资本回收capitalization rate 资本化率cash flow rate 现金流量率contract rent 契约租金cost – push inflation 成本推动型通货膨胀deflation 通货紧缩demand – pull inflation 需求推动型通货膨胀direct capitalization 直接资本化法discount rate 折现率discounted cash flow (DCF) analysis折现现金流分析discounting 折现effective gross income (EGL) 有效总收益equity capitalization rate (Re) 权益资本化率equity yield rate (Ye) 自有资金报酬率future benefits 未来利益going – concern value 继续经营价值income capitalization rate 收益资本化率income rate 收益率inflation 通货膨胀interest rate 利率internal rate of return (IRR) 内部报酬率investment value 投资价值leverage 杠杆market rent 市场租金marker value 市场价值net operating income (NOI) 净经营收益non – realty interests 非不动产权益价值overall capitalization (Ro) 综合资本化率overall yield rate (Yo) 总报酬率partial interest 部分权益potential gross income (PGI) 潜在总收益pre – tax cash flow 税前现金流量real estate 不动产real estate investment trust (REIT) 不动产投资信托real property 不动产recapture rate 回收率residual techniques 剩余法则return of capital 资本回收return on capital 资本报酬reversion 再出售、回转额risk rate 风险利率safe rate 安全利率securitization 证券化time value of money 货币时间价值yield capitalization 报酬资本化yield rate (Y) 报酬率第二十一章收益与费用估计book depreciation 账面折旧capital expenditures 资本支出common area maintenance (CAM) 公共区维修continued occupancy clause 继续租用条款contract rent 契约租金deficit rent 赤字租金effective gross income (EGI) 有效总收益effective rent 有效租金escalation clause 租金调整条款escalation income 租金调涨收益escape clause 终止条款excess rent 超额租金exclusive use clause 排他使用条款expense cap 费用上限expense recovery 费用取回expense stop 费用止付fixed expenses 固定费用flat rental lease 等额租赁契约forecast 预测going capitalization rate 综合资本化率graduated rental lease 递增租约gross lease 总租赁契约gross rental basis 总租金基础index lease 指数租赁契约kick – out clause 撤出条款landlord burden clause 地主负担条款lease 租约lease analysis 租约分析lease cancellation clause 租约取消条款leasing commission 租赁佣金line item (above – the – line/below – the – line item) 项目界限（线上项目/线下项目）management charge 管理费用market rent 市场租金mortgage debt service 抵押贷款net income ratio 净收益率net lease ( tripe net lease ) 净租金（三净租金）net operating income (NOI) 净经营收益net rental basis 净租金基础net sale proceeds (equity reversion )所有权人净处分价值noncompete clause 禁止竞争条款non – realty interest 非不动产权益价值operating expense ratio (OER) 经营费用率operating expenses 经营费用option to purchase 购买权option to renew 期权恢复（续租）overage rent 额外租金percentage lease 百分比租约percentage rent 百分比租金potential gross income (PGI) 潜在总收益pre – tax cash flow 税闪现金流量pro forma 形式上的、预计的reconstructed operating statement 重编经营报告书renewal option 更新期权renewal concessions （让步）租金折让replacement allowance 重置提拨款/津贴revaluation lease 重新评价租约right of first refusal 首次拒绝权利scheduled rent 表定租金semi – gross lease 准总租约step – up (step – down ) lease 阶梯式渐增（减）租约tenant improvement allowance 租客改良津贴terminal or residual capitalization rate (Rn) 最终式剩余资本化率total operating expenses 总经营费用vacancy and collection loss 空置与欠租损失variable expenses 可变费用第二十二章直接资本化法band of investment 投资组合building capitalization rate (Rb) 建筑资本化率building residual tecnique 建筑物剩余法debt coverage ratio (DCR or NOI/Im ) 负债保障率（净经营收益/年贷款偿还额）debt service (Im) 年贷款偿还额direct capitalization 直接资本化法effective gross income multiplier (EGIM) 有效总收益乘数equity capitalization rate (Re) 自有资金本化率equity ratio (1 – M) 自有资金比率equity residual technique 自有资金剩余法gross income 总收益gross income multiplier (GIM) 总收益乘数gross rent 总租金gross rent multiplier (GRM) 总租金乘数land capitalization rate (Rl) 土地资本化率land residual technique 土地剩余法land value –to –building value ratio 土地与建筑物价值比率loan – to – value ratio (M) 贷款与价值比率mortgage constant (Rm) 抵押常数mortgage residual technique 抵押剩余法net income ratio (NIR) (NOI/EGI or 1 –OER) 净收益率net operating income (NOI) 净经营收益operating expense ratio (OER) (1- NIR ) 经营费用率overall capitalization rate (Ro) 综合资本化率potential gross income 潜在总收益potential gross income multiplier (PGIM) 潜在总收益乘数pre – tax cash flow 税前现金流量replacement allowance 重置提拨款（重置津贴）residual technique 剩余法weighted average 加权平均值第二十三章收益资本化法的理论与应用adjustable –or variable –rate mortgage (ARM/VRM) 可调/可变利率低押贷款amortization 分期偿还annual debt service 年贷款本息偿还额annualizer or conversion factor (a) 年转换因子annuity payable in advance 期初应付年金balance outstanding (B) 未偿还余额balloon payment 贷款到期未偿还本金余额capitalization in perpetuity 永久年金资本化cash flow 现金流量compounding 复合compound interest 复利conversion factor or annualizer (a) 年转换因子convertible mortgage 可转换低押贷款debt service 贷款本息偿还额direct reduction mortgage 直接扣减抵押贷款discounted cash flow (DCF) analysis 折现现金流量分析discounting 折现effective interest rate 有效利率equity 自有资金equity yield rate (Ye) 自有资金收益率exponential –curve (constant –ratio) change per period 每期指数曲线变动graduated – payment mortgage递增支付额抵押贷款Hoskold premise 霍斯科尔德条件income model 收益模型increasing or decreasing annuity 增加或减少年金interest – only mortgage 只付利息抵押贷款Inwood premise 英伍德条件lender’s yield 贷方收益level annuity 年金水平leverage 杠杆原理loan constant 贷款常数mortgage 抵押mortgage constant 抵押常数nominal interest rate 名义利率ordinary annuity 普通年金outstanding balance (B) 未偿还余额overall capitalization rate (Ro) 综合资本化率overall yield rate (Yo) 综合报酬率participation mortgage 参加抵押percentage of the loan paid off (P) 贷款偿还百分比periodic (monthly) payment factor 定期（月）支付因子principal 主要的proceeds of resale 转售收益property model 财产模型reverse annuity mortgage 反向年金抵押reversion 再出售shared appreciation mortgage 分享增值抵押sinking fund accumulation factor (Sn) 偿债基金累计因子sinking fund factor (1/Sn) 偿债基金因子step – up or step – down annuity 阶梯式增加/减少年金straight –line (constant –amount) change per period 每期直线变动年金terminal capitalization rate (Rn) 期末资本化率variable annuity 变动年金yield capitalization 收益资本化zero – coupon mortgage 零利息抵押coupon n.息票, 商家的优待券第二十四章折现现金流分析及其在收益法中的应用allocation of value 价值分配“as is “value 现状价值business enterprise value 经营企业价值contract rent 契约租金discounted cash flow (DCF) analysis 折现现金流量分析economic feasibility analysis 经济可行性分析excess rent 额外租金feasibility analysis 可行性分析financial feasibility analysis 财务可行性分析forecasting 预测four agents of production 生产四要素gross sellout 售出总量internal rate of return (IRR) 内部报酬率leased fee interest 出租人权益leasehold interest 承租人权益marketability study 销售性研究market rent 市场租金market value 市场价值net present value (NPV) 净现值partial interest 部分权益problem property 问题不动产proposed property 建议不动产prospective value 未来价值real estate investment trust (REIT) 不动产投资信托sandwich leasehold interest 三明治租约权益securitization 证券化subleasehold interest 转租承租人权益syndication 企业联合组织value “as is ”价值现状value upon achievement of stabilized occupancy/condition 稳定状态时不动产价值value upon completion of construction 建造完工时不动产价值第二十五章价值指示调整accuracy 准确性appropriateness 适当性confidence interval 信任区间final value estimate 最终价值估计gross adjustment 毛修正net adjustment 净修正point estimate 点估计probability range 几率区间quantity of evidence 证据数量range of value 价值区间reasonableness 合理性reconciliation 调整reconciliation criteria 调整标准rounding（舍入，凑整）四舍五入第二十六章估价报告appraisal report 估价报告certification of value 评估说明complete appraisal 完整性估价departure provision 偏离条款form report 表格式报告letter of transmittal 交件函limited appraisal 限定性估价narrative report 说明性报告oral report 口头报告restricted report 限制式报告self – contained report 叙述式报告summary report 摘要式报告Uniform Residential Appraisal Report (URAR)form 通用住宅估价报告形式第二十七章咨询顾问absorption study 吸纳率分析analysis 分析研究“at risk”rule 风险规则breakeven point 两平点capital gain 资本利得consulting 咨询顾问cost – benefit study 成本–效益研究counseling 咨询服务debt coverage ratio, DCR 负债保障率discounted cash flow analysis, DCF 折现现金流分析expected values 期望值evaluation 估价equity capital outlay 自有资金资本支出financial management rate of return, FMRR 财务管理报酬率international valuation 国际估价investment proceeds per dollar invested 每美元投资净报酬linear programming 线性规划market equilibrium 市场均衡market study 市场分析market value 市场价值measures of investment performance 投资绩效衡量方法Monte Carlo Simulation 蒙地卡罗仿真net present value , NPV 净现值network analysis 网状分析passive activity loss 消极活动损失payback period 还本期间point estimate 点估计price or rent projection study 价格或租金预测研究probability , P 几率probability analysis 几率分析profitability index , PI 获利指数rating grid 评等表regression analysis 回归分析reinvestment presumption 再投资假设rent projection or pricing study 租金或价格预测研究risk- adjusted discount rate 风险修正后折现率risk analysis 风险分析sampling 取样random samples 随机样本judgment samples 判断样本sensitivity analysis 敏感度分析upside and downside potential 投资上涨与下跌可能性tax shelter 税收减免time – weighted rate 时间加权率transaction price 交易价格uncertainty 不确定性utility functions 效用函数yield analysis 报酬分析第二十八章不动产证券化投资市场closed – end fund 封闭型基金collateralized mortgage obligation , CMOs 抵押贷款担保债券commercial mortgage backed securities , CMBSs 商业抵押贷款担保证券commingled account 混合账户direct or separate account 直接或分离账户distributable cash flow 可分配现金流the Employee Retirement Income Security Act , ERISA 1974年劳工退体收益安全法案four – quadrant（象限）capital market 四分化不动产投资资本市场funds from operations , FFO 操作资金initial public offering , IPO 初次公开发行market maker 造市者NCREIF Classic Property Index NCREIF 优级不动产指数open – ended fund 开放型基金partial interest 部分权益real estate investment trust , REIT 不动产投资信托real estate operating companies , REOCs 不动产营运公司Resolution Trust Corp , RTC 清算信托公司risk rating 风险等级secondary market in commercial mortgages 商业抵押二级市场Securities and Exchange Commission , SEC 证券交易委员会securitization 证券化Tax Reform Act of 1986 1986年租税改革法案tranches 不动产权益分分割法第二十九章估价复审administrative review 行政复审Competency Provision 能力条款compliance review 相应复审desk review 桌面复审formal review 正式复审field review 现场复审preliminary review 初步复审review 复审review appraiser 复审估价师self –contained appraisal report 叙述性估价报告technical review 技术复审。
金融词典
全球储蓄过剩（GSG）HERA 住房及经济复苏法案The Foreign Correspondents’ Club of Japan 日本外国特派员协会Departments of Health and Human Services (HHS)美国卫生及公共服务部Social Security Administration (SSA)美国社会保障局ADBI Asian Development Bank InstituteAIDS acquired immunodeficiency syndromeASEAN Association of South-East Asian NationsASEAN+3 ASEAN + China, Japan and the Republic of KoreaBIMSTEC Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation CIS Commonwealth of Independent StatesCMI Chiang Mai InitiativeDAC Development Assistance Committee of the OECDEAS East Asia SummitESCAP Economic and Social Commission for Asia and the PacificFAO Food and Agriculture OrganizationFDI foreign direct investmentFTA free trade agreementGDP gross domestic productHIV human immunodeficiency virusID identityILO International Labour OrganizationIMF International Monetary FundLAC Latin America and the CaribbeanLDCs least developed countriesLLDCs landlocked developing countriesMDB multilateral development bankMDGs Millennium Development GoalsNGO non-governmental organizationODA official development assistanceOECD Organisation for Economic Cooperation and DevelopmentPPP purchasing power paritySAARC South Asian Association for Regional CooperationSIDS Small island developing statesSPC Secretariat of the Pacific CommunityTB TuberculosisUNDP United Nations Development ProgrammeUNESCO United Nations Educational, Scientific and Cultural OrganizationUNFPA United Nations Population FundUNICEF United Nations Children’s FundUNIFEM United Nations Development Fund for WomenVAT value added taxWDI World Development IndicatorsWFP World Food ProgrammeWHO World Health OrganizationWTO World Trade Organization美国铝业(AA)美国银行(BAC)全球五大风电企业之一的西班牙歌美飒（Gamesa）世界银行行长佐利克(Robert Zoellick)海峡两岸经济合作框架协议（ＥＣＦＡ）乔治-索罗斯(George Soros)欧洲人权法院(European Court of Human Rights)法国兴业银行(Societe Generale SA)(GLE)东京三菱日联银行(Bank of Tokyo-Mitsubishi UFJ Ltd)信用违约掉期(CDS)中海油总公司(CNOOC)渣打银行集团首席经济学家、全球研究部主管李籁思（Gerard Lyons）个人消费者金融保护局(Bureau of Consumer Financial Protection)United States Congress Senate Committee on Banking, Housing, and Urban Affairs美国参议院银行、住房和城市事务委员会FSMA2000=英国《金融服务及市场法令》Financial Service and Market Act 2000 CFD=Contract For Differece 差价合约FSA=英国金融服务管理局抵押贷款保险公司（mortgage insurer）新世纪金融公司（New Century Financial Corporation）寿险公司（life insurance companies）次级抵押贷款支持证券（RMBS）金融担保保险公司（financial guarantee insurance companies）国际财务报告标准（IFRSs）美国通用会计准则（US GAAP）公允价值（fair value）私募股权投资基金(private equity)经合组织保险和私人养老金委员会（IPPC）爱尔兰联合银行 Allied Irish Banks爱尔兰银行 Bank of Ireland PLC奥地利第一储蓄银行 Austria’s Erste Group Bank德国邮政银行 Deutsche Postbank AGWorld investment prosepects survey wips （联合国贸发会《世界投资前景调查》）IPA investment promotion agency 投资促进机构TNC Transnational company 跨国公司Promising investor-countries 最有投资价值的投资，这里的promising是有希望的、有前途、大有可为的意思Pay-as-you-go 现收现付Mobile capital流动资本Advers scenario 负面假设（场景、情形）Health care 公共卫生服务Medicaid：医疗补助（medic+aid）Medicare：医疗保险（medic+care）Social security contributions 社会保险缴款Social security tax 社会保险税Primary spending 基础支出（扣住利息支付的财政支出）Primary Fiscal Gap 基本财政缺口Public finance 公共财政（要比翻译成公共金融好）PIT personal Income Tax 个人所得税CIT Corporation Income Tax 企业所得税VAT Value Added Tas 增值税Commonwealth 联邦Commonwealth-state Relations 联邦-州关系General government spending 一般政府支出ARRA—American Recovery and Reinvestment Act(2009年美国复苏与再投资法案) 澳洲壳牌能源控股有公司(Shell Energy Holdings Australia)日本国土交通大臣前原诚司韩国文化体育观光部长官柳日本财政大臣野田佳彦(Yoshihiko Noda)纽约梅隆银行(Bank of New York Mellon)congressional budget office 美国国会办公室中国预托凭证(CDR)非银行金融机构（NBFCS）资产重组公司（ARCs）邓白氏（Dun & Bradstreet）咨询公司美国证券交易委员会(SEC)IPO(首次公开募股)摩根士丹利(MS)、摩根大通(JPM)、美国银行(BAC)和花旗集团(C)巴克莱银行(BCS)、瑞士信贷集团(CS)、德意志银行(DB)、高盛集团(GS)、加拿大皇家银行(RY)、和瑞士银行(UBS)纽约证券交易所(NYSE)美国商品期货交易委员会(CFTC)主席加里·詹斯勒(Gary Gensler)摩根士丹利(MS)、摩根大通(JPM)“多德-弗兰克法案”(Dodd-Frank Act)德国央行行长阿克塞尔-韦伯(Axel Weber)NBER（Naitonal Bureau of Economy Research）美国国家经济研究局全美独立企业联合会(National Federation of Independent Business——NFIB)本·伯南克(Ben S. Bernanke)、副主席威廉·达德利(William C. Dudley)、詹姆斯·布拉德(James Bullard)、伊丽莎白·杜克(Elizabeth A. Duke)、唐纳德·科恩(Donald L. Kohn)、桑德拉·皮亚纳托(Sandra Pianalto)、埃里克·罗森格林(Eric S. Rosengren)、丹尼尔·塔鲁洛(Daniel K. Tarullo)和凯文·瓦尔许(Kevin M. Warsh)；托马斯·霍利格(Thomas M. Hoenig)“格林斯潘对策”（―Greenspan put‖，有时也称之为“伯南克对策”，―Bernanke put‖）世贸组织《政府采购协定》(GPA )地方政府实体(Sub-Central Government Entities)(直译是下级中央政府实体，也有称次中央政府实体)，财政报告 call report房价波动 housing price volatility定价机制 pricing mechanism上市银行 listed bank票据产业 bill industrycash bond market 现券市场日均成交量 average daily turnover融资融券 securities borrowing and lendingAgricultural biomass industry 农村生物质能产业ASEAN Association of Southeast Asian Nation 东南亚国家联盟，简称“东盟”CDM Clean Development Mechannism 清洁发展机制CHP combined heat and power 热气联产CIAD-Center for integrated Agricultural Development 综合农业发展中心CIDA- Canadian International Development Agency 加拿大国际开发署CSPCB-Crop Straw Pricing Consultation Board 秸秆定价磋商GEF- Global Environment Facility 全球环境基金会GHG- Greenhouse Gas 全球环境基金会GTZ-German Agency for Technical Cooperation 德国技术合作公司Kfw—德国复兴开发银行LPG-Liquefied petroleum gas 液化石油气LPOG-Leading Group Office of Poverty Alleviation and Devepment国务院扶贫开发领导小组SIDA-Swedish International Development Cooperation Agency 瑞士国际开发合作署USAID-United States Agency for International Development 美国国际开发援助署EIRR=economical internal rate of return 经济内部回报率（收益率）FIRR=financial internal rate of return 财务内部回报率（收益率）O&M=operation and maintenance 运行与维护TSP= total suspended particles 总悬浮颗粒TCE= ton of coal equivalent 吨煤当量“现收现支(pay-as-you-go)”原则日本首相菅直人(Naoto Kan)“利差交易”(Carry Trade)西班牙首相何塞·刘易斯·罗德里格斯·萨帕特罗(Jose Luis Rodriguez Zapatero) 麦格理证券(Macquarie Securities)德国邮政银行(Postbank)葡萄牙商业银行(BCP)法国巴黎银行(BNP Paribas)瑞典北欧斯安银行(SEB)瑞典诺迪亚银行(NORDEA)奥地利厄斯特银行(Erste Bank)法律英语：Regulation 条例、规章Rule 规则Clause 泛指条款Section 节，也译作条Article 条 Articles 条例Provision 多指规定Stipulation 约定（而非法律规定）Part 编Chapter 章Section 节Article 条Paragraph 款Subparagraph 项Item 目中国海洋石油有限公司(CNOOC Ltd., CEO, 简称：中国海洋石油)欧洲央行(ECB)执委会成员汤普古格罗(Gertrude Tumpel-Gugerell)太平洋投资管理公司(PIMCO)比尔·格罗斯(Bill Gross)大卫·卢森博格(David Rosenberg)查德·克拉里达(Richard Clarida)所谓“就业不足率”(Under-employment Rate)，是指包括更希望获得全职岗位的兼职人员以及希望工作但却放弃寻找的人员在内的失业率。
金融市场学双语题库及答案(第十四章)米什金《金融市场与机构》
Financial Markets and Institutions, 8e (Mishkin)Chapter 14 The Mortgage Markets14.1 Multiple Choice1) Which of the following are important ways in which mortgage markets differ from the stock and bond markets?A) The usual borrowers in the capital markets are government entities and businesses, whereas the usual borrowers in the mortgage markets are individuals.B) Most mortgages are secured by real estate, whereas the majority of capital market borrowing is unsecured.C) Because mortgages are made for different amounts and different maturities, developing a secondary market has been more difficult.D) All of the above are important differences.E) Only A and B of the above are important differences.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition2) Which of the following are important ways in which mortgage markets differ from stock and bond markets?A) The usual borrowers in capital markets are government entities, whereas the usual borrowers in mortgage markets are small businesses.B) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses.C) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses and individuals.D) The usual borrowers in capital markets are businesses and government entities, whereas the usual borrowers in mortgage markets are individuals.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition3) Which of the following are true of mortgages?A) A mortgage is a long-term loan secured by real estate.B) A borrower pays off a mortgage in a combination of principal and interest payments that result in full payment of the debt by maturity.C) Over 80 percent of mortgage loans finance residential home purchases.D) All of the above are true of mortgages.E) Only A and B of the above are true of mortgages.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition4) Which of the following are true of mortgages?A) A mortgage is a long-term loan secured by real estate.B) Borrowers pay off mortgages over time in some combination of principal and interest payments that result in full payment of the debt by maturity.C) Less than 65 percent of mortgage loans finance residential home purchases.D) All of the above are true of mortgages.E) Only A and B of the above are true of mortgages.Answer: ETopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition5) Which of the following are true of mortgage interest rates?A) Interest rates on mortgage loans are determined by three factors: current long-term market rates, the term of the mortgage, and the number of discount points paid.B) Mortgage interest rates tend to track along with Treasury bond rates.C) The interest rate on 15-year mortgages is lower than the rate on 30-year mortgages, all else the same.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition6) Which of the following are true of mortgages?A) More than 80 percent of mortgage loans finance residential home purchases.B) The National Banking Act of 1863 rewarded banks that increased mortgage lending.C) Most mortgages during the 1920s and 1930s were balloon loans.D) All of the above are true.E) Only A and C of the above are true.Answer: ETopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition7) Which of the following is true of mortgage interest rates?A) Longer-term mortgages have lower interest rates than shorter-term mortgages.B) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest rates.C) In exchange for points, lenders reduce interest rates on mortgage loans.D) All of the above are true.E) Only A and B of the above are true.Answer: CTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition8) Typically, discount points should not be paid if the borrower will pay off the loan in ________ years or less.A) 5B) 10C) 15D) 20Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition9) Which of the following is true of mortgage interest rates?A) Longer-term mortgages have higher interest rates than shorter-term mortgages.B) In exchange for points, lenders reduce interest rates on mortgage loans.C) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest payments.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition10) Which of the following reduces moral hazard for the mortgage borrower?A) CollateralB) Down paymentsC) Private mortgage insuranceD) Borrower qualificationsAnswer: BTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition11) Which of the following protects the mortgage lender's right to sell property if the underlying loan defaults?A) A lienB) A down paymentC) Private mortgage insuranceD) Borrower qualificationE) AmortizationAnswer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition12) Which of the following is true of mortgage interest rates?A) Mortgage rates are closely tied to Treasury bond rates, but mortgage rates tend to stay below Treasury rates because mortgages are secured with collateral.B) Longer-term mortgages have higher interest rates than shorter-term mortgages.C) Interest rates are higher on mortgage loans on which lenders charge points.D) All of the above are true.E) Only A and B of the above are true.Answer: BTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition13) During the early years of an amortizing mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: CTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition14) During the last years of an amortizing mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition15) During the last years of a balloon mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition16) During the early years of a balloon mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition17) A borrower who qualifies for an FHA or VA loan enjoys the advantage thatA) the mortgage payment is much lower.B) only a very low or zero down payment is required.C) the cost of private mortgage insurance is lower.D) the government holds the lien on the property.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition18) (I) Conventional mortgages are originated by private lending institutions, and FHA or VA loans are originated by the government. (II) Conventional mortgages are insured by private companies, and FHA or VA loans are insured by the government.A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition19) Borrowers tend to prefer ________ to ________, whereas lenders prefer ________.A) fixed-rate loans; ARMs; fixed-rate loansB) ARMs; fixed-rate loans; fixed-rate loansC) fixed-rate loans; ARMs; ARMsD) ARMs; fixed-rate loans; ARMsAnswer: CTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition20) (I) ARMs offer lower initial rates and the rate may fall during the life of the loan. (II) Conventional mortgages do not allow a borrower to take advantage of falling interest rates.A) (I) is true, (II) is false.B) (I) is false, (II) is true.C) Both are true.D) Both are false.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition21) Growing-equity mortgages (GEMs)A) help the borrower pay off the loan in a shorter time.B) have such low payments in the first few years that the principal balance increases.C) offer borrowers payments that are initially lower than the payments on aconventional mortgage.D) do all of the above.E) do only A and B of the above.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition22) A borrower with a 30-year loan can create a GEM byA) simply increasing the monthly payments beyond what is required and designating that the excess be applied entirely to the principal.B) converting his ARM into a conventional mortgage.C) converting his conventional mortgage into an ARM.D) converting his conventional mortgage into a GPM.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition23) Which of the following are useful for home buyers who expect their income to rise in the future?A) GPMsB) RAMsC) GEMsD) Only A and B are useful.E) Only A and C are useful.Answer: ETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition24) Which of the following are useful for home buyers who expect their income to fall in the future?A) GPMsB) RAMsC) GEMsD) Only A and B are useful.E) Only A and C are useful.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition25) Retired people can live on the equity they have in their homes by using aA) GEM.B) GPM.C) SAM.D) RAM.Answer: DTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition26) Second mortgages serve the following purposes:A) they give borrowers a way to use the equity they have in their homes as security for another loan.B) they allow borrowers to get a tax deduction on loans secured by their primary residence or vacation home.C) they allow borrowers to convert their conventional mortgages into GEMs.D) all of the above.E) only A and B of the above.Answer: ETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition27) Which of the following is a disadvantage of a second mortgage compared to credit card debt?A) The loans are secured by the borrower's home.B) The borrower gives up the tax deduction on the primary mortgage.C) The borrower must pay points to get a second mortgage loan.D) The borrower will find it more difficult to qualify for a second mortgage loan.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition28) The share of the mortgage market held by savings and loans isA) over 50 percent.B) approximately 40 percent.C) approximately 20 percent.D) less than 5 percent.Answer: DTopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Updated from Previous Edition29) The share of the mortgage market held by commercial banks is approximatelyA) 50 percent.B) 30 percent.C) 15 percent.D) 5 percent.Answer: BTopic: Chapter 14.4 Mortgage-Lending Institutions Question Status: Updated from Previous Edition30) A loan-servicing agent willA) package the loan for an investor.B) hold the loan in their investment portfolio.C) collect payments from the borrower.D) do both A and C of the above.E) do both B and C of the above.Answer: CTopic: Chapter 14.5 Loan ServicingQuestion Status: Previous Edition31) Distinct elements of a mortgage loan includeA) origination.B) investment.C) servicing.D) all of the above.E) only B and C of the above.Answer: DTopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition32) The Federal National Mortgage Association (Fannie Mae)A) was set up to buy mortgages from thrifts so that these institutions could make more loans.B) funds purchases of mortgages by selling bonds to the public.C) provides insurance for certain mortgage contracts.D) does all of the above.E) does only A and B of the above.Answer: ETopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition33) The Federal Housing Administration (FHA)A) was set up to buy mortgages from thrifts so that these institutions could make more loans.B) funds purchases of mortgages by selling bonds to the public.C) provides insurance for certain mortgage contracts.D) does all of the above.E) does only A and B of the above.Answer: CTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition34) ________ issues participation certificates, and ________ provides federal insurance for participation certificates.A) Freddie Mac; Freddie MacB) Freddie Mac; Ginnie MaeC) Ginnie Mae; Freddie MacD) Ginnie Mae; Ginnie MaeE) Freddie Mac; no oneAnswer: ETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition35) REMICs are most likeA) Freddie Mac pass-through securities.B) Ginnie Mae pass-through securities.C) participation certificates.D) collateralized mortgage obligations.Answer: DTopic: Chapter 14.8 What Is a Mortgage-Backed Security? Question Status: Previous Edition36) Ginnie MaeA) insures qualifying mortgages.B) insures pass-through certificates.C) insures collateralized mortgage obligations.D) does only A and B. of the above.E) does only B and C of the above.Answer: BTopic: Chapter 14.8 What Is a Mortgage-Backed Security? Question Status: Previous Edition37) Mortgage-backed securitiesA) have been growing in popularity in recent years as institutional investors look for attractive investment opportunities.B) are securities collateralized by a pool of mortgages.C) are securities collateralized by both insured and uninsured mortgages.D) are all of the above.E) are only A and B of the above.Answer: DTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition38) The most common type of mortgage-backed security isA) the mortgage pass-through, a security that has the borrower's mortgage payments pass through the trustee before being disbursed to the investors.B) collateralized mortgage obligations, a security which reduces prepayment risk.C) the participation certificate, a security which passes the borrower's mortgage payments equally among all the owners of the certificates.D) the securitized mortgage, a security which increases the liquidity of otherwise illiquid mortgages.Answer: ATopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition39) The interest rate borrowers pay on their mortgages is determined byA) current long-term market rates.B) the term.C) the number of discount points.D) all of the above.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition40) A loan for borrowers who do not qualify for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income isA) a subprime mortgage.B) a securitized mortgage.C) an insured mortgage.D) a graduated-payment mortgage.Answer: ATopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition41) The percentage of the total loan paid back immediately when a mortgage loan is obtained, which lowers the annual interest rate on the debt, is calledA) discount points.B) loan terms.C) collateral.D) down payment.Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition42) Which of the following terms are found in mortgage loan contracts to protect the lender from financial loss?A) CollateralB) Down paymentC) Private mortgage insuranceD) All of the aboveAnswer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition43) What factors are used in determining a person's FICO score?A) Past payment historyB) Outstanding debtC) Length of credit historyD) All of the aboveAnswer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition44) Between 2000 and 2005, home prices increased an average of ________ per year.A) 2%B) 4%C) 8%D) 12%Answer: CTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: New Question45) From 2000 to 2005, housing prices increased, on average, by over 40%. This run up in prices was caused byA) speculators.B) an increase in subprime loans, which increased demand for new and existing houses.C) both A and B.D) None of the above are correct.Answer: CTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Updated from Previous Edition14.2 True/False1) In 2012, mortgage loans to farms represented the largest proportion of mortgage lending in the U.S.Answer: FALSETopic: Chapter 14.1 What Are Mortgages?Question Status: New Question2) Down payments are designed to reduce the likelihood of default on mortgage loans.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition3) Discount points (or simply points) are interest payments made at the beginning of a loan.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition4) A point on a mortgage loan refers to one monthly payment of principal and interest.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition5) Closing for a mortgage loan refers to the moment the loan is paid off.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition6) Private mortgage insurance is a policy that guarantees to make up any discrepancy between the value of the property and the loan amount, should a default occur.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition7) During the early years of a mortgage loan, the lender applies most of the payment to the principal on the loan.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition8) One important advantage to a borrower who qualifies for an FHA or VA loan is the very low interest rate on the mortgage.Answer: FALSETopic: Chapter 14.3 Types of Mortgages9) Adjustable-rate mortgages generally have lower initial interest rates than fixed-rate mortgages.Answer: TRUETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition10) Mortgage interest rates loosely track interest rates on three-month Treasury bills.Answer: FALSETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition11) An advantage of a graduated-payment mortgage is that borrowers will qualify for a larger loan than if they requested a conventional mortgage.Answer: TRUETopic: Chapter 14.3 Types of Mortgages12) Nearly half the funds for mortgage lending comes from mortgage pools and trusts.Answer: FALSETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Updated from Previous Edition13) Many institutions that make mortgage loans do not want to hold large portfolios of long-term securities, because it would subject them to unacceptably high interest-rate risk.Answer: TRUETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition14) A problem that initially hindered the marketability of mortgages in a secondary market was that they were not standardized.Answer: TRUETopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition15) Mortgage-backed securities have declined in popularity in recent years as institutional investors have sought higher returns in other markets.Answer: FALSETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition16) Mortgage-backed securities are marketable securities collateralized by a pool of mortgages.Answer: TRUETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition17) Fannie Mae and Freddie Mac together either own or insure the risk on nearly one-fourth of America's residential mortgages.Answer: FALSETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition18) A FICO score below 660 is considered good while a score above 720 is likely to cause problems in obtaining a loan.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition19) Subprime loans are those made to borrowers who do not qualify for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income.Answer: TRUETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition14.3 Essay1) How has the modern mortgage market changed over recent years?Topic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition2) Explain the features of mortgage loans that are designed to reduce the likelihood of default.Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition3) What are points? What is their purpose?Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition4) How does an amortizing mortgage loan differ from a balloon mortgage loan?Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition5) Evaluate the advantages and disadvantages, from both the lender's and borrower's perspectives, of fixed-rate and adjustable-rate mortgages.Topic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition6) Why has the online lending market developed in recent years and what are the advantages and disadvantages of this development?Topic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition7) Why may Fannie Mae and Freddie Mac pose a threat to the health of the financial system?Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition8) What are mortgage-backed securities, why were they developed, whattypes of mortgage-backed securities are there, and how do they work?Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition9) What are the benefits and side effects of securitized mortgages?Topic: Chapter 14.7 Securitization of MortgagesQuestion Status: Previous Edition10) Discuss the pros and cons of a subprime market for residential mortgages in the U.S.Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: New Question。
抵押贷款支持证券的简单描述
抵押贷款支持证券的简单描述1 抵押贷款支持证券的概述抵押贷款支持证券（Mortgage-Backed Securities，MBS）是以住房抵押贷款为基础的证券化产品，它将由成千上万个个人或机构提供的住房抵押贷款捆绑在一起，然后分成不同的级别，对不同的投资人销售。
MBS具有高效利用住房抵押贷款市场的优势，为多元化投资提供了一种有效的工具。
2 抵押贷款支持证券的类型抵押贷款支持证券可以根据发行主体的不同进行分类。
- 在美国，政府支持抵押贷款支持证券（Government-Backed Mortgages）由联邦房屋抵押贷款公司（Federal Home Loan Mortgage Corporation）和美国房屋抵押贷款公司（Federal National Mortgage Association）发行；- 非政府支持抵押贷款支持证券（Non-Government-Backed Mortgages）由私人公司发行；- 随着抵押贷款市场不断发展，新型抵押贷款支持证券也在不断涌现，如房屋股权抵押贷款支持证券（Home Equity Mortgage-Backed Securities）。
3 抵押贷款支持证券的特点抵押贷款支持证券具有以下几个特点：- 资产支持：MBS以高质量的抵押贷款作为基础，为投资人提供了资产支持，降低了投资风险；- 高效市场：MBS提供了一个高效的市场，使投资人能够快速高效地买卖或转让MBS；- 住房市场暴露：由于MBS以住房抵押贷款为基础，住房市场波动会对MBS产生影响；- 收益稳定：MBS通常分为高、中、低三种级别，收益分别对应不同的风险，投资人可以根据自身承受风险的能力选择不同级别的MBS。
4 抵押贷款支持证券的利弊抵押贷款支持证券作为一种投资工具，具有其利弊。
优点包括：- 高质量资产支持，使投资风险得到最大化控制；- 市场运作高效，投资人可以随时买卖或转让；- 可实现多元化投资。
(房地产管理)房地产英语常用名词
房地产英语常用名词拆迁补偿费compensation for demolition拆迁费用removal expense城镇住房公积金urban housing provident fund 低价住房low-cost housing二手房second-hand house房产估价师real estate assessor房产证property ownership certificate房屋置换buy or exchange houses炒房者real estate speculator房改housing system reform房管real estate management房权证property right certificate房产市场real estate market房屋空置率housing vacancy rate福利分房welfare-oriented public housing allocation system个人购房贷款individual housing loan公房商品化commercialization of public housing集资房 houses built with funds collected by the buyers居民住房建设residential construction人均住房per-capital housing现房complete department (or flat)期房forward delivery housing商品房commercial residential building商品房空置the vacancy in commercial housing政策性住房policy-related house, policy-based house住房补贴rental allowance; housing allowance住房分配货币化进程capitalization process of housing distribution/allocation 按揭贷款mortgage loan房屋空置率housing vacancy rate福利分房welfare-oriented public housing allocation system个人购房贷款individual housing loan公房商品化commercialization of public housing集资房 houses built with funds collected by the buyers居民住房建设residential construction人均住房per-capital housing安居工程：Housing project for the low-income urban residents；危房改造：the dilapidated house transforming；动迁户： households to be relocated；住宅小区：dwelling district；住房公积金：public accumulation funds for housing；住房补贴：housing subsidies；住房零首期：zero first payment；房产抵押：house mortgage; build property mortgage；房产证： property right certification；暂住证： the card of stay temporarily；城市住房改革：urban housing reform；城市规划：urban planning；室内装修：interior decoration；按揭： mortgage；按揭贷款：mortgage loan；期房： forward delivery housing；商品房： commodity housing; commercial housing；政策性住房：policy-related house; policy-based house；福利分房：welfare-oriented public housing distribution system；集资房：houses built on the funds collected by the buyers；deposit 定金furnished house/ apartment有家具的房子/公寓unfurnished house/ apartment 无家具的房子/公寓a vacant room/ a spare room 空房single room 单人间double room 双人间utilities 水、电、煤气和垃圾处理等费用flatmate 合住一套公寓的人；合租者letting agency 房屋中介agency fee 中介费private accommodation 私人住房Room 房间cozy 温馨的living room/lounge 起居室；客厅bedroom 卧室main bedroom 主卧carpet 地毯coffee table （置于沙发前的）茶几armchair 单人沙发sofa 沙发remote control 遥控器radiator 暖气片central heating 中央供暖stool 厨房高脚椅bathroom 卫生间main bathroom 主卫Buy a (an)flat/ apartment 买房mortgage 按揭（指向银行借长期抵押贷款，用来买房子）down payment 首付completed apartment/flat 现房（指已建好供销售的房子）forward housing delivery 期房resold apartment 二手房affordable housing 经济适用房housing price 房价key zones for development 重点开发区tract 大片土地biding document 标书prerequisitioned land 预征土地competent authorities 主管部门construction project 建设项目comprehensive sub-areas 综合分区reconstruction of old area 旧区改造property trust 物业信托equity 权益cash flows 现金流量appreciation 增值disposition 处置hedge 保值措施income tax shelter 收入税的庇护wealth maximisation 最大限度的增加财产（同其他投资相比）forecast 预测rules-of-thumb techniques 经验法mortgage lender 抵押放贷者discounted cash flow models 折现值现金流量模型expectation 期望值equity reversion 权益回收bad debts 坏帐depreciation allowances 折旧费utilities 公共事业设备allowances for repairs and maintenance 维修费unpaid mortgage balance 抵押贷款欠额recession 衰退overproduction 生产过剩glut 供过于求high-technology 高科技investment strategy投资策略circulation 发行量entrepreneur 倡导者，企业家coliseum 大体育场，大剧院chambers （商业资本家联合组织的）会所arena 室内运动场slab-type apartment building 板楼，板式楼a relocated unit or household 搬迁户equity reversion 权益回收equity 权益expectation 期望值finance costs 融资成本（指利息等）financial budget 财政预算fiscal allotment 财政拨款floor area 建筑面积forecast 预测go through the formalities 办手续government assignment 政府划拨Grant Contract of Land Use Right 土地使用权出让合同grant or transfer 出让或转让hedge 保值措施high-technology 高科技housing residences住宅income bracket 收入档次income tax shelter 收入税的庇护infrastructure 基础设施investment strategy投资策略key zones for development 重点开发区land efficiency 土地效益leaseback 售后回租（即租回已出售的财产）letting 出租location classification 地段等级mortgage lender 抵押放贷者negotiation /agreement协议on the basis of capitalisation 资本还原法open market value 公开市场价值overproduction 生产过剩permit 许可证plaza 购物中心plot ratio 容积率prerequisitioned land 预征土地professional fee 专业人员费（指勘察设计费等）project approval 项目许可projecting parameter 规划参数property trust 物业信托public bidding 公开招标public utilities 公共设施purchasing power 购买力reconstruction of old area 旧区改造rules-of-thumb techniques 经验法sale proceeds 销售收益site coverage 建筑密度socioeconomic status 社会经济地位state-owned land 国有土地strata-title 分层所有权subsidiary 附属机构，子公司supplies 日常用品tenement 分租合住的经济公寓the Municipal Land Administration Bureau 市土地管理局title document 契约文书unpaid mortgage balance 抵押贷款欠额urban planning 城市规划utilities 公共事业设备valuation 评估wealth maximisation 最大限度的增加财产(同其他投资相比)infrastructure 基础设施financial budget 财政预算public bidding 公开招标auction 拍卖negotiation /agreement协议land efficiency 土地效益location classification 地段等级projecting parameter 规划参数government assignment 政府划拨administrative institution 行政事业单位key zones for development 重点开发区tract 大片土地biding document 标书prerequisitioned land 预征土地competent authorities 主管部门construction project 建设项目planning permit of construction engineering 建设工程规划许可证go through the formalities 办手续comprehensive sub-areas 综合分区reconstruction of old area 旧区改造purchasing power 购买力property trust 物业信托equity 权益cash flows 现金流量appreciation 增值disposition 处置hedge 保值措施wealth maximisation 最大限度的增加财产(同其他投资相比)forecast 预测rules-of-thumb techniques 经验法mortgage lender 抵押放贷者vacancy 空房discounted cash flow models 折现值现金流量模型expectation 期望值letting 出租equity reversion 权益回收depreciation allowances 折旧费supplies 日常用品utilities 公共事业设备allowances for repairs and maintenance 维修费unpaid mortgage balance 抵押贷款欠额stamp duty印花税recession 衰退overproduction 生产过剩high-technology 高科技investment strategy投资策略circulation 发行量coliseum 大体育场，大剧院chambers （商业资本家联合组织的）会所arena 室内运动场socioeconomic status 社会经济地位amenities 便利设施condominium 个人占有公寓房，一套公寓房的个人所有权income bracket 收入档次tenement 分租合住的经济公寓area code （电话）地区代码community 社区assessment 估价downzone 降低区划规模housing residences住宅bay开间depth进深access玄关deed tax契税comprehensive sub-areas 综合分区condominium 个人占有公寓房，一套公寓房的个人所有权construction project 建设项目cost of development 开发费（指拆迁费，七通一平费等）depreciation allowances 折旧费discounted cash flow models 折现值现金流量模型disposition 处置downturn （经济）衰退downzone 降低区划规模entrepreneur 倡导者，企业家real estate sales 房地产销售real estate planning 房地产策划developers 开发商rent 租房sell/buy 卖房/买房apa naked decorate 毛坯房rtment 公寓，泛指高层住宅house 独门独户并且带花园的平房（不是别墅，深圳不多见）villa 别墅，泛指豪宅sea view villa 海景别墅mount view villa 山景别墅terraced house 独立楼房结构，一层为车库（深圳不多见）shop 商铺warehouse仓库centiare 平方米或者㎡来代替，英联邦国家喜欢用sqm代替bathroom 卫生间kitchen 厨房balcony 阳台have security access 有保安系统studio(studio apartment) 单身公寓double bedroom 双人卧室single bedroom 单人卧室1 bedroom 1 sitting room 一房一厅2 bedrooms 2 sitting rooms 两房两厅以此类推…open plan kitchen 开放式厨房（厨房连接小阳台）sitting room/bedroom open to balcony (客厅/卧室连接阳台)car park 停车位guest parking 非固定停车位open Home 看房时间suit home buyer or investor. 适合自住或投资alhambresque 豪华装修（宫殿式）sunshine Sitting room (阳光客厅)offer furniture/home appliances 提供家具/家用电器property 物业，资产interest 产权subsidiary 附属机构，子公司valuation 评估open market value 公开市场价值leaseback 售后回租（即租回已出售的财产）on a residual basis 剩余法capital value 资本价值cost of development 开发费（指拆迁费，七通一平费等）professional fee 专业人员费（指勘察设计费等）finance costs 融资成本（指利息等）sale proceeds 销售收益on the basis of capitalisation 资本还原法floor area 建筑面积title document 契约文书plaza 购物中心land use certificate 土地使用证commercial/residential complex 商住综合楼land use fee 土地使用费（获得土地使用权后，每年支付国家的使用土地费用）Grant Contract of Land Use Right 土地使用权出让合同plot ratio 容积率site coverage 建筑密度land use term 土地使用期project approval 项目许可planning approval 规划许可commission 佣金permit 许可证business license 营业执照strata-title 分层所有权public utilities 公共设施urban planning 城市规划state-owned land 国有土地fiscal allotment 财政拨款grant or transfer 出让或转让the Municipal Land Administration Bureau 市土地管理局按揭贷款mortgage loan按揭购房to buy a house on mortgage； to mortgage a house房屋空置率housing vacancy rate安居工程Comfortable Housing Project板楼，板式楼slab-type apartment building 搬迁户a relocated unit or household财产税 property tax； estate（or capital）duty拆迁补偿费compensation for demolition拆迁费用removal expense城镇住房公积金urban housing provident fund 低价住房low-cost housing二手房second-hand house房产估价师real estate assessor房产证property ownership certificate房屋置换buy or exchange houses炒房者real estate speculator房改housing system reform房管real estate management房权证property right certificate房产市场real estate market房屋空置率housing vacancy rate福利分房welfare-oriented public housing allocation system个人购房贷款individual housing loan公房商品化commercialization of public housing集资房 houses built with funds collected by the buyers居民住房建设residential construction人均住房per-capital housing现房complete department （or flat）期房forward delivery housing商品房commercial residential building商品房空置the vacancy in commercial housing 政策性住房policy-related house，policy-based house住房补贴rental allowance； housing allowance 住房分配货币化进程capitalization process of housing distribution/allocationproperty 物业，资产interest 产权subsidiary 附属机构，子公司valuation 评估open market value 公开市场价值leaseback 售后回租（即租回已出售的财产）on a residual basis 剩余法capital value 资本价值cost of development 开发费（指拆迁费，七通一平费等）professional fee 专业人员费（指勘察设计费等）finance costs 融资成本（指利息等）sale proceeds 销售收益on the basis of capitalisation 资本还原法floor area 建筑面积title document 契约文书plaza 购物中心land use certificate 土地使用证commercial/residential complex 商住综合楼land use fee 土地使用费（获得土地使用权后，每年支付国家的使用土地费用）Grant Contract of Land Use Right 土地使用权出让合同plot ratio 容积率site coverage 建筑密度land use term 土地使用期project approval 项目许可planning approval 规划许可commission 佣金permit 许可证business license 营业执照strata-title 分层所有权public utilities 公共设施urban planning 城市规划state-owned land 国有土地fiscal allotment 财政拨款grant or transfer 出让或转让the Municipal Land Administration Bureau 市土地管理局infrastructure 基础设施financial budget 财政预算public bidding 公开招标auction 拍卖negotiation /agreement协议land efficiency 土地效益location classification 地段等级projecting parameter 规划参数government assignment 政府划拨administrative institution 行政事业单位key zones for development 重点开发区tract 大片土地biding document 标书prerequisitioned land 预征土地competent authorities 主管部门construction project 建设项目planning permit of construction engineering 建设工程规划许可证go through the formalities 办手续comprehensive sub-areas 综合分区reconstruction of old area 旧区改造purchasing power 购买力property trust 物业信托equity 权益cash flows 现金流量appreciation 增值disposition 处置hedge 保值措施income tax shelter 收入税的庇护downturn （经济）衰退wealth maximisation 最大限度的增加财产（同其他投资相比）forecast 预测rules-of-thumb techniques 经验法mortgage lender 抵押放贷者vacancy 空房discounted cash flow models 折现值现金流量模型expectation 期望值letting 出租equity reversion 权益回收depreciation allowances 折旧费supplies 日常用品utilities 公共事业设备allowances for repairs and maintenance 维修费unpaid mortgage balance 抵押贷款欠额stamp duty印花税recession 衰退overproduction 生产过剩high-technology 高科技investment strategy投资策略circulation 发行量entrepreneur 倡导者，企业家coliseum 大体育场，大剧院chambers （商业资本家联合组织的）会所arena 室内运动场socioeconomic status 社会经济地位amenities 便利设施condominium 个人占有公寓房，一套公寓房的个人所有权income bracket 收入档次tenement 分租合住的经济公寓area code （电话）地区代码community 社区assessment 估价downzone 降低区划规模housing residences住宅1.CBD：中央商务区 (Central Business District) CBD应具备以下特征：现代城市商务中心，汇聚世界众多知名企业，经济、金融、商业高度集中，众多最好的写字楼、商务酒店和娱乐中心，最完善便利的交通，最快捷的通讯与昂贵的地价。
ABS,CDO,MBS三者的区别
什么是MBS，ABS和CDO1、单词Mortgage和Collateral、guarantee区别collateral：质押，多指流动资产类，最常见的是票据，如：存单、存折、国债等质押。
mortgage：抵押，指固定资产类，如：房产、机械设备等抵押。
guarantee担保，指信用担保，可以是第三方的信用，也可以是第三方的资产。
2.都是资产证券化产品华尔街有句名言“如果要增加未来的现金流,就把它做成证券。
如果想经营风险，就把它做成证券”。
从本质上来讲，MBS，ABS和CDO都是资产证券化产品。
根据美国证券交易委员会（SEC）给出的定义，资产证券化，指产生这样一种证券，它们主要是由一个特定的应收款资产池或其他金融资产池来支持(backed)，保证偿付。
而这些资产证券化产品的价值P可以用下面公式来表示：其中，n为资产池中应收账款或其他金融资产的偿还年限。
不难看出，资产证券化产品的价值P受未来现金流量及市场利率r的影响，当利率r升高时，P会下降，当现金流量减少时，P也会下降，反之亦然。
MBS，即房地产抵押贷款支持证券（MortgageBackedSecurities），指发行人将房地产抵押贷款债权汇成一个资产池（AssetPool），然后以该资产池所产生的现金流为基础所发行的证券（主要是定期还本付息的债券）。
贷款所产生的现金流（包括本息偿还款、提前偿还款等）每个月由负责收取现金流的服务机构在扣除相关费用后，按比例分配给投资者。
因此，购房者定期缴纳的月供是偿付MBS本息的基础。
ABS，即资产支持证券（AssetBackedSecurities），是将房地产抵押贷款债权以外的资产汇成资产池发行的证券，它实际上是MBS技术在其他资产上的推广和应用。
CDO，即担保债务凭证（CollateralizedDebtObligation），是一种新型的ABS，指以抵押债务信用为基础，基于各种资产证券化技术，对债券、贷款等资产进行结构重组，重新分割投资回报和风险，以满足不同投资者需要的创新性衍生证券产品。
2024年人口政策与房地产行业分析报告
2024年人口政策与房地产行业分析报告目录一、人口政策面临调整 ................................................ 错误!未定义书签。
二、人口政策调整路径：渐进式 ............................... 错误!未定义书签。
三、人口政策的变动的海外比较 ............................... 错误!未定义书签。
1、新加坡——从少生优生到鼓励多生、鼓励移民................. 错误!未定义书签。
2、中国台湾、韩国——生育政策调整难阻生育率持续下滑错误!未定义书签。
四、人口政策对房地产业的影响 ............................... 错误!未定义书签。
1、人口政策的调整对房地产需求影响的测算.......................... 错误!未定义书签。
2、人口老龄化对地产行业的影响：以房养老问题初探........ 错误!未定义书签。
美国经验：“反向按揭”并不是主流养老模式.......................................... 错误!未定义书签。
近期人口政策的变动成为热点话题。
我们通过本篇专题报告，分析并预测人口政策变动的渐进式路径，以及人口变动对房地产需求的可能影响，并给出相关海外比较。
一、人口政策面临调整1950 年代马寅初首先提议在中华人民共和国进行人口控制。
但当时人口控制并未真正实行，中国家庭生育未受政府影响。
1970 年代末中国人口急剧增长，因人口压力巨大，政府最终设立国家人口和计划生育委员会（计生委），计划生育成为中华人民共和国国策，此后计划生育逐步强化实施。
1977 年8 月中共第十二次全国代表大会提出：“到本世纪末，必须力争把我国的人口控制在十二亿以内。
”从1980 年至今，中国的计划生育政策已经执行了33 个年头。
英国“以房养老”的瓶颈
英国“以房养老”的瓶颈作者：郭芳翠来源：学习时报字数：2522“以房养老”在英国被称为“房产价值释放机制”（Equity Release Mechanism，ERM），最早可追溯到20世纪60年代中期。
终身抵押贷款（Lifetime Mortgages）和房屋反转计划（Home Reversion）是英国“以房养老”政策最主要的两种产品。
终身抵押贷款是指拥有房产但无收入的老年人将房屋抵押给银行或保险公司等金融机构，从而获得贷款，等老人去世之后，贷款公司将出售房屋用于偿还贷款本息，剩余的价值留予继承人；房屋反转计划是指老人将房产整体或部分出售给贷款公司，获取资金用于养老，辞世之后，贷款公司将拥有已出售的房产，未出售的部分归继承人所有。
近年来，“以房养老”在英国还出现了出售大房，换购小房，用差价来养老的新形式。
“以房养老”政策在英国的发展是曲折的。
起步于20世纪60年代中期的“房产价值释放机制”，因“无追索权保证”，在1990年被英国政府宣布为非法产品。
直到2001年英国政府才支出8500万英镑预算重新启动“房产反向抵押贷款”计划，并于2004年交由英国金融服务局（Financial Services Authority，FSA）接管，以加强监管。
上月中旬英国政府提出流动资产在23500英镑以下的老年人可向居住地政府申请住房反向抵押贷款项目。
有了政府的资金援助和推动，“以房养老”在英国逐见起色，但远不如美国成功，这种发展境况既与英国的社会政治环境有关，也与植根于这种社会环境的、以保险公司为主力军的“以房养老”模式有关。
1948年英国建成福利国家之后，政府承担了大部分的社会福利费用。
据统计1951年到1975年间，英国福利支出增长约13倍，福利支出在GDP中所占比例20年间从14%迅速攀升到28%，加之经济发展缓慢，政府财政支出出现窘境，减少福利支出成了英国政府改革的一个重要目标。
所以，1979年撒切尔夫人执政以后开始推动福利私有化和市场化，而这一政策在英国一直持续到现在。
世纪商务英语阅读第四版(基础篇2)Unit 7
大连理工大学出版社
当我们试图找到某个具体信息时，通常不需要通篇仔细阅 读。要做的只是快速找到这个信息在文中所处的位置。找 到具体位置之后，再集中精力仔细阅读此处。 由于本文一开头便说明了文章讲的是state ofLouisiana， 因此要回答第1 题，我们只 要找到mean annual temperature 就会找到答案。注意问题中的mean 和 average 同义，都表示“平均的”，因此第1题的答案是 67 degrees Fahrenheit。 回答第2 题时，应快速查找到关键信息minimum rainfall 所处的大致位置。仔细阅 读这一部分内容后得知答案为 in autumn。
大连理工大学出版社
Reading Skill Focus
Comprehensive Reading Practical Reading Words and Expressions
大连理工大学出版社
Reading Skill Focus
Scanning (2)
CENTURY BUSINESS ENGLISH 世纪商务英语
阅读教程（基础篇2）（第四版）
主编：王洗薇
大连理工大学出版社
Unit 7
Teamwork
大连理工大学出版社
In working units, a positive relationship with colleagues is essential to your success. Text A in this unit will give you some suggestions on how to establish a meaningful working relationship with your boss, which means more advancement opportunities for you. Moreover, Text B gives suggestions on maintaining a strong team sense among co-workers, but before that, you may have to accept the competition among employees, which is more prevalent now. In Practical Reading you will read eight practical tips on team building, which is very thoughtful. Besides, you will continue to learn how to scan read passages further.
02_NonagencyMBS-CMBS-ABS
2
Nonagency Residential MBS
3
Nonagency Residential MBS
MBS created by one of the agencies are collectively referred to as agency MBSs, and those created by private conduits are called nonagency MBSs or private labels.
The greater the subordinate interest, the greater the level of credit protection for the senior bond.
14
Senior-Subordinate Structures
Shifting Interest Schedule Over the life of the MBS deal, the level of credit protection will change as principal is prepaid. In general, with prepayment, senior interest will increase and the subordinate interest will decrease over time. Because of this, most senior-subordinate structured MBS deals have a shifting interest schedule designed to maintain the credit protection for the senior bond class.
制约我国反向抵押贷款的瓶颈分析
SHANGHAI INSURANCE MONTHLY ·APR 2017制约我国反向抵押贷款的瓶颈分析应霞霖中国人寿保险股份有限公司上海保险研修院反向抵押贷款，是指拥有房屋产权的老年人将房屋抵押给保险公司或其他金融机构，而不放弃居住权，在有生之年，按一定时期或者一次性从保险公司或者金融机构获得与房价折价一定比例后的贷款。
当老年人去世以后，机构将房子收回，通过出售或者出租来偿还前期的贷款。
反向抵押贷款最大的优点在于享有房屋所有权的老年人能够在享有房屋所有权的基础上将房屋变现，用来改善生活，相当于“以房养老”。
由于资金是由金融机构流向房主，与通常意义上的抵押贷款中借款人定期向金融机构偿还本息的资金流向相反，因此被称为反向抵押贷款。
一、美国反向抵押贷款的发展模式反向抵押贷款最初起源于荷兰，而在美国发展得最为完善和成熟，为美国缓解国家社会保障压力、减少老年人口贫困率、增加老年人口收入、促进金融机构业务多元化发展等方面做出了重要贡献。
美国反向抵押贷款市场上目前主要的产品有三种：（1）联邦房屋管理局下属的HECM（Home EquityConversion Mortgage）计划；（2）房利美(Fannie Mae)，即联邦国民抵押贷款协会推出的Home-keeper计划；（3）私营公司FinancialFreedom Senior Funding Corporation提供的Financial Freedom贷款（这家私营公司还提供了其他两种产品，但市场占比很小）。
HECM计划适用于房屋价值较低的情况，申请人的收入情况和借款用途也不受限制；Home-keeper计划主要针对不满足HECM计划的申请者，如房产价格高于限定值、共有房产等情况。
以上这两种方式都是主要由政府主导的。
Financial Freedom贷款类似于理财产品，适合拥有高档住房的老年人。
目前，HECM计划已经覆盖到美国的每一个州，从1990年到2012年的22年间共累计发放贷款大约78万笔，占整个反向抵押贷款市场的90%以上。
加拿大银行术语汇编
用语汇编—FROM RBC银行网站不同国家的理财用语都可能有所差异。
这页为您提供一系列在本网站使用的主要理财词汇和用语，以及其定义，并以英文字母次序排列。
AAccount balance(賬戶余額)—指目前賬戶的資金結余。
Amortization period(分期摊还年期)—全数清还房屋贷款金额所需的年数。
Asset class(资产类别)—拥有某些主要共同点的金融投资项目类别。
三类主要资产类别分为：股票类、固定入息类(例如债券和房屋贷款)及现金或等同现金类(例如货币市场投资)。
Automated Teller Machine，简称ATM(自动柜员机)—这种自助式机器让您使用您的客户卡及个人识别密码 (PIN) 进入您的账户，进行基本理财交易，例如存取现金。
它也被称作银行自动柜员机 Automated Banking Machine (ABM)Automatic Savings Program，简称ASP(自动储蓄计划)—一项您预先安排的计划，该计划定期如每周、每双周或每月，将一笔指定金额的款项自动从您的理财账户转到某储蓄账户或注册退休储蓄计划(RRSP)内。
Automobile insurance(汽车保险)—这是一种保险，在发生意外事故、遭到故意破坏或盗窃时为您提供保障，支付有关汽车损毁，或您自己或他人受伤等费用。
在加拿大，您必须有汽车保险才可驾驶汽车。
BBalanced fund(平衡基金)—一种持有包括固定收益项目、股票项目及等同现金项目的互惠基金。
Bank draft(银行汇票)—请参考money orders 及 bank drafts。
Banking card(银行卡)—请参考Client Card。
Banking machine(银行柜员机)—请参考Automated Teller Machine。
Beneficiary(受益人)—获权得到金钱或其他利益的人士。
视乎个别情况，这有可能包括您遗嘱上指定的人士、您人寿保险保单上所指定的人士，又或您指定在其升读大专院校时，可从注册教育储蓄计划(RESP)取得款项的某位或某几位儿童。
人口老龄化与房地产行业研究分析报告
人口老龄化与房地产行业研究分析报告2014年10月目录第一章全球老龄化趋势分析 ...................................................................................................... - 1 -第一节全球老龄化趋势分析 .. (1)第二节发达国家已全面进入老龄化时代 (2)第三节中国正加速进入老龄化时代 (4)第二章以房养老模式分析 .......................................................................................................... - 6 -第一节以房养老模式介绍 (6)第二节各国以房养老的实践分析 (8)第三节日本以房养老的经验借鉴 (14)一、日本以房养老的经验........................................................................................................ - 14 -二、日本逆向按揭实践介绍.................................................................................................... - 14 -三、日本以房养老的进展动因................................................................................................ - 15 -四、市场格局：私营参与较多................................................................................................ - 17 -第四节中国以房养老的前景展望 . (18)一、逆向按揭产品更适合一二线城市.................................................................................... - 18 -二、市场规模测算.................................................................................................................... - 19 -三、产品模式预测.................................................................................................................... - 21 -第三章养老地产服务模式分析................................................................................................. - 23 -第一节美国养老地产的经验借鉴 . (23)一、美国养老地产的经验........................................................................................................ - 23 -第二节美国养老地产的市场格局 (27)一、太阳城模式：Del Webb与Pulte Homes主导 ................................................................. - 27 -二、CCRC模式：竞争猛烈 ...................................................................................................... - 29 -第三节中国养老地产的市场展望 . (31)第四章结论 ............................................................................................................................... - 35 -图表目录图表1：全球人口老龄化 (1)图表2：全球老年人口抚养比 (2)图表3：部分OECD成员国人口预期寿命 (2)图表4：部分OECD成员国出生率 (3)图表5：部分OECD成员国65岁以上人口占比 (3)图表6：部分OECD成员国老年人口抚养比 (4)图表7：我国出生率 (4)图表8：我国人口预期寿命 (5)图表9：部分OECD国家2012年末65岁以上人口占比 (5)图表10：部分OECD国家养老保险制度 (6)图表11：部分发达国家养老支出占GDP比重 (8)图表12：部分OECD国家以房养老实践 (9)图表13：美国HOME EQUITY CONVERSION MOTGAGE年发放数量 (10)图表14：英国EQUITY RELEASE PLAN年签约数量 (11)图表15：英国EQUITY RELEASE PLAN年签约价值 (11)图表16：澳大利亚REVERSE MORTGAGE存量 (12)图表17：澳大利亚REVERSE MORTGAGE市场规模 (12)图表18：逆向按揭产品供需双方面临的风险分析 (13)图表19：日本以房养老实践 (14)图表20：日本各年龄阶段的住宅资产净值（万日元） (16)图表21：美国、澳大利亚与日本平均住房价值（万美元） (16)图表22：日本各年龄阶段的住房自有率 (17)图表23：日本各银行与厚生劳动省逆向按揭产品介绍 (18)图表24：住宅市场价值/GDP (19)图表25：百城住宅价格指数同比 (19)图表26：部分OECD国家逆向按揭产品渗透率 (20)图表27：我国逆向按揭产品市场规模测算 (20)图表28：我国以房养老的尝试 (21)图表29：各个地区中等小区平均房价（万日元/套） (22)图表30：全美部分太阳城情况 (23)图表31：美国四种类别的老年照料 (25)图表32：全美CCRC进展情况 (26)图表33：太阳城模式与CCRC模式比较 (26)图表34：D EL W EBB的总收入 (27)图表35：D EL W EBB的毛利率 (28)图表36：D EL W EBB的净利率 (28)图表37：D EL W EBB的ROE (29)图表38：D EL W EBB的P/E与P/B (29)图表39：CCRC有关公司介绍与最近一年财务指标 (30)图表40：我国太阳城模式实践情况 (32)图表41：我国养老养生地产比较 (32)图表42：世界亚健康人群比例 (33)图表43：北上广亚健康人群比例 (34)第一章全球老龄化趋势分析第一节全球老龄化趋势分析人口出生率的降低与预期寿命的延长使全球人口老龄化已成为了一个不可避免的趋势。
大学金融英语chapter 9 U.S. Mortgage Markets
Main Text
Sources of Mortgage Financing in the U.S.
“Mortgage” sometimes is also used to mean mortgage loan.
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Main Text
Types of Mortgage Loans
1. Insured Mortgages 2. Conventional Mortgages 3. Fixed-rate Mortgages 4. Adjustable-rate Mortgages (ARMs) 5. Graduated-payment Mortgages (GPMs)
还尔后再进行均付的一种抵押贷款
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Notes
8. level payments 等额付款，平均付还 9. payment stream 连串付款 10. share-appreciation mortgage 不动产升值分享式抵押贷款 11. equity participation mortgage 权益参与式抵押贷款 12. second mortgage 第二抵押贷款 13. reverse annuity mortgage 反向年金抵押贷款/退休人死亡时变
卖其不动产进行偿还的抵押贷款（各种抵押贷款的定义因文中已 述，不再重复） 14. S & Ls: Savings and Loan Associations（美）储蓄与贷款协会，属 节俭机构thrifts中的一种
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Main Text
Definition
Mortgage in finance means property pledged as a security for payment of a debt. Mortgage market is the market where borrowers—individuals, businesses, and governments— can obtain longterm collateralized loans.
住房反向抵押贷款在美国
住房反向抵押贷款在美国作者：肖遥来源：《合作经济与科技》2008年第01期近年来，一个新名词如时尚概念一般，渐渐成为社会热点，那就是“倒按揭”，即住房反向抵押贷款。
但是，反向抵押贷款作为外来品，国人对它并不十分了解。
一、住房反向抵押贷款在美国的发展历史上世纪五十年代，房产价值转换抵押贷款的产品概念传入美国。
美国的第一份反向抵押贷款合同可以追溯到1961年Deering储蓄协会的Nelson Haynes为他高中足球教练的遗孀所做的贷款安排。
美国早期的反向抵押贷款一般由小贷款机构和地方政府机构发起并承办。
地方政府为维护自己的利益，规定贷款只能用于缴纳财产税和房屋修缮。
1981年美国成立了独立的非盈利性组织——房产价值转换国家中心，其主要职责是向老年消费者进行反向抵押贷款产品知识的宣传和教育。
根据全国住房法案，国会在1987年设立了房产价值转换抵押贷款（HECM）保险示范项目，由联邦住房管理局（FHA）提供这种反向抵押贷款公共保险项目。
FHA为经其批准认可的贷款机构发放的贷款提供担保，有效消除了贷款风险。
Fannie Mae于1989年开始购买所有合格的HECM贷款，为反向抵押贷款的流通构建了一个二级市场。
之后，反向抵押贷款在美国得到快速发展。
目前，全美有120多家贷款机构提供HECM贷款，一些政府部门和非盈利组织如美国退休人员联合会（AARP）和美国住房和城市发展部（FEUD）为退休房主提供免费的咨询服务。
1995年Fannie Mae公司推出了自己的反向抵押贷款产品HomeKeeper，这是对公众参与反向抵押贷款行业的又一大促进。
Homekeeper在首次推出后就大受欢迎，极大地促进了美国反向抵押贷款市场的发展。
上世纪九十年代期间，一些大的金融机构通过改进产品设计和兼并联合，重塑了美国反向抵押贷款行业的市场结构。
1996年ULLICO成立了一个新部门重新设计了自己的产品以细分投资者。
1999年Financial Freedom通过Lehman Brothers投资银行融资兼并了Transamerica Home First。
MTI考研资料 China Daily热词
2014年6月热词邪教组织heretic sect百度动物园Baidu Online Zoo电动载人行李箱scooter-suitcase或scootcase 军工企业military enterprise信息披露information disclosure恶搞视频video spoof揭幕战opening game/opener考试工厂examination factory进球score a goal连进两球/ 梅开二度score a brace连进三球/“上演帽子戏法”score a hattrick 乌龙球own goal进了一个乌龙球score an own goal门线技术goal-line technology/ Goal Decision System 并购M&A/ mergers and acquisitions大型婴幼儿配方乳粉企业集团large baby-formula conglomerates健康期望寿命healthy life expectancy/ HLE 替考者surrogate exam-taker枪手ghost writer指纹膜fingerprint film环境宜居指数Environmental Livability Index最宜居城市most livable city反按揭/ 倒按揭reverse mortgage房屋反按揭home equity conversion mortgages 以房养老house-for-pension耽美tanbi农业补贴agricultural subsidies临时收储政策temporary purchase and storage policies最低收购价minimum purchasing price反恐演练counterterrorism exercise军训military training正步走military goose step假摔diving点球penalty kick任意球free kick大数据（big data）指规模巨大且复杂，用现有的数据处理工具（on-hand database management tools）难以获取（capture）、整理（curate）、管理（manage）以及处理（process）的数据信息统称。
老龄化背景下住房反向抵押养老保险浅析
老龄化背景下住房反向抵押养老保险浅析作者：沈继伦来源：《当代教育理论与实践》 2014年第6期作者简介：沈继伦（1970-）, 男，安徽金寨人，讲师，硕士，CPA，主要从事金融财务研究。
沈继伦（珠海城市职业技术学院国际合作与交流学院，广东珠海 519010）摘要：我国是人口老龄化最严重的国家之一。
加速的人口老龄化迫切要求借鉴发达国家经验，研究开发适合国情的养老金融产品，而住房反向抵押保险是一种可选择的新型养老保险产品。
基于Z市数据，对住房反向抵押养老保险产品的经济敏感性分析显示：老年人退休后办理住房反向抵押养老保险，能获得很高的年金收入，可以显著提高退休后的所得替代率，具有较强的经济可行性。
关键词：人口老龄化；住房反向抵押；养老保险；经济敏感性中图分类号：C913文献标志码：A文章编号：1674-5884（2014）06-0145-04第六次全国人口普查数据公报显示，2011年60岁及以上人口占13.26％，较2000年上升2.93%；其中65岁及以上人口占8.87％，比2000年上升1.91%。
瑞士再保险和波士顿咨询公司（BCG）联合发布的最新报告预测：到2050年，我国60岁及以上人口将从2010年的约1.65亿人增加到近4.4亿人，预计占总人口总数的34％；比届时的第一大人口国印度多出近1亿老年人。
加速的人口老龄化已经给国民经济各个方面带来了挑战。
中国社科院《中国养老金发展报告2012》显示，2011年我国养老金个人账户缺口再次突破了2万亿元；同时，“421”家庭普遍出现，空巢老人日益增长，单纯依赖中国传统的养老模式已不再现实［1］。
清华大学中国金融研究中心发布的2009年第一期《中国消费金融与投资者教育调研报告》显示，我国家庭资产构成中房产是最主要的资产，占比62.72%；《2010年中国城乡老年人口状况追踪调查》数据显示，2010年城镇老年人自有住房率为75.7%。
在人口老龄化背景下组织实施住房反向抵押养老保险有现实意义。
Unlocking Housing Equity in Japan
Unlocking Housing Equity in Japan Olivia S. Mitchell and John Piggott Abstract
Much prior literature on asset patterns among the elderly has mostly overlooked housing wealth as a determinant of retiree wealth, particularly in the Japanese context. Yet releasing equity in housing may be a natural mechanism to boost consumption, reduce public pension liability, and mitigate the demand for long-term care facilities in Japan. Our study evaluates what might be needed to implement reverse mortgages (RMs) in this country. Policies could include exempting RMs from capital gains tax and transactions tax, along with mechanisms to make annuity income flows nontaxable, along with interest rate accruals for RMs. In addition, housing market reforms to enhance information flows would be needed, particularly regarding new and existing housing trades, which could permit the securitization of housing loans and lines of credit. Other improvements in capital markets could also help, including the establishment of reinsurance mechanisms to help lenders offer these reverse mortgages while having some protection against crossover risk. In the Japanese case, demand for RMs will be dampened by declining residential housing values as well as low interest rates and long life expectancies. Nevertheless, we conclude that RMs can be a good way to finance elderly consumption in Japan, particularly against the backdrop of governmental financial stringencies.
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Flexible Payment Options
• Reverse mortgage proceeds can be received:
Monthly Lump Sum Line of Credit OR a combination
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• You can change payment plan at any time during the life of the loan. (a nominal fee will gage?
• A retirement tool that allows senior homeowners to convert home equity into tax-free cash Without
– – – – Leaving their homes Having income to qualify Being required to make monthly mortgage payments Having to repay the loan until last borrower permanently moves out
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Interest Rates
• HECM Variable
- Monthly and annually adjustable options available
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based on the One Year CMT index plus a margin and monthly adjustable options based on the One Month LIBOR index plus a margin
• HECM Fixed
- Fixed rate for the life of the loan - Competitive rates offered for loans with 100%
upfront draw - Single alternate rate for loans other than 100% upfront draw
Come On In…The Process is Easy
1. Contact First Financial Reverse Mortgages 2. Discuss and review benefit illustration 3. Set up an appointment with a HUD approved housing counselor 4. Complete application 5. Order FHA appraisal
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• Who can get a Reverse Mortgage
– Senior homeowner, at least 62 years old – With enough equity in his/her home to qualify
How Does This Differ from a Traditional Mortgage Loan?
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How Safe is the HECM Reverse Mortgage?
• FHA administers the HECM program and guarantees that borrowers receive their requested loan advance if the lender defaults • The borrower(s) will never owe more than the fair market value of the home upon loan maturity.
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How is the Loan Amount Calculated?
• Appraised home value or the national lending limit (whichever is less) • Age of the youngest borrower • Current interest rate
• Does NOT require repayment until
Last borrower moves out Borrower (s) sells the property Last borrower passes away
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• Borrower may qualify more easily compared to a traditional loan
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Completing the Process
6. If loan is approved, all outstanding conditions must be cleared 7. Draw loan documents 8. Three day right of rescission 9. Loan funds, documents are recorded and proceeds, if any, are disbursed as instructed
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Qualifications
• • • • • • Senior homeowner(s) 62 years or older Home must be a 1-4 family residence Most Condominiums and PUDs are eligible Manufactured homes meeting HUD guidelines Primary residence Mandatory HUD approved counseling
Features and Benefits
• Homeowner retains title to the home, not the lender • Seniors’ savings are preserved and their cash flow is increased to use for the cost of living and to enjoy life • Reverse mortgage proceeds are tax free • Borrowers are not required to make monthly mortgage payments • Virtually no income or credit qualifications are required • Senior enjoys financial security and independence
Home Equity Conversion Mortgages
Courtesy of: First Financial Reverse Mortgages 1-800-720-7003 FirstFinancial@
Borrowers should consult financial advisor and appropriate government agencies for any effect on taxes or government benefits. Make sure your clients understand the features associated with the loan program they choose and the effect of an adjustable rate to their overall loan cost. Advisor and/or broker/correspondents are independent entities and do not form legal partnership or agency relationships with Financial Freedom. Information is intended for Mortgage Professionals only, and not intended for distribution to consumers
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Borrower’s Responsibility
• • • • Keep property taxes current Maintain hazard insurance Maintain property in reasonable living condition Live in the home as primary residence