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Lecture Money and capital markets: Chapter 22 - Peter Rose, Milton Marquis

Chapter 22 - The residential mortgage market. In this chapter, you will learn to understand how the residential mortgage market supplies credit for individuals and families to build and buy homes; to understand the problems faced by lenders in designing new home loan contracts that will protect them against inflation and other risks. | Chapter 22 The Residential Mortgage Market Learning Objectives To understand how the residential mortgage market supplies credit for individuals and families to build and buy homes. To understand the problems faced by lenders in designing new home loan contracts that will protect them against inflation and other risks. Learning Objectives To look at how federal government agencies and government-sponsored mortgage firms support the development of the market for mortgage loans. Introduction Among the fastest growing of all financial markets today is the residential mortgage market, where individuals and families fund their purchases of homes. Originally a simple market that was primarily local and regional in character, the residential mortgage market has become an international capital market where home-mortgage-related instruments are traded around the globe. Recent Trends in New Home Prices and the Terms of Mortgage Loans Prices and Yields of Conventional Home Mortgage Loans | Chapter 22 The Residential Mortgage Market Learning Objectives To understand how the residential mortgage market supplies credit for individuals and families to build and buy homes. To understand the problems faced by lenders in designing new home loan contracts that will protect them against inflation and other risks. Learning Objectives To look at how federal government agencies and government-sponsored mortgage firms support the development of the market for mortgage loans. Introduction Among the fastest growing of all financial markets today is the residential mortgage market, where individuals and families fund their purchases of homes. Originally a simple market that was primarily local and regional in character, the residential mortgage market has become an international capital market where home-mortgage-related instruments are traded around the globe. Recent Trends in New Home Prices and the Terms of Mortgage Loans Prices and Yields of Conventional Home Mortgage Loans Recent Trends in New Home Prices and the Terms of Mortgage Loans Offsetting the relatively low home-mortgage loan rates of recent years have been record-high home prices. Overall, real home prices have risen considerably faster than homeowner incomes, discouraging some potential home buyers. The Structure of the Mortgage Market The Structure of the Mortgage Market Mortgage Loans Outstanding, 2004* ($ Billions) Mortgage Lending Institutions 22 - Mortgage Lending Institutions Most mortgages generate multiple potential cash-flow streams: origination & commitment fees (when a mortgage loan is first applied for) periodic loan repayments & loan interest compensation for prepayment & default risks service fees associated with collecting & recording amounts owed net returns & fees from the securitization of a pool of mortgage loans Mortgage Lending Institutions A mortgage loan may be held in the originating lender’s portfolio for the promised interest and principal payments; sold to an .