中古抵押權交易巿場制度之可行性分析

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(1)t,. L.... (151). *~~.~I.~~£~~~~~** 5& :i- ~** -,~. =,~. #.. ~. •• w_~& ••• ~~ ••. ~'~~$M.~... *". jL***. ~,~m~~~~. R'~~~ •• W.~. ••• ~~ •• ~••. *,~~~~.. • . : *Jt::tJt{EfiS'~iM~iUiZ.t:f:ti!Jg¥¥ffBc~m~fbrJ.tt (The Secondary Mortgage Market) ,-ftfT::fiIJJ~g¥¥.1*m*F (Mortgage-Backed Securities; MBSs) • .:h(q1efW~iZ.iUfT·li.if~ rlm~ft~mm~iZ.:.fj~ • ;tJJUlitJj.fflj~::fi'" 0. • ;tfi.:h(q~fbrJ.ttJj;ltiZ.~. RiS:!ifUIJJtJr:h(q~fjjU.ttiilfl~if{~m1jfbrJ.tta9-J!!;~~ , tmif~D1f!WJ'I1:::fJl! • :tE-JEf~f~iZ.r ' :M!fl~~f.rett~~""Ij$ .~if.~-frfW~iZ.. A~. 0. 0. t:f:ti!Jg¥¥ffi~~m~jlf'F~.o. g.~:tt~~~'1'!WJ~~¥¥.1*m~'$i!Jg¥¥ffi~~m~~.tt . ..Y.i-. -"1l1J. .... a. fW t:f:ti!Jg¥¥~3C~m~$U.ttiZ.iJ!Ji:J1i:{E1i:}&?~tt~~~1i~~zJfrt!WJM:a9r&Jfij , ;It::t~f'Fm~~~''~;ltm~~a9tt~g¥¥~~m~7~~ilJJf~·.m~~••iZ.1* ~. .,*m~.tt·M~~iU~~~~iZ.1'!WJ~g¥¥.~.*F·~~tt~~~.*~A~~. 1'~iZ.1i~*~. • P)f'F~i!tWltt~1b:"'Jf~iZ.m1lf • :Ii!:~~tt~~I!fl$U.tt.:fit~tgiZ.YI. , .ffij~~s I~i!t;'it;ltfl1!~iUiZ.~?*. 0. ~fW~§oott~~.iZ.-ft~m~ffij~,m1e1'~_iJ!~.~tt~'W~~*.if~. offij:tE~oott~~I!fl(~m.~I!flJf&.m~"')iZ.::t~Jf~:Ii!:*~1e~~"'-~ ~~••ID.~f'F;ltfl1!.~~iZ.m~r'~M~~I!fl"~titt~1b:~~~iZ.~~ ,~~.tt~~I!fl.*iZ..~*~':Ii!:.~iU~tt~~~.*iZ.-*g.o~~~iUa9 $i!Jg¥¥~3C~m~fbrJ.ttsr~1eIlJ~. , :Ii!::afl~if{~mf:rllt:fjta9-J!!;~15 ' ~[Jtt~.~a9. ~z~ilJJM:~'$~~~~Aif~a9~fijo. *Jt~7t:t\~Ht :.Mt~-iff~oo~?J.. ' ~=W~t:f:ti!Jg¥¥.~~m~fbrJ.ttiZ.~iM '. ;tfi~~.ttiZ..:h(q~~~~f'F~.;~=W~iU~m~if~iZ.~iM':M!~iMllJ~~~m ·~~~~~~~$.@.~rer~~tt~~~~~Z~~JZ$m~~~*. ··~li~t€t*.11!l~~fXff. ***lIlii!l.t€t*.11!l~~~mliJ{±. -1.

(2) (152). 1l'Rm~~.A,*,i!ig¥¥1I3t~m~*UgrL~~. ; ~1!Yi'i~jfHi'HI~~;ffi , lft$~Lml!i7J1£ :t&Jtm;j7g 8 ~1l'Rm,*,i!ig¥¥1I3t ~ m~*,Jgrm"iiJfjI§R§;;'I¥J~. ' ~]jU~Jtlil:I!I!IU14 Bem ~A'~ffM~LL~~~;ffi;~nW~m;j7g,*,i!ig¥¥1I3t~m~~~~.L~.;~ :1\i'i~Ram1liJUl.. 0. =~t*~~.~I*.~~~.# (-)IfIi!im:¥fIm~ ~ m~(f.J pq ~. 1.,*,i!ig¥Jl1l3t~m~Z~.. PJfm1 1¥J,*,i!ig¥¥1I3t~ m~*Ugr , 7Jmtt~g¥¥ji~1¥J Jjj{tlaji~:if .'~~~fi~). (j(llg¥¥ji~1fi6. ,~~ji~~m*~l¥Jg¥¥ji~.1I,.~mm~g¥¥ji~m~( 'lli1~'Uit**&m~,*,Lm~Rfi• •. ' jqJ~~iMIi1:3tIM• •I¥J,,*ml! ~mm~~'~.WRfi1'~~g¥¥.~.~'~~.~ • • ~lil:oftmlil:• • •~~ 1'!IJJ~g¥¥1I~iJi.H.1Im~f~~ , ~m~~Lmtjjm~ ,{E~Ii?Jffl}L1.i,*,i!ig¥¥tl3t~m ~ (The Secondary Mortgage Market) ntH) ,~mJlt.~LiJ!.ll' 1JE~.lil:1i ~1¥Jt1i!lJ.lfUm ' 1R1~?fJ\1.itt~lil:iItl!~1t'@I¥J.lil:*iJj 0 JIt*Ugr{E~Il**91930if:tt~P B1l'Rm ' ~m~1'~~ , jl[$IJ1970if:tt~ , m:t&-iilil:M!ftll.{E~f'Fmji~~~ , ~~ mtBt1J'~l',@l¥JiliR:l!i ' P)J&:t&tt~lil:l!I!m~j(lil:*iJj1',@ , tOCil:3t1M1l1!itAtt ~lil:l!I!m ~ , {EW~~ILm*Ur ' ~i31 mjilil:I4!• •~ ftfi~.1'JIJ~g¥¥.,,*.~ , flSIffiim~ 7tt~lil:l!I!m~ , jqJ~-tl!rm~3t~lil:iItm~f~LRJjt , L~~~mJ~m;.&8*m~l*. Mortqage Pool). Rm'"iiJffl}1.itt~lil:iItL-*I!1fiO. 2. ~~fijf5 ,*,i!ig¥¥tl3t~ m~~lJJL::t~W-~L -. 0 ftmil:3tIMl¥Jm~ §ff ' 1lt!~M*Ull~lIH'FJ!.3t 0 ~m~Wl¥Jil:3tlM• • ::t~~1!"r~nJJ{ : (1)~ffi.A1fi6. (Veterans Administration;VA) : ~*~-OO1944if:~.ll ' ::t~ ,. ~p~il:3tJ&I¥J~~it}... {E1fi6~~ffi.A{E~z'@~~~~l¥Jm~r~~~#~~l¥Jji~O~~OOLji~AJt~ ffi.A.~ji~:if,m~lI.T~~m'~.~M{E~m~~l¥Jm1im~,~~ji~~ I¥J~I!!0 (2)~ntt~fiU. (Federal Home Administration;FHA) : ~ma:t&1934if:~.ll. ,~::t~§I¥J~VAffi~,Jt:t&~Al¥Jg¥¥ji~T~,,*I!!,~~ji~~I¥J~~o. (3).n~llg¥¥1fi6.. (Federal National Mortgage Association; FNMA) : ~ ma-001938if:m FHA miiUiSt ' ~~ti~fiU.~I¥J,,*~ji~ 0 (4)il:3tIM~l!Ig¥¥1fi6. (Government National Mortgage Association;GNMA, 1968if:~11:). 0. (5).ntt~~~g¥¥1}iij C.1970if:~.ll). (Federal Home Loan Mortgage Corporation;FHLM. 0. {EL~I¥J• •,*, ~A1Il*Jfi1T.~~. ' FHA ~ VA I¥Jf'Fm7J{E:t&JJu%im~Ag¥¥ji~l¥Jtltffl ' -.ELm , m FHA ~ VA $~~~$flil , ~1.refjjlJ!ll~~ (Default Ri -2.

(3) r. (153). ,-oo~~itAittltf£f~Jl:l?lP...{.lI$tt~~it. sk). FNMAfH~. ° ffii GNMA ft FHLMC a9fFmft. '1fPXfl!Bli:. (l}g¥fI~itz:tJo~~m. ° (2)JB(.g¥fI~itm~ °. (3)lf.ftJ.!lHi\H.JffJg¥fIfJt~. GNMA) Jj,IG ~ a§fJg¥fIfJt~ (ttOFNMA,. (tLO. FHLMC) ° (4):!tf'f~~*,~~J~g¥fIfJt~z• • ~. °. I! Ef3J:Mti!®i&JM1Iffitzff-A tpog¥fI.3C~ m~$UlJltp , -OO~.:l?ltf{;Jt:lf~P...{~ fre~~Jl\~ , {I~• •:lf*1fft• • II"~:9:~ttfHrqJ , mJB(1a:filJiliJClI"~~z1'IlJ!I .~fJt~,~-oott~~~.~*~~~~~1'mo. 3.•11fipg~ mfitpog¥fI.5C~ m~ifilJlJlz.11fipg~. ,. :±M!lP1.£§fJ1'ltJ!lg¥fl.~fl~. ° ffii. ~~fJf~1!Jf. " §fJ1Iffit~Z1'rqJ , ffii1f4HlIl1'rqJa9g¥fI!t~1Jt~ , 1l~:±Ma9!6UlfJt ~zMtt*Mt~~'~mllpgB.z• • o (l)""Fm~ (Pass-through Securities) ; 9)\RJM1.£M*.m~ : ~lim~zMtt:±M~~~~it1lffit~~g¥fI~itm~lli~Jj,IG~Jf¥fI~-1'IlJ!lg ¥fI~itf1lttlffla=ti}~. (Trust Account) Jj,IGi&JM1IlI (ttOGNMA" FNMA " FHLMC ) ':P}I!Ef3i&JMUa9~m.' .:yp"'{§fJg¥flm~ , IlnJl~~m~J:z-WffifJj , ttom ~A4iFJ ztl~*,~I!~~~~1Iffitmji{-®£<~a9"F• •:&~m• • ' ~~$~"~ m~~.:lf,~m~~m~Az~ittl.*~:&tf~m.Jl\~'~*~Ef3~Jl:lfA!t° ~lim~XRJ:P}~§fi1lffita91'~,*~~~.m:. aGNMA ~M"Fm~:~~.mA.JffJRJffJ.A~z."Fm~'~I!Ef3 FHA ~iij"z~it1lffitPJT§fJzm~ , ~mf'Fg¥fI!t~z~it.W~1! FHA/VA ~ ~:&~m~z~it'PJT.~~a9g¥fI~itm~'~GNMAlf.~ft~1I.*ftfJg¥fI GNMA :tJop...{~m~m~zttcwHI. ° 1im~A.jJmfl(~, FHA :&. m~, rqJ~Ef3. VA. 't'fjfiJi!~mli' Jj~.:lfffij-m-AA:9:~tt (~~. FHA" VA :& GNMA Z!!1I. ~m). 't&JffJItA*o b. ~ FNMA :& FHLMC ~mzm~ t t£[J PC (Participation Certificate) , MBS (Mortgage- Backed Securities> ~: Jltm*,"Fm~~Ef3 FNMA :& FHLMC i&JM1IffitJB(.~~g¥fI~itm~.'~~§fig¥fIm~~Jj~m~7~~mtftMMt. GNM A ~."Fm~1'~ ° J:Mtmm""Fm~~*J:$~Ef3~~g¥fI~it1lffit~~g¥fI~itm~lli~~**~ t ~~{);1f-®m:w: ° gljtta GNMA ~m~Z:9:~ttiIiJCiti ' ~~. m~tpa9i&JM~m.lI. .~fJt~zg¥fI~itm~W~. FHA~Z~~"~m'.~~Jl\~,t&~.:lfiIiJC• •. • • t :tJoJ:~1.£JEMttcFJ:!tM~.A*:l?lzflJ~ t .~RJ:P}.mfj~jJ~ ; ffii PC :& MBSm~Z:9:~tt.RU1'tinu:lf t ~1.£~g¥fI~itm~*$f~1.£*~ FHA :& VA ~~ :&~m~a9~it t iliJC1fffJ1IfJ1Jl\~ ; R*,~~M1i~ft-11ifJf~rqJ (JEWJ~MfrJ,~' *~ -3.

(4) ". /. (154). -~Mm). '~fl:tfzfl~M~fflff~jJif1.1'liiW:tf. 0. c. ii!rm$r~~fJ~"=Fm~ (Public- Issued Pass-through Gertifific ate;PIP ) : 19771:F Bank of America :l!m-*~fJ"=Fm~zfkA• • ' {f!t§mmfflf!iHi1'. iii '. toC$fi~51tjJ1'~ (2)g¥Jl.~.~. 0. (Mortgage - Backed Bond ;MBB). ~.~Z~~$~-mg¥Jl~~mm'~"=Fm~~o~~g¥Jl~~• •re~.fJ .~~m~~z~m~§L,t§~~m~Fa~Am~m.~~~'~~~~. . .~mM. ,*J!Fa~AzlL~~~~~~' j]ft1'1ff~.$IlltfJf~zm~VttJt, $J:PEB~g¥Jl~*Xmm. pff~~~J&~' j]ft1'm*::tMjflntltfJl~~fl:tfz*,~,. , ffijEB~~~~.m~~~.m. iWm.Jj\~. 0. , ~~~fJl~Z*,~::tMn;i:\!Jil-~fJl~~. EB~ftfJ~.fJf~z-WJj\~~~~EB~~~~.m~.,t§~~~B.m~M~. -~~~~M~Jt$. ,. ~~fft.~~g¥Jlii~mff*~ami~:.p~~~B• •~fJfJl~. ~~miZ=mPJJ:' :.tff~it¥.~B;fImJmBl1ijJ~M{fi~z*,~m~. 0. ~~Jt~B;fIm. ffij~'~fJ~• •~~~.~iii~~*;fl~.:tfffij~'~$~~• • -~fJl~-.' J&~$j]ft1'~iii. '. (3)~IH.fJl~. i!&lJ&sljJ~"J\. 0. (Pay-through Bonds). ~.fJl~~fUlm;~"=Fm~&g¥Jl.~fJl~z!jf;jtt. : ~Fa~A.~zii~*,~"M ~fJl~~fl:tf, J!"=Fm~~; ~fJfJl~~9U~~B.MZi\.' !fijg¥Jl.~1t~~ ( il:2) ~• • ~ft1f1zftfJ_mii!rmm.~~ , 1983~n{±~ii~g¥Jl1} RJ 1m~1}Im~ 0. 1Til&J&~tfCz~lH.fJl~ ,mmjt~g¥Jli\.. (Collateralized Mortgage Ob liga. " ~Wl " ft~Wl~1'~Wl~z.~ , PJ~it~.~fl :tfZpffW ~m~Fa*XAmiWm.Bl ' 9GEBlllmWJ~fJl~.:im~ , M(Wl~.~refft5ii~ tion,CMO). ~• • ~:B'~mWl. 0. 0. ~WlB&J&~'.M7"=Fm~Z~~,t§~51t~~.*~~.~(il:3). tLU1UlfH '. ~19871:Fll:. '. ~lJjiJT~fJ~~.1'lfJmH1t¥Jl.~fJl~~. 0. , PJEBil&J&R3!I!. • • z"=Fm~ftfJJtIll~'.~~fJl~z~.~m~~i\.m~mMzJj\~,~~~ ~~Wl B1'ii,g , {f!@5U§3!I!fntzm.&.m:B';ffi~*li* ' "=Fm~zJjWlJ&~$ii~-~ {l~zJ&~$mf.lj (il:4) ; 1JIJL~il&J&.mZ~m ' i!&mm~lt!fijIJJiti~m~ , Jt{l ~~.:tfffij~,Jj\~~~~~.I~~ofl~B.mffij~'1'~i\.ffWJj\~,mf.lj~. IfJtt '. ~~Fa*XAg~ltJ~m~m.jiJTm*~1'lit~f!J~tfH~. ,. t§~~$+:B'~"t~~5lt. ~.jt~.~z~fJ'i!&~~IJ~B~.~o (::)C:P~It~*'3C~mtlzilfl:~. @EBL~Z~M,Jt~~og¥Jlm~~mfi~ltZ.~~~B~-.7~,ffij~~ 1'F~.!fijVttm. '. PJIII-~~Z. 0. EBIII-~m~~IJ~og¥Jlm~~mfiz~~~m°Fa~A~~M.m~~ii~' .fJ~~g¥Jlii~• •@5U§il&J&~fkA.mz~~~~m~,.~~~~g¥Jlii~mff. ~'.fJ.*~g¥JlfJfm.~Vtt~'i!&~~~¥Jlii~fJl.~~~mfi~~~~~o~~ -4.

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(19) (169) ('.. I~. 5. mJltt (1981) , ra.fI!!Wi±fI!!M~ftfifM~Z.Iif:reJ • rplilfl!!i3tIif:remllfIJ 6. jf~ 'illI~ (1951) , r ±fI!!~lI!IIaJ 7. JUlll'. illl}Ia (1989) ,. r~II!II.~1~lUlmz.Iif:reJ. 8. 11Jt~. (1979) • rlilN.{=t~.~Ji±fI!!lUlmz.Iif:1eJ 'i3t:kfl!!lifmma 9. fI'~ (1971) • ra.{=t~IUlIlz.Iif:1eJ 'i3t:kfl!!lifmma 10. !lI~.~ (1990) , r'f'I'1~.~1~gqifil.1!!MftJ. 11. • !IIz (1991) •. r~II!II.~1~lITiJ(ml'!-'f'I'1l.!tHt'Wjl.~M~Z.Iif:reJ. • i3t:kIil1lmm». 12.I'Jo*i!If (1976) , r'f'I'1~~II!IIz.J1I!»gq.B-.».1!IUllfi~II!IIM~Z.ftfiJ 13. • 35:71.11:., r N.t1;.~J ,J!i(:kIll"':iH-rj 14. 9f:il1tt '~lIm (1991) , r?e:!tf, ~ , f3 'ii'{=t~i3tjl'{z.Jt~WaMl{=t~~m.1fZ.njnJJ. ,{=t~i3tJllJit1;'tJ. Iif!l!t* 15. illl}Ia (1990) , rmm.~1~.il!tJ ,a~tifiaUHIj 16. illl}I.~ (1991) , rafil,lftlNfi¥J!.~M• •~f~Z.Iif:1eJ ,a;ftifiIUHIJ. =, ~:ltiIH9. 1. A.J.Mc1ean (1988) , rThe Ultimate Guide to ResidentiaU Real Estate LoanJ. 2. Bartlett (1989) , rMortgage- Backed Securities' Product, Analysis· TradingJ 3. Bruce Harwood (1990) , rReal Estate PrinciplesJ. 4. C.F.Sirmans (1989) , rReal Estate FinanceJ 5. F.Modigliani (1944) • rLiquidity Preference and the Theory of Intrest and Money • EconometricaJ 6. H.C.Crosse and G.H.Hempel (1973) • rManagement Policies for Commercial BanksJ 7. L.V.Chandler (1964) • rThe Economics of Money and BankingJ 8. Mark Boleat (1985) , rNational Housing Finance SystemJ 9. M.A.Hines (1987) • rReal Estate Debt FinancingJ 10. M.A.Hines (1988) • rFinancing Real Estate with SecuritiesJ 11. R.J.Pozdena (1988) , rThe Modern Economics of HousingjA Guide to Theory and Policy for Finance and Real Estate ProfessionalsJ 12. S.J.Maisel (1987) , rReal Eatate FinanceJ 13. Shenkel (1987) • rReal Estate Finance and AnalysisJ. -19.

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