抵押

The experience with mortgage securitization in the United States suggests a number of ways to achieve this end:（1）Securities based on government insured mortgages.（2）Securities issued by government-guaranteed conduits.（3）Securities issued with high quality private credit enhancement (such as over-collaterlization).

美国在抵押安全系统方面的经验提议一些达到这个目的的方式： 1证券根据政府被保险人抵押 2证券经过由政府保证的输送管道 3证券增加高质量私有信用**拼错了，是over-collateralization。。。

In this paPer, I am to exPoUnd the theory of mortgage, and base on it tO Probe in to the imPact of residental mortgage markCt, and go through the obtain a clear pictmps of Present sitllation of residential mortgage markct of Macau, the problem it faces, the possible solotions and oullook.

本文试图在阐述抵押贷款的理论的基础上，探讨抵押市场的作用，展示澳门住房抵押市场现况，所面对的问题，可能解决的方法及其展望。

The model is as follows: WhereE = equity Rt = net annual cash flow in period t It = interest on mortgage in period t At = amortization of mortgage in period t Tt = income tax in period t Pn = selling price at end of period t = n GT = capital gains tax payable upon sale of property in year t = n UM = unamortized mortgage in year t = n n = investment horizon, in years from the present r = internal rate of returnThis equation can be solved by an iterative procedure of successive approxi mations to "r".

模范如下是：地方E=公平Rt=网年报现金流转在朝派时期t它=权益右手击球员的左后方场地抵押在朝派时期t阿特=amortization 的抵押在朝派时期t Tt=所得税在朝派时期t Pn=卖出价格阿特时期末t=n GT=首府gains税收可以支付在上面销售的财产在朝派年t=n嗯=分期偿还抵押在朝派年t=n n=投资视界在几年中从指向r=内部器官回报率这个等式罐被解决在附近一重复的过程的连续approximations向&r&。

A commercial bank shall not make a housing mortgage loan under which the credit fluctuates with the appraisal value of housing or whose use is not specified, and before a purchaser repays a loan in full, shall not make an additional loan on the basis of the reappraised net value of the mortgaged housing.

商业银行不得发放贷款额度随房产评估价值浮动、不指明用途的住房抵押贷款；对已抵押房产，在购房人没有全部归还贷款前，不得以再评估后的净值为抵押追加贷款。

Our country's mortgage system was also produced on the base of economic developments in real estate industry and financial industry, whose main three bodies are the buyer、the property developer and the mortgage bank; the content includes three basic law relationships, which are the house buying and selling contract relationship、the borrow contract relationship and the charge security relationship; the purpose is to purchase the property; the target of the real estate buying and selling contract in the mortgage has identified with the one of the charge security contract; the mortgage becomes effective after the charge security target is gone through the registration form by the subjective government institutions; the mortgage title can be realized by receiving first recompenses.

我国的按揭制度也是以房地产业、金融业的发展为经济基础而产生的，其主体为购房人、房地产开发商及按揭银行三方主体；内容包括房屋买卖合同关系、借款合同关系、抵押担保关系三个基础法律关系；其目的是购置房地产；按揭中房地产买卖合同的标的与抵押担保合同的标的具有同一性；按揭在抵押担保标的向政府主管机关办理登记手续后方生效；按揭权通过优先受偿得以实现。

Because the mortgage of uncompleted building legal nature is the present theory dispute hot topic, therefore the article analyzed the real estate mortgage to mediate the right emphatically to pawn said that, obtained the author regarding the mortgage of uncompleted building qualitative soon mortgage of uncompleted building minute stage analysis, recognized before completion pawned the loan after the right but to be completed for the real estate mortgage loan, afterwards also mediated the new guarantee real right to the scientific theory or principle existence accurate mortgage to say has made the critique, the affirmation this article viewpoint rationality, finally through to remised the guarantee the introduction, will attempt to solve the future to legislate whether located mortgage in remises the guarantee the dispute.

由于楼花按揭的法律性质是目前理论争议的热点问题，故本章着重分析了不动产抵押说和权利质押说，得出笔者对于楼花按揭的定性即将楼花按揭分阶段分析，认定竣工前为权利质押贷款而竣工后为不动产抵押贷款，随后又对学理界存在的准抵押说和新型担保物权说做了批判，肯定本文观点的合理性，最后通过对让与担保的介绍，试图解决未来立法中是否将按揭定位于让与担保的纷争。

Article 75 Where there are two or more mortgagors for one obligation and the creditor waives his right of mortgage provided by debtor, the other mortgagors may request the court to lessen or exempt him from security liability.

第七十五条同一债权有两个以上抵押人的，债权人放弃债务人提供的抵押担保的，其他抵押人可以请求人民法院减轻或者免除其应当承担的担保责任。

He spoke enthusiastically about supporting a legislative proposal to allow government-sponsored enterprises Fannie Mae and Freddie Mac to securitize more expensive mortgages to spread their liquidity function into a different part of the market, but signaled that the administration would condition its support on broader regulatory reform of the companies.

他强烈表示支持一项立法议案，该议案允许政府扶持的企业联邦国民抵押贷款协会(Fannie Mae，简称：房利美)和联邦住房贷款抵押公司将利率更高的抵押贷款打包成证券，将其流动性职能扩展到市场的其他部分，但是鲍尔森同时指出政府的支持将视这两家公司是否做出更广泛的监管改革而定。

The change was the banks no longer held the mortgages and the home finance industry began to securitise, or underwrite, them.

发生的变化是，银行不再持有抵押贷款，住房金融行业开始把抵押贷款证券化，或由他们来担保抵押贷款。

Joshua Rosner, an analyst at Graham Fisher, a research firm, who was one of the first to identify the problems in the mortgage market in early 2007, reckons Fannie and Freddie were buying 50% of all " private-label " mortgage-backed securities in some years —that is, those issued by conventional mortgage lenders.

调查机构 Graham Fisher 的分析师 Joshua Rosner 是最早发现抵押房贷市场问题的人之一，他在2007年初通过计算发现房利美和房地美在前些年买入了市面上一半的&自主品牌&的住房抵押贷款证券——即那些传统的抵押贷款放贷方的证券。

In the United States, chronic alcoholism and hepatitis C are the most common ones.

在美国，慢性酒精中毒，肝炎是最常见的。

If you have any questions, you can contact me anytime.

如果有任何问题，你可以随时联系我。