...的发行价格与房价紧密相连,而有价证券的价格又与住房抵押捆绑在一起,例如担保抵押债务(collateralized mortgage obligations)。这些金融产品的价格是复合经济模型的产物,而非市场交易的结果。
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担保抵押贷款债务 collateralised mortgage obligations ; CMO ; current market value ; collaterali
抵押担保债务证券 collateralised mortgage obligation ; COM ; CMO ; collateralised mortgage obligation,COM
抵押担保债务 collateralized mortgage obligation ; debt secured by mortgage ; CMO
有抵押担保的债务凭证 Collatemlized debt obligations
对发行者来说,有资产抵押证券的成本要比筹集无担保债务低的多,同时它的发行不依赖于证券市场的复苏。
For issuers, the costs of funding are lower than raising unsecured debt, and issuance does not depend on the revival of the securitisation markets.
抵押物或者其他担保物的价款超过其所担保的债务数额的,超过部分属于破产还债的财产。
If the money value of the property mortgaged or used as security for other kinds of obligations exceeds the amount of loans secured, the surplus shall go to the bankrupt property for debt repayment.
影响的扩大戏剧性的出现在了更具风险的抵押贷款证券化的产品,以及以此为基础的合并债务担保证券(CDO)。
Spreads have dramatically widened on the securities backed by riskier mortgages and the pooled and debt-laden collateralised-debt obligations (CDOs) based on them.
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