大学金融英语chapter 9 U.S. Mortgage Markts

Chapter NineU.S. Mortgage Markets Learning objectivesAfter learning this chapter you should be able to:1. Define the meanings of mortgage and mortgage market2. Tell the major types of mortgage loans3. Describe the principal sources of mortgage financing in the U.S.4. Tell the major mortgage-lending institutions in the U.S.NotesI.New Words1. collateralized a. 有附属担保的2. subcategory n. 亚类，子种类3. entity n. 实体4. default n. 不履行，违约，拖欠（债务）5. to diminish vi. 减少，减小，缩减6. to secure vt. 对进行担保7. to supplement vt. 对进行增补或补充8. tax-deductible a. 在计算所得税时可免税的Notes9. to deduct vt. 扣除，减除10. retired a. 退休的11. equity n. 抵押资产中的净值12. to retire the debt 偿付债务=to pay off the debt13. retiree n. 退休人员（美国特有用语）14. mandate n. 命令，指令15. victim n. 受害者NotesII.Useful and Idiomatic Expressions1.from one perspective 从一种观点出发，按一种观点2.to insure against. 投针对的保险3.be tied to. 与联系在一起4.over time 一直5.to share in 分享（好处，益处）6.along with. 与一道7.to stop being. 停止成为（注意to stop doing sth. 与stop to do sth. 的区别，前者为“停止做某事”后者为“停止一件事去做另一件事”）8.to differ from. 与不同NotesIII. Key Terms1. mortgage n. 抵押贷款（尤指房屋抵押贷款）mortgage loan2. insured mortgage 有保险或担保的抵押贷款3. conventional mortgage 常规的抵押贷款4. fixed-rate mortgage 固定利率抵押贷款5. adjustable-rate mortgage 可进行利率调整的抵押贷款6. graduated-payment mortgage 减进式分期付款抵押贷款7. growing-equity mortgage 先等额付还后按一定百分比逐年增加付还尔后再进行均付的一种抵押贷款Notes8. 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Main Text Definition Mortgage in finance means property pledged as a security for payment of a debt. Mortgage market is the market where borrowersindividuals, businesses, and governments can obtain long-term collateralized loans. “Mortgage” sometimes is also used to mean mortgage loan.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)Main Text Types of Mortgage Loans 6. Growing-equity Mortgages (GEMs) 7. Shared-appreciation Mortgages (SAMs) 8. Equity participation Mortgages (EPMs) 9. Second Mortgages 10. Reverse Annuity Mortgages (RAMs)Main Text Sources of Mortgage Financing in the U.S. (1) savings and loan associations; (2) mutual savings banks; (3) commercial banks; (4) life insurance companies; (5) federal government entities; (6) individuals, mortgage companies, and miscellaneous group of sources largely consisting of real estate investment trusts pension funds, and credit unions. Main Text Major U.S. Mortgage-lending Institutions 1. What are the distinction between mortgage markets and stock and bond markets? 2. How many types mortgages are there in the U.S. mortgage markets? 3. Who provides mortgages in the U.S. mortgage markets? 4. What purposes do second mortgage have?Questions for Chapter 9This is the end of Chapter 9Thank you for your attention