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1、外文題目：SecuritizationCommunityLending:AFramewkSomeLessonsfromtheExperienceintheU.S.MtgageMarket出處：federalreservebankofsanfrancisco作者：RobertVander原文：SecuritizationCommunityLending:AFramewkSomeLessonsfromtheExperienceintheU.

2、S.MtgageMarketThepurposeofthisarticleistoprovideaframewkfanalyzingthedevelopmentofsecuritizationasavehicleffundingcommunityeconomicdevelopment(CED)loans.Broadlyspeakingtherearetwomodelsffundingassets:theptfoliolendermode

3、lwhichtypicallyinvolvesbanksotherintermediariesiginatingholdingtheloansfundingthemmainlywithdebtmostoftendepositsthesecuritizationmodelwhichinvolvestappingbondmarketsffundsfinstancebypoolingloanssellingsharesinthepools.T

4、hefocushereisonbroadissuesofwhensecuritizationislikelytobethemeeconomicfmoffundingsomespecificsofhowthefundingmightbestructuredananalysisoftheexperienceintheU.S.mtgagemarket.Itisimptanttoconsiderwhysecuritizationhasdomin

5、atedthe“prime”mtgagemarketintheUnitedStateswhileithasnotbeennearlysosuccessfulinothermarketsotherplaceswhetherthisdominanceprovidesagoodmodelfCEDloans.Securitizationmightnotmatterasmuchasisoftenthoughtitisnotnecessarilya

6、nespeciallygoodtoolffundingCEDloans.Insuchasdepositsaregenerallynotelasticinsupplyhavevariablerates.AsIwillargueinaperfectfrictionlesswlddifferentsourcesoffundswouldhavethesamecostinan“allin”senseafteradjustingfthevalueo

7、facteristicslikeembeddedoptionshedgingcostloanterm.Thechoiceoffundingvehicle(e.g.traditionalbankviadepositsvs.packagingsellingintothebondmarket)wouldnotmatter.Thisdoesnotappeartobethecaseintherealwld.Therearemany“frictio

8、ns”likeasymmetricinfmationthatmakethechoiceimptantmakethepublicpolicyissueofbarrierstosecuritizationatleastpotentiallyimptant.Togetahleonthisitisbesttobeginwithaverysimpleframewkinwhichfrictionsareunimptantmovefromtheret

9、otherealwldbyfocusingonimptantfrictions.ModiglianiMillerModiglianiMillerThepointofdepartureisthemuchcelebrated“ModiglianiMillerIrrelevanceTheem”(hencefthMM)(seeModiglianiMiller1958).Brieflythetheemassumesperfectlycompeti

10、tivemarketsnotransactioncostswidelyagreedoninfmation.Theliabilitystructureofthefirmisirrelevantchangingthewaythefirmfinancesitsassetswillnotaffectits“allin”costoffundsbecausedifferentliabilitystrategiesaresimplydifferent

11、waysofrearrangingthesamecashflowsfromthefirm’sassets.Inawellinfmedcompetitivemarketwithaperfectlyelasticsupplyoffundsarbitragewillassurethatallstructureswillbepricedsothatnonehasanoveralladvantage.Takenliterallythetheemi

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