美国两房优先级机构债券的价值

经济理论与经济管理 ›› 2009, Vol. ›› Issue (5): 55-61.

美国两房优先级机构债券的价值

杨志荣

中企国际建设发展集团有限公司, 北京100101

收稿日期:2009-03-02 出版日期:2009-05-16 发布日期:2012-03-01

VALUES OF THE INSTITUTIONAL PRIME BONDS OF FANNIE MAE AND FREDDIE MAC

YANG Zhi-rong

Sino-corp Construction & Building Development International Group, Beijing 100101, China

Received:2009-03-02 Online:2009-05-16 Published:2012-03-01

摘要/Abstract

摘要： 房利美和房地美现已处于经济衰退、流动性陷阱、技术性破产和利差收窄的困境,其偿还美国财政部购买的MBS尚有风险,偿还优先次序还排在MBS之后的优先级机构债券的价值实际已经趋于零。

关键词: 次贷危机, 信用链, 住房抵押贷款债券, MM定理

Abstract: Fannie Mae and Freddie Mac have been trapped in recession,liquidity trap,technical bankruptcy and dwindling interest spread.The two companies have great trouble repaying the MBS bought by the US treasury.Consequently,the values of institutional prime bonds,which rank in a lower repaying order,virtually approach zero.

Key words: sub-prime crisis, credit linkage, mortgage bonds, MM theorem

中图分类号:

F830.91

杨志荣. 美国两房优先级机构债券的价值[J]. 经济理论与经济管理, 2009, (5): 55-61.

YANG Zhi-rong. VALUES OF THE INSTITUTIONAL PRIME BONDS OF FANNIE MAE AND FREDDIE MAC[J]. Economic Theory and Business Management, 2009, (5): 55-61.