UC知道高人帮忙翻译一下。。很感激
来源：百度知道 编辑：UC知道 时间：2024/06/29 23:36:42
3.E Non-Residential Mortgage Securitization
Although the basic principles just described for residential mortgages also apply to the securitization of non-residential mortgages, there are two important differences. First, the interest rate risk on non-residential mortgages tends to be much lower, since the mortgages generally have much shorter maturities and there is either no prepayment option or there are
substantial penalties for exercising the option. The upshot is that security classes based on expected duration have not been important for non-residential securitization. On the other hand, the credit risk on non-residential mortgages is substantial. This has been the impetus for the distinctive
features of non-residential mortgage securities, which we now consider.
The primary innovation has been to adopt a senior-junior class structure, in which the senior securities have first priority with respect to both interest and principal pay
Although the basic principles just described for residential mortgages also apply to the securitization of non-residential mortgages, there are two important differences. First, the interest rate risk on non-residential mortgages tends to be much lower, since the mortgages generally have much shorter maturities and there is either no prepayment option or there are
substantial penalties for exercising the option. The upshot is that security classes based on expected duration have not been important for non-residential securitization. On the other hand, the credit risk on non-residential mortgages is substantial. This has been the impetus for the distinctive
features of non-residential mortgage securities, which we now consider.
The primary innovation has been to adopt a senior-junior class structure, in which the senior securities have first priority with respect to both interest and principal pay
电子非住宅抵押贷款证券化
虽然基本原则，只是形容为住宅抵押贷款也适用于证券化的非住宅按揭证券化，有两个重要的区别。首先，利率风险对非住宅抵押贷款往往要低得多，由于抵押贷款一般都较短年期及有或没有预付期权交易或有
巨额罚款和行使期权。结果就是保安班的基础上，预计会期没有得到重要的非住宅证券化业务。另一方面，关于信贷风险对非住宅抵押贷款是可观。这一直是推动各国独特
特点非住宅抵押贷款证券，这是我们现在考虑的问题。
主要创新已通过一项高级-初中班级结构，其中高级证券有第一优先尊重双方的利息和本金。结果是初级班面临重大风险方面均大幅度回落付款（如果借款人是在
欠款） ，并最终违约。这使得按揭管道，以配合投资者的信用风险偏好与最适当的安全级。也就是说，投资者在低风险承受力将购买高级证券，而投资者一个高风险承受力将购买初级证券。结果是，一个按揭证券化池与风险阶级的人往往可以卖到更高的价格总额比价格，可以得到一个单级安全的承诺。