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Spread besting

机译:传播最佳化

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Before they became a magnet for losses and lawsuits, mortgages were money-spinners for America's banks. They are again. The Federal Reserve's campaign to push down interest rates has fuelled a wave of home-buying and loan refinancing. And to the frustration of the Fed, those lower rates are not being fully passed on to customers by the banks. Profitability on federally-guaranteed mortgages is tied to the difference between what a bank charges a homeowner, and the yield paid to an investor once the loan is bundled into a mortgage-backed security (MBS). Since mid-2011 MBS yields have fallen further than mortgage rates, so the spread widened to a record (see chart) before falling back a bit recently.
机译:在抵押贷款成为损失和诉讼的吸引力之前,抵押贷款一直是美国银行的摇钱树。他们又来了。美联储(Fed)降低利率的运动激起了一波购房和贷款再融资浪潮。令美联储感到沮丧的是,这些较低的利率并未被银行完全转嫁给客户。联邦政府担保的抵押贷款的获利能力与银行向房主收取的费用与将贷款捆绑到抵押支持证券(MBS)中后支付给投资者的收益之间的差额相关。自2011年年中以来,MBS收益率的下降幅度超过抵押贷款利率,因此利差扩大至创纪录的水平(见图表),之后又有所回落。

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    《The economist》 |2013年第8825期|65-67|共3页
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