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20分A subprime borrower has been defined by the 2001 Interagency Expanded Guidance for Subprime Lending Programs as one who displays a range of credit risk characteristics on a general basis which includes, among other things, two or more 30-day delinquencies in the last 12 months; judgment, foreclosure, repossession, or charge-off in the prior 24 months; bankruptcy in the last five years; or a debt service-to-income ratio of 50 percent or greater.
The reasons for an increase in lending to such borrowers are varied. First and foremost, favorable conditions existed for the residential housing market in the period between 2002 and 2005. Interest rates were low when compared to historical averages and home prices were appreciating in most markets. For example, the appreciation rate in the third quarter of 2004 in the U.S. housing market was a staggering 17.27 percent and the average appreciation rate in the years 2004 and 2005 remained around 13 to 14 percent. This created an equity cushion for the subprime borrowers, with the result that they always had the option of refinancing their loans or pulling their equity out of the properties if they experienced financial problems. Further, the underwriting criteria became more borrower-friendly. For example, a subprime borrower having a credit score between 450 and 680 could obtain a mortgage loan with almost no down payment. The reason for a change in the underwriting criteria can be attributed to the challenge of maintaining the affordability of home purchases. As noted above, the significant acceleration rate in house prices made house purchases less affordable for many buyers. In order to maintain, and even increase, loan origination, lenders offered mortgage loans on borrower-friendly criteria. Additionally, limited documented proof of income and assets, relaxed monthly payments, adoption of hybrid subprime adjustable-rate mortgages, use of stated income loans, the ability to take a double mortgage on one’s home, and use of technology for approval of mortgage loans were some of the key factors that were conducive to the rapid increase in subprime lending. In addition to such factors that enabled mortgage lending to be easier, there was a marked increase in securitization of subprime loans. Specifically, the number of asset-backed securities increased. For example, in 2005, the number of mortgage-backed securities issued was about $508 billion. Such securities were usually high-yield securities that generated vast amounts of liquidity, increasing the volume of credit available to subprime borrowers.
The reasons for an increase in lending to such borrowers are varied. First and foremost, favorable conditions existed for the residential housing market in the period between 2002 and 2005. Interest rates were low when compared to historical averages and home prices were appreciating in most markets. For example, the appreciation rate in the third quarter of 2004 in the U.S. housing market was a staggering 17.27 percent and the average appreciation rate in the years 2004 and 2005 remained around 13 to 14 percent. This created an equity cushion for the subprime borrowers, with the result that they always had the option of refinancing their loans or pulling their equity out of the properties if they experienced financial problems. Further, the underwriting criteria became more borrower-friendly. For example, a subprime borrower having a credit score between 450 and 680 could obtain a mortgage loan with almost no down payment. The reason for a change in the underwriting criteria can be attributed to the challenge of maintaining the affordability of home purchases. As noted above, the significant acceleration rate in house prices made house purchases less affordable for many buyers. In order to maintain, and even increase, loan origination, lenders offered mortgage loans on borrower-friendly criteria. Additionally, limited documented proof of income and assets, relaxed monthly payments, adoption of hybrid subprime adjustable-rate mortgages, use of stated income loans, the ability to take a double mortgage on one’s home, and use of technology for approval of mortgage loans were some of the key factors that were conducive to the rapid increase in subprime lending. In addition to such factors that enabled mortgage lending to be easier, there was a marked increase in securitization of subprime loans. Specifically, the number of asset-backed securities increased. For example, in 2005, the number of mortgage-backed securities issued was about $508 billion. Such securities were usually high-yield securities that generated vast amounts of liquidity, increasing the volume of credit available to subprime borrowers.
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根据「2001年的政府内部机构次级贷款方案扩大指引」，「次级借户」是指贷放违约风险高于一般（优质借贷 prime loan）的借户，包括：
1. 过去1年有两次或以上超过30天的违约记录；
2. 过去2年有曾经被法院判决、资产遭到拍卖、遭债权人收回物业者或坏账；
3. 最近5年有破产记录者；或
4. 负债和收入的比率为50%或更高者。
这类借户的贷款增加，有很多原因。
首先，住宅物业市场于2002至2005年间十分兴旺，利率常低于历史水平，房屋价格不断上涨。例如美国住宅市场2004年第三季的升值幅度达17.27﹪，而2004及2005年的一般升值幅度，仍维持于13﹪至14﹪之间。这对「次级借户」起了股本作垫（equity cushion）的保护作用，变相鼓励借户可随时加额再借，或当遇上财政困难时，从物业中抽取资金调动。
再者，借贷的承保条件变得宽松。例如，信用评分达450分至680分之间的「次级借户」，差不多无需首期款已可做按揭。力图维持置业负担能力，借贷的承保条件的不可不变。如上所述，房价不断攀升，令不少买家负担不起。为了保持或增加需求，不得不对贷款者放宽借贷条件。
此外，收入和资产的证明文件不足、偏低的每月供款额、混合次按浮动利率的房贷、（无须证明的）“收入声明”贷款、自住房屋双重按揭、以及科技审批按揭贷款等等，皆为迅速提高次级房贷的关键因素。
除此之外，将次级房贷债权证券化的不断增长，促使按揭借贷更容易。其中，尤以发行「资产担保证券」为甚。举例说，单于2005年，「资产担保证券」的总发行金额高达$5,800亿美元。这些证券通常都有高回报率，故吸引大量流通资金，促使次级借户信贷市场源源不断地获得资金来源。
1. 过去1年有两次或以上超过30天的违约记录；
2. 过去2年有曾经被法院判决、资产遭到拍卖、遭债权人收回物业者或坏账；
3. 最近5年有破产记录者；或
4. 负债和收入的比率为50%或更高者。
这类借户的贷款增加，有很多原因。
首先，住宅物业市场于2002至2005年间十分兴旺，利率常低于历史水平，房屋价格不断上涨。例如美国住宅市场2004年第三季的升值幅度达17.27﹪，而2004及2005年的一般升值幅度，仍维持于13﹪至14﹪之间。这对「次级借户」起了股本作垫（equity cushion）的保护作用，变相鼓励借户可随时加额再借，或当遇上财政困难时，从物业中抽取资金调动。
再者，借贷的承保条件变得宽松。例如，信用评分达450分至680分之间的「次级借户」，差不多无需首期款已可做按揭。力图维持置业负担能力，借贷的承保条件的不可不变。如上所述，房价不断攀升，令不少买家负担不起。为了保持或增加需求，不得不对贷款者放宽借贷条件。
此外，收入和资产的证明文件不足、偏低的每月供款额、混合次按浮动利率的房贷、（无须证明的）“收入声明”贷款、自住房屋双重按揭、以及科技审批按揭贷款等等，皆为迅速提高次级房贷的关键因素。
除此之外，将次级房贷债权证券化的不断增长，促使按揭借贷更容易。其中，尤以发行「资产担保证券」为甚。举例说，单于2005年，「资产担保证券」的总发行金额高达$5,800亿美元。这些证券通常都有高回报率，故吸引大量流通资金，促使次级借户信贷市场源源不断地获得资金来源。
回答：2010-02-13 02:22
修改：2010-02-13 20:24
修改：2010-02-13 20:24
提问者对答案的评价：
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阿优抵押人已被定义为一个谁上显示一般基础，包括信用风险特征的范围由2001年间扩大指导次级抵押贷款程序，除其他外，两个或两个以上30天的拖欠，在过去12个月;判决，取消抵押品赎回权，收回，或撇在前24个月;破产，在过去5年;或偿债到百分之五十或更高收入的比率。
为这类贷款的借款人增加的原因是多种多样的。首先，存在有利条件，在2002年至2005年期间，住宅房屋市场。利率处于低位，较历史平均水平，房价在大多数市场升值。例如，美国房屋市场在2004年第三季度的升值率是一个惊人的17.27倍，2004年的年平均升值率与2005年徘徊在13到百分之十四。这造成的结果是次级抵押贷款借款人的资产缓冲，他们总是有再融资的贷款或退出的属性，如果他们遇到的财政问题的资产进行选择。此外，承保准则借款人变得更加方便。例如，次级抵押贷款借款人有一个450和680之间的信用评分可以得到几乎不用首付的按揭贷款。对于在承保条件变化的原因可以归因于维持家庭购买能力的挑战。如上所述，住房价格大幅加速率为许多购房者难以负担。为了保持，甚至增加，贷款发放，贷款人在借款人提供方便条件的按揭贷款。此外，有限的记录收入和宽松的每月付款，混合次级可调整利率抵押贷款，对贷款的使用说明收入，有能力承担一个采用双重抵押的资产，证明？？仛家，和技术用于批准按揭贷款则认为，有利于在次级抵押贷款的快速增长的关键因素。除了这些因素，使按揭贷款更容易，有一个次优抵押贷款证券化的显着增加。具体而言，资产数量证券增加。例如，在2005年，抵押贷款数量证券发行约五千零八十〇万点零零万美元。这些证券通常是高收益的证券，产生大量的流动资金量，增加了次级抵押贷款借款人提供量。
为这类贷款的借款人增加的原因是多种多样的。首先，存在有利条件，在2002年至2005年期间，住宅房屋市场。利率处于低位，较历史平均水平，房价在大多数市场升值。例如，美国房屋市场在2004年第三季度的升值率是一个惊人的17.27倍，2004年的年平均升值率与2005年徘徊在13到百分之十四。这造成的结果是次级抵押贷款借款人的资产缓冲，他们总是有再融资的贷款或退出的属性，如果他们遇到的财政问题的资产进行选择。此外，承保准则借款人变得更加方便。例如，次级抵押贷款借款人有一个450和680之间的信用评分可以得到几乎不用首付的按揭贷款。对于在承保条件变化的原因可以归因于维持家庭购买能力的挑战。如上所述，住房价格大幅加速率为许多购房者难以负担。为了保持，甚至增加，贷款发放，贷款人在借款人提供方便条件的按揭贷款。此外，有限的记录收入和宽松的每月付款，混合次级可调整利率抵押贷款，对贷款的使用说明收入，有能力承担一个采用双重抵押的资产，证明？？仛家，和技术用于批准按揭贷款则认为，有利于在次级抵押贷款的快速增长的关键因素。除了这些因素，使按揭贷款更容易，有一个次优抵押贷款证券化的显着增加。具体而言，资产数量证券增加。例如，在2005年，抵押贷款数量证券发行约五千零八十〇万点零零万美元。这些证券通常是高收益的证券，产生大量的流动资金量，增加了次级抵押贷款借款人提供量。
回答：2010-02-11 21:32
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