For the Wall Street, got used to operate with large sums, the mortgage on one house didn't represent interest as the investment tool. To turned mortgages into bonds, it was necessary to depersonalize the Credits which had guarantees of "Ginnie Mae"(Government National Mortgage Association, GNMA carry out packing of housing mortgages in a form of mortgage bonds. "Ginny Mae" insures the credits for purchase of dwellings for families with the small income, and therefore in a case, when the house owner from this group of the population not in forces to extinguish the credit, its obligations are repaid by the Government of the USA) like the majority of other mortgage loans, provided gradual repayment of the main sum of the credit. As well as in the majority of other cases of mortgage lending,
Показать всеit was possible to extinguish completely the loan during any moment convenient for the borrower. The buyer of such bonds appeared in the worst situation, than buyers of corporate and governmental bonds; - he didn’t have confidence of duration of term before repayment.It is happened, when interest rates fall and all districts carries out operation on refinancing of the thirty-year mortgages on lower fixed interest rate. The owner of mortgage bonds remained only with money. There would be nothing bad if it would be possible to invest money immediately under the same or higher percent. But when interest rates fell, the investor sustained losses: its money couldn't bring the same percent of the income any more. That house owners preferred to redeem the mortgages when falling percent, was normal, as then people took the credit for financing of the dwellings under more low interest. Differently, the money enclosed in mortgage bonds, came back to the investor to the least successful moment.Tax privileges gave the chance to the saving and Loan Company to sell all the loans under a mortgaging of dwellings to invest the obtained money with profit - quite often in purchase of the cheap credits of other Savings Banks. The Savings Banks simply exchanged the portfolios of loans. Enormous losses from sale of these credits managed to be disguised. New rules of the account allowed amortizing to the Savings Banks losses during term on which loans were issued. But it was even better that this loss could be carried on the taxes which have been already paid the last ten years. Скрыть
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