Residential Mortgage-Backed Securities
住房贷款抵押债券
During the housing downturn of 2010, few assets were more unloved than so-called nonagency residential mortgage-backed securities─those backed by home loans that weren't insured by Fannie Mae or Freddie Mac FMCC -23.33% .
在2010年美国住房市场陷入衰退期间,非机构担保住房贷款抵押债券(nonagency RMBS)是最不受欢迎的;也就是说,这些债券的房屋抵押物没有房利美(Fannie Mae)或房地美(Freddie Mac)提供担保。
But in these days of low yields, nonagency RMBS have suddenly become popular. The reason? Once bad loans are accounted for, their yields average about 7%, more than double the yield on a 30-year Treasury bond.
但在目前的低收益率环境下,非机构RMBS突然变得吃香起来。原因何在?因为即使把不良贷款考虑在内,这些债券的平均收益率约为7%,是30年期美国国债收益率的一倍以上。
They also are benefiting from the fact that no new securities are hitting the market while older bonds are slowly disappearing, as homeowners refinance the loans and pay down their balances, says Michael Murgio, chief investment strategist at GenSpring Family Offices, a wealth-management firm that oversees $15.4 billion.
Genspring Family Offices是一家管理着154亿美元资产的财富管理公司,其首席投资策略师迈克尔·莫奇奥(Michael Murgio)说,还有一点对这种债券是有利的,即没有新债券投放市场,老债券则随着房屋业主的贷款再融资和分期还贷在慢慢消失。
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