Yintoni i-CMBS?
I-CMBS idalwe xa ibhanki ithatha iqela leemboleko kwiincwadi zayo, zibophe kunye kunye, zize zithengise kwifom yesitifiketi njengoluhlu lweekhonkco. Uchungechunge ngalunye luya kulungiswa "kwi- tranches " - cinga "amacandelo" - ukusuka kwi-CMBS ephezulu kakhulu, ephakamileyo, engumngcipheko okanye "umcimbi ophezulu" kwi-CMBS ephezulu kakhulu engozini.
Umba ophezulu ngowokuqala kumgca wokufumana iintlawulo eziphambili kunye nenzala, ngelixa iimeko ezincinci ziza kuba ngowokuqala ukuthatha ilahleko ukuba umntu obolekayo afezekanga. Abatyalomali bakhethe ukuba yiyiphi into abayityala ngayo ngokusekelwe kwisivuno sabo esifanelekileyo kunye namandla okubeka ingozi.
CMBS Ukubuyisela
Imali yokubambisa i-mortgage iyanceda ngeendlela ezininzi. Inceda amabhanki ukuba enze iimali-mboleko ezongezelelweyo, unikezela abatyala-mali ukuba babe neyona ndlela ephezulu yokunikezela kwiibhondi zorhulumente , kwaye yenza kube lula kubaboleki bezorhwebo ukuba bafikelele kwimali.
I-CMBS inikezela abatyalo-mali ithuba lokungenisa imali kwi-real estate investment okanye i-REIT njengendlela efanelekileyo yokutshala imali kwimakethi ye-real estate yase-US.
Kukho ukungafani okubalulekileyo phakathi kwezo zityalo-mali ezimbini. IINKONZO zilinganayo kanti i-CMBS zikhuseleko zetyala. Inzuzo ye-CMBS okanye i-REIT yiyo i-CMBS inika izinga lokubuyisela eliqinisekileyo ngelixa i-REIT ayinayo.
I-CMBS yabhalwa emva koxinzelelo lwezimali ka-2008 luba lukhulu kwaye lubonakaliswe yimigangatho engaphantsi kokubhala phantsi.
Enye inzuzo enokwenzeka ye-CMBS kwimarike ebophekileyo kukuba ngokubanzi iphakamisa iintlawulo eziphezulu kunokuba zikhombiselwano okanye urhulumente.
Iimali-mboleko eziya emva kwe-CMBS ziqhelekileyo ixesha elide. Abayi kubuyiselwa kwangaphambili ngumboleki ngaphandle kwesihlwayo. Ngenxa yoko, ii-CMBS zikhupha umngcipheko omkhulu wokuhlawula umvuzo wokuhlawula umvuzo ongaphantsi kwemali-mboleko ehambelana ne-mortgage-backed securities - izibambiso ezixhaswe ngamanqaku-mboleko kwizindlu zentsapho enye.
Umngcipheko wokuhlawulwa kwangaphambili unokwenzeka ukuba ukuhla kwezinga lentengo kuza kubangela ukuba abobolekayo bahlaziye kwaye babuyisele imali yabo yangaphambili kwimali engaphezulu kunokuba kulindeleke ngenxa yoko. Oku kuya kwenza umtyalo-mali ukuba athole isivuno esincinane kunokuba esilindele.
Izingozi zeCMBS
Njengoko kunjalo kunye nezibophelelo zenkampani , iziqinisekiso zokubambisa i-mortgage-backed risk are in default. Ukuba ngababolekayo abasemgangathweni abahluleki ukwenza iintlawulo zabo eziyinhloko kunye nenzala, abaTyalo-mali beCMBS banokulahlekelwa yilahleko. Umngcipheko wemibandela eyahlukeneyo ingahluka ngokusekelwe kumandla emakethe yempahla kwindawo ethile apho umboleko ovela khona, kunye nomhla wokukhutshwa.
Ngokomzekelo, izithengiso zentengiso ezixhaswe ngemali ezikhutshwe ngexesha lokunyuka kweemarike okanye ngexesha lokubhala phantsi kwemilinganiselo ephantsi kunokwenzeka ukuba kube neengozi eziphezulu.
I-CMBS inokuchaphazeleka kakubi ngenxa yokubuthathaka kwimakethi yempahla, njengoko kwakunjalo ngo-2008 nangama-2009. I-CMBS iboleka ngokumisa ekupheleni kweengxaki zemali ngo-2008, kodwa ngokukhawuleza yabuya njengoko imeko zeemarike ziphuculwe.
I-CMBS inikezela abatyalo-mali indlela efanelekileyo yokutyalomali kwi-real estate ye-US, kodwa ukuba ingabonakali ngokulinganayo okanye ingabonakaliswa ngokungathembeki, ingabonakalisa ingozi engafanelekanga kubathengi njenge-MBS engaphantsi kwe-MBS eyasongela uqoqosho lwe-US kwi- Recence Great of 2008. .
Indlela yokuTyala imali kwiCMBS
Nangona unokuba utyalo-mali utyalo-mali olusondeza imali, oku kubakho kuphela ngabasomali abacebileyo, iinkampani zotyalo-mali okanye abaphathi be-Exchange Traded Funds okanye ii-ETF . I-ETF ezininzi zijolise kwi-MBS kwaye ubuncinane-i-iShares Barclays CMBS Bond Fund (i-ticker: i-CMBS) - ityala kuphela kwiimali zokugcina imali ezixhaswe ngemali.
Kubathengisi beentengiso, ezi zi-ETF zingaba yindlela efanelekileyo yokutshala imali kulezi ziqinisekiso zetyala ngenxa yokuba zibeka umngcipheko ocacileyo ngaphandle kokutyalomali okukhulu.
Jonga ukusebenza kwengxowa-mali kunye nomsebenzi wembali we-MBS ngaphambi kokuqwalasela utyalo-mali oluthile lwe-MBS, kwaye ngokukodwa utyalo-mali lwe-CMBS. Qinisekisa ukuba ukhululekile ngeengozi ezinobungozi.
Ukuziphendulela: Ulwazi olukule ndawo lunikezelwa ngeenjongo zengxoxo kuphela kwaye akufanele lithathwe njengeengcebiso zotyalo-mali. Ngaphandle kweemeko ngaba le nkcazelo ibonisa isincomo sokuthenga okanye ukuthengisa iziqinisekiso.