Umngcipheko wokuhlawulwa kwangaphambili - Yintoni, kwaye ichaphazela njani i-MBS?
Inkalo ekhethekileyo yeemali ezixhaswa ngemali yenkxaso-mboleko yiyona nto yengozi yokuhlawulwa kwangaphambili . Le mngcipheko ukuba abatyali-zimali banquma ukuhlawula inqununu kwimali yokubolekwa kwemali ngaphambi kwexesha. Isiphumo, kubatyalomali kwi-MBS, kukubuya kweenqununu kwangaphambili. Oku kuthetha ukuba inqununu yecandelo lokhuseleko liphantsi kwexesha, oko kukukhokelela ekunciphiseni ukunciphisa inzala. Umngcipheko wokuhlawula umrhumo wokuhlawula umvuzo uphezulu kakhulu xa amaxabiso ehlayo , kuba oku kubangela ukuba umninikhaya ahlaziye iimali zokubolekwa. Kule meko, umnini we-MBS unyanzelekile ukuba abuyiselwe inqununu ebuyisiwe kwizinga eliphantsi-ingxaki eyaziwa ngokuthi " ingozi yokuvuselela ."
Ekubeni ukuhlawulwa kwangaphambili kubangela ukunciphisa inqununu yokhuseleko lokuxhaswa kwemali ngokwexesha, kaninzi akushiyi i-MBS xa ifikelele ekukhuleni . Ngenxa yoko, izibophelelo zomntu ngamnye azilinganiswa ngokukhula kwabo, kodwa ngokuthi "ubomi obuphakathi" - okanye ixesha eliqikelelwayo de kubekho ihafu yenqununu kwi-MBS ihlawulwa.
Umyinge wobomi uyahlawuleka ngokukhawuleza xa amaxabiso awela (kuba abanini bezindlu bahlaziya ngakumbi xa amaxabiso ehla), kwaye iyancipha ngokuthe ngcembe xa amaxabiso ekhulayo (kuba akukho mntu uza kuhlaziywa kwi-mortgage enezinga eliphezulu). Oku kukhokelela ekungeneni kwemali esingaqinisekanga kwi-MBS nganye.
Ngenxa yolu hlobo, iziqinisekiso zokubambisa imali zithengisa ixabiso elincinci xa amaxabiso amabhondi ekhulayo, kodwa abuye atye xa athe xa kuthengiswa amaxabiso.
(Kukho ixesha elilandelayo: "ukukhwabanisa okubi.") Esi sizathu sizathu sokuba i-MBS ihlawule isivuno esiphezulu kunezoNondyebo zase-US . Ngamafutshane, abatyali-mali kufuneka bahlawulwe ukuze bathathe ukungaqiniseki okungeziwe. Kufuneka kuqatshelwe ukuba izithenjwa ezixhaswe ngempahla zivame ukuvelisa ukusebenza kwazo ngokuthe tye xa ixabiso elikhoyo lizinzile.
I-Arhente engahambisani ne-MBS engeyiyo
Amachibi angabonakaliyo angadalwa ngamashishini abucala okanye (kwiimeko ezininzi) ngee-arhente zontathu-rhu lumente zikhupha i-MBS: Umbutho weNgxowa-mali kaRhulumente weSizwe (obizwa ngokuba yi-GNMA okanye uGinnie Mae), i-Federal National Mortgage (i-FNMA okanye i-Fannie Mae) kunye ne-Federal I-Home Mortgage Mortgage Corp (u-Freddie Mac).
Inkcazo ecacileyo kakhulu yeentlukwano phakathi kwezi zintathu ivela kwiwebhusayithi yeThutter and Exchange Exchange website:
"UGinnie Mae, oxhaswa lukholo olupheleleyo kunye nekhredithi kaRhulumente wase-US, uqinisekisa ukuba abatyali-mali bafumana iintlawulo ezifike ngexesha. UFannie Mae noFreddie Mac banikezela ngokuqinisekileyo okuqinisekileyo kwaye, nangona bengabincediswa lukholo olupheleleyo kunye nekhredithi kaRhulumente wase-US, banalo igunya elikhethekileyo lokuboleka kwi-Treasury yase-US. Amanye amaziko abucala, afana neefranki zokurhweba, iibhanki, kunye nabakhi bezindlu, nabo banokubambisa i-mortgages, eyaziwa ngokuba yi-"yebhanki yabucala" i-mortgage securities. "
Ukubanjwa okubalulekileyo kule ngqungquthela: i-MBS exhaswa yi-GNMA ayisengozini yokungagqibekanga, kodwa kukho inqanaba elincinci lomngcipheko ongekho phantsi kokugqithiswa nguFannie Mae noFreddie Mac. Sekunjalo, uFreddie kunye no-Fannie izibophelelo zinomsebenzi onamandla kunokuba ubonakale ebusweni, kuba zombini babanjwe nguRhulumente wephondo emva kokuxhatshazwa kwemali ka-2008.
I-MBS 'Imbuyiselo Yembali
Ukubambisa izibambiso ezixhaswe nge-Mortgage zinikezele ukubuyiselwa kwexesha elide. NgoJuni 30, 2013, i-Barclays ye-GNMA Index yenze i-return year total of 4.78% ngonyaka, ngokuhambelana nokubuya kwe-4.52% ye-market yebhanki yebhanki yebhanti ye-intanethi ngokubanzi, njengoko ilinganiswe yi-Barclays US Aggregate Bond Index. Nangona iimbuyekezo zifana, kubalulekile ukuba ugcine engqondweni ukuba ezininzi iimali ezifaka imali kwimali-mboleko yemali ephantsi-mboleko zinemilinganiselo ephantsi emyingeni kune-fund-based fund.
Indlela yokuTyala
Abatyalomali banokuthenga i-mortgage-backed securities ngabanini-mboleko, kodwa olu khetho lusekelwe kulabo bafumana ixesha kunye nokuziqhelanisa ukuqhuba uphando lwabo oluphambili ngokumalunga neminyaka yobudala, indawo yokuhlala kunye neprofayili yeentengo zemali. Uninzi lwabatyalomali abanesigxina-mali esisemgangathweni-mali okanye i -fund-exchangeed fund banokungabonakali kweli candelo, kuba liyinxalenye enkulu yemarike kwaye ngoko ke enye imelwe kwiimali ezahlukileyo. Abatyalomali banakho ukukhetha imali ezinikele kuphela kwi-MBS. I-ETFs ezityala kule ndawo zi:
- I-Fund yeBondla ye-Bond Fund (i-ticker: AGZ)
- IShares Barclays MBS iFund-Rate Bond Fund (MBB)
- Iimali ezixhaswa nge-Mortgage-backed ETF (VMBS)
- I-iShares Barclays ye-GNMA Bond Fund (GNMA)
- I-SPDR Barclays i-Capital Mortgage Bond Bond ETF (MBG)
Funda malunga neentlobo ezimbini zee-securities ezifana ne-MBS: