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住宅地产抵押贷款支持证券，亦称住房按揭证券（英語：residential mortg … 住宅地产抵押贷款支持证券，亦称住房按揭证券（英語：residential mortgage-backed security，简称RMBS）是一种打包协议形式的金融产品。投资人从该种产品中所取得的现金收益是由购房者根据相应的贷款协议支付的本息来支持的。作为融资工具的一种，它由抵押贷款的放贷人（Originator）所建立；所涉及到的每一支贷款之间并不存在交叉抵押（这是因为从彼此独立的购房者处获取交叉抵押的许可是做不到的），而是将各个购房者所偿付的款额共同汇集在一个按揭池里，并以瀑布结构（waterfall）的形式按照一定优先顺利将这些款额支付给投资者，投资者对能够收到款项的确信正是建立在这种瀑布结构的基础之上。 由银行发放、提供相应服务，并体现在银行账目上的抵押贷款，与RMBS化的抵押贷款有许多不同之处。其中最主要的区别就体现在与借款人保持互动、并驱动新介入的“服务机构”做出决策的主体上。这个主体不再履行与公共信托或注册银行相关联的责任，这一点与传统借贷关系中银行与借款顾客的关系有所不同。除非某一笔贷款被重新记入最初放贷人的资产负债表，否则借款人与银行之间的这种“零售商-顾客”关系模式就会转换成原始顾客与受到认可的投资者之间的关系，而银行则成为了服务机构，处于面对客户的最前端。 RMBS经常被称为一种“准债券（bond-like）”金融投资产品，这一点往往让人难以理解。这其实是因为RMBS与债券的特征有所相似，都包含“投资本金”与“收益”。然而，这里的“投资本金”并不意味着投资者购买了由购房者颁发的本票（promissory note），而是指投资者投入了本金，因此得到了基于投资协议获得现金流回报的权利。而这样的投资协议里还包括其它许多内容。同样，“收益”亦仅仅是指收到的现金流中所包含的相应利息收益。RMBS市场是美国购房者所需住宅抵押贷款的最大融资来源（见下）。 一般认为，此类证券的表现要比商业地产抵押贷款支持证券（英語：Commercial Mortgage Backed Securities，CMBS）更加容易预见。这是由于每一个RMBS按揭池中都有海量单笔贷款、且这些贷款的地理分布分散。RMBS分为许多类型，如过手型（pass-through）、（Collateralized Mortgage Obligations, CMOs），以及（Collateralized Debt Obligations, CDOs）等。及（Collateralized Debt Obligations, CDOs）等。
, Un residential mortgage-backed security es … Un residential mortgage-backed security est une créance hypothécaire résidentielle titrisée. Les MBS sont des opérations de titrisation s'appuyant sur les crédits assortis de garanties hypothécaires. Ces titres ont été les premiers à être émis dans les années 1960 aux États-Unis afin de refinancer les agences gouvernementales spécialisées dans le financement de l’immobilier résidentiel. On peut distinguer deux classes en fonction du sous-jacent selon qu’il est d’origine Résidentielle ou Commerciale. On parle alors de RMBS ou « Residential Mortgage Backed Securities » pour les premières et de CMBS ou « Commercial Mortgage Backed Securities » pour les deuxièmes. L’intérêt de titriser de tels actifs provient du fait que l’on peut monétiser des actifs peu liquides.on peut monétiser des actifs peu liquides.
, Bonds securitizing mortgages are usually t … Bonds securitizing mortgages are usually treated as a separate class, termed residential mortgage-backed security (RMBS). In that sense, making reference to the general package of financial agreements that typically represents cash yields that are paid to investors and that are supported by cash payments received from homeowners who pay interest and principal according to terms agreed to with their lenders; it is a funding instrument created by the "originator" or "sponsor" of the mortgage loan; without cross-collateralizing individual loans and mortgages (because it would be impossible to receive permission from individual homeowners), it is a funding instrument that pools the cash flow received from individuals and pays these cash receipts out with waterfall priorities that enable investors to become comfortable with the certainty of receipt of cash at any point in time. There are multiple important differences between mortgage loans originated and serviced by banks and kept on the books of the bank and a mortgage loan that has been securitized as part of an RMBS. Chief among these is the result that the principal who interacts with the borrower, and drives the decision making of the "Servicer" who is newly introduced into the relationship, no longer has an obligation towards the responsibilities associated with the public trust and banking charter that traditionally controlled the loan relationships between banks and their customers. Unless a loan is reconstituted onto the balance sheet of an original lender, the retail-to-consumer relationship between the borrower and his bank is changed to a relationship that is between the original customer and a sophisticated accredited investor for whom the bank Servicer acts as a front. An RMBS is often confusingly yet correctly referred to as a "bond-like" financial investment as a RMBS can be portrayed to have similar characteristics, including a "principal investment" and a "yield"; the "principal investment," however, does not represent the purchase of an individual promissory note issued by a homeowner, but rather represents the payment of "principal" for the right to receive cash flow from an investment agreement that involves many other understandings. Likewise, the "yield" is only the calculation of an imputed interest yield that stems from the receipt of the cashflows. The RMBS market represents the largest source of funding of residential mortgage loans to US homeowners (see below). The performance of these securities has generally been considered more predictable than commercial mortgage-backed securities (CMBS), because of the large number of individual and geographically diversified loans that exist within any individual RMBS pool. There are many different types of RMBS, including mortgage pass-throughs, collateralized mortgage obligations (CMOs), and collateralized debt obligations (CDOs).nd collateralized debt obligations (CDOs).
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住宅地产抵押贷款支持证券，亦称住房按揭证券（英語：residential mortg … 住宅地产抵押贷款支持证券，亦称住房按揭证券（英語：residential mortgage-backed security，简称RMBS）是一种打包协议形式的金融产品。投资人从该种产品中所取得的现金收益是由购房者根据相应的贷款协议支付的本息来支持的。作为融资工具的一种，它由抵押贷款的放贷人（Originator）所建立；所涉及到的每一支贷款之间并不存在交叉抵押（这是因为从彼此独立的购房者处获取交叉抵押的许可是做不到的），而是将各个购房者所偿付的款额共同汇集在一个按揭池里，并以瀑布结构（waterfall）的形式按照一定优先顺利将这些款额支付给投资者，投资者对能够收到款项的确信正是建立在这种瀑布结构的基础之上。 由银行发放、提供相应服务，并体现在银行账目上的抵押贷款，与RMBS化的抵押贷款有许多不同之处。其中最主要的区别就体现在与借款人保持互动、并驱动新介入的“服务机构”做出决策的主体上。这个主体不再履行与公共信托或注册银行相关联的责任，这一点与传统借贷关系中银行与借款顾客的关系有所不同。除非某一笔贷款被重新记入最初放贷人的资产负债表，否则借款人与银行之间的这种“零售商-顾客”关系模式就会转换成原始顾客与受到认可的投资者之间的关系，而银行则成为了服务机构，处于面对客户的最前端。原始顾客与受到认可的投资者之间的关系，而银行则成为了服务机构，处于面对客户的最前端。
, Bonds securitizing mortgages are usually t … Bonds securitizing mortgages are usually treated as a separate class, termed residential mortgage-backed security (RMBS). In that sense, making reference to the general package of financial agreements that typically represents cash yields that are paid to investors and that are supported by cash payments received from homeowners who pay interest and principal according to terms agreed to with their lenders; it is a funding instrument created by the "originator" or "sponsor" of the mortgage loan; without cross-collateralizing individual loans and mortgages (because it would be impossible to receive permission from individual homeowners), it is a funding instrument that pools the cash flow received from individuals and pays these cash receipts out with waterfall priorities that enable investth waterfall priorities that enable invest
, Un residential mortgage-backed security es … Un residential mortgage-backed security est une créance hypothécaire résidentielle titrisée. Les MBS sont des opérations de titrisation s'appuyant sur les crédits assortis de garanties hypothécaires. Ces titres ont été les premiers à être émis dans les années 1960 aux États-Unis afin de refinancer les agences gouvernementales spécialisées dans le financement de l’immobilier résidentiel. On peut distinguer deux classes en fonction du sous-jacent selon qu’il est d’origine Résidentielle ou Commerciale. On parle alors de RMBS ou « Residential Mortgage Backed Securities » pour les premières et de CMBS ou « Commercial Mortgage Backed Securities » pour les deuxièmes.ge Backed Securities » pour les deuxièmes.
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住宅地产抵押贷款支持证券
, Residential mortgage-backed security
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