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转手证券(Pass Through Securities)是抵押贷款证券化市场的主要证券品种。转手证券持有者所得到的现金流量取决于基础资产生成的现金流量,投资者定期收取经由发行人“转手”的本金和利息。不过,投资者获得的现金流通常会小于抵押贷款的现金流,因为服务人、受托人和担保人要从中扣除一定的服务费和保险费。转手证券不对基础资产所产生的现金流作任何处理,虽然交易技术简单,但也由此伴生了一些缺陷,如证券的现金流不稳定,投资者须承担基础贷款的提前偿付风险。而且,转手证券只是将贷款原始权益人的收益与风险转移并细化到每个投资者,投资者面临着相同性质的风险与相同水平的收益,此类证券难以同时吸引不同类型的投资者。
Pass Through Securities is the dominant type of securities in the mortgage-backed securitization market. The cash flow received by the holder of the restructured securities depends on the cash flows generated from the underlying assets, and investors regularly receive principal and interest through the issuer “resale ”. However, investors usually receive cash flow less than the cash flow of a mortgage loan because service, trustee and guarantor are required to deduct certain service charges and premiums. Transferred securities do not deal with the cash flows generated from the underlying assets. Although the trading technique is simple, some shortcomings have also been associated with such as the instability of the cash flow of securities and the risk of prepayment of the underlying loans by investors. Moreover, the transfer of securities only transfers the benefits and risks of the original equity interests of the loan to each investor. The investors face the same risk and the same level of returns. It is difficult for such securities to attract different types of investors at the same time.