農林金融2007年08月号
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- たかとし かみいしづ
- 6 years ago
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Transcription
1
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3 2005
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6 ageing society 94aged society , ,993
7 , ,
8 958, , , , ,
9 YAK L - YGDPAHicks KL Y A K L - Y A K L
10
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12 onus , , GDP 15 23
13 IT GDP1.4
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16 CSR CSR CSR
17 1,
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21 1,000 2,000
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23 FP CSR
24 CSR CSR
25 2009 CSR CSR
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27
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31 SPC
32 MBSMortgage Backed Securities MBS SPV Special Purpose Vehicle SPV
33 SPV SPVSPC Special Purpose Company SPCSPC
34 35 MBS MBS 0410 SPCSPC MBS MBS MBS MBS
35 SPV MBS MBS SPV MBS
36 MBS MBS MBS 0.63 SPV MBS MBSMBS MBS MBS MBS MBS 2030 MBS15 MBS 10MBS 10 MBS MBS
37 MBS SL Savings and Loan Association 1929 SL 3212 Federal Home Loan Bank National Housing Act of Federal
38 Housing AdministrationFHA 1938 FNMAFederal National Mortgage Association SL 68FNMA GNMA Government National Mortgage Association FNMA FNMA GNMA 70FHAVA FHLMC Federal Home Loan Mortgage Corporation FNMAGNMAFHLMC GNMA FNMAFHLMC GSE Government Sponsored Enterprise 1968GNMA FHAVA GNMA GSE FHLMC71FNMA81 GNMA FHLMCFNMA FHAVA 80 FHLMC FNMA 80 CMOCollateralized Mortgage Obligation CMO SPV 83 CMO MBS 86FNMA
39 TBATo Be Announced TBAFNMAFHLMC MBS SL80 SL SL SL SL
40 MBS CMOTBA SL MBS AAA MBS CMO 35
41 35 TBA
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48 ,
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57 ,754,337 5,858,480 8,259,830 1,387,413 22,740,546 21,211,038 6,533,650 51,872, ,851,102 5,578,079 11,836,935 1,356,694 29,785,299 18,107,019 7,017,104 56,266, ,980,966 5,142,263 14,028,011 2,164,127 32,882,042 16,400,655 6,704,416 58,151, ,259,575 4,681,833 14,380,014 1,477,822 36,459,804 14,849,428 6,534,368 59,321, ,351,743 4,782,335 21,371, ,202 43,833,810 10,835,143 9,457,649 64,505, ,517,246 4,531,060 23,848, ,139 45,332,381 11,991,721 10,657,351 68,896, ,993,362 4,517,110 23,934,753 1,030,718 43,906,611 12,384,890 12,123,006 69,445, ,717,607 4,500,818 21,320, ,338 41,921,827 13,200,079 10,585,898 66,539, ,365,101 4,471,357 22,647, ,733 43,714,073 12,484,489 10,900,427 67,483, ,680,683 4,499,671 21,763, ,033 41,710,507 12,850,320 10,718,574 65,943, ,481,476 4,536,874 21,449, ,580 42,187,090 12,862,762 9,931,218 65,467,650 32,179,044 1, , ,475-32,749,151 1,123,501-67, ,226-1,197,525 1, , ,391 1,370-2, ,643 33,305,487 1, , ,803-33,960, ,651 32, , ,355 4,550,139 6,322 5,520,766 33,749,138 33, , ,437 4,646,942 6,322 39,481,477 1,063,671 71,222 9,389 98, , ,080 9,281 15, ,720 3,655 7,132 1, , ,420 26, , , ,255 34,994 74, , ,675 61, , ,083 1,910,179 60,782 1,564,187 16,291 3,551,439 8,484,589 11, , ,762,240 10,692, ,934 2,019,404 16,982 12,862,762
58 ,803,253 33,713,993 40,517,246 44,230 4,531, ,421,397 33,571,965 40,993,362 89,730 4,517, ,230,074 33,487,533 40,717,607 26,000 4,500, ,616,091 33,749,010 40,365,101 50,700 4,471, ,854,299 33,826,384 39,680,683 24,400 4,499, ,732,047 33,749,429 39,481,476 62,520 4,536, ,594,829 32,756,914 38,351,743 45,510 4,782, , ,660 45,332,381 14,249,586 36, , , ,465 43,906,611 12,724,713 35, , , ,261 41,921,827 12,232,861 27, , , ,397 43,714,073 11,851,923 31, , , ,795 41,710,507 11,757,855 30, , , ,325 42,187,090 11,658,734 29, , , ,319 43,833,810 14,305, , ,238,949 48,449, ,970 93,737 1,163, ,814,834 48,311, ,896 93,735 1,163, ,021,862 48,304, , ,731 1,163, ,604,441 48,295, , ,659 1,183, ,970,339 48,503, , ,659 1,187, ,780,397 48,486, , ,461 1,187, ,793,115 47,615, ,003 65,749 1,137, ,547,149 55,222,261 79,769, , , ,940,189 55,813,060 80,753, , , ,371,858 55,761,914 80,133, , , ,862,677 55,572,310 80,434, , , ,883,885 55,305,104 80,188, , , ,065,041 55,461,072 80,526, , , ,858,871 54,339,534 79,198, , ,843
59 920,000 3,652,973 1,484,017 17,747,066 68,896,592 1,356,900 3,271,869 1,484,017 17,732,237 69,445,225 1,396,943 3,407,566 1,484,017 15,006,191 66,539,142 1,064,030 2,868,967 1,484,017 17,179,550 67,483,722 1,339,800 3,301,055 1,484,017 15,613,808 65,943,434 1,487,000 2,977,699 1,484,017 15,438,064 65,467, ,000 2,107,364 1,465,017 17,063,835 64,505,804 9,499,128 9,923,973 10,878,745 10,286,389 10,582,616 10,692,442 8,334,917 2,326,141 21,642 11,991, ,800 9,648,691 68,896,592 2,295,950 18,251 12,384, ,000 11,197,617 69,445,225 2,159,477 17,641 13,200,079 1,125,592 9,432,624 66,539,142 2,036,139 20,652 12,484, ,000 10,069,344 67,483,722 2,112,294 20,068 12,850,320 1,348,000 9,340,463 65,943,434 2,019,403 16,981 12,862, ,000 9,326,482 65,467,650 2,330,864 21,928 10,835, ,000 8,477,043 64,505,804 78,824 29,006,439 28,867, ,326 16,469,380 6,493,290 1,287,035 57,856 28,676,152 28,543, ,316 16,532,010 6,499,284 1,294,518 55,514 28,670,282 28,559,726 10, ,740 16,625,516 6,473,215 1,298,867 61,526 28,570,964 28,442,576 92, ,853 16,721,727 6,473,198 1,320,302 58,620 28,961,487 28,828, ,373 16,547,115 6,406,207 1,322,576 50,576 28,641,611 28,511, ,641 16,775,275 6,446,143 1,330,774 53,662 26,923,722 26,785,030 15, ,785 17,300,881 6,181,746 1,219, ,301 54,681,310 54,423,682 4,683,735 1,843,393 21,715, , ,681 55,694,832 55,444,625 4,596,838 1,750,876 21,642, , ,443 55,090,330 54,857,608 4,618,537 1,777,185 21,588, , ,581 55,411,914 55,182,427 4,623,741 1,760,558 21,604, , ,226 55,047,561 54,798,465 4,553,502 1,696,932 21,946, , ,585 55,383,988 55,135,444 4,614,743 1,720,815 21,878, , ,317 54,256,548 54,046,011 4,885,805 2,088,240 21,343, ,
60 ,085,753 1,384,630 4,391 55,481 15,604 1,283,737 1,251, , , ,109,464 1,378,696 5,247 56,130 16,243 1,311,630 1,268, , , ,079,036 1,390,254 5,366 56,081 14,853 1,274,578 1,242, , , ,061,253 1,386,648 5,366 56,088 15,832 1,255,541 1,223, , , ,117,546 1,442,541 26,449 66,252 15,216 1,283,859 1,247, , , , , , , ,087 6, , ,522 6, ,338 8, , , , , ,233 7, , ,981 6, ,149 8, , , , , ,989 6, , ,504 6, ,701 8, , , , , ,673 6, , ,277 6, ,703 8, , , , , ,412 6, , ,299 3, ,681 9,
61 , ,563 2,456,008 1,825, ,400 1,055, ,526 2,273, , ,911 2,470,227 1,878, ,624 1,074, ,095 2,141, , ,640 2,507,624 1,888, ,266 1,092, ,430 2,000, , ,931 2,527,408 1,883, ,428 1,093, ,881 1,977, , ,320 2,472,002 1,898, ,039 1,102, ,318 1,978, , ,306 2,452,836 1,879, ,839 1,097, ,672 1,963, , ,207 2,447,302 1,878, ,803 1,101, ,037 1,954, , ,476 2,445,037 1,888, ,017 1,106, ,075 1,933, , ,075 2,432,161 1,869, ,799 1,100, ,066 1,928, , ,742 2,471,201 1,882, ,578 1,100, ,754 1,909, , ,389 2,426,762 1,909, ,065 1,118, ,167 1,911, , ,148 2,445,668 1,883, ,652 1,105, ,846 1,897, , ,219 2,450,553 1,895, ,503 1,111, ,265 1,893, , ,044 2,487,565 1,936, ,219 1,113, ,672 1,869, , ,703 2,503,887 1,940, ,256 1,124, ,615 1,869, , ,804 2,542,636 1,932, ,702 1,117, ,829 1,847,
62 ,725 49,201 1,925,972 1,351, , ,363 91,234 5, ,788 49,097 1,836,301 1,370, , ,948 91,836 4, ,472 50,018 1,864,176 1,401, , ,706 93,078 4, ,323 49,626 1,837,684 1,388, , ,795 92,600 4, ,642 49,354 1,844,680 1,392, , ,741 92,905 3, ,360 50,331 1,847,128 1,395, , ,219 93,119 3, ,869 50,985 1,847,203 1,397, , ,590 93,243 3, ,547 51,928 1,842,920 1,411, , ,882 94,073 3, ,030 52,423 1,828,062 1,400, , ,947 93,651 3, ,043 52,159 1,844,354 1,407, , ,557 93,066 3, ,270 52,063 1,853,630 1,429, , ,675 93,947 3, ,715 52,048 1,835,329 1,418, , ,498 93,346 3, ,761 51,743 1,817,890 1,418, , ,451 93,298 3, ,165 51,529 1,808,753 1,442, , ,955 94,184 3, ,457 50,836 1,796,309 1,430, , ,617 93,241 3, ,347 51,153 1,782,011 1,401, , ,447 92,871 3,
63 2,013, , ,505 1,031,965 1,041,715 2,520,108 1,366,486 2,029,937 3,189, ,477 2,086,628 1,416, , ,790 1,987,655 2,844,696 4,680,768 1,345, , ,371 2,788,214 3,327,746 1,078, , ,867 1,714, , ,349 1,388,242 1,147, ,581 1,341, , , , ,891 35,716 5,190 15,464 21,673 16,967 56,612 67,942 34,874 49,657 8,673 28,508 30,316 17,468 16,243 43,554 61,303 86,033 39,450 14,145 16,641 63,217 83,084 30,972 6,436 14,558 32,200 24,647 15,719 15,312 23,091 7,019 25,143 11,435 9,179 8,628 14, , , , , ,098 1,645,211 1,311,481 1,283,693 2,025, , , , , ,194 1,157,158 1,289,537 2,516, , , ,349 1,598,825 1,650, , , ,656 1,377, , , , , , , , , , , , , , , ,777 1,643,274 1,311,319 1,274,652 2,024, , , , , ,075 1,156,922 1,280,169 2,516, , , ,040 1,598,813 1,650, , , ,616 1,376, , , , , , , , , , , ,388 79, , , , , ,262 1,088,180 90, , , , , ,910 1,286,750 1,894, , , ,470 1,046,389 1,285, ,720 69, , , , , , , , , , , , , ,499 15, , ,392 73, ,564 78, , ,706 63, , , ,120 53, , , , , ,069 87, , , ,220 30,410 58,026 51, ,969 20,863 95,524 82,729 67, , ,974 84,237 94, ,002 49,604,441 1,051,699 28,570,964 28,442,576 16,721,727 6,473,198 1,377,901 29, , , , ,811
64 (2,770,566) 454, , , , ,859 1,194,620 (4,961,724) 1,374,162 1,514,860 1,294,981 (4,184,003) 3,531,965 2,277,634 3,146,235 4,972,012 (13,927,846) 587,585 2,712,587 (3,300,172) 2,041,414 1,215, , ,255 (5,038,425) 2,649,595 4,207,436 6,201,486 1,821,348 (14,879,865) 1,230,021 1,053,352 3,599,574 4,170,231 1,164,388 1,404,464 (12,622,030) 485, ,133 (1,297,382) 1,568,203 2,305,678 1,180,513 (5,054,394) 745,742 1,511,107 1,545, ,765 (4,589,219) 2,188, , , , ,473 (5,066,335) 687,786 1,100,196 (1,787,982) (709,046) 80,188,989 (146,972) (1,901,024) (1,887,766) (28,566) (938,741) (119) 3, , ,153 9, , , , ,283 37, , , , ,282 63, , , , ,710 11, , , , ,693 29, , , , ,307 69, , (58,634) (2,788,564) (2,761,428) (221,558) (1,776,005) (118) 10, , ,346 78, , , , , , , , , ,700 58, , (17,578) (2,963,208) (2,946,493) (315,980) (933,745) (61) 8,393 2,480,133 2,479, , , ,738 1,338,565 1,334, , , ,773 2,017,680 2,001,738 84,020 1,199, ,130,169 3,128, ,992 1,724, (21,732) (8,966,547) (8,943,704) (953,241) (4,554,215) (83) 4, , ,048 34, , ,053 1,904,960 1,904,277 40, , (26,574) (2,307,387) (2,305,325) (75,519) (970,761) (33) 22,558 1,372,020 1,369, , , , , ,084 74, , , , ,343 51, , , , ,446 27, , (34,259) (3,521,484) (3,514,833) (338,420) (1,280,281) (80) 4,137 1,947,350 1,946, , , ,346 2,789,867 2,784, ,523 1,315, ,254 4,608,532 4,596, ,862 1,449, ,208 1,324,796 1,316, , , (46,945) (10,670,545) (10,644,633) (1,070,234) (3,715,015) (67) 3, , , , , , , ,214 87, , ,183 2,722,257 2,690, , , ,472 3,091,507 3,087, , , , , , , , ,550 1,025,290 1,025,067 44, , (69,046) (9,208,420) (9,152,547) (802,508) (2,796,241) (63) 9, , ,060 57, , , , ,424 41, , (33,144) (748,527) (742,484) (98,848) (424,280) (14) 21,169 1,120,548 1,118,504 64, , ,997 1,687,312 1,686,901 34, , , , , , , (33,688) (3,598,405) (3,590,545) (225,707) (1,287,657) (37) 1, , ,133 19, , ,337 1,370,179 1,369, , ,243 1,123,623 1,121, , , , , ,065 31, , (14,298) (3,707,123) (3,699,173) (154,949) (764,985) (46) 6,926 1,331,128 1,316,539 87, , , , ,537 31, , , , ,091 20, , , , ,726 61, , , , ,223 13, , (43,144) (3,136,990) (3,102,116) (213,315) (1,666,484) (82) 13, , ,359 24, , , , ,240 5, , (20,464) (1,173,417) (1,155,599) (30,651) (535,525) (31) (3,064) (355,920) (351,819) (24,006) (303,014) (1) 569,542 55,047,561 54,798,465 4,553,502 21,946, ,034, ,086 65,925,223 65,626,904 5,453,296 26,283,771 -
65 533,820 51,021 87,362 52,568 14,071 16,584 69,776 8,902 27,201 26,978 34,147 45,179 41, ,635 77,185 94,158 41,478 69,068 41,492 19,857 55,653 29,938 51, ,906 41,871 52,325 64, ,266 38,056 63,225 24,831 8,112 1,676 2,552 2, , , , ,826 2,139 3, ,727 1, ,458 1,477 2, ,097 1, , ,726 27,357 53,569 35,291 10,522 9,844 38,883 6,335 15,734 21,907 25,667 30,731 24,106 60,806 48,504 56,238 15,913 37,575 27,924 14,981 26,097 22,581 40,555 59,671 23,530 40,993 41,673 90,657 26,382 24,627 16, ,349 26,250 50,187 34,183 10,359 9,498 36,251 6,308 15,485 21,789 25,158 30,207 23,100 59,603 41,540 55,750 15,476 35,329 26,622 14,482 25,760 22,245 40,522 53,046 21,477 40,353 41,093 89,877 25,456 22,299 15, ,731 16,058 29,640 18,892 3,944 6,524 27,670 1,577 6,567 2,346 6,873 11,607 13,740 45,798 21,210 39,024 25,084 25,451 10,718 4,598 23,442 4,421 10,963 44,486 18,329 7,104 21,474 30,183 13,080 39,466 9,855 2,109,464 56,130 1,311,630 1,268, ,855
66 449,925 6,074 3,620 5,462 7, , , ,075 76, , ,270 5,775 2,802 4,695 8, ,175 5,701 2,382 4,427 8, , , , ,244 17,454 6, , , ,143 11,720 5, ,597 11,386 5, ,252 6, ,467 62,559 2,170 73, ,326 2,583 3, ,260 25,855 3,507 6, ,952 9,380 24,730 39,654 2,003 77, ,752 23,975 37,138 1,990 39, ,028 9,840 23, ,940 20, ,097 28,302 36, , ,465 4,578 6,158 19,574 33,018 4,869 19,013 32,469 1,287 7,928 15, , , , , , ,
米国住宅ローンの枠組みv2.PDF
mortgage residential mortgage commercial FHA 1934 FHA $67,500 VA Fannie Mae, Federal National Mortgage Association 1938 (27.5 ) 01/12/19 1 Fannie Mae is a private, shareholder-owned company that works
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Sanno University Bulletin Vol.26 No. 1 September 2005 A Study on Discontinuing Service by the Government Housing Loan Corporation and the Activation of the Japanese Housing Loan Market Retail sections
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Bond Basics モーゲージ債発行の仕組み モーゲージ債は米国が最大の市場となっていますが 米国におけるモーゲージ債の発行の仕組みは一般的に下記のプロセスとなります 住宅購入者は金融機関から住宅ローンを借入れますが 金融機関は個々の住宅ローンで同様の性質 ( 金利 償還期限等 ) を有するもの
Bond Basics P I M C O モーゲージ債の解説 モーゲージ債 (MBS: Mortgage Backed Securities) とは 一般的に住宅ローンを担保として発行された証券をさします 主要なモーゲージ債の市場は米国となっており 米国においては過去 2 年間でモーゲージ債の市場規模は急速に拡大し 近年 その残高は米国債を上回る水準となっているほか 米国以外においてもモーゲージ債の発行残高は拡大傾向にあります
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