中美關係

China’s US mortgages
Lex專欄:美國房改要聽中國聲音


在美國,獲得廉價、靈活的抵押貸款被視爲與生俱來的權利,但是最近發佈的白皮書承認,這些貸款錯誤地配置了資本。中國等債權人是時候關心這個問題了。

Amid all the debate over last week’s white paper on reforming US housing finance, nary a thought was spared for the people who have long helped make the American dream of home ownership possible: Chinese savers. It is a fair bet that the first goal of the nearly half trillion dollars of capital they have at risk in mortgage-backed securities is not to help those spending it “build wealth and achieve the American dream” as the report’s preamble says. Rather it is to get a return on and, critically, of their capital.

在上週關於美國住房金融改革白皮書的所有辯論中,沒有一方考慮到了長期以來幫助美國家庭實現住房夢的一羣人:中國儲戶。平心而論,中國人冒著風險向抵押貸款支持證券(mortgage-backed securities)投入了近5000億美元資本,首要目標並非像報告序言所說的那樣,是爲了幫助那些將其用於「積累財富和實現美國夢」的人。相反,他們是爲了獲取資本回報和資本返還,尤其是他們自己的資本。

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