v I b B ie o i v I a P p Ab g w o i a A p G B B w A vI w o i L30H A p P z k aB g B F V A o i A L i K A b o i AL F F v I o i lv I g A A n CG g o i a A v I oi A a v A G H F/b v I c A v vI i J w o i a v Il A p i P i s P v A iH u A o i A y P hB CM g i A A t a g BP A J A g C PI C v I o i A o i tF v F A I y A86I1090M A G I a s A s L k z wv C93A IG¡l-p In ited Guaranty, U G l A M vI A v I o i A aR v I A n t Cb v I b o i i A Rv I o i n P A A L h o ig A P e g P z k R b o i i At M I P Cv I o i n Rv I90N l wA b b l v o A PMI1999-2002lv b14%¦21%¶A2003l v25.72%1A o kB I N B R N P I p e C1990N A V V h a w vI A v H I i ov C v I b a o i h vI A C a S p A o t hA p G gB B k B F v B z B B a z Bc C H v T v I o iCgg v i V A cI K risk premium¡A I I v1MICA(Mortgage Insurance Company of America) Fact Book 2003I A h H t v P C H PMI1957l d2002w150C PMIH v H P P A2¢H6%¤CG v A w H v N iA H H N M IC i A P g v T o i CG F c J Pb w o i g t A v II A p b B B H a z B pg A v I I C A Ag a A I w I AI A i I L l A G vI o i A F cC F I A F F A HB h F v A Pw C A o i v Ig A F F A B i C v B I GB F g F P v F k d v Tg w A G F A g F P v Fv I I o i CG B c z z c Tv I H z H I CT B F v I A o i Fc A i c B v p PA F A i c P HP A g N A i T BA i K CB F i g w P w S w H I AI a I b ackup¡CB v I o i A F Fv I P zv A S I p P B h CH A e v I w o iv A F FHA P V A c P PMI v A C d l B C FHA P V APMI A l C J A FHA u bi l A PMI u20¢H30¢H l AB H P c o FHA P V A PMIC PMI l u b C A B iB C v s bn A p G w C J a A n LTVM s b CT tv I o i MA wB P KC w c k i H B w PH k default remedies¡A yk c P v v A B T v wA v n t w s A AA c tB v P s bo i p C K h s kP A p G V market-driven¡P vc B B L h PC2A zv I A I b Ip A F volume¡P Ca P z V C I high-volume lowrisk¡A v I H V AI f A p G J A c M GI A h I self insurance¡Ac H I A i I C l CA I z l P RB zI v C i A w v I zA K I H I L k dB A t AC I H c w I l A i2Eric Klopfer “A Glass Half Full/Half Empty: The Internationalisation of Mortgage Insurance” Housing Finance International : June 2005,p11F I A p A v Is A H R o CF b v I A zG C30v I gi w A i P M vI f A i c z vI A F i N o b z d GL LTV Ratio n v I AH z c P C G v IA z P N i c P IB CH A1970k w n Fannie Mae P Freddie MacLTV Ratio L80%ªH A w vI H a Cc ommercial m ortgage m arket¡Ld AH P H u b H I i L RH I d efault i nsurance¡A G I H IB l CI vB g w o i ab g w o i A v I iP i o i C b w o i a Av I P In A H T LTV Ratio H l A A AI H C MBS i H B Co C3H A v I b g gL A v G w A g A14a I7a I A n w14v c v I Ab1970N A o PMI bA L I A J l A AC v I N IP roperty &Casualty Insurance¡AS v A p L h10A uN I Ce PMI v w PA A p G c BB z L c T Ao T A P v I PP A A PMI e CG B g o i ag o i a A c CA a F v A h iv I A A H Ah H C p i a o i A ic N A o3Jane Londerville. “Mortgage-backed securities in Canada: The size of the market and prospects for the future” Briefing in Real Estate Finance London: Jan 2005.V ol.4, Iss. 3t I C I t i J go i a v I A L HA p G v Ib M P L a F cA h A NB I z BA I i J a C CMHC n M i o i A H o i g bs v I CG v I J PMb o i v I L iA b g L h w M AG a I P B m A i Aa v I AN o i I a A L g i A i w a pz k A H v I R oA C i y CM I/¦A Iv I I n B Ac LTV Ratio o S A p i IA i c I A n Cc Id A h H80-10-1080¢H B10¢H borrower B10¢H GA w P Gc I A N v I HJ Cc A v I JA G M I A I/¦A I A p i zL A I w o C H Ac o v I N z H AA v I l H S Pl B I C A G P vI M A I o C e b vI z L c M I A B F40¢HJ c A I C z p A oC GB M I I HG B I HT B I J c M I A vI H i o w c apital relief¡B c M I P vI H HB v I Hb Ac A I H J vI n A A C AAP M I10%ªc C bA M I H cV I H R I A G M I Hb R A M I H P Lw A L k MBS H CG F v F P I I zF v F v v A w CJ B B H s A o HA c P vI H A I z A o I A iN LTV Ratio v A p oI t A i L k ot A L k v A F v FA A F z G c Pv I H H b P pb C M o g F vI A H w o i g g A p G B PF A n Home Loan GuaranteeCompany F F F CTP v I Cb G v I bc n R A S H AP L P A A p G P H Hi A H t A H GB LTV R atio w H p n vI A H v h I HG B w H t v I A H iH d H Hb A v I b g L h CP A b19997L S k AI LTV w g78¢H A N HC H v I H ba A A B w B P C A A vI H i N v subrogation¡A H L i V w HH l v I l B l A G l v BH I H I z B i d A oA v I—§Ip N c H H l CI K A G b w P AI w N I Lenders MortgageInsurance¡LMI¡C4b P A”LMI”¨A k PM T c I H a Cv I i H Iv I n AI c H I z A o HI s A h b C H I downgraderisk¡A o v I L k t b4I b l o i a t A p G B LB J B a A5o o ic v I C A A b oF E v a A Gc A A o i A z L ol a i J A G P i v I oi Cb C H l n vI Hv I I A I Hc A o L ks w re-price¡A n c t d C A I Hn H A b H i J sA i v I H P AB C G i CM h a g L P g I h AI A a c B z P Hc g L H I g A HH C G v I HA n s A c H5s A A H P Ap G—¶c h M H A I Ay s A y P y PC l P N A h N M I C u Jv P e c v F Cv I S z BHI z z P B G g vI I mono-line¡g H zA I P V u I C NI A M L M A M a i M b yv A a P LTV Ratio A v IH I H”³I”¤g C A A N V IA”³I”·y J b P l po l C N B A n H ho A H M zy P/-t L k t CP w v I H”³I”ªg P z C b1930g e Av I A g II B v I L P I A H gA b”Alger Report”6v I Av I H A F FHAA B”³I”¡A oN A FHA T F M c H IA c A C FHA A Iy v I o i C”Alger Report”G y v I”³I”¸gA B Fannie Mae P Freddie Mac A NAIC”Model Act”¤v w A G i BP v I”³I”ªg C I Ho k B A F H c A iz LTV Ratio B I C P A gs i J A I H v V Cw a h F P z z d C b w A vI H I AI I H i g v I C A A wI z v I P B B sL L A I H o A M Sz Cb v I A”³I”z w A y v I H CP P B n C B”³I”ºz i b u6 ¬1930N g y v I A GI z M e H d A A lger report¡A vI B P n A v I o i vT CA”³I”ºz C A vI A B e H l C A LTVRatio H I A”³I”ªz i CC v I p Pz Hb v I H e AP z k H I A G v I wo i A B F A I H i Cv I o i C A A F cu f H v T vI o i C M F h AF c L u f h yH I A y H v C p G b”Home-ownership”ªNHG¡o F L HA o L k v F w a HI A L k v C G I H P iH A H v I i GB o B wb a w A B H I w hv A a H K a z H Al l M n n C vI b M A i z nA cB F y L lH M v A I H C bP R A v I B AI I A B S i c eA H o a A w v IB w CG B LTV Ratio H I z Gb w P A MBS vA C MBS H I A G sLTV R atioÒC H AÒHn LTV R atio B H wv A B A o k vI H v A k FA w v c i HA MBS¡A G A v IF A B H H C Nz A vÒI LTV R atioH I z v A b FF P u A CK s w B asel II¡vI o i PBasel II v I H C HA Basel II h I P risk-sensitive¡P y I z A v I i bt v I C A vI y I C P I A i I B F Pl A o S Basel II n CBasel II v I bBasel II i H I Credit Risk Mitigation¡A CRM¡u C M v I w M B vI CRM N A Basel II b S w SCRM N C z F v IA B A p B v I zp Cz p N v I J zp A V form¡P substance¡GB v I Basel II CRM un Gz n v IC z h H A G p NÒw I t imely p ayment¡n A vI T w C A A z vI H Ao A G N N vS CG B v I p p CRM Gv I h lf ist-loss c overage¡A z p CRM AC M F vI100¢H A cH A b FCv I H A Basel II io i s A i H P IA G v I pJ u A P L H u A Basel II I A v Ic i CT o i v I g Po i Vv I i A sI A N7A gh I A G vI i F g A u k A H wv I A p G P a n cA H i v I A Iz C z L h o i v I g P JA z m o v I iV A o i v I V Co i v I gB u v v I v54A I tF pG v A u v vI v A e C GA K A G i V IA C I A p i Ho p G C A I A C7a vid Liu. ¡E p orting Mortgage insurance beyond the U n ited Stat es¡Housing Finance International Chicago : Jun 2000 Vol.14 Iss.4,p36A I H i P L h l v sv CG B I u1090M v¤I H u vv I v A86H o Ae A P h a A u1090¡vM C e H H i Vv90%¡90¢H A70¢HP20¢H7H A i70%ª20%¡A o20%ªt B A hC I C A F d T h AB G A JC y iH z L V I A C b Nv v A A H Al B A H I G A l B hH CF I b z A I Mv A A A g L cA GBC Lv I A I o a IP CT B p I u v H I vAIG l p I n itedGuaranty¡A G937A uv H I v A eA w v A zc K H M vP l A d m v Av H B P Ac B b a P v C pI a s A e b iCG v I ih I H i g o i a AA o aB M know-how¡Pv I i b Basel II c M R CF o M N A b o i g vI A A C G8B b o i CG B v P v k CT B e B I k P z CB k P k t v P v CA A P v Ii C N A Rg P H f p A H z c Cg A B B N v B v B v FH f p A H f B C G B v B CH J P C s a A8A a s w n P y o i PC A s A V A AB B v B P H v CI b w a F v P g w BP I t o i C F v w b L A Ft M s b F V g A w o iv B h g C A F F t a vv P v v P sI Cv I g L z P RA h i F I P I E Eu A i P i C v I o ia A F v I Av I A F h t i At o i A Bnot-for-profit¡A H N t C A i pP B B w l A F v Iv I o i n CA o N A F v II C n w I A N LI v I A FI100¢H d A o c C9FI c i t c A L PA F F A w C9actuarially sound level¡A h i L kA P L w non-budgeted¡B z non-transparent¡w C v I BA o i v I N CT o i v I VB c H wH w A HA o A g I h l PC z A w A A ci F T A p G 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I v C Ms i G B A H n I I p GH H G G H H J wC A B H B t l k L v CG H G H t hP B M v B H R t GA o e H CT H B G H o N cB G AC H EA H a C H C CH G H c CH G v B d AH P c u Cd G H v A v HA d h CC d I t G H p o A cv A t B H v l BA b dd t l A p A h c l CK c e H C Ad G1.ªc z M A T H dz A o H o d BF p H A d C2.¥T h I BI B G I w z A d C3.Ám w v Ad C4.¶A d C5.ªc c z AH n I A Bi B z z A g P N w PH v M P B B A P v TA d C c gi H p v T A N v T Bd C6.ªc I C Ns w s b Gw Gp A d A z gP N A b C7.ªc H k R A d CT B P v IFHA H c A F i n A w S w H w BH A B K c P H wI A w d K A P I pd Pe C A A w Nc V H l v w CH H F A H HA AF AG vH N o A B n p PI B C AA H M w S w H A p Ga A F K A y F F t C FH I I H g vA A A I v A hu f v P A C。