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[阅读小分队] 【Native Speaker每日综合训练—38系列】【38-16】经管 Mortgage

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发表于 2014-7-4 23:26:33 | 显示全部楼层 |阅读模式
内容:wnj2611339  编辑:wnj2611339

公益申请名额,每月一名  

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Hello, 大家好,咱们又相见啦~已经连续3周为大家准备星期五的阅读啦,因为我可爱的搭档TaoRs正在忙于郊游哈~大家有没有想念她呢?

今天给大家带来的主题是Mortgage, 房屋抵押贷款。Speed部分注重于分析经济形式,obstacle部分很有意思探讨了中国女性的婚姻观和mortgage的关系。


发现最近参与小分队的人数有所下降呢,是假期到了的缘故吗? 大家不要忘了,只有量的积累才能达到质的突破哦,三天打鱼两天晒网可是没有效果哒!


So let's start reading!





Part I: Speaker



Housing Regulator Has Big Plans In Store For Two Mortgage Titans

Source:NPR
http://www.npr.org/2014/05/13/312197647/housing-regulator-has-big-plans-in-store-for-two-mortgage-titans

[Rephrase 1, 3:56]

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 楼主| 发表于 2014-7-4 23:26:34 | 显示全部楼层
Part II: Speed





Mortgage rates drop to near 4%
By Les Christie  @CNNMoney July 3, 2014: 3:18 PM ET


[Time 2]

Rock-bottom mortgage rates moved even lower this week, hitting 4.12% for a 30-year fixed rate loan, according to Freddie Mac.

The last time the 30-year rate was lower was in October, 2013 when it stood at 4.10%. The rate on 15-year loans remained at 3.22%.

The fact that borrowing remains so affordable has surprised experts, who expected rates to start rising once the Federal Reserve began to cut back on its purchases of Treasury bonds and mortgage backed securities.

The Fed began to pull back its bond buying last December, but mortgage rates fell for much of the first half of the year anyway.

"This is more remarkable with the economy coming back up to speed and a bit more inflation pressure than we've seen for a while," said Keith Gumbinger, vice president of HSH.com, a mortgage information company.

Low rates mean lower monthly payments for homebuyers. Payments on a $200,000 loan at 4% come to just $955 a month, while the same loan at 5% would cost $1,073 a month and $1,200 at a rate of 6%.

And indeed, recent housing market data has improved. In May, existing home sales climbed nearly 5% in May and new home sales jumped 19%.

Nobody knows when rates will start to climb, said Gumbinger, so homebuyers are seizing their chance to lock in near-record low rates as fast as they can.
[229 words]

Source:CNN Money
http://money.cnn.com/2014/07/03/real_estate/mortgage-rates/index.html




SunTrust Mortgage settles federal probe for $320M
Fri, Jul 4, 2014, 9:51AM EDT - US Markets are closed


[Time 3]

SunTrust Mortgage to pay up to $320 million to settle fed probe of loan modification program.

CHARLOTTESVILLE, Va. (AP) -- SunTrust Mortgage Inc. has agreed to pay up to $320 million to resolve allegations that it misled customers seeking loan modifications under a government program established to help homeowners avoid foreclosure, the company and federal authorities said Thursday.

According to a statement of facts filed with the settlement, the Richmond, Virginia, mortgage arm of Atlanta-based SunTrust Banks Inc., misrepresented or omitted information to borrowers participating in the federal Home Affordable Modification Program and failed to process applications in a timely manner. The company is making up to $274 million available to thousands of customers who suffered financial harm.

Government-sponsored enterprises Fannie Mae and Freddie Mac will receive $10 million, and $16 million will go to law enforcement agencies working on mortgage fraud and related matters. SunTrust also agreed to fund $20 million in grants to housing counseling agencies and to improve its administration of the loan modification program.

"SunTrust has done the right thing by agreeing to this novel package of restitution, remediation, and prevention, which represents a significant victory not only for SunTrust customers, but also for Americans who will receive counseling and other assistance when faced with financial challenges," U.S. Attorney Timothy Heaphy said in a written statement.

Settlement documents say delays in processing HAMP applications prevented some borrowers from pursuing other options to save their homes. Customers also were charged excessive interest and were improperly reported to credit bureaus as delinquent.

"SunTrust's administration of the HAMP program caused serious harm to the very Americans it was supposed to help," the statement of facts says. It also credits SunTrust with cooperating in the investigation and says the executives and managers responsible for the conduct in 2009 and 2010 are no longer with the company.

"We recognize that there were deficiencies in our administration of HAMP during the recession, and through the improvements we have made to our internal processes and this restitution plan we are demonstrating our commitment to meet the high standards that we set for ourselves and that our customers expect," SunTrust Mortgage CEO Jerome Lienhard said in a news release.

Last month, SunTrust and the Justice Department also agreed to a $1 billion settlement to resolve allegations that the company underwrote and endorsed faulty mortgage loans between 2006 and 2012.
[379 words]

Source:Yahoo Finance
http://finance.yahoo.com/news/suntrust-mortgage-settles-federal-probe-195322238.html;_ylt=AwrBJR9trbZT1XAA3naTmYlQ








How to tame your property bubble
By Mark Thompson  @MarkThompsonCNN June 26, 2014: 10:29 AM ET


[Time 4]

Training a dragon might be easier than managing Britain's red hot housing market.

But that's the challenge officials took on Thursday in the face of mounting evidence of aproperty bubble in London and concerns that reckless lending could leave U.K. borrowers struggling when interest rates inevitably rise.

Mortgages make up more than 80% of household debt in the U.K. Larger loans (measured as a multiple of income) now account for a record share of new mortgage lending.

The trick is knowing just how hard to step on the brake to prevent the economy running off the rails in the future without jeopardizing the recovery now.

In a coordinated move, the Bank of England and U.K. government unveiled three measures aimed at curbing some of the excesses.

1. Loans worth more than 4.5 times income must make up no more than 15% of new mortgages.

2. Mortgages worth more than that will no longer qualify for government guarantees under its Help-to-Buy program.

3. Banks will have to assess whether borrowers could make their repayments if interest rates rise by three percentage points in five years.
[184 words]


[Time 5]

Bank of England Governor Mark Carney said the 15% cap on the largest mortgages would start to bite within a year, mostly in London and the southeast of England, but acknowledged the market would continue to gather momentum in the meantime.

"If yesterday you were approved for a mortgage in a bank or building society, today you would still be approved for that mortgage," he told reporters.

The pound rose against the dollar, and shares in construction companies gained more than 5% in London, on relief that officials hadn't taken a tougher stance.

"However, while the measures announced are at the lighter end of expectations, the Bank of England is stressing that it can, and will, take further measures if need be," said Howard Archer, chief European and U.K. economist at IHS Global Insight.

Interest rates were cut to a record low of 0.5% in March 2009 during the financial crisis and haven't moved since. And it's nearly seven years since British borrowers had to cope with a rise in the benchmark rate.

Some economists expect the wider recovery and sharp fall in unemployment will force the central bank to increase rates as early as November, but say further targeted measures may yet be needed to avoid another property bust.

"We expect the [bank] to significantly curtail, and perhaps even cancel, the mortgage guarantee part of the government's Help-to-Buy scheme in September," noted Christian Schulz at Berenberg.

The program was introduced in 2013 to help Brits buy homes through generous equity loans and mortgage guarantees.
[255 words]

Source: Money CNN
http://money.cnn.com/2014/06/26/news/economy/property-uk-curbs/index.html







Buy vs. rent: What you'll pay in the 10 biggest cities
BY LES CHRISTIE  @CNNMONEY - LAST UPDATED MARCH 03 2014 12:09 PM ET


[Time 6]

Despite rising home prices and climbing mortgage rates, it's still cheaper to buy a home than rent one in major cities across the country, according to real estate web site Trulia, which analyzed data in 100 metro areas.

But home prices are just one factor to consider. Deciding whether to buy or rent also depends on the location and how long you plan to stay there. In most of the Rust-Belt cities, like Toledo and Detroit, the math overwhelmingly favors buying. In more expensive coastal markets, like Los Angeles and New York, it's a closer call.

Nationwide, homebuyers who remain in their homes for seven years will save an average of 38% over renting, Trulia found. A year ago, buying was 44% cheaper.

That means all of the initial transaction costs of buying a home -- the broker's commission, title insurance, legal fees and other closing costs -- will be offset by benefits, like tax write-offs and price appreciation. And those costs will become cheaper than the total costs of renting, which include insurance and agent commissions.
[177 words]

Source: Money CNN
http://money.cnn.com/gallery/real_estate/2014/03/03/buy-vs-rent/index.html?iid=EL

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 楼主| 发表于 2014-7-4 23:26:35 | 显示全部楼层
Part III: Obstacle






Women and the property market: Married to the mortgage
---Are high house prices hurting women more than men?


[Paraphrase 7]

CHINA’s communists attacked many bourgeois institutions after taking power in 1949. But marriage was not one of them. On the contrary, they enacted a marriage law in 1950, four years before they introduced a constitution. The pressure to marry remains heavy in today’s China, where almost 80% of adults have tied the knot at some point, compared with only 68% in America. But today, in contrast to the 1950s, marriage is bound up with another bourgeois institution: property.

In China mortgages often precede marriages. According to popular belief, if a man and his family cannot buy property he will struggle to find a bride. In choosing a husband, three-quarters of women consider his ability to provide a home, according to a recent survey of young people in China’s coastal cities by Horizon China, a Beijing-based market-research firm. Even if a woman herself dismisses this criterion, her family and friends, not to mention the country’s estate agents, will not let her forget it.

“Naked marriages”, as property-less ones are known, are endorsed by increasing numbers of young people. But as they get older, their attitudes may regress faster than society’s progress. One 28-year-old Beijing woman married her husband after falling in love with him at college. But “if you introduced a man to me now, and he couldn’t afford a home, I wouldn’t marry him,” she says. “I need to be more realistic. I’m not a 20-year-old girl.”



Some economists argue that competition for brides in China’s marriage “market” helps explain the punishingly high prices in its property market. Houses are least affordable in those parts of China where men most outnumber women, argue Shang-jin Wei of Columbia University, Xiaobo Zhang of the International Food Policy Research Institute and Yin Liu of Tsinghua University (see chart).

Men (and their families) splash out on property to improve their position in the marriage queue. But that merely forces other men to spend more in response. Unmarried men are locked in a Darwinian race, the economists argue. Overpriced homes are like the extravagant plumage of a peacock, an eye-catching encumbrance that only the most resourceful males can put on display.

The burden of home-buying thus falls heavily on unmarried men. But it is no longer confined to them. Women and their families now contribute to their partner’s home purchases in 70% of cases, according to Horizon China’s research. They help out both because they must—couples have to pool their resources to afford coastal China’s pricey homes—and because they can. Young women are earning more and receiving more help from their parents, for whom they are often now the only child.

The machismo of mortgages
Although most women now contribute to the purchase of the home, only 30% of married women add their name to the title certificate, according to Horizon China’s research. Leta Hong Fincher, a sociologist at Tsinghua University, worries that “many Chinese women are shut out of what may be the biggest accumulation of residential wealth in history.”

More women are trying to add their name to this wealth. Of those married after 2006, 37% have succeeded. Their efforts gained new urgency in 2011 when the Supreme Court clarified the divorce rules. Each party, it said, would keep the property registered in their name, after compensating their ex for any contributions to the mortgage.

But joint registration of property faces bureaucratic and social obstacles. One woman interviewed by Ms Hong Fincher contributed heavily to the down-payment on a home and insisted on registering it in both names. But her boyfriend’s mother begged her to drop her demand, pointing out that the bride-to-be outearned him and was more likely to leave him than vice versa. Joint-ownership would be a further blow to his pride.

In principle, the law entitles a divorced wife to compensation for her mortgage contributions, even if the family home was not registered in her name. But women do not always document their home payments. And even if they pay nothing towards a mortgage, they may still pay a lot towards other household expenses, Ms Hong Fincher points out. In many cases, the man can afford the mortgage only because the woman takes care of the fittings, furnishings and many other expenses.

“Home ownership defines masculinity,” Ms Hong Fincher says. Often a couple’s finances are arranged so that the husband can take all the pride of owning the home, even if, in reality, his wife is jointly supporting the household. A dutiful wife may feel obliged to bolster his pretence. In China, macho posturing is another bubble that has yet to burst.
[764 words]

Source: The Economist
http://www.economist.com/news/china/21581759-are-high-house-prices-hurting-women-more-men-married-mortgage

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 楼主| 发表于 2014-7-4 23:38:15 | 显示全部楼层
自己先占个沙发哈~~~
----Speaker
The American house market is going through some changes thatenable more people to qualify for mortgage.
FHFA is really a big deal.
The details of the changes.
The overall future of FHFA.
Clarification of a bunch of lawsuits.

----Speed
[Time 2] 1'14''
The mortgage rates for a 30-year fixed rate loan moved lower to near 4%, meaning the borrowing remained very affordable, and house buyers can pay lower monthly payments. And as a result, the housing market data has improved.
[Time 3] 2'10''
SunTrust Mortgage will pay up to resolve allegations of loan modification program.
A statement of facts indicated that the Richmond  misrepresented or omitted information to borrowers, and failed to process applications in time, causing serious harms.  SunTrust agreed to fund $20 million to help housing counseling agencies and to improve its own administration. Besides, SunTrust and Justice Department will pay $1 billion settlement to resolve allegations between 2006 and 2012.
[Time 4] 1'18''
It is very difficult to manage Britain's housing market.
Mortgages occupy more than 80% of household debt in U.K.
The Bank of England and U.K. government took three major measures to alleviate such issue.
[Time 5] 1'27''
The 15% cap on the largest mortgages would start in this year; meanwhile, momentum gathering will also be continued. Further measures may also be needed.
[Time 6] 0:46
In most cities, it's still cheaper to buy a house than to rent, even though the prices of houses and mortgage are rising.
And deciding whether to buy or rent a house depends on the location of the house and how long you plam to stay.
All the initial costs of buying a house will be offset by the benefits.

----Obstacles
[Paraphrase 7]  5'22''
The pressure to marry remains heavy in China, becausetoday's marriage is bound up with property. A man can hardly find a bride if heor his family cannot afford to buy a house, because most women in China willonly marry a man if he is able to buy a property.
And such competition for brides pushes up the market pricesof properties, and men largely spends on properties to prove their position inthe marriage queues.
Nowadays, most Chinese women also contribute to theirpartners' home purchases, but few of them add their names to the titlecertificate. More women are trying to do so; however, joint registration forproperty faces bureaucratic and social obstacles.
A divorced wife will receive compensation even if her nameis not on the title certificate, because she might contribute a lot towardsother household expenses.
In China, married women may also have to boost theirhusbands' pretenses.
发表于 2014-7-5 09:27:34 | 显示全部楼层
[speaker]
change mortage:regulator,let more people buy more house  in US
Fallie and Freddie banks issue: 1 should gov. continue control;2 should gov pay back money to investors

dismantle:废除,阻挠
1 to separate the parts of something such as a machine so that they no longer form a single unit
2  to end a political or economic system or get rid of an institution
derail 出轨
[time2]
the mortgage rate drop to a low record 4.12%
effect:
1 economy coming back; inflation
2 home sales climbed up, seize the chance
[time3]
SunTrust pay back 20milliion federal probe
1 support opinion: a sig victory for borrowers
2 disagree opinion:harm, deficincy
allegation:指控,指责。a statement that someone has done something wrong or illegal even though this has not been proved

foreclosure丧失抵押品赎回权,排斥
delinquent违法的,拖欠债务的
[time4]
1 Uk house lending market bigger, need to jeoparadize the recovery
measures 3: >4.5*income, then <15% new; banks assess rates*3 times by 3% increase
tame 驯服,制服;顺从的,平淡的
[time5]
2 expectation: even measures anounced, light expectation of gov; wider recovery and sharp fall of economists.
curtail:to reduce or limit something, especially something good

[time6]
opinion: buying house cheaper than rent
factors: not only home prices, but also location, time , other cost

[obstacle]
1 fact: China's marriage and high price property have a tight relationship.
2 explain: competition for brides, men improve position by property
3 contribution and share: joint registration of property= obstables; anyway, even divorced wife can have compensation for mortage, whether registered name in mortage or not.
macho 大男子气概的
machismo男子气概
发表于 2014-7-5 09:43:26 | 显示全部楼层
略过听力部分

2/ mortgage rate drop the the low of 4%. The last time the 30-year rates was lower in mortgage rate is in October 2013.
Housing market start to warm up.
Low rate means less monthly payment for the housing mortgage. House buyers are seizing the change to look for near-block house.
1’55

3/
ST has agree to pay 320B to the customers of HGMP.
Richmond, Virginia mortgage arm of ST misled customers and omit information, an action that delayed the whole process.
F Mae and F mac will receive 10B. agencies working on fraud and related matters will get 16B. some money will go to the conseling agencies.
3’04

4/
The property bubble may come. Large borrowers take up 80% of the house debt.
The challenge is to prevent the London house market from property bubbles without destroying the economy recovery.
3 measures are taken:
1.        Mortgage that is more than 4.5 times of the income must make up at most 15% of the whole debt.
2.        Mortgage that is more than above will not be guaranteed by the government.
3.        Bank assesses the repaying capability in case of rates rising.

5/
155 of the largest mortgage will start to bite.
The pound rose against dollar. The officials are not taking a tough stance.
But more measures may come. –HA
Decrease the government guarantee HTB on house mortgage.-economist
2’28

6/
Buying a house is cheaper than renting a house.
Except from house price, the location and time should be considered. –D, LA, ny
7 YEAA: buyers save 37% over renting. Last year, buying saves 44% more.
Transaction costs, offset by the later benefits, is also cheaper than the cost of renting.
1’48

OBSTACLE.
Marriage is bond up to marriage.
It is hard for a man to find a bride without a property in China
Even some naked married people start to regress.
Competition among man push the pressure on property market.
Man splash on property to show off and increase their status in a marriage.
The burden also extend from unmarried women to the married women. 70% women are also supporting their family.
30% women try to put their names on the certificate. But this action face social and bereau pressure since it blow up man’s pride. In China, the ownership of property is linked to the masculinity.
6’25
发表于 2014-7-5 12:46:45 | 显示全部楼层
为什么找不到呢啊。。
------------------
谢谢wnj!~~~

speaker:
the government bears a lot of responsibility of maintain a steady house market
the two company benefit and pay back more than they get from the government

time2:
the mortgage rate fell to near 4% which is beyond the expectation of some experts
low rates mean lower monthly payments for homebuyers

time3:
the two companies will receive an amount of money
a lot of money will go to law enforcement agencies working on mortgage fraud and related matters

time4:
in order to control the hot housing market of Britain, the government unveiled three measures aimed at curbing some of the excesses

time5:
some actions of central bank
it is expected that wider recovery and sharp fall i unemployment will force the central bank to increase rates

time6:
even though the house price rise, it is still cheaper to buy a house than renting one

time7:
house problem is a big problem in deciding the marriage in China
the house price is high in area where have more male
the new marriage lawsuit protect the right ownership of male who buy the house
发表于 2014-7-5 15:05:24 | 显示全部楼层
Time 2 2’10’’
It is shocked expert about the fallingmortgage rate, because they predicted that the rate will be rise once thefederal reserve began to cut back on its purchases of treasury bonds. Homebuyersare seizing their chance to lock in near-record low rates as fast as they can
Time 3 4’48’’
Suntrust mortgage to pay up to 320 millionto settle fed probe of loan modification program.
Time 4 1’45’’
Holding britain’s red hot housing market isdifficult for officials and government unveiled three measures aimed at curbingsome of the excesses.
Time 5 2’33’’
Interest rates were cut to a record low of0.5% in march 2009.
Time 6 1’02’’
Despite rising home prices and climbingmortgage rates, it’s still cheaper to buy a home than rent one in major citiesacross the country.
Obstacle 7’14’’
Author try to find out whether High houseprices hurt women more than men , especially in china.
发表于 2014-7-5 15:44:42 | 显示全部楼层
来坐坐~
Time 2:35’’ The mortgagerate slipped down to a rock-bottom record, puffing up more real-estate buyers.
Time 3:1’56’’ Sun Trustinstitution is about to pay the 32 trillion for the Fed Probe. Sun trust hasdone the right thing is handling the quests from customers. Settlementdocuments found delays in the documents help them solve the problem.
Time 4: 35’’In order toprevent the property bubble from further jeopardizing, government and financialinstitution have unveiled a serious of measures to address the problem.
Time 5: 1’34’’The programintroduced in 2013, which include more flexibility on loans and mortgages,helps tackling the real-estate bubble.
Time 6: 40’’ Generallyspeaking, buying homes in most of the areas is more favorable than renting.
Obstacle:3'30''
发表于 2014-7-5 21:49:28 | 显示全部楼层
wnj2611339 发表于 2014-7-5 21:47
蘑菇~找不到啥么哈?

不知道你有没有发现,你没有给帖子加分类。
因为我一般都是点小分队的分类贴然后找作业,但是今天我就是找了很久。。去到你的主页才找到。。
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