1、本科毕业论文（设计） 外 文 翻 译 原文 ： The Secondary Circuit of Capital Reconsidered: Globalization and the U.S.Real Estate Real estate is a unique commodity that is immoveable, relatively durable, costly, and that has its own market. Because commercial and residential real estate involves a relatively high-risk a
2、nd sometimes longterm investment, real estate itself is a commodity in tension that stands in sharp contrast to the market ideal of an immediate-turnaround, highreturn investment (Bartelt 1997, pp. 126, 128). Hommels (2000) andWeber (2002) note that real estate has an obdurate quality that resists f
3、requent modification and is therefore much more sensitive to devalorization than machinery and other forms of fixed capital. Unlike cash, which is liquid and homogeneous, real estate is illiquid and heterogeneous, involves high transaction costs upon sale, and lacks transparency. Several sources of
4、illiquidity define the real estate commodity. First, real estate possesses a variety of residential use values. Different kinds of actors within the real estate sectorreal estate agents, developers and builders, and owners and consumerscan use the same piece of land or house in a variety of ways dep
5、ending upon the social context. While some individuals are interested in rapid profit and turnover (e.g., speculators and builders) others can wait years before making a profit by investing in real estate and housing. In the real estate market ,multiple financial risks are associated with the buying
6、 and sellingof different types of real estate, including fluctuations in capital availability for financing, competition in the local real estate market, limited liability protection, and changing tax laws (for an overview, see Geltner,MacGregor, and Schwann 2003).Real estate is considered to be a s
7、uperior hedge against inflation, real estate assets are an investment opportunity for corporations to diversify out of stocks and bonds, and real estate assets provide greater tax benefits in comparison to other investments(Haila 1991, 1998； Downs 1986； Pyrke 1994； Coakley 1994). In the U.S. mortgag
8、e market and the global securities market shifts the locus of credit risk away from local lenders and provides a conduit for linking home buyers with global finance. Before the expansion of the secondary mortgage market, investment in home mortgages was low because of the lack of standardization and
9、 uniformity in underwriting, appraisal,and legal documentation for conventional mortgages. In 1984, Congress passed the Secondary Mortgage Market Enhancement Act (SMMEA) which removed statutory restrictions on investments in private MBSs by federal chartered depository institutions.Provide stability
10、 in the secondary mortgage market, increase the liquidity of mortgage investments, improve the spatial distribution of investment capital available for residential mortgage financing, and provide assistance to residential mortgages on housing for low- and moderate-income families. That enable econom
11、ic actors to leverage capital from other capital markets to finance housing in the United States. Both Fannie Mae and Freddie Mac have played a catalytic role in the growth of global financial markets and networks of housing finance. Since the 1960s, these two principle GSEs have been the main secon
12、dary market conduits providing funds for conventional mortgage lending in the United States. The purpose of the secondary mortgage market is to increase market liquidity and attract capital to finance housing. In the primary mortgage market, borrowers obtain loans from mortgage originators. In the s
13、econdary mortgage market, GSEs repackage mortgages as mortgage-backed or debt securities to sell to institutional investors. Both Fannie Mae and Freddie Mac buy home mortgages in bulk from the lending institutions that originate them. In turn, they sell bonds based on the value of the mortgages, att
14、racting capital from a variety of investors. Over the last two decades, securitization has extended to other domains thereby transforming the institutional structure through which funds flow to real estate. Securitization spread to collateral mortgage obligations(CMOs) in 1983, commercial mortgage d
15、ebt in 1984, and real estate mortgage investment conduits (REMICs) in 1987. In the 1990s, securitization expanded to include asset-backed securities (ABSs) such as car loans,student loans, credit card debt, equipment leasing, and manufactured housing. One of the most profound changes in the commerci
16、al real estate sector in the past two decades has been the expansion of the public debt segment, mainly in the form of CMBSs(commercial mortgage-backed securities). Commercial mortgage-backed securities are a form of debt security, what investors buy is a share in the value of the income flow due to
17、 the bank from the pooled set of commercial mortgages. In this process, the illiquid property is pooled with millions of others to become a mortgage bond,itself an abstract object but one that is capable of ready conversion into an understandable exchange value (Dinsmore 1998； Braithwaite and Drahos
18、 2000, pp. 14344, 154, 160, 17273). In 1991, the Resolution Trust Corporation (RTC) initiated its first residential securitization program to convert mortgage loans into securities. Over the next two years, the RTC established an infrastructure to securitize commercial mortgages. This infrastructure
19、 included the creation of a risk-rating system, and formal standards and uniform protocols for legal documentation, underwriting, and servicing requirements within the commercial real estate market. By the mid-1990s, institutional conditions were in place to enhance the liquidity of commercial mortg
20、ages thereby providing incentives to domestic and foreign investors to put capital into commercial real estate.The initial regulatory actions taken by the RTC shaped the development of the CMBS market because they produced a cultural template (Fligstein1996, p. 661) that affected investor understand
21、ings and perceptions of how the market works and how they should act to control investment.The agencys actions promoted a standardized framework for understanding commercial mortgages as units of a large class of comparable assets,and promulgated a formalized understanding and category system throug
22、h which commercial mortgages became more easily transparent,more homogeneous, and less idiosyncratic. In the commercial real estate market, no centrally planned and government-sponsored enterprise engineers the creation of liquidity. Over the last decade, the CMBS market has developed from a temporary
