This report seeks to outline recent federal policy regarding home mortgage finance, specifically the Home Affordable Refinance Program (HARP), the main tool of the Making Home Affordable Program (MHA), which is aimed at helping the United States recover from the housing crisis it has been experiencing ever since the mid-late 2000s. A modern history of federal policy on home mortgage finance will help to set the stage for the reader for what has been one of the most difficult housing disasters that America has ever seen. After outlining HARP’s background, the background of the housing crisis, the roles of Government-sponsored entities, and the effectiveness of the most current federal responses to the crisis, this report will detail policy recommendations and changes to the current programs that may help to further alleviate the problems discussed in this report, and more effectively achieve the stated goals of the MHA and HARP. / text

本論文將針對不同證券化標的型態和考量房貸戶提前清償差異之情況下，來推導MBS的評價公式。其中可發現任何證券化標的型態的MBS評價過程都能從可調整利率住宅抵押貸款的角度來進行，因此建構出的一般化評價模型便可作為其他新奇房貸設計的參考依據。並且透過蒙地卡羅法來模擬可調整利率住宅抵押貸款的理論價值，同時採用反向變異法來達到加速模擬過程的目的，以便於更趨近於真正的理論價值。而且也針對建構模型中的各項參數、誘因函數參數以及其他影響MBS理論價值的因素進行敏感度分析。