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An Alt-A mortgage, short for Alternative A-paper, is a type of U.S. mortgage that, for various reasons, is considered riskier than A-paper, or "prime", and less risky than "subprime," the riskiest category. For these reasons, as well as in some cases their size, Alt-A loans are not eligible for purchase by Fannie Mae or Freddie Mac.〔Lemke, Lins and Picard, ''Mortgage-Backed Securities'', Chapter 3 (Thomson West, 2013 ed.).〕 Alt-A interest rates, which are determined by credit risk, therefore tend to be between those of prime and subprime home loans, although there is no single accepted definition of Alt-A.〔Lemke, Lins and Picard, ''Mortgage-Backed Securities'', Chapter 3 (Thomson West, 2013 ed.).〕 Typically Alt-A mortgages are characterized by borrowers with less than full documentation, lower credit scores, higher loan-to-values, and more investment properties.〔Fabozzi Fj. (2005). ''The handbook of mortgage-backed securities'', (pp. 207-57 ). McGraw-Hill Professional.〕 A-minus is related to Alt-A, with some lenders categorizing them the same, but A-minus is traditionally defined as mortgage borrowers with a FICO score of below 680 while Alt-A is traditionally defined as loans lacking full documentation.〔(Alt-A Mortgages ).〕 Alt-A mortgages may have excellent credit but may not meet underwriting criteria for other reasons.〔Fabozzi FJ. (1999). Fixed Income Securities, (p. 286 ).〕 During the past decade, a significant amount of Alt-A mortgages resulted from refinancings, rather than property purchases.〔Lemke, Lins and Picard, ''Mortgage-Backed Securities'', Chapter 3 (Thomson West, 2013 ed.).〕 Alt-A loans should be not be confused with alternative documentation loans, which are typically considered to have the same risk as full documentation loans despite the use of different documents to verify the relevant information.〔Investopedia. (Alternative Documentation ).〕 As with subprime mortgages, a greater portion of Alt-A mortgages tend to be originated by specialized lenders, rather than banks and thrifts.〔Lemke, Lins and Picard, ''Mortgage-Backed Securities'', Chapter 3 (Thomson West, 2013 ed.).〕 ==Characteristics of Alt-A== Within the U.S. mortgage industry, different mortgage products are generally defined by how they differ from the types of "conforming" or "agency" mortgages, ones guaranteed by the Government-Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. There are numerous factors that might cause a mortgage not to qualify under the GSEs' traditional lending guidelines even though the borrower's creditworthiness is generally strong. A few of the more important factors are: * Reduced borrower income and asset documentation (for example, "stated income", "stated assets", "no income verification") * Borrower debt-to-income ratios above what Fannie or Freddie will allow for the borrower credit, assets and type of property being financed * Credit history with too many problems to qualify for an "agency" loan, but not so many as to require a subprime loan (for example, low FICO score or serious delinquencies, but no recent charge-offs or bankruptcy) * Loan to value ratios (percentage of the property price being borrowed) above agency limits for the property, occupancy or borrower characteristics involved In this way, Alt-A loans are "alternatives" to the standard of conforming, GSE-backed mortgages. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Alt-A」の詳細全文を読む スポンサード リンク
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