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??'??ä???? MBS???? ???? ?? ????, ?? ????' 2?ܰ? ???? ????ij?÷? "?ǵ????? ???? ???ۿ?"???μ??? MBS ?Ը??? ???? Ŀ400???? ???? ?Ը? ???? ????"?????? ?ռ??? ?????۸?" ?????ӵ??????ص? ???? ?϶? ????????å??ǥ ???? ?? ????ȭ ???ݾ?[????????] ?̱? ?????غ?????(Fed??????)?? ???? ???? ?????? ?????? ???????㺸??????(MBS) ???Ժ??? ???̴? 2?ܰ? ?????۸?(?ڻ? ???? ????) ?????? ?????? ?????? Ȯ?εƴ?. ?????? ?????? ?????? ???? ?˱????? ?????? ?????۸??? ?????? ?? ?ƴϳĴ? ?????? ???´?.28??(???? ?ð?) ????Ʈ??Ʈ????(WSJ)?? ?????? ???? 15~16?? ???? ????????????????ȸ(FOMC)???? ??ä???? MBS ?????? ?? ???? Ȥ?? ?? ???? ???̴? 2?ܰ? ?????۸? ?????? ???õƴ?.???? ?????? ?Ŵ? 800?? ?޷? ?Ը??? ??ä, 400?? ?޷? ?????? MBS?? ?????̰? ?ִ?. ?ֱ? ?????? ?޵??ϸ鼭 ?????? MBS ?????? ???? ???? ?????? ???߱??? ???????? ?????Դ?. ?????? ?????? 3?? 5?? ???? ???????? ?????? MBS?? 9,820?? ?޷? ?Ը???. ?????? ???? ?ݸ? ?λ??? ?????۸? ???ɼ????? 10?? ???? ??ä?ݸ??? ???? ?? 1.5%?? ?ص??? ?ֱ? ?????????? ?????? ??? ?????? ?????۸? ?? MBS?? ?켱?????? ?δ? ?? ?ƴϳġ??? ???Ⱑ ?귯???Դµ?, ?̷? ?????? ???Ƿ? ??Ÿ?? ???̴?.?̴? ???? ???ο????? ???? ???? ?????? ?????? ?δ㽺?????ϰ? ?ִٴ? ???̴?. ?? ?ε????߰?????ȸ(NAR)?? ?????? ?????? ???? ???? ?Ÿ? ?Ǽ??? 580?? ??, ?????????? 35?? 300?޷?(?? 3?? 9,700?? ??)?? ???? ???? 23.6%?? ?????ߴ?. ?׵??? ???? ?Ŀ? ???? ?????? ?????? ??ȭ??å?? ???? ???? ???¿? ?Ϻ? ?????? ?شٴ? ???? ?????ϸ鼭?? ???? ?????? ?⺻?????? ???䡤?????? ???????? ???? ?׾??Դ?. 4?? FOMC ?? ????ȸ?߿????? ??MBS ?????? ???? ???忡 ???????? ?????? ?ֱ? ???? ???? ?ƴϴ١????? ?????⵵ ?ߴ?.?????? ??ȭ?? ??ȭ??å?? ?????????? ???? ?????? ???߱??ٴ? ?????? ????. ?????? ?????????? MBS ???? ???ҿ? ?????? ?δ? ?????? ?????? ?͵? ??å ?ǵ??ʹ? ?????? ???? ?????? ?ָ??߱? ?????̴?. ?ι?Ʈ ij?÷? ????????غ????? ???簡 ??(MBS ??????) ?ǵ????? ???? ?????? ???ۿ??? ???? ?ִ١??? ?߾??? ?͵? ???? ?ƶ??̴?.?ٸ? MBS?? ??ä ???? ?ӵ? ?????? ?????? ?δ? 2?ܰ? ?????۸??? ????ȭ?ϴ? ???? ?ɸ????? ???? ?ʴ?.?????? MBS?? ??ä ?????? ???????? ?????? ?????? ???? ???̶??? ?????? ???ɰ? ?ִµ? ???? ?????? ???? MBS ?????? ???? ?????ϸ? ?????? ??å ?????? ?????ϴ? ???? ?ȴ?.?????? ?????? ?ִ?. ???? ?Ŵ? 800?? ?޷??? ??ä?? 400?? ?޷??? MBS?? ???? ?ִ? ??Ȳ???? MBS?? ?? ???? ???̴? ?ٰſ? ???????? ?????? ???忡 ȿ???????? ?????ϱⰡ ???? ?ʴٴ? ???̴?. ?Ŀ? ?????? ?̷? ?????? 2013?⿡?? ???? ?????? ?ݴ??ߴ?.MBS ???? ???Ұ? ???? ???? ?϶????? ?̾??????? ????????. ?޸? ???ϸ? ???????ý??ڿ????غ????? ?????? ?? ???????? ???忬?? ???? ???? MBS ?????? ???ô㺸???? ???忡 ??ġ?? ?????? ?̹??ϴٴ? ?????̴?. 30?? ???? ???? ?ݸ? ???ô㺸?????? ???? ?ݸ??? ?ڷγ?19 ???? ?? 3.5%???? ???? 3.02% ???????? ũ?? ???????? ?ʾҴ?.?ι?Ʈ ij?÷? ??????? ?????? ???? ???? ?????? ???? ???? ???ǵ?ġ ???? ?????? ???ۿ????? ??Ÿ???? ???? ???? ?ִ?. ?? ?????? ȸ?ǿ??? ?????ߴ١??? WSJ?? ??????.