Taxes, Points and Rationality in the Mortgage Market
研究抵押贷款市场中折扣点数存在的原因，发现税收而非风险或回报率是决定点数的关键因素，对理解贷款结构有重要意义。
This paper addresses the issue of why discount points exist in the mortgage market. In the process of resolving these questions, a number of insights into the mortgage market are achieved. An important principle is that changes in loan structure due to points, prepayments or other deviations in the typical mortgage have no impact on the competitive rate of return. Thus, the essential role of points is not to raise the effective rate of return nor are they the purchase price a risk‐averter desires for an option to prepay. Instead it is taxes that play the critical role.