????美國(guó)財(cái)政部周一宣布,，將在未來(lái)一年左右時(shí)間內(nèi)出售一大宗按揭擔(dān)保債券,，逐步結(jié)束危機(jī)時(shí)代出臺(tái)的一項(xiàng)住宅市場(chǎng)融資計(jì)劃。

????此舉出現(xiàn)于目前美國(guó)房?jī)r(jià)再度走低之時(shí)——但這并非是由于貸款價(jià)高,，事實(shí)上,，30年標(biāo)準(zhǔn)類按揭貸款（conforming mortgage）的利率近日約為5%。此舉事關(guān)美國(guó)政府對(duì)住宅市場(chǎng)的支持,，即便是那些本身成功的舉措,，也由于美聯(lián)儲(chǔ)(Fed)政策目標(biāo)不一致而使效果打了折扣，這一舉措就是如此 ,。

????“我們將繼續(xù)縮減2008-2009年出臺(tái)的,、旨在恢復(fù)市場(chǎng)穩(wěn)定的應(yīng)急方案，而出售相關(guān)證券符合這樣的目標(biāo),，”美國(guó)財(cái)政部負(fù)責(zé)金融市場(chǎng)的助理部長(zhǎng)瑪麗?米勒表示,，“我們將逐步而有序地退出此類投資，最大程度地收回納稅人的錢,，維護(hù)住房金融市場(chǎng)的修復(fù)過(guò)程,。”

????根據(jù)這一計(jì)劃,，美國(guó)財(cái)政部每月將出售100億美元的機(jī)構(gòu)按揭擔(dān)保證券,。這些證券由房利美（Fannie Mae）和房地美（Freddie Mac）發(fā)行，當(dāng)初募資是用于購(gòu)入按揭貸款,。

????美國(guó)政府根據(jù)《2008年住房和經(jīng)濟(jì)復(fù)蘇法案》（Housing and Economic Recovery Act of 2008），從2008年底到2009年全年購(gòu)入此類債券2,210億美元,。美國(guó)財(cái)政部是在政府接管房利美和房地美的當(dāng)天,，宣布計(jì)劃購(gòu)入這些債券的。

????“這個(gè)投資組合的主要目的將是促進(jìn)市場(chǎng)穩(wěn)定,，確保按揭貸款的供應(yīng),，和保護(hù)納稅人,。”美國(guó)財(cái)政部在當(dāng)日的一份聲明中稱,。

????美國(guó)財(cái)政部稱,，該投資組合現(xiàn)已縮減至1,420億美元。負(fù)責(zé)問(wèn)題資產(chǎn)救助計(jì)劃（Troubled Asset Relief Program,，TARP）的美國(guó)國(guó)會(huì)監(jiān)督小組（Congressional Oversight Panel）在上周發(fā)布的最終報(bào)告中指出,，截至上月末，美國(guó)財(cái)政部根據(jù)TARP計(jì)劃持有的證券已獲本金償付840億美元,，利息收入167億美元,。

????顯然，美國(guó)政府對(duì)住宅市場(chǎng)的支持將很難以財(cái)政部出售按揭債券畫(huà)上句號(hào),。美聯(lián)儲(chǔ)（Federal Reserve）目前仍持有1.14萬(wàn)億美元的機(jī)構(gòu)按揭債券,，而且美國(guó)財(cái)政部向房利美和房地美累計(jì)投入的資金已達(dá)1,500億美元，以消化泡沫時(shí)代的按揭擔(dān)保損失,。

????因此,，美國(guó)政府退出住宅市場(chǎng)還有很長(zhǎng)一段路要走。但令人欣喜的是我們看到美國(guó)財(cái)政部已挪動(dòng)腳步,，準(zhǔn)備退場(chǎng)了,。

????Treasury said Monday it will sell a big portfolio of mortgage-backed bonds over the next year or so, in a move to wind down a crisis-era program providing financing for residential housing.

????The move comes as house prices are once again headed lower -- though not because loans, recently around 5% for a 30-year conforming mortgage, are expensive. So it is with government support for housing: even programs that succeed on their own modest terms, as this one did, are tarred by the feds' failure to come up with a coherent policy objective.

????"We're continuing to wind down the emergency programs that were put in place in 2008 and 2009 to help restore market stability, and the sale of these securities is consistent with that effort," said Mary J. Miller, assistant secretary for financial markets. "We will exit this investment at a gradual and orderly pace to maximize the recovery of taxpayer dollars and help protect the process of repair of the housing finance market."

????Under the plan, Treasury will sell $10 billion a month of its stock of agency mortgage-backed securities. These are the bonds issued by Fannie Mae and Freddie Mac to raise funds for the companies' purchases of mortgages.

????The government bought $221 billion of these bonds starting in late 2008 and running through 2009, under the Housing and Economic Recovery Act of 2008. Treasury announced its plan to buy the bonds the day the government took over Fannie and Freddie.

????"The primary objectives of this portfolio will be to promote market stability, ensure mortgage availability, and protect the taxpayer," Treasury said in its statement that day.

????The portfolio is now down to $142 billion, Treasury said. The Congressional Oversight Panel that oversaw the Troubled Asset Relief Program said in its final report last week that as of last month, Treasury had received $84 billion in principal repayments and $16.7 billion in interest payments on the securities it holds as part of the program.

????Obviously, government support for the housing market will hardly end with Treasury's sale of the mortgage bonds. The Federal Reserve continues to hold $1.14 trillion of agency mortgage bonds, and Treasury has put $150 billion and counting into Fannie and Freddie, mostly to soak up losses on bubble-era mortgage guarantees.

????So the government is a long way from getting out of the housing business. But it is still good to see Treasury shuffling toward the exit.