{"id":71006,"date":"2025-08-20T23:56:00","date_gmt":"2025-08-20T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=71006"},"modified":"2025-10-09T10:47:15","modified_gmt":"2025-10-09T02:47:15","slug":"%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/","title":{"rendered":"\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\uff08Fannie Mae\uff0cFreddie Mac\uff09\u5f88\u53ef\u80fd\u6703\u91cd\u65b0\u4e0a\u5e02"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E6%88%BF%E5%88%A9%E7%BE%8E%E5%92%8C%E6%88%BF%E5%9C%B0%E7%BE%8E%E7%9A%84%E5%8A%9F%E8%83%BD\" >\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\u7684\u529f\u80fd<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E8%A2%AB%E8%81%AF%E9%82%A6%E6%94%BF%E5%BA%9C%E6%8E%A5%E7%AE%A1\" >\u88ab\u806f\u90a6\u653f\u5e9c\u63a5\u7ba1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#2010%E5%B9%B4%E4%B8%8B%E5%B8%82\" >2010\u5e74\u4e0b\u5e02<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#2019%E5%B9%B4%E6%99%82%E6%9B%BE%E8%80%83%E6%85%AE%E8%84%AB%E9%9B%A2%E6%94%BF%E5%BA%9C%E6%8E%8C%E6%8E%A7\" >2019\u5e74\u6642\u66fe\u8003\u616e\u812b\u96e2\u653f\u5e9c\u638c\u63a7<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E7%BE%8E%E5%9C%8B%E6%94%BF%E5%BA%9C%E6%94%BF%E7%AD%96\" >\u7f8e\u570b\u653f\u5e9c\u653f\u7b56<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E6%94%BF%E7%AD%96%E6%98%8E%E9%A1%AF%E6%94%B9%E8%AE%8A\" >\u653f\u7b56\u660e\u986f\u6539\u8b8a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E7%BE%8E%E6%94%BF%E5%BA%9C%E6%9C%80%E6%96%B0%E7%99%BC%E8%A8%80\" >\u7f8e\u653f\u5e9c\u6700\u65b0\u767c\u8a00<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E9%87%8D%E6%96%B0%E4%B8%8A%E5%B8%82\" >\u91cd\u65b0\u4e0a\u5e02<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E4%B8%8A%E5%B8%82%E8%A6%8F%E6%A8%A1%E6%9C%89%E5%A4%9A%E5%A4%A7%EF%BC%9F\" >\u4e0a\u5e02\u898f\u6a21\u6709\u591a\u5927\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E9%9D%A2%E8%87%A8%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8C%91%E6%88%B0\" >\u9762\u81e8\u7684\u91cd\u5927\u6311\u6230<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E6%BD%9B%E5%9C%A8%E7%9A%84%E9%87%8D%E5%A4%A7%E9%A2%A8%E9%9A%AA\" >\u6f5b\u5728\u7684\u91cd\u5927\u98a8\u96aa<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E8%B3%87%E6%9C%AC%E5%B8%82%E5%A0%B4%E7%9A%84%E8%A1%A8%E7%8F%BE\" >\u8cc7\u672c\u5e02\u5834\u7684\u8868\u73fe<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E5%8F%B0%E7%81%A3%E8%A4%87%E5%A7%94%E8%A8%97%E7%84%A1%E6%B3%95%E8%B2%B7%E5%85%A5\" >\u53f0\u7063\u8907\u59d4\u8a17\u7121\u6cd5\u8cb7\u5165<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\" >\u76f8\u95dc\u6587\u7ae0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/#%E9%87%8D%E8%A6%81%E8%81%B2%E6%98%8E\" >\u91cd\u8981\u8072\u660e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%88%BF%E5%88%A9%E7%BE%8E%E5%92%8C%E6%88%BF%E5%9C%B0%E7%BE%8E%E7%9A%84%E5%8A%9F%E8%83%BD\"><\/span>\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\u7684\u529f\u80fd<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\uff08Fannie Mae\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aFNMA\uff09\u8207\u623f\u5730\u7f8e\uff08Freddie Mac\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aFMCC\uff09\u4e26\u4e0d\u627f\u4f5c\u623f\u8cb8\uff0c\u2f7d\u662f\u5411\u653e\u6b3e\u6a5f\u69cb\u8cb7\u5165\u50b5\u6b0a\uff0c\u518d\u628a\u50b5\u6b0a\u5305\u88dd\u6210\u50b5\u5238\u3002\u9019\u4e9b\u8b49\u5238\u6709\u62b5\u62bc\u54c1\u4f5c\u64d4\u4fdd\uff0c\u63d0\u4f9b\u50b5\u5238\u6301\u6709\u2f08\u4fdd\u969c\uff0c\u4ee5\u9632\u50b5\u52d9\u9055\u7d04\u98a8\u96aa\u3002\u9019\u904e\u7a0b\u63d0\u4f9b\u623f\u8cb8\u5e02\u5834\u6d41\u52d5\u6027\uff0c\u4f7f\u623f\u5e02\u71b1\u7d61\u3001\u501f\u8cb8\u5229\u7387\u7dad\u6301\u5728\u4f4e\u9ede\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%A2%AB%E8%81%AF%E9%82%A6%E6%94%BF%E5%BA%9C%E6%8E%A5%E7%AE%A1\"><\/span>\u88ab\u806f\u90a6\u653f\u5e9c\u63a5\u7ba1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.fhfa.gov\/conservatorship\/history\" target=\"_blank\" rel=\"noopener\">2008\u5e74\u7206\u767c\u2fa6\u878d\u5371\u6a5f\u5f8c\uff0c\u2fa6\u878d\u6d77\u562f\u64ca\u57ae\u7f8e\u570b\u623f\u5e02\uff0c\u5c0e\u81f4FHFA\u65bc\u7576\u5e749\u2f496\u2f47\u5ba3\u5e03\u63a5\u7ba1\u623f\u5229\u7f8e\uff08FannieMae\uff09\u8207\u623f\u5730\u7f8e\uff08FreddieMac\uff09<\/a>\uff0c\u7531\u7f8e\u570b\u8ca1\u653f\u90e8\u70ba\u5169\u5bb6\u516c\u53f8\u6ce8\u8cc71900\u5104\u7f8e\u5143\uff0c\u4f5c\u70ba\u56de\u5831\uff0c\u653f\u5e9c\u53ef\u7372\u5f97\u2fbc\u7d1a\u512a\u5148\u80a1\uff0c\u5e74\u5206\u7d0510%\uff0c\u2f83\u90a3\u6642\u8d77\uff0c\u300c\u5169\u623f\u300d\u5df2\u5728\u7f8e\u570b\u653f\u5e9c\u7ba1\u63a7\u4e0b\u904b\u4f5c\u3002<\/p>\n\n\n\n<p>\u95dc\u65bc2008\u5e74\u7206\u767c\u7684\u2fa6\u878d\u5371\u6a5f\uff0c\u8a73\u898b\u6211\u7684\u8cbc\u6587\u7684\u8a73\u7d30\u8aaa\u660e:<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/06\/22\/%e3%80%8a%e9%bb%91%e9%87%91%e9%a2%a8%e6%9a%b4inside-job%e3%80%8b\/\">\u300a<\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/14\/%e3%80%8a%e5%a4%a7%e5%88%b0%e4%b8%8d%e8%83%bd%e5%80%92%e3%80%8b\/\">\u300a\u5927\u5230\u4e0d\u80fd\u5012\uff08Too Big To Fall\uff09\u300b-2008\u5e74\u91d1\u878d\u98a8\u66b4\u6700\u4f73\u5165\u9580<\/a>\u300b<\/p>\n\n\n\n<p>\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\u662f\u2ea0\u71df\u623f\u8cb8\u6a5f\u69cb\uff0c\u4f46\u9019\u4e9b\u5e74\u4f86\u7531\u806f\u90a6\u4f4f\u5c4b\u878d\u8cc7\u5c40\uff08FHFA\uff09\u76e3\u7ba1\uff0c2012\u5e74\u4ee5\u964d\u7684\u76c8\u9918\uff08\u2f84\u4eca\u5e746\u2f49\u5e95\u7d2f\u8a08\u903e3,000\u5104\u7f8e\u5143\uff09\u5168\u4e0a\u7e73\u8ca1\u653f\u90e8\u3002\u8ca1\u653f\u90e8\u6301\u6709\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e80%\u7684\u666e\u901a\u80a1\u53ca\u512a\u5148\u80a1\uff0c\u4f46\u9019\u7a2e\u5b89\u6392\u8b93\u300c\u5169\u623f\u300d\u5206\u5225\u53ea\u64c1\u6709\u7d0430\u5104\u7f8e\u5143\u8cc7\u672c\uff0c\u4f7f\u7d0d\u7a05\u2f08\u4ecd\u66b4\u9732\u65bc\u672a\u4f86\u7d13\u56f0\u98a8\u96aa\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2010%E5%B9%B4%E4%B8%8B%E5%B8%82\"><\/span>2010\u5e74\u4e0b\u5e02<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u623f\u5229\u7f8e\uff08Fannie Mae\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aFNMA\uff09\u65bc2010\u5e746\u670816\u65e5\u5f9e\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u4e0b\u5e02\u3002 2008\u5e74\u91d1\u878d\u5371\u6a5f\u7206\u767c\u5f8c\uff0c\u623f\u5229\u7f8e\u80a1\u50f9\u9023\u7e8c30\u591a\u5929\u4f4e\u65bc1\u7f8e\u5143\u7684\u6700\u4f4e\u9650\u50f9\uff0c\u7f8e\u570b\u653f\u5e9c\u900f\u904e\u5176\u5728\u806f\u90a6\u4f4f\u623f\u91d1\u878d\u5c40\uff08FHFA\uff09\u7684\u76e3\u7ba1\uff0c\u6307\u793a\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u66ab\u505c\u5176\u4ea4\u6613\u3002\u4e0b\u5e02\u5f8c\uff0c\u623f\u5229\u7f8e\u7684\u666e\u901a\u80a1\u958b\u59cb\u4ee5\u80a1\u7968\u4ee3\u865fFNMA\u5728\u5834\u5916\u4ea4\u6613\u5e02\u5834\uff08OTC\uff09\u4ea4\u6613\u3002<\/p>\n\n\n\n<p>2010\u5e748\u67084\u65e5\uff0c\u623f\u5730\u7f8e\uff08Freddie Mac\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aFMCC\uff09\u5f9e\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u4e0b\u5e02\u3002\u6b64\u6b21\u9000\u5e02\u8207\u623f\u5229\u7f8e\u7684\u9000\u5e02\u8def\u5f91\u76f8\u540c\uff0d\u57282008\u5e74\u623f\u5730\u7522\u5371\u6a5f\u5f8c\uff0c\u5176\u80a1\u50f9\u9023\u7e8c30\u591a\u500b\u4ea4\u6613\u65e5\u4f4e\u65bc\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u62401\u7f8e\u5143\u7684\u6700\u4f4e\u9650\u50f9\u3002\u5f9e\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u4e0b\u5e02\u5f8c\uff0c\u623f\u5730\u7f8e\u7684\u80a1\u7968\u958b\u59cb\u5728\u5834\u5916\u4ea4\u6613\u5e02\u5834\uff08OTC\uff09\u4ea4\u6613\uff0c\u80a1\u7968\u4ee3\u865f\u70baFMCC\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2019%E5%B9%B4%E6%99%82%E6%9B%BE%E8%80%83%E6%85%AE%E8%84%AB%E9%9B%A2%E6%94%BF%E5%BA%9C%E6%8E%8C%E6%8E%A7\"><\/span>2019\u5e74\u6642\u66fe\u8003\u616e\u812b\u96e2\u653f\u5e9c\u638c\u63a7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>2019\u5e749\u6708\uff0c\u7f8e\u570b\u8ca1\u653f\u90e8\u516c\u5e03\u8a08\u756b\uff0c\u8b932008\u5e74\u2fa6\u878d\u6d77\u562f\u5f8c\u7531\u806f\u90a6\u653f\u5e9c\u63a5\u7ba1\u7684\u623f\u5229\u7f8e\uff08FannieMae\uff09\u8207\u623f\u5730\u7f8e\uff08FreddieMac\uff09\u812b\u96e2\u653f\u5e9c\u638c\u63a7\u3002\u7531\u65bc\u300c\u5169\u623f\u300d\u64d4\u4fdd\u5168\u7f8e\u903e\u4e94\u6210\u623f\u8cb8\uff0c\u6b64\u8209\u5c07\u958b\u555f\u623f\u5e02\u878d\u8cc7\u6539\u2fb0\u4e4b\u2fa8\u3002<\/p>\n\n\n\n<p>\u7f8e\u570b\u8ca1\u653f\u90e8\u63d0\u8b70\u6578\u2f17\u9805\u6539\u2fb0\u63aa\u65bd\uff0c\u2f6c\u6a19\u662f\u5f37\u5316\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\u62b5\u79a6\u623f\u5e02\u5371\u6a5f\u7684\u80fd\u2f12\u3001\u7e2e\u2f29\u5176\u5e02\u5360\u7387\uff0c\u4e26\u57285\u5146\u7f8e\u5143\u623f\u8cb8\u5e02\u5834\u6276\u690d\u65b0\u7af6\u722d\u8005\uff0c\u4ee5\u964d\u4f4e\u7cfb\u7d71\u6027\u98a8\u96aa\u3002\u65b0\u63d0\u6848\u6700\u2f24\u8b8a\u2fb0\u662f\u8b93\u300c\u5169\u623f\u300d\u4fdd\u6709\u66f4\u591a\u76c8\u9918\uff0c\u4ee5\u5099\u5c07\u4f86\u5438\u6536\u640d\u5931\u3002\u8ca1\u2ed1\u7c73\u52aa\u52e4\u7684\u69cb\u60f3\u662f\u8b93\u300c\u5169\u623f\u300d\u8f49\u589e\u8cc7\uff0c\u7531\u2ea0\u9593\u5148\u627f\u64d4\u640d\u5931\uff0c\u2f7d\u300c\u5169\u623f\u300d\u6301\u7e8c\u5b9a\u671f\u7e73\u8cbb\u7d66\u8ca1\u653f\u90e8\uff0c\u9019\u9ebc\u505a\u7121\u9808\u570b\u6703\u6279\u51c6\uff0c\u5be6\u73fe\u6a5f\u7387\u8f03\u2fbc\u3002<\/p>\n\n\n\n<p>\u5118\u7ba1\u6709\u300c\u89e3\u9664\u300d\u623f\u5730\u7f8e\u548c\u623f\u5229\u7f8e\u8a17\u7ba1\u7684\u653f\u6cbb\u8a0e\u8ad6\u548c\u63d0\u8b70\uff0c\u4f46\u4e00\u76f4\u672a\u51fa\u53f0\u4efb\u4f55\u7acb\u6cd5\u6216\u63a1\u53d6\u4efb\u4f55\u6b63\u5f0f\u884c\u52d5\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E5%9C%8B%E6%94%BF%E5%BA%9C%E6%94%BF%E7%AD%96\"><\/span>\u7f8e\u570b\u653f\u5e9c\u653f\u7b56<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%94%BF%E7%AD%96%E6%98%8E%E9%A1%AF%E6%94%B9%E8%AE%8A\"><\/span>\u653f\u7b56\u660e\u986f\u6539\u8b8a<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>2008\u5e74\u91d1\u878d\u5371\u6a5f\u7684\u4e3b\u89d2\u4e4b\u4e00\u623f\u8cb8\u96d9\u96c4\u623f\u5229\u7f8e\uff08Fannie Mae\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aFNMA\uff09\u548c\u623f\u5730\u7f8e\uff08Freddie Mac\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aFMCC\uff09\uff0c\u7f8e\u570b\u653f\u5e9c\u5df2\u6c7a\u5b9a\u8b93\u4ed6\u5011\u5728\u4eca\u5e74\u7a0d\u5f8c\u4e0a\u5e02\u3002<\/p>\n\n\n\n<p>\u5b98\u54e1\u900f\u9732\uff0c\u7f8e\u570b\u653f\u5e9c\u6e96\u5099\u51fa\u552e5%\u523015%\u6301\u80a1\uff0c\u9810\u671f\u7c4c\u8cc7300\u5104\u7f8e\u5143\uff0c\u5169\u5bb6\u516c\u53f8\u5408\u8a08\u4f30\u503c\u90545,000\u5104\u7f8e\u5143\u4ee5\u4e0a\u3002<\/p>\n\n\n\n<p>\u5169\u5bb6\u516c\u53f8\u5728\u5834\u5916\u4ea4\u6613\u7684\u80a1\u50f98\u65e5\u805e\u8a0a\u4e00\u5ea6\u98c6\u6f3222%\u3002\u64da\u5831\u5c0e\uff0c\u8fd1\u5e7e\u5468\u6469\u6839\u5927\u901a\u3001\u82b1\u65d7\u3001\u7f8e\u9280\u57f7\u884c\u9577\u8207\u5ddd\u666e\u8a0e\u8ad6\u4e8c\u623f\u7684\u53ef\u80fd\u8655\u7406\u65b9\u6848\u3002\u5ddd\u666e\u66fe\u8aaa\uff0c\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\u82e5\u4e0a\u5e02\uff0c\u653f\u5e9c\u7684\u64d4\u4fdd\u4ecd\u5c07\u6301\u7e8c\uff0c\u4f46\u767d\u5bae\u5b98\u54e1\u672a\u8a73\u8ff0\u5c07\u5982\u4f55\u5efa\u69cb\u3002\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\u57282008\u5e74\u91d1\u878d\u5371\u6a5f\u5f8c\u7531\u653f\u5e9c\u51fa\u8cc7\u8a17\u7ba1\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E6%94%BF%E5%BA%9C%E6%9C%80%E6%96%B0%E7%99%BC%E8%A8%80\"><\/span>\u7f8e\u653f\u5e9c\u6700\u65b0\u767c\u8a00<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300c\u5728\u5982\u4f55\u63a8\u9032\u7684\u554f\u984c\u4e0a\uff0c\u6211\u5011\u6b63\u5728\u7814\u7a76\u6240\u6709\u9078\u9805\uff0c\u300d8\u670814\u65e5\uff0c\u7f8e\u570b\u8ca1\u653f\u90e8\u9577\u65af\u79d1\u7279\u00b7\u8c9d\u68ee\u7279\u5728\u798f\u514b\u65af\u5546\u696d\u8868\u793a\u3002<\/p>\n\n\n\n<p>\u300c\u7e3d\u7d71\u5c0d\u6b64\u975e\u5e38\u6295\u5165\uff0c\u300d\u8c9d\u68ee\u7279\u5728\u56de\u7b54\u6709\u95dc\u653f\u5e9c\u8003\u616e\u5c07\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\u4e0a\u5e02\u7684\u554f\u984c\u6642\u4f5c\u51fa\u4e0a\u8ff0\u8868\u793a\u3002<\/p>\n\n\n\n<p>\u4ed6\u88dc\u5145\u9053\uff0c\u767d\u5bae\u5e0c\u671b\u5be6\u73fe\u7d0d\u7a05\u4eba\u50f9\u503c\u6700\u5927\u5316\uff0c\u540c\u6642\u4fdd\u6301\u62b5\u62bc\u8cb8\u6b3e\u5229\u7387\u548c\u570b\u50b5\u5229\u7387\u4e4b\u9593\u7684\u5229\u5dee\u5e73\u7a69\uff0c\u751a\u81f3\u964d\u4f4e\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%87%8D%E6%96%B0%E4%B8%8A%E5%B8%82\"><\/span>\u91cd\u65b0\u4e0a\u5e02<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%8A%E5%B8%82%E8%A6%8F%E6%A8%A1%E6%9C%89%E5%A4%9A%E5%A4%A7%EF%BC%9F\"><\/span>\u4e0a\u5e02\u898f\u6a21\u6709\u591a\u5927\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u9019\u9805\u6f5b\u5728\u898f\u6a21\u9054\u6578\u5343\u5104\u7f8e\u5143\u7684\u4ea4\u6613\u6709\u671b\u6210\u70ba\u53f2\u4e0a\u6700\u5927 IPO\u4e4b\u4e00\u3002\u4f46\u5206\u6790\u5e2b\u8cea\u7591\uff0c\u5982\u6b64\u898f\u6a21\u9f90\u5927\u4e14\u8907\u96dc\u7684\u80a1\u7968\u767c\u884c\uff0c\u80fd\u5426\u5728 2025 \u5e74\u5e95\u524d\u5b8c\u6210\u3002\u82e5\u8981\u9054\u6210\u6b64\u6642\u7a0b\uff0c\u5ddd\u666e\u653f\u5e9c\u5fc5\u9808\u300c\u975e\u5e38\u8fc5\u901f\u5730\u901a\u904e\u4e00\u4e9b\u975e\u5e38\u68d8\u624b\u548c\u5be6\u8cea\u6027\u7684\u653f\u7b56\u8a0e\u8ad6\u300d\u3002\u5169\u5bb6\u623f\u8cb8\u5de8\u982d\u80fd\u5426\u627f\u8afe\u4e00\u5b9a\u7a0b\u5ea6\u7684\u80a1\u6771\u6b0a\u5229\u548c\u76f8\u5c0d\u7a69\u5b9a\u7684\u5229\u6f64\u6c34\u5e73\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%9D%A2%E8%87%A8%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8C%91%E6%88%B0\"><\/span>\u9762\u81e8\u7684\u91cd\u5927\u6311\u6230<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u9996\u5148\uff0c\u8ca1\u653f\u90e8\u76ee\u524d\u6301\u6709\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\u50f9\u503c\u8d85\u904e 3400 \u5104\u7f8e\u5143\u7684\u512a\u5148\u80a1\u3002\u8ca1\u653f\u90e8\u5fc5\u9808\u300c\u89e3\u6563\u6216\u5c07\u5176\u80a1\u4efd\u8f49\u63db\u70ba\u666e\u901a\u80a1\u300d\uff0c\u800c\u9019\u5169\u7a2e\u9078\u64c7\u90fd\u53ef\u80fd\u5c0e\u81f4\u7d0d\u7a05\u4eba\u6216\u73fe\u6709\u80a1\u6771\u63d0\u8d77\u6f5b\u5728\u8a34\u8a1f\uff0c\u4f7f\u5f97 IPO\u300c\u53ef\u80fd\u662f\u4e00\u500b\u975e\u5e38\u6df7\u4e82\u7684\u958b\u59cb\u300d\u3002<\/p>\n\n\n\n<p>\u5176\u6b21\uff0c\u5169\u5bb6\u623f\u8cb8\u5de8\u982d\u9762\u81e8\u9ad8\u9054 1810 \u5104\u7f8e\u5143\u7684\u300c\u8667\u640d\u5438\u6536\u8cc7\u672c\u300d\u7f3a\u53e3\u3002\u88dc\u8db3\u9019\u9805\u8cc7\u672c\u4e0d\u50c5\u9700\u8981\u8fd1\u5341\u5e74\u6642\u9593\uff0c\u9084\u6703\u300c\u5927\u5e45\u62c9\u4f4e\u6bcf\u5bb6\u5de8\u982d\u7684\u80a1\u672c\u56de\u5831\u7387\uff0c\u4ee5\u81f3\u65bc\u6c92\u6709\u4eba\u6703\u8cfc\u8cb7\u80a1\u7968\u300d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%BD%9B%E5%9C%A8%E7%9A%84%E9%87%8D%E5%A4%A7%E9%A2%A8%E9%9A%AA\"><\/span>\u6f5b\u5728\u7684\u91cd\u5927\u98a8\u96aa<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5982\u679c\u653f\u5e9c\u904e\u65bc\u8fce\u5408\u6295\u8cc7\u8005\uff0c\u4e00\u5fc3\u60f3\u8b93\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\u5c0d\u5176\u66f4\u5177\u5438\u5f15\u529b\uff0c\u5247\u300c\u5c0d\u4f4f\u623f\u7cfb\u7d71\u548c\u623f\u5c4b\u6240\u6709\u6b0a\u666e\u904d\u5b58\u5728\u5404\u7a2e\u98a8\u96aa\u300d\u3002\u5ddd\u666e\u653f\u5e9c\u8fc4\u4eca\u5c1a\u672a\u95e1\u660e\u5982\u4f55\u78ba\u4fdd\u5927\u773e\u666e\u904d\u8a8d\u70ba\u653f\u5e9c\u5728\u5371\u6a5f\u6642\u5c07\u7e7c\u7e8c\u70ba\u9019\u4e9b\u516c\u53f8\u63d0\u4f9b\u652f\u6301\u3002\u9019\u7a2e\u653f\u5e9c\u64d4\u4fdd\u5c0d\u7dad\u6301\u8f03\u4f4e\u7684\u62b5\u62bc\u8cb8\u6b3e\u5229\u7387\u81f3\u95dc\u91cd\u8981\u3002<\/p>\n\n\n\n<p>\u82e5\u623f\u5229\u7f8e\u3001\u623f\u5730\u7f8e\u8207\u653f\u5e9c\u4e4b\u9593\u7684\u5730\u4f4d\u6709\u4efb\u4f55\u6539\u8b8a\u800c\u67d0\u4e9b\u554f\u984c\u672a\u89e3\u6c7a\uff0c\u300c\u8a31\u591a\u7f8e\u570b\u4eba\u53ef\u80fd\u6703\u5728\u4e0d\u77e5\u4e0d\u89ba\u4e2d\u9762\u81e8\u66f4\u9ad8\u7684\u62b5\u62bc\u8cb8\u6b3e\u5229\u7387\u300d\u3002\u8981\u6210\u529f\u63a8\u52d5\u6b64\u6848\uff0c\u9084\u9700\u5c0d\u6240\u6709\u4f4f\u623f\u76f8\u95dc\u65b9\uff0c\u5305\u62ec\u623f\u5730\u7522\u7d93\u7d00\u4eba\u3001\u623f\u5c4b\u5efa\u7bc9\u5546\u3001\u8cb8\u6b3e\u6a5f\u69cb\u548c\u9280\u884c\u7b49\uff0c\u9032\u884c\u4e00\u9805\u300c\u5927\u898f\u6a21\u7684\u6e9d\u901a\u4efb\u52d9\u300d\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E5%B8%82%E5%A0%B4%E7%9A%84%E8%A1%A8%E7%8F%BE\"><\/span>\u8cc7\u672c\u5e02\u5834\u7684\u8868\u73fe<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u623f\u5229\u7f8e2025\u5e74\u4ee5\u4f86\u4e0a\u6f32770%\uff0c\u623f\u5730\u7f8e2025\u5e74\u4ee5\u4f86\u4e0a\u6f32632%\u3002\u6f32\u52e2\u975e\u5e38\u9a5a\u4eba\uff01<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8F%B0%E7%81%A3%E8%A4%87%E5%A7%94%E8%A8%97%E7%84%A1%E6%B3%95%E8%B2%B7%E5%85%A5\"><\/span>\u53f0\u7063\u8907\u59d4\u8a17\u7121\u6cd5\u8cb7\u5165<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u56e0\u70ba\u623f\u8cb8\u96d9\u96c4\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e2008\u5e74\u91d1\u878d\u5371\u6a5f\u5f8c\u5728\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u4e0b\u5e02\uff0c\u76ee\u524d\u53ea\u80fd\u5728\u5834\u5916\u900f\u904e\u6ac3\u6aaf\u8cb7\u8ce3\uff08OTC\uff09\u7684\u65b9\u5f0f\u4f86\u4ea4\u6613\u3002<\/p>\n\n\n\n<p>\u7279\u5225\u63d0\u9192\u53f0\u7063\u4f7f\u7528\u8907\u59d4\u8a17\u7f8e\u80a1\u6295\u8cc7\u7684\u6295\u8cc7\u4eba\uff0c\u7d55\u5927\u90e8\u4efd\u7684\u53f0\u7063\u8907\u59d4\u8a17\u5ee0\u5546\u7981\u6b62\u6295\u8cc7\u4eba\u8cb7\u5165\u975e\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u6216\u90a3\u65af\u9054\u514b\u4e0a\u5e02\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n<p>\u9019\u662f\u8907\u59d4\u8a17\u7684\u8a31\u591a\u9650\u5236\u4e2d\u6700\u91cd\u8981\u7684\u5176\u4e2d\u4e00\u9805\uff0c\u4f46\u53ef\u4ee5\u6539\u7528\u60a8\u7684\u7f8e\u570b\u5238\u5546\u7684\u6236\u982d\u5c31\u6c92\u6709\u9019\u500b\u9650\u5236\u4e86\u3002\u95dc\u65bc\u8907\u59d4\u8a17\uff0c\u8a73\u898b\u6211\u7684\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/08\/%e5%a6%82%e4%bd%95%e6%8a%95%e8%b3%87%e7%be%8e%e8%82%a1%e8%a4%87%e5%a7%94%e8%a8%97%e7%b6%b2%e8%b7%af%e5%88%b8%e5%95%86%e5%92%8c%e9%87%91%e8%9e%8d%e7%a7%91%e6%8a%80%e5%95%86\/\">\u5982\u4f55\u6295\u8cc7\u7f8e\u80a1\uff1f\u8907\u59d4\u8a17\uff0c\u7db2\u8def\u5238\u5546\uff0c\u548c\u91d1\u878d\u79d1\u6280\u5546<\/a>\u300b<\/p>\n\n\n\n<p>\u7c21\u8a00\u4e4b\uff0c\u53f0\u7063\u8907\u59d4\u8a17\u6295\u8cc7\u73fe\u5728\u88ab\u7981\u6b62\u8cb7\u5165\u9019\u5169\u5bb6\u516c\u53f8\u7684\u80a1\u7968\uff0c\u9664\u975e\u4ed6\u5011\u91cd\u65b0\u5728\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u6216\u90a3\u65af\u9054\u514b\u4e0a\u5e02\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"135\" height=\"90\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2025\/08\/Fannie-Mae_Freddie-Mac-Custom.jpg\" alt=\"\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\" class=\"wp-image-71138\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\"><\/span>\u76f8\u95dc\u6587\u7ae0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/10\/06\/%e7%be%8e%e5%9c%8b%e6%94%bf%e5%ba%9c%e5%85%a5%e8%82%a1%e7%9a%84%e4%bc%81%e6%a5%ad%e8%82%a1%e5%83%b9%e8%a1%a8%e7%8f%be%e5%a6%82%e4%bd%95%ef%bc%9f\/\">\u7f8e\u570b\u653f\u5e9c\u5165\u80a1\u7684\u4f01\u696d\uff0c\u80a1\u50f9\u8868\u73fe\u5982\u4f55\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/20\/%e6%88%bf%e5%88%a9%e7%be%8e%e5%92%8c%e6%88%bf%e5%9c%b0%e7%be%8e%e6%b1%ba%e5%ae%9a%e9%87%8d%e6%96%b0%e4%b8%8a%e5%b8%82\/\">\u623f\u5229\u7f8e\u548c\u623f\u5730\u7f8e\uff08Fannie Mae\uff0cFreddie Mac\uff09\u5f88\u53ef\u80fd\u6703\u91cd\u65b0\u4e0a\u5e02<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/\">\u5927\u8ce3\u7a7a\uff08The Big Short\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/14\/%e3%80%8a%e5%a4%a7%e5%88%b0%e4%b8%8d%e8%83%bd%e5%80%92%e3%80%8b\/\">\u300a\u5927\u5230\u4e0d\u80fd\u5012\uff08Too Big To Fall\uff09\u300b-2008\u5e74\u91d1\u878d\u98a8\u66b4\u6700\u4f73\u5165\u9580<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/06\/22\/%e3%80%8a%e9%bb%91%e9%87%91%e9%a2%a8%e6%9a%b4inside-job%e3%80%8b\/\">\u300a\u9ed1\u91d1\u98a8\u66b4(Inside Job)\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/10\/08\/%e6%8a%95%e8%b3%87%e9%8a%80%e8%a1%8c%e4%b9%8b%e7%8e%8b%e6%91%a9%e6%a0%b9%e5%a3%ab%e4%b8%b9%e5%88%a9\/\">\u6295\u8cc7\u9280\u884c\u4e4b\u738b\u6469\u6839\u58eb\u4e39\u5229\uff08Morgan Stanley\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/07\/12\/%E5%85%A8%E7%90%83%E6%9C%80%E5%A4%A7%E9%8A%80%E8%A1%8C%E6%91%A9%E6%A0%B9%E5%A4%A7%E9%80%9A\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5168\u7403\u6700\u5927\u9280\u884c\u6469\u6839\u5927\u901a\uff08JPMorgan Chase\uff09\u662f\u5982\u4f55\u8cfa\u9322\u7684\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/18\/%E5%A4%A7%E5%88%B0%E4%B8%8D%E8%83%BD%E5%80%92%E7%9A%84%E7%BE%8E%E5%9C%8B%E9%8A%80%E8%A1%8C\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5927\u5230\u4e0d\u80fd\u5012\u7684\u7f8e\u570b\u9280\u884c\uff08Bank of America\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/07\/27\/%E7%9B%B8%E4%BF%A1%E6%88%90%E5%8A%9F%E6%8A%95%E8%B3%87%E4%BA%BA%E6%98%AF%E5%80%96%E5%AD%98%E8%80%85%E5%81%8F%E8%AA%A4%E7%9A%84%E4%BA%BA%E4%B8%8D%E5%8F%AF%E8%83%BD%E6%88%90%E5%8A%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/06\/17\/%E6%9B%BE%E7%B6%93%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%92%8C%E8%92%99%E6%A0%BC%E9%83%BD%E8%AE%9A%E8%AD%BD%E6%9C%89%E4%BD%B3%E7%9A%84%E9%87%8D%E8%A6%81%E6%8C%81%E8%82%A1%E5%AF%8C%E5%9C%8B%E9%8A%80%E8%A1%8C\/\">\u5bcc\u570b\u9280\u884c\u5982\u4f55\u8cfa\u9322\uff1f\u66fe\u7d93\u5df4\u83f2\u7279\u548c\u8499\u683c\u90fd\u8b9a\u8b7d\u6709\u52a0\u7684\u91cd\u8981\u6301\u80a1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/04\/30\/%E4%BB%80%E9%BA%BC%E5%9B%A0%E7%B4%A0%E9%80%A0%E6%88%90%E8%8A%B1%E6%97%97%E6%94%BE%E6%A3%8413%E5%9C%8B%E7%9A%84%E9%9B%B6%E5%94%AE%E9%8A%80%E8%A1%8C%E6%A5%AD%E5%8B%99\/\">\u4ec0\u9ebc\u56e0\u7d20\u9020\u6210\u82b1\u65d7\uff08Citigroup\uff09\u653e\u68c413\u570b\u7684\u96f6\u552e\u9280\u884c\u696d\u52d9<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/09\/%E8%8A%B1%E6%97%97%E9%9B%86%E5%9C%98\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8d70\u4e0b\u5761\u4f01\u696d\u7684\u4ee3\u8868\u82b1\u65d7\u96c6\u5718\uff08Citigroup\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/08\/%e5%a6%82%e4%bd%95%e6%8a%95%e8%b3%87%e7%be%8e%e8%82%a1%e8%a4%87%e5%a7%94%e8%a8%97%e7%b6%b2%e8%b7%af%e5%88%b8%e5%95%86%e5%92%8c%e9%87%91%e8%9e%8d%e7%a7%91%e6%8a%80%e5%95%86\/\">\u5982\u4f55\u6295\u8cc7\u7f8e\u80a1\uff1f\u8907\u59d4\u8a17\uff0c\u7db2\u8def\u5238\u5546\uff0c\u548c\u91d1\u878d\u79d1\u6280\u5546<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%87%8D%E8%A6%81%E8%81%B2%E6%98%8E\"><\/span><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul 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