[考研类试卷]考研英语(阅读)模拟试卷144及答案与解析.doc
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1、考研英语(阅读)模拟试卷 144 及答案与解析Part ADirections: Read the following four texts. Answer the questions below each text by choosing A, B, C or D. (40 points)0 The question of what to do about Fannie Mae and Freddie Macthe two government-created enterprises that have backed massive loans to the housing marketin
2、volves much more than finance or real estate. It marks the end of an era. The relentless promotion of homeownership as the embodiment of the American dream has outlived its usefulness.In some ways, owning a home contributes to neighborhood stability and encourages property improvement. Unfortunately
3、, we let a sensible goal become a foolish fetish. Not everyone can become a homeowner. Some are too young and footloose; some are too old and dependent; some are too poor or irresponsible. Even with these gaps, homeownership is virtually universal among the middle-aged middle class.Government subsid
4、izes homeownership in two ways: through tax and spending policies and through credit markets. Tax breaks for homeowners exceeded $120 billion in 2009. These benefits go heavily to higher-income borrowers, who are encouraged to buy bigger and more expensive homes that generate larger tax savings. Thi
5、s is both unfair and unnecessary. By contrast, government subsidies for lower-income renters are skimpier, totaling about 25 percent of the support for homeowners.The cheap credit subsidy operates mainly through Fannie Mae and Freddie Mac. These government-sponsored enterprises(GSEs)were economic mo
6、ngrels: profit-making companies that were given goals of expanding homeownership among poorer buyers. The GSEs could borrow at interest rates barely above the U. S. Treasurys, because investors regarded Fannie and Freddie bonds as backed by the government.It seemed a perfect marriage: The GSEs would
7、 earn profits and pass along the benefits of cheaper credit by financing or guaranteeing mortgage loans. Congress could promote homeownership outside budget constraints. But the marriage between private profit and public purpose failed. In September 2008, the Bush administration took over Fannie and
8、 Freddie, which faced huge losses from bad mortgages.In an ideal world, we would throw away failed policies. We would change or end the mortgage-interest tax cut. We would tighten the GSEs loans and guarantees. The trouble is that the ideal solution may be temporarily undesirable. The housing market
9、, as everyone knows, has collapsed.Ironically, the GSEs have become more important than ever. Private lenders, which once regarded a mortgage secured by a home as a highly safe investment, now see it as highly risky. Few new mortgages are made without government guarantees.This means that sudden wit
10、hdrawals of support might deepen housings depression. Some economists have made sensible proposals to scale back Fannie and Freddie. But done too quickly, they could backfire.The single-minded promotion of homeownership failed and, paradoxically, undermined the American dream. It contributed to the
11、housing “bubble“ and favors housing investment over new industries and technologies. But to end it, we need to make haste slowly.1 According to the first paragraph, Fannie Mae and Freddie Mac(A)are the government-sponsored real estate enterprises.(B) have lent huge loans to the housing market.(C) re
12、present the American dream.(D)mark the end of an era.2 The authors attitude towards promotion of homeownership is(A)positive.(B) objective.(C) negative.(D)sensitive.3 We can know from the two ways of government subsidizing homeownership that(A)tax breaks prefer higher-income borrowers to lower-incom
13、e renters.(B) the GSEs can make profits by selling properties to poorer buyers.(C) private profit and public purpose seemed a perfect marriage.(D)the GSEs would pass along all their profits to home buyers.4 The word “backfire“(Line 3, Para. 8)most probably means(A)to come to their senses.(B) to prod
14、uce helpful results.(C) to make little progress.(D)to get an outcome against the purpose.5 The failure of homeownership promotion resulted in(A)the American dream realistic.(B) housing “bubble“ broken.(C) more housing investment.(D)more new industries and technologies.5 Sales of existing homes rose
15、by the largest amount in more than five years in September. But analysts cautioned against reading too much into the gain, noting that it reflected conditions before the latest upheaval in financial markets increased the likelihood of a recession in the overall economy.The National Association of Re
16、altors reported that sales of existing homes rose by 5. 5 percent from August to September to a seasonally adjusted annual rate of 5.18 million unitsfar better than the flat results analysts had expected. On an unadjusted basis, sales were up 7. 8 percent from September last year.But even with the g
17、ain in sales, prices kept falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago. In Richmond, Va. , Jack Jebo sold his three-bedroom house last month for $267,000, after lowering his price $18,000. He carried two mortgages for two months before the house was sold
18、 in the Richmond area. “In retrospect,(the experience)probably wasnt too bad,“ said Jebo, 32, an attorney. “At the time, it probably felt pretty difficult because we didnt get an offer before we lowered the price. “But analysts said that the current financial crisis, which has contributed to the big
19、gest upheavals on Wall Street since the 1930s, was sending consumer confidence down, unemployment up and had greatly increased the prospects that the country was either in or about to enter a fullblown recession. All these factors were expected to add to the headwinds buffeting housing in the months
20、 ahead.“In October, mortgage applications sank to six-year lows,“ said Sal Guatieri, an economist at BMO Capital Markets. “This suggests house sales, like the rest of the economy, fell off a cliff because of the worsening credit crunch. “Many analysts are predicting that home pricesalready down 18 p
21、ercent nationally from their peak in mid-2006could decline another 10 percent, as a continued glut of foreclosed homes being dumped on the market depresses prices further.The National Association of Realtors estimated that 35 percent to 40 percent of sales currently are distressed saleseither forecl
22、osed homes or short sales in which the owner is selling the house for less than the value of the mortgage.Distressed sales are having a big impact in lowering prices in some formerly red-hot sales markets in such regions as the West, where sales prices fell in September by 18.5 percent from a year a
23、go.Lawrence Yun, chief economist for the Realtors, said there were some glimmers of hope that the bottom of the housing slump may be near. He said that a sales turnaround first seen in California was beginning to broaden to other regions of the country including Colorado, Kansas, Minnesota, Missouri
24、 and Rhode Island.6 Which of the following is true according to Paragraph 1?(A)Sales of existing homes rose by the most in the recent five years in September.(B) Analysts warn people against reading too much report about the increasing sale.(C) Increasing existing home sales reflect the past upheava
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