CDOs (Chikoro Chekubhadhara Chikwereti)

Pros, Cons uye Zvavakakonzera Mari Crisis

CDOs, kana kuti zvikwereti zvikwereti zvinotarisirwa, zvikwereti zvemari zvinoshandiswa nemabhanki kudzosera zvikwereti kune imwe chigadzirwa chakatengeswa kune vatengesi pamusika wechipiri. Aya mapurati ane bhajiro yemotokari, kadhi rechikwereti chikwereti , mortgages kana chikwereti chekambani. Izvo zvinonzi kudonhedzwa nokuti zvipikirwa zvakavimbiswa zvezvikwereti ndizvo zvakabatanidzwa zvinopa CDOs kukosha kwavo.

CDOs rudzi rwemhando yakasiyana.

Sezvo zita rayo rinoreva, chibereko chinhu chero chipi zvacho chemari chinowana kukosha kwayo kubva kune imwe nzvimbo yepasi. Derivatives, zvakadai sokuisa sarudzo , kushevedza kushanyira , uye ramangwana zvibvumirano , zvave zvichishandiswa kwenguva refu mumatengesi emitengo uye zvezvinhu .

CDOs inonzi mapepa ekutengeserana e-aseset kana bhokisi iri rine chikwereti chekambani. Mabhangi anovadana kuti vanobhadhara mari-inotsigirwa kuchengetedzwa kana zvikwereti zvikwereti. Kana zvikwereti zvigadzirwa kune avo vane mari shoma pasi pekwereti, vanonzi subprime mortgages .

Mabhangi akatengesa maCDC kune varairi vezvikonzero zvitatu:

1. Mari yavakagamuchira yakavapa mari yakawanda kuti vaite zvikwereti zvitsva.
2. Icho chakaita kuti chikwereti chekwereti chive chinokanganisa kubva kubhangi kune varairidzi.
3. CDO dzakapa mabhizimisi matsva uye zvinowedzera kubhadhara kutengesa. Izvo zvakasimbisa kugoverana kwemitengo uye mabhenji 'mabhonasi.

Kubatsirwa

Pakutanga, maCDO aive akagamuchira mari mune zvitsva. Vakapa huwandu hwakawanda mune zvehupfumi. CDO dzakabvumira mabhenji nemakambani kutengesa chikwereti chavo.

Izvo zvakasunungurwa mari yakawanda kudyara kana kukwereta. Kupararira kweCDOs ndechimwe chikonzero nei hupfumi hweUnited States hwaive hwakasimba kusvika muna 2007 .

Kugadzirwa kweCDOs kwakabatsirawo kusika mabasa matsva . Kusiyana neimba yekutengesa imba, CDO haisi chinhu chaunogona kubata kana kuona kuti uwane kukosha kwayo. Pane kudaro, muenzaniso wekombiyuta unouita.

Zviuru zvekoroji uye yepamusoro-giredhi vakapedza basa kumabhanki eWall Street se "majojo akawanda." Basa ravo raiva rokunyora mapurogiramu epakombiyuta aizotarisa kukosha kwechikwama chezvikwereti zvakaumba CDO.Zviuru zvevatengesi zvakashandiswawo kutsvaga vatengesi vezvinhu izvi zvitsva.

Sekukwikwidzana kweMDC uye itsva dzakagadziridzwa dzakakura, idzi dzakawanda dzakagadzira yakawanda yakaoma makombiyuta. Vakaputsa zvikwereti pasi mu " saga ," izvo zvinongova zvipfeko zvezvikwereti zvinokonzerwa nezvikwereti zvakafanana.

Heino nzira iyo inoshanda. Zvigadziriswa-chireji chechigodhi chinopiwa "teaser" pasi-chibereko chekuda kwemakore matatu kusvika mashanu. Nhamba dzakakwirira dzakakanganiswa mushure mezvo. Vanokwereta vakatora zvikwereti, vachiziva kuti vaigona chete kubhadhara mari shoma. Vaitarisira kuti vatengese imba vasati vasvika pamatunhu akakwirira.

Iyo yakawanda yakaita kuti CDO zvigadzirire kushandisa zvisizvo izvi zvakasiyana. Chimwe chengeturu chaibata chete chechidiki-chikamu chikamu chezvikwereti. Imwe saga yakapiwa chikamu icho chete nematunhu akakwirira. Nenzira iyo, vatengesi vanochengetedza mari vanogona kutora pangozi yakaderera, pasi-interest interest, apo varimi vane utsinye vanogona kutora dambudziko repamusoro-soro, rakanyanya-interest tranche. Zvose zvakafamba zvakanaka sezvo nguva dzese dzimba uye hupfumi hwakaramba huchikura.

Kukanganisika

Zvinosuruvarisa, mari yakawedzerwa yakagadziridza yakagadzirisa kubhadharira muimba, makadhi emakadhi, uye auto chikwereti. Mitengo yeimba yepamusoro yakasvibiswa kupfuura iyo yakakosha. Vanhu vakatenga misha kuitira kuti vagozvitengesa. Kuwanikwa nyore nyore kwechikwereti kunoreva vanhu vakashandisa makadhi avo emakadhi. Izvo zvakaita kuti chikwereti chekwereti chikwereti chikwereti madhora 1 triliyoni muna 2008 .

Mabhanga akatengesa maCDO haana kushungurudzika pamusoro pevanhu vasina kutora chikwereti. Vakanga vatengesa zvikwereti kune vamwe vatengesi, avo vanga vaine yavo. Izvozvo zvakaita kuti vasanyanya kurangwa mukuteerera kune zvikwereti zvakakwana. Mabhangi akaita zvikwereti kune vakwereta avo vakanga vasina chikwereti-vakakodzera . Izvozvo zvakavimbisa njodzi.

Chimwe chakaita kuti zvinhu zviwedzere kuipa ndechokuti CDOs yakava yakaoma zvikuru . Vatengi vakanga vasingazivi kukosha kwezvavakatenga. Vaivimba nekutenda kwavo kwebhangi kutengesa CDO.

Havana kuita zvakakwana kutsvakurudza kuti vave nechokwadi chokuti papoti yakakosha mutengo. Tsvakurudzo ingadai isina kuita zvakanaka zvikuru nokuti kunyange mabhange akanga asingazivi. Iko yekombiyuta inotarisana neCDOs 'kukoshesa kwekufungidzira kuti dzimba dzeimba dzicharamba dzichikwira. Kana vakawira, makombiyuta haana kukwanisa kutenga mutengo wacho.

Kuti CDO yakakonzera sei Financial Crisis

Uku kuenzana uye kuoma kweCDOs kwakagadzira maranho muna 2007. Mabhenji akaziva kuti aisagona kutenga mutengo kana zvinhu zvavakanga vachiri kubata. Usiku humwe, mushamba weCDO wakanyangarika. Mabhangi akaramba kukweretesa mumwe nemumwe mari nokuti vakanga vasingadi mamwe maCDO pabhadharo yavo mukudzoka. Yakanga yakafanana nemitambo yemari yemitambo yemimhanzi apo mimhanzi yakamira. Iko kunetseka kwakakonzera kukanganisa kwebhangi muna 2007 .

MaCDO okutanga kuenda kumaodzanyemba ndiwo mabhengi ekuchengetedza mari . Apo matengo eimba akatanga kumira muna 2006, zvikwereti zvemisha zvakatengwa muna 2005 zvakakurumidza kupera-pasi. Izvo zvakasimbisa subprime mortgage crisis . Hondo yeFederal yakavimbisa vashandi kuti yakange yakachengetedzwa kune dzimba. Ichokwadi, vamwe vakagamuchira uye vakataura kuti dzimba dzaive dziri mumucheka uye dzaidiwa kuti dzidzire pasi.

Izvo zvavasina kuziva ndezvokuti zviwanikwa zvakagadzirisa sei kuitika kwehupi chero ipi zvayo uye kupera kupi kwekupedzisira. Kwete mabhanki chete akasara akabata bhegi, asi ivo vaibatawo mari yepensheni , mutual funds , uye makambani. Yakanga iripo kusvikira Fed uye Treasury yakatanga kutenga aya maCDO ayo akafanana nekushanda akadzokera kumisika yemari .