Nzira dzekuchengetedza zvikwereti zvakachengetedzwa zvakashanda kusvikira vasati vamboita
Kana iwe ukasara mune imwe MBS, iwe uri kutenga kodzero yekugamuchira kukosha kwechikwata chezvikwereti.
Iko kunosanganisira kubhadhara mwedzi nemwedzi uye kubhadhara kwekona. Sezvo iri kuchengeteka, iwe unogona kutenga chikamu chechikwereti. Iwe unogamuchira chikamu chakafanana chemaripo. An MBS inotora chikonzero nokuti inowana kukosha kwayo kubva payo yeasset.
Nzira iyo Mortgage-Yakachengetedzwa Yakachengetedza Inoita
Kutanga, bhangi kana kambani yekutengesa inoita chikwereti chemusha. Bhizinesi rinozotengesa chikwereti ichocho kubhengi rekutsvaga . Inoshandisa mari yakagamuchirwa kubva kubhangi rekutsvaga kuti iite zvikwereti zvitsva.
Bhengi yekubvisa mari inowedzera chikwereti kune mhindu yezvikwereti zvekare nemari inofanana nayo. Inoisa bundle mune imwe kambani inokosha yakagadzirirwa chinangwa ichocho. Inonzi "Purpose Purpose Vehicle" kana "Vehicle Special Investment Vehicle". Icho chinoramba kuchengetedza chikwereti chekuchengetedza chikwereti chinoparadzana kubva kune rimwe bhengi remamwe mabasa. I-SPV inotengesa zvikwereti zvinotsigira mari. Zvikwereti zvinogara muSVV.
Hurumende dzehurumende dzinobatanidzwawo mune zvikwereti zvakawanda zvekutengesa mari.
Ava ndivo Fannie Mae , Freddie Mac naGinnie Mae. Fannie Mae naFreddie Mac vose vanotenga uye vanotengesa MBS. Hurumende yehurumende inosimbisa kubhadhara. Vaya vakatenga MBS vaiziva kuti havangarasikirwa nemari yavo. Ginnie Mae anotsigirawo kuti vatengesi vaizogamuchira mari yavo. (Chinobva: "Zvokuchengetedza Zvokuchengetedza Mari," SEC.)
Mhando dze Mortgage-backed Securities
Iyo yakanakisisa MBS ndiyo yekupfuura-kuburikidza nechikwata chekuita . Inobhadhara avo vane chikamu chavo chakanaka chezvinhu zvose zviri zviviri uye zvinokweretwa zvinokonzerwa ne mortgage bundle.
Mukutanga kwema2000, mushamba weMBS wakakura mukukwikwidza. Mabhanki akasika zvakawanda zvakaoma mukutsvaga michina yekukwezva vatengi. Somuenzaniso, vakagadzira chikwereti chezvikwereti zvezvikwereti kune zvimwe zvikwereti. Asi vakashandisawo zano iri rinobva kuna MBS.
Mabhengi emari ekutsvaga mari akachera zvikwereti zvinotakura zvikwereti mumatambudziko akafanana, anozivikanwa sezvigaro . Senguva duku ine ngozi kune yekutanga kune makore matatu ekubhadhara. Vanokwereta vaiwanzobhadhara makore matatu ekutanga. Nekugadziriswa kwezinga rekutengesa mari, makore aya anewo mari yakaderera yemari.
Vamwe vatengesi vakasarudza riskier tranche nokuti vane zvikwereti zvakakwirira. Izvo zvimedu zvakange zvine chechina kuburikidza nemakore manomwe ekubhadhara. Chero bedzi zvikwereti zvezvibereko zvakaramba zvakaderedzwa, saka njodzi dzakaramba dzisingatariswi. Kana uyo anenge akwereta achibhadhara chikwereti nokuti iye akanyatsogadzirisa, saka varimi vakagamuchira mari yavo yokutanga.
Njodzi yakakura apo chido chekuwedzera chakasimuka. Vanokweretesa zvekugadzirisa zvikwereti zvinotengesa zvikwereti vakabatwa pavanenge vachibhadhara mari yavo.
Havana kukwanisa kugadzirisa nokuti zvikwereti zvaive zvakakwirira. Izvozvo zvaireva kuti vainyanya kutadza. Vafari vemari vakarasika zvose. Heano Ryan Gosling achitsanangura iyo mufirimu The Big Short .
Mari yekuchengetedza-yakachengetedzwa Zvakachengetedza Shamba Yezvokugara
Kuvandudzwa kwezvikwereti zvakabhadharwa zvekubhadhara zvikwereti zvakashandura zvakakwana imba, mabhengi uye mabhizimusi emabhizimisi. Pakutanga, zvikwereti zvinotsigirwa zvekutengwa zvakabvumira vanhu vakawanda kutenga misha. Munguva yeimba yekugara , mabanki akawanda nemakambani ekubhadhara mari yakaita chikwereti pasina mari pasi. Izvozvo zvakabvumira vanhu kuti vapinde mune zvikwereti zvavasingagoni kuwana. Vakweretesi havana hanya nazvo. Vaiziva kuti vaigona kutengesa zvikwereti, uye kwete kubhadhara zvinokonzerwa kana uye kana vakwereta vakashaya.
Izvozvo zvakagadzira kubwinya kwemaoko . Yakapera muna 2006 ne subprime mortgage crisis .
Sezvo vashandi vakawanda, mari yepensheni nemari yezvemari inobhadhara chikwereti chekubhadhara mari, munhu wese anotora kurasikirwa. Ndizvo zvakasimbisa matambudziko emari muna 2008 .
Kubhadhara Kwakaita Sei Zvokuchengetedza Zvakashata?
Mutungamiri Lyndon Johnson akasika chikwereti chekubhadhara chikwereti paakabvumira 1968 Charter Act. Yakasimbisawo Fannie Mae . Aida kupa mabhengi kukwanisa kutengesa zvikwereti. Izvo zvinogona kusunungura mari yekukweretesa kune vamwe varidzi vemba.
LBJ haana kutarisira kuti Charter Act ibvise maitiro akanaka ekukweretesa. Mabhanki akakurumidza kuziva kuti havazofaniri kutora kurasikirwa kana uyo akakwereta asina kubhadhara chikwereti. Mabhengi akabhadharwa pakuita chikwereti asi haana kukuvara kana chikwereti chakaipa. Vakanga vasina kungwarira nezvekwereti-kukosha kwevakwereta.
Kubhadhara zvikwereti zvinotsigirwawo zvekare zvinobvumirawo mabhizimusi ehurumende kwete kupinda mabhizimusi ekubhadhara mari. Pamberi peMBS, mabhanga chete aive nemari yakawanda yakakwana yekuita zvikwereti kwenguva refu. Vaiva nehombodo dzakadzika kumirira kusvikira zvikwereti izvi zvakabhadharwa makore 15 kana makumi matatu gare gare. Kugadzirwa kweMBS kwaireva kuti vateresi vakadzosera mari yavo pakarepo kubva kune vatengesi pamusika wechipiri . Vaitora chikwereti vakwereta kwose kwose. Vakanga vasina kunyatsochenjerera nezve solvency yevatengi vavo. Yakagadzirisa kukwikwidza kwemabhenakeri emagariro. Vaifanira kuderedza mitemo yavo kukwikwidza.
Chimwe chakanyanya kupfuura zvose, MBS haina kutongororwa. Hurumende yehurumende yakaronga mabhengi kuti ave nechokwadi chekuti depositors avo vaidzivirirwa. Asi mitemo iyo haina kushanda kune MBS uye kutengesa vatengesi . Bhizimisi mabhangi vakanga vakachengeteka, asi vashandi veMBS vakanga vasina kudzivirirwa zvachose.