Chii Chakakonzera Kutora Kwemhirizhonga yeCompprime?

by Kimberly Amadeo

The subprime mortgage crisis yakakonzerwa nehedige funds, mabhangi nemakambani einishuwarenzi. Iviri yekutanga yakasimbiswa kutengesa-kuchengetedzwa kwevimbiso . Makambani einishuwarenzi akavafukidza nechikwereti swaps. Chikumbiro chezvikwereti zvekutora zvakatungamirirwa nehupfumi hwemari muimba.

Apo Federal Reserve yakasimudza mari yakabhadhara mari , yakatumira kugadziriswa kwemari yekutengesa mari yekutengesa . Iko kutumira matengo emisha kunowedzera, uye vateresi vanokanganisa. Derivatives dzakapararira dambudziko mumakona ose enyika. Izvo zvakakonzera dambudziko rebhangi re2007 , guru remari ra2008 , uye Great Recession . Yakagadzira dambudziko rakaipisisa kubvira Kubva Kudenga Kukuru .

01 Hedge Funds Yakaratidza Basa Rakakosha Mumatambudziko

Hedge mari inogara iri pasi pesimba rakawanda kuti iparadzwe pamusika . Vakagadzira chikumbiro chekuchengetedza mari-inotsigirwa kuchengetedzwa nekuvabatanidza nevimbiso dzinonzi credit default swaps . Chii chingafamba chakaipa? Hapana, kusvikira Fed yatanga kusimudza chido chekuda. Vaya vane zvikwereti zvinoshandiswa zvekugadzirisa mari zvisingakwanisi kuita zvikwereti izvi zvakakwirira. Kudaidzwa kwakawa, uye ndizvo zvakaitawo dzimba dzeimba. Apo vakanga vasingakwanisi kutengesa misha yavo, kana, ivo vakasiya. Hapana aikwanisa kutenga mutengo, kana kutengesa, zvigaro zvisingabatsiri zvino. Uye AIG inenge yakashata yakaedza kuvhara inshuwarisi.

The subprime mortgage crisis yakakonzerwa nekuregererwa . Muna 1999, mabhangi akabvumirwa kuita serusheji mari. Vaiisawo mari yekuisa mari mumadhora ekunze. Ndicho chakaita kuti Crisis Savings and Loan Crisis in 1989 . Vakawanda vanokweretesa vakashandisa mamiriyoni emadhora kuti vabvumire mitemo yenyika kuti vazorore mitemo. Mitemo iyoyo ingadai yakachengetedza vakwereta kutora zvikwereti zvisingakwanisi kuwana.

02 Derivatives Inoderedza Dambudziko reCpriprime

Mabhandi uye hedge funds vakaita mari yakawanda kutengesa zvikwereti zvakabhadhara-zvakatsigirwa, munguva pfupi vakagadzira chinhu chikuru chekuda mari. Ndicho chakaita kuti vatengi vatengesi varambe vachiderera mari uye mitemo yevatapi vatsva.

Kubhadhara mari-inotsigirwa kuchengetedzwa kunobvumira vanokweretesa zvikwereti muhomwe uye vanovatengesa. Mumazuva ekubhadhara chikwereti, izvi zvakaita kuti mabhengi ave nemari yakawanda yekukweretesa. Nekuuya kwezvikwereti-chikwereti chete, izvi zvakare zvakagadzirisa dambudziko rekukweretesa chikwereti apo chido chekubhadhara chigadziriswa. Chero bedzi misika yemumba yakaramba ichikwira, njodzi yaiva duku.

Kuuya kwezvikwereti-chikwereti bedzi chete pamwe chete nekutora chikwereti-zvakatsigirwa zvakagadzirisa imwe dambudziko. Vakawedzera zvakanyanya kuwanda mumusika kuti yakagadzira imba yekugara.

03 Subprime uye Interest-Chete Zvikwereti hazviiti

Vanotora chikwereti kune avo vane varombo zvikwereti zvenhoroondo uye naizvozvo vanogona kunge vasina kukwana. Vatengesi vanowanzobhadhara mari yepamusoro yemari yekupa mari yakawanda yekudzoka kune dambudziko guru. Kazhinji, izvozvo zvinoita kuti zvidhura zvikuru kune vakawanda vanotora chikwereti chepa subprime kuti vaite mari pamwedzi.

Kuuya kwezvikwereti -chikwereti bedzi chete chaibatsira kuderedza mari yaunotora pamwedzi kuitira kuti vashandi vepa subprime vawane mari. Yakawedzera ngozi kune vanokweretesa, zvisinei, nokuti mazana okutanga anowanzogadzirisa mushure memakore matatu, matatu kana mashanu. Asi kukwidzwa kwemaimba kwekugara kwakanyaradza vanokweretesa, avo vaifunga kuti anenge akwereta aigona kudzorera imba yacho pamutengo wakakwirira panzvimbo yekutadza.

04 Nhema mbiri pamusoro pezvakakonzera dambudziko

Fannie Mae naFreddie Mac vaiva mabhizimisi aibhadharwa nehurumende akabatanidzwa mumatambudziko ekubhadhara mari. Vangave vakatoita zvakanyanya kuipa. Asi havana kuzvikonzera. Kufanana nemamwe mabhanga akawanda, vakabatwa mumitambo yakasikwa.

Imwe nyanzvi ndeyokuti Community Reinvestment Act yakagadzira dambudziko. Ndiyo nokuti inokwidza mabhengi kuti ipe zvikwereti kune dzimwe nzvimbo dzakashata. Icho chaive mvumo yaro apo yakasikwa muna 1977.

Muna 1989, FIRREA akasimbisa CRA nekuzivisa mabhengi ekukweretesa zvinyorwa. Rakavadzivisa kuti vawedzere kana vasina kutevedzera mitemo yeRAA. Muna 1995, Mutungamiri Clinton vakadana vatongi kuti vasimbise CRA zvakare.

Asi, mutemo hauna kuita kuti mabhangi aite zvikwereti zvepa subprime. Izvo hazvina kuvakumbira kuti vaderedze zvikwereti zvavo. Vakaita izvozvo kuti vape zvimwe zvigadzirwa zvinobatsira.

05 Kutora chikwereti Chikwereti

Mabhangi akadzorera chikwereti mumatombo aigona kuitengesa. Mufananidzo: Michael A. Keller / Fuse Fuse

Iyo ngozi yakanga isina kungovharirwa kune zvikwereti. Mhando dzose dzechikwereti zvakadzorerwa zvakare uye dzichidzoserwa sezvikwereti zvinokonzerwa nezvikwereti . Sezvo dzimba dzeimba dzakaderera, varidzi vepamba vakawanda vakanga vashandisa dzimba dzavo semichina yeATM vakawana kuti havagoni kutsigira mararamiro avo. Kukanganiswa pamarudzi ose emakwereti kwakatanga kuwedzera zvishoma nezvishoma. Vatori veCDOs vaisanganisira kwete vatengi chete uye hedge funds. Vaisanganisirawo makambani, mari yepensheni nemari pamwe chete . Izvo zvakawedzera njodzi kumunhu mumwe nomumwe wezvikwata .

Chinetso chaicho neCDOs chaiva chokuti vatengi vakanga vasingazivi kuti vaizotengesa sei. Chimwe chikonzero chaive chaive chakaoma uye chekare. Imwe yakanga iri iyo yemusika waitengeswa. Munhu wese akanga ari pasi pekudzvinyirirwa kwakanyanya kuti awane mari iyo yaiwanzo kutenga zvigadzirwa izvi zvisingabatsiri kunze kwemashoko emuromo.

06 Zvadaro Kudengenyeka Kwishoma Mumatengo Edzimba Kwakagadzirisa Njodzi

Boom yoga inobhururuka . Muna 2006, matengo emba akatanga kumira. Apo vashandi vepa subprime vaisagona kutengesa dzimba dzavo pamutengo wakakwirira, vakamanikidzwa kuti vaende. Havana kuwana chero munhu aigona kutaurirana kugadzirisa. Mabhangi akanga adzoka uye akatengesa zvikwereti zvavo. A

07 Zvichizoitika: Iyo Subprime Mess Yakapararira sei kuBhizimisi Bhizimisi

Vakawanda vevatengi veCDOs vaiva mabhanki. Sezvo kukanganisa kwakatanga kuwedzera, mabanki aisagona kutengesa aya CDO, uye saka akanga asina mari shoma yekukweretesa. Avo avo vaiva nemari havana kuda kupa chikwereti kumabhangi angave asina kukwana. Pakazopera gore ra2001, Fed yaifanira kutora semutengi wekupedzisira. Dambudziko rakanga rasvika denderedzwa rakazara. Panzvimbo pokukweretesawo pachena, mabhengi akabhadhara zvishoma, zvichiita kuti misika yeimba iwedzere mberi.