Kubhadhara Kwemari Kunobatsira sei US Economy
Aina
Rudzi rwakakurumbira zvikuru rwekutenga chikwereti ndechekugadzirwa kwemakore makumi matatu nemasere (fixed-interest interest rate loan). Kubva muna 1999, inomiririrwa makumi manomwe kubva kuzana kusvika kuzana makumi mapfumbamwe emadhora ose. Iyo yemakore gumi nemashanu yakagadziridzwa yemari yemari inowanikwawo-yakawanda-inoshandiswa, sezvo inobvumira vanhu kubhadhara chikwereti chavo muhafu yenguva.
Zvigadziriswa-kutora zvikwereti zvinopa kuwandisa kwechikwereti chekuda, uye kumwedzi pamwedzi kune zvikwereti zvinotengeswa. Ichava inodhura zvakanyanya apo zvikwereti zvinokwira zvichibva kumakore mazana maviri emakore ano.
Subprime vatengesi vakagadzira chikwereti chezvikwereti zvinoshamisa. Vakakwezva vatengi nekupa pasi "teaser" mazana emakore maviri ekutanga. Izvi zvinokuvadza kune vakwereta vatsva. Vangasave vachiziva kuti kubhadhara kunokwira zvinoshamisa mushure mekutanga kweshamwari yekutanga. Heano mamwe emamwe anozivikanwa zvikuru:
- Chikwereti-chega chikwereti : Super-low paiko iyo haina kuderedza mutungamiriri wemakore mashomanana ekutanga.
- Sarudzo yeArm chikwereti : Vanokwereta vanosarudza mari yakawanda yekubhadhara mwedzi umwe kwemakore mashanu ekutanga.
- Zvikwereti zvisingakoshi zvekubhadhara : Zvikwereti -zvinongova zvikwereti zvinowedzera mukuru kune mwedzi mumwe nomumwe. izvi ndezvokuti kubhadhara kwaive kuderera kudarika kunyange kufarira.
- Ultra-long fixed fixed rate loan : Idzi idzi ndeyaka 40-50 gore rinowanikwa zvikwereti.
- Balloon zvikwereti : Vanofanirwa kucheneswa kana kubhadhara pashure pemakore mashanu nemashanu.
- Kwete-mari-pasi-chikwereti : Izvi zvakabvumira wakwereta kutora chikwereti chekubhadhara mari.
Nhoroondo
Pamberi peKupera Kwakaipisisa , imba yekugadzirisa mari yaiva nemakore mashanu kusvika kune gumi emakore ekukwereta kwe50 chete muzana yehutengo hweimba. Mukuru wechikoro aifanira kubhadhara kubhadharo pamagumo emhedziso. Mabhangi akanga asina ngozi.
Apo dzimba dzekugara dzikawira 25 muzana panguva yekudengenyeka kukuru, vimba vemusha havana kukwaniswa kubhadhara kubhodhi.
Mabhenji aisazobvumira refinancing. Pakazosvika 1935, 10 kubva muzana yemisha yose yakanga iri mukufananidzira .
Kuti amise kuparadza, Mutungamiri Roosevelt akachinja nzvimbo shanu dzinosangana nedzimba dzakabatana sechikamu cheNew Deal :
- Mutero Wemari Yeimba Yenharaunda akatenga mamiriyoni ega akaregererwa mari kubva kumabhangi. Zvakazvishandura kuva nguva yakareba, yakasimbiswa-yekutengesa mari yatinayo nhasi, uye yakaidzorera.
- The Federal Housing Administration yakapa hutengesi yeruzhinji.
- Federal Federal Mortgage Association yakagadzira misika yechipiri yemari yekubhadhara mari.
- Federal Deposit Insurance Corporation yakachengetedza mabhizimusi emari.
- Girazi-Steagall inorambidza mabhizinesi kubva mune mari yekuisa mari mari yevashandi mumatambudziko anowanzoita semusika.
Iko kushandurwa kwakapinda kune dambudziko rezvemari. Vakanga vasina kugadzirirwa kuva purogiramu yeimba yekugara. Kunyange zvakadaro, ivo vakaita musha wemusha unodhura. Vakaparidzira izwi rechikwereti. Izvozvo zvakaderedza mwedzi yemari uye zvakabvisa chido chekugadzirisa. Mabhangi aibhadhara mari yacho nezvikwereti nokuda kweDecic-insured bank deposits.
Muna 1944, Dhipatimendi reVeterans Affairs mortgage inshuwaridhe program yakaderedza pasi mari. Iko yakakurudzira vadzoans vadzokera kuhondo kuti vatenge dzimba dzichivakwa mumasango. Izvozvo zvakasimudzira mari yehupfumi mumakambani ekuvaka pamba.
Kuvonga kumapurogiramu ose ehurumende, pamba yeimba inokwira kubva 43.6 muzana muna 1940 kusvika 64 muzana muna 1980.
Hurumende yakagadzira mitemo yakakosha yekugadzira mabhengi ekuchengetera uye zvikwereti kuti zvibvise mari idzi. Munyika dzose dzema1960 ne1970, zvinenge zvikwereti zvose zvakabhadharwa kuburikidza nekuchengetedza nekukwereta . Aya mabhangi akabudirira nokuti vanhu vakaisa mari mumabhuku ekuchengetedza. Hurumende yakavimbisa mari yacho, saka vanhu vakashandisa mabhuku, kunyange zvazvo vaifarira vainge vasina zvakawanda. Izvi zvakare zvakarongedzwa nehurumende. I-S & Ls inogona kuramba ichiri kubhadhara kuburikidza nekubhadhara chikamu chechidho chechidimbu pamabhadharo kupfuura zvavakapomerwa pamitengo yekunamatira.
Muma1970, Mutungamiri Nixon akasika kutengesa kwenyika kuburikidza nekuputsa zvisungo zvose pakati peDhora reAmerica uye yegoridhe . Mabhanho akarasikirwa mari sezvo vakanga vasina kukwanisa kufanana nevechikwereti chaibhadhara nemari yemari yemari .
Izvi zvakaderedza mari yaidiwa kuti vabudise zvikwereti.
Kubatsira mabhanga, Congress yakapfuura Garn-St. Germain Depository Institutions Act. Iro yaibvumira mabhangi kuti awedzere chido chekuda uye kuderedza chikwereti. Yakabvumirawo S & Ls kuita zvikwereti zvebhizimisi uye zvevatengi. Izvi zvakakonzera dambudziko rekuchengetedza uye rekukweretesa , uye kukanganisa kwehafu yebhanga renyika.
| Gore | % yeMari Inowanikwa | % yeMafisheni Edzimba | % yeGDP |
|---|---|---|---|
| 1949 | 20 | 15 | 15 |
| 1979 | 46 | 28 | 30 |
| 2001 | 73 | 41 | 50 |
(Inobva: Richard K. Green uye Susan M. Wachter, "The American Mortgage in Historical and International Context," University of Pennsylvania, musi waSeptember 21, 2005)
Kubhadhara Kwemari Kunobatsira Sei Mari?
Munguva yeMutungamiri weCentral Clinton , mabanki akanyunyuta kuti vakanga vasingakwanisi kukwikwidzana mumatengesi emari enyika. Congress yakarongedza mhizha, uye yakabvisa Glass-Steagall Act. Izvi zvakabvumira mabhangi kushandura mari yakaiswa mari ye depositors 'yakavimbiswa kuti iite mari inowanikwa mumatambudziko. Kunyanya kuzivikanwa kweiyi ndiko kuchengetwa kwekuchengetwa kwemari .
Mabhengi aizogadzira pamwe chete zvikwereti zvakafanana, uye ozovatengesa kuna Fannie Mae, Freddie Mac kana vamwe vatengesi. Vaiva inshumo kuti vasakanganiswa nekwereti swaps. Kudiwa kwezvivimbiso izvi kwaive kwakakwirira kwazvo zvokuti mabhenji akatanga kutsika mitemo pamusoro pemari yechikwereti. Nenguva isipi, idzi dzimba dzepa subprime dzakabvumira kuti chero ani zvake ave muimba.
Somugumisiro, chikamu chemari yechikwereti chekubhadhara chikwereti ichienzaniswa nehuwandu hwezvakagadzirwa zvemuzinda zvakasimuka kubva pa50 muzana muna 2000 kusvika kune makumi manomwe kubva muna200 kubva muna 2004. Zvose zvakafamba zvakanaka kusvikira dzimba dzeimba dzakatanga kuderera muna 2006. Isingakwanisi kugadzirisa kana kutengesa dzimba dzavo, vimba vepamba vakatanga kutadza . Vazhinji vatengesi vanoita mari yavo muchikwereti chinokanganisa swaps iyo iyo inshurensi yepamusoro, AIG, inenge yakashata. Ndiyo iyo subprime mortgage crisis yakagadzira dambudziko remari ra2008 .