北京大学公共政策讲义次贷危机的思考大.pptVIP

不仅如此，联储还要求银行在确认申请人资质时放弃那些传统的标准，比如就业证明和支付首付的能力。 给不符合条件的人发放贷款是次贷危机的首要原因。 剔除首付要求则是第二个重要原因。 The down payment is critically necessary in the mortgage industry. By forcing people to make a 20 percent down payment, the chances of the borrower “walking away” from a home loan (if the housing prices start to drop or the monthly payments increase) are greatly reduced. cont. Pressured to Take More Risk, Fannie Hit a Tipping Point, /2008/10/05/business/05fannie.html 在Mudd（房丽美总裁）就任的那一年，国会大大提高了关于其公司的政策目标，要求其买进更多的发放给低收入和少数民族购房者的贷款。 “When homes are doubling in price in every six years and incomes are increasing by a mere one percent per year, Fannie’s mission is of paramount importance,” Senator Jack Reed, a Rhode Island Democrat, lectured Mr. Mudd at a Congressional hearing in 2006. “In fact, Fannie and Freddie can do more, a lot more.” 然而，针对消费者、投资者和议员们要求房丽美购买的那些贷款，其中的许多部分是房丽美的计算机系统无法充分地分析其风险状况的。 尽管如此，房丽美还是开始大量地购买这些高风险贷款。 “每个人都知道，我们现在所购买的那些贷款是过去肯定会拒绝的”，一位房丽美高级管理人员说，“但是，我们所接到的命令是，干我们应该干的事。就是说，为低收入购房者服务。我们只好这么做。” Between 2005 and 2007, the company’s acquisitions of mortgages with down payments of less than 10 percent almost tripled. As the market for risky loans soared to $1 trillion, Fannie expanded in white-hot real estate areas like California and Florida. For two years, Mr. Mudd operated without a permanent chief risk officer to guard against unhealthy hazards. When Enrico Dallavecchia was hired for that position in 2006, he told Mr. Mudd that the company should be charging more to handle risky loans. R cont. 政府救助企业的历史记录增加了企业发生道德风险行为的可能性 一个“潜规则”：政府不会让大企业倒闭（The law of ‘too big to fail’） 从短期来看，救助可能是有利的，比如，保证社会稳定 由于利益集团的压力，有时，救助是唯一具有政治可行性的选择 然而，从长期来看，救助可能会降低企业追求效率、控制风险的动力 R cont. Perhaps, It’s Time to Play Offense /2008/09/17/business/17leonhardt.html 1979年当时还是全美第10大公司的克莱斯勒处于破产的边缘。其主要原因是油价不断上升而克莱斯勒所生产的汽车却都是“喝油的机器”。 Company executives and union leaders came to Washington, hat in hand, arguing that Chrysler’s demise would wreak unacceptable damage on the American economy. 结果是，国会