次贷危机英文版.ppt

Sub-primemortgagesin2008

2021/5/91

CreditcrisisFrozencreditmarket2021/5/92

investorUSFederalReservetraditionLargecapitalTreasurybill2021/5/93

depressionFederalReservechairmanGreenspanlowersinterestrateto1%Events9.11Dot-com2021/5/94

sayno—verylowreturnborrowfromFedatlowcostinvestors1%meansbanksgocrazywithleverage10000$----11000$1000$10000$990000$----110000$100000$9900$90100$2021/5/95

Safe4%HomeownerInvestmentbanklendersMortgagebrokermortgageFannieMaeFreddieMacCommercialbankmortgageRisky10%Okay7%mortgageSafeinvestorRisktakerOtherbanksInvestorsCollateralizedDebtObligationsResultCDO2021/5/96

MoremoneycycleMoreCDOMoremortgageMorehouse2021/5/97

NotrequiringdownpaymentsHomeownerlendermortgageNoproofofincomeNodocumentatall2021/5/98

HomeownerInvestmentbanklendersMortgagebrokermortgageFannieMaeFreddieMacCommercialbankmortgageRisky10%mortgageRisktakerInvestorsCollateralizedDebtObligationsCDO2021/5/99

HomeownerlenderinvestorInvestmentbankMoreandmorehousesupplyMortgage-----300,000$Houseprice---90,000$Interestrate1%→5%2021/5/910

2021/5/911

2008年金融危机高盛、摩根斯坦利从投资银行转为银行控股公司雷曼兄弟破产美林证券被美国银行收购贝尔斯登被摩根大通收购美联储有权监管所有银行控股企业金融衍生工具等所有场外交易列入监管范畴某种意义上意味着华尔街的终结2021/5/912