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1. Introduction
2. Repeated Securitization Process
3. Overflowing securities
4. Incredible Credit ratings
5. Outro????
The last quarter of 2007 can be called as ¡®the age of subprime.¡¯ Every economy newspaper delivered the articles about the recession of American real estate market and the crisis of credit crunch which is caused by that recession. There was the monster named Asset Backed Security like MBS or CDO in the center of the causes of subprime which bring out the worldwide asset losses. Certainly, the ABS which makes fixed asset to be turned into fluid capital is epochal invention in finance. But when it was abused we could saw the disaster in front of our eyes.
2. Repeated securitization process
Before talking about this subprime situation, we should understand about the process of the mortgage companies¡¯ securitization process. Let¡¯s suppose there is a mortgage company ¡®A¡¯ which has a million dollar as its operating capital. The company ¡®A¡¯ make a loan to its customers with its operating capital one million dollars.????
¡¤ Blundell-Wignall, A. and P. Atkinson (2008), ¡°The Sub-prime Crisis: Causal Distortions
¡¤ and Regulatory Reform,¡± pp.55-102
¡¤ Jobst, Andreas A. (2005), ¡°What is Structured Finance?¡± The Securitization Conduit,
¡¤ Vol. 8, June
¡¤ ??? (2008), ¡¸????? ?? ????(1)¡¹, ??????
¡¤ ??? (2008), ¡¸????? ?? ????(2) - ????? ?? ??¡¹, ??????
¡¤ ??? (2008), ¡¸????? ?? ??: ?? ?? ??, ???? ?? ??¡¹,
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¡¤ ??? ? 5? (2007), ¡¸????? ??? ??? ??? ??¡¹, ???????
¡¤ ´ó´å¾´Ò»?¿¡Ò°ÑÅ˾¡¢¡ºÔ^ȯͶÙYÈëéT¡»¡¢ÈÕ½UÎÄŽì¡¢2000
¡¤ Mother Jones¡¯, ¡°Credit Rating Exec: "We Sold Our Souls to the Devil"¡±, Oct. 22, 2008
¡¤ http://www.motherjones.com/washington_dispatch/2008/10/credit-rating-agencies-we-sold-our-soul-to-the-devil.html??
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Subprime mortgage(??? ????)? ?? ppt??
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1. The Housing Price Crash House prices are currently declining at an annual rate of 4.5%, and are expected to fall by at least 10% by next year. * 2. BANK LOSSES The banking industry is facing .. -
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The Background of Financial crisis
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1. What is a ¡°Subprime¡± mortgage? Subprime mortgage is a sort of bond. Mortgage loan in U.S. is separated in three financial products. The first one is ¡®Prime Mortgage Loan¡¯ for high credit grade per.. -
The collapse of Bear Stearns (?????? ??)
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On March 16, 2008, severe financial crisis which crushed world economy raised the curtain to show its cruel face. It was the day when Bear Stearns Companies were merged to JP Morgan. I still remember ..
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