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Investors
Safe investor Other banks Risk taker
CDO
Safe 4%
Collateralized Debt Obligations
Okay 7% Risky 10%
cycle
More money More CDO
More house
More mortgage
House price---90,000$
investor
Investment bank
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
Federal Reserve chairman Greenspan lowers interest rate to 1%
1% means
investors banks
say no—very low return borrow from Fed at low cost
10000$ ----11000$ 1000$
Not requiring down payments
lender
mortgage
Home owner
No proof of income No document at all
Home owner
mortgage
Mortgage broker
Fannie Mae lenders mortgage Freddie Mac Commercial bank
Sub-prime mortgages in 2008
• Credit crisis • Frozen credit market
tradition
Large capital
investor
Treasury bill
US Federal Reserve
Events
9.11 Dot-com
depression
Investment bank
mortgage
Investors
Risk taker
CDO
Collateralized Debt Obligations
Risky 10%
lender
Home owner
More and more house supply Interest rate
1%→5%
Mortgage-----300,000$
go crazy with leverage 10000$ 990000$----110000$ 100000$ 9900$ 90100$
Home owner
mortgage
Result
Investment bank
mortgage
Mortgage broker
Hale Waihona Puke Baidu
Fannie Mae lenders mortgage Freddie Mac Commercial bank