次贷危机(SubprimeMortgage

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,2015-2-7,#,the Subprime Mortgage,Crisis,(,次贷危机,),Brief Introduction to,the Subprime Mortgage,Crisis,The definition of subprime mortgage crisis,Subprime,mortgage crisis,was triggered by,a large decline in home prices,resulting in,mortgage delinquencies,and foreclosures and the devaluation of housing-related securities,次,级抵押贷款危机是由,房价大幅下跌,引发的，导致,抵押贷款违约,和丧失抵押品赎回权和住宅相关证券贬值,Dominoes effect,多米诺骨牌效应,Introduce some companies, 构、,政府,和 投资者的金融需求提供服务的一家全方位、多元化,投资银行,。雷曼兄弟公司雄厚的财务实力支持其在所从事的业务领域的领导地位，并且是,全球最具实力的股票和债券承销和交易商之一,。同时，公司还担任全球多家,跨国公司和政府的重要财务顾问,，并拥有多名业界公认的国际最佳分析师。,美林,(MerrillLynch),，,(NYSE,：,MER,TYO:8675),世界最著名的,证券零售商和投资银行,之一，总部位于美国,纽约,。作为,世界的最大的,金融,管理咨询公司之一,，它在财务世界响叮当名字的里占有一席之地。该公司在,曼哈顿,四号世界金融中心大厦占据了整了,34,层楼,。,建立于,1889,年，是,全美第四大居民住房抵押服务供应商,，,华盛顿互惠银行是,美国最大的储蓄和贷款银行之一,，根据综合实力排名，名列全美银行业第六。在,住房抵押贷款,方面，该银行也处于主导地位。在美国，它还是最大的,抵押贷款,银行，与,富国银行,（,WellsFargo,）同为最早开创,抵押贷款,的大银行。,华盛顿互惠银行,摩根大通集团（,JPMorganChase&Co.,NYSE,：,JPM,），华语圈昵称小摩,1799,年由为,纽约市,供水的,曼哈顿,公司成立，至,1922,年成为,全国商业和工业贷款的领先者,，并在六年之中成为全美最大的银行。,高盛（,Goldman Sachs,）,为,跨国银行,控股公司,集团，为,财富,杂志评选的,美国财富,500,强企业之一，总部位于美国纽约,。高盛的业务涵盖,投资银行、证券交易和财富管理,；业务对象为企业、,金融机构,、（国家）政府及富人。,The process of fiancial crisis,The key events,April 2,2007:New Century Financial Corp.,which specialized in loans to people with poor credit,files for bankruptcy protection after being overwhelmed by customer defaults.,2007,年,4,月,2,日：专门向低信用贷款的新世纪金融公司，遭受客户违约的冲击申请破产保护,。,July 19,2007:Federal Reserve Chairman Ben S.Bernanke tells the U.S.Senates Banking Committee that there may be as much as$100 billion in losses associated with subprime mortgage products.,2007,年,7,月,19,日：美联储主席伯南克告诉美国参议院银行委员会认为有可能是美元的次级抵押贷款产品相关的损失的,100000000000,倍之多。,June 20,2008:The Dow closes below 12,000.,2008,年,6,月,20,日，道琼斯指数在,12000,以下。,道琼斯指数，是一种算术平均股价指数。道琼斯指数是世界上历史最为悠久的股票指数，它的全称为股票价格平均指数。,计算公式为：股票价格平均数,=,入选股票的价格之和,/,入选股票的数量,Sept.15,2008:Lehman Brothers Holdings Inc.files the largest bankruptcy in history,and Bank of America agrees to acquire Merrill Lynch for about$50 billion.,2008,年,9,月,15,日：雷曼兄弟控股公司申请了历史上最大的破产文件，同时美国银行同意收购美林的大约,50000000000,美元。,Sept.21,2008:Goldman Sachs Group Inc.and Morgan Stanley receive approval to become commercial banks regulated by the Fed as tight credit markets forced Wall Streets two remaining independent investment banks to widen their sources of funding.,2008,年,9,月,21,日：高盛集团和摩根斯坦利获得批准成为商业银行，美联储的信贷市场紧缩迫使华尔街这两家独立投资银行扩大资金来源。,Sept.26,2008:Washington Mutual Inc.is seized by government regulators and its branches and assets sold to JPMorgan Chase in the biggest U.S.bank failure in history.,08,年,9,月,26,日华盛顿互惠公司被政府机构调节，其分支机构和资产出售给摩根大通，这是美国历史上最大的银行失败。,Sept.27,2008:Washington Mutual files for bankruptcy protection.,2008,月,2008,月,27,日,华盛顿互惠银行申请破产保护。,Oct.11,2008:U.S.Treasury Secretary Henry Paulson indicates that pumping government funds into banks is a priority,saying financial markets will remain volatile.,2008,年,10,月,11,日：美国财政部长保尔森表示，政府资金投入银行是一个优先事项，因为金融市场将继续动荡,。,Oct.12,2008:European leaders agree to guarantee bank borrowing and use government money to prevent big lenders from going under,trying to stop the financial hemorrhage and stave off a recession.,2008,年,10,月,12,日：欧盟领导人同意担保银行贷款和政府支出以防止大银行倒闭，试图阻止金融出血和避免经济衰退。,Oct.13,2008:The Fed leads an unprecedented push by central banks to flood the financial system with as many dollars as banks want,backing up government efforts to revive confidence and helping to reduce money-market rates.,2008,年,10,月,13,日：美联储带来前所未有的推动，中央银行向金融体系注入大量的资金来恢复信心，并帮助减少货币市场利率。,Origins for,the Subprime Mortgage,Crisis,(,次贷危机,),walk out from,deflation（,通货紧缩,）,in 1990s,proactive fiscal policy and expansionary monetary policy,（积极的财政政策和扩张性货币政策）,stimulate the property market(,刺激房地产市场,),low mortgage,（抵押）,rate policy,Year,Fixed-Rate On Home Mortgage,(,房屋抵押贷款利率,),%,Federal Reserve,USA,Borrowers have easier access to loans,from commercial banks,Commercial banks lend money to the applicants with low,unstable income and low credit(,信用,).,Commercial banks worry about whether these applicants can pay off(,付清,)the loan on time.,Investment banks provide CDO to commercial banks,CDO,(,担保债务凭证,),Financial derivative products(,金融衍生产品,),Can regard it as insurance,Collateralized Debt Obligation,Enable financial institutions to obtain investor funds to finance subprime(,为次级贷款提供资金,),Process of CDO,Commercial Bank,lend,$100,Borrowers,(low,unstable(,不稳定的,)income and low credit),InvestmentBank,(Lehman Brothers,雷曼兄弟,),provide,CDO,Commercial Bank,Pay$10,For CDO,Ensure to get money back from borrowers,The commercial bank may fear that borrowers may not pay off the loan on time.,Whether borrowers can pay off loans?,Yes,Investment banks will profit$10,No,Investment banks may lose$100 because they must pay off loans for borrowers.,One year later.,NOTICE:,If too many people dont pay off loans to the commercial banks,the investment banks must pay more to the commercial banks.If the investment banks lose too much money,they will go bankrupt(,破产,),Bankrupt,Increase instability,（不稳定性）,of financial market