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,),BriefIntroduction to,the Subprime MortgageCrisis,The definitionof subprime mortgagecrisis,Subprimemortgage crisis,was triggered bya large declinein home prices,resulting inmortgage delinquenciesand foreclosures andthedevaluation ofhousing-relatedsecurities,次级抵押贷款,危,危机是由房价大幅下,跌,跌引发的，导,致,致抵押贷款违,约,约和丧失抵押,品,品赎回权和,住,住宅相关证,券,券贬值,Dominoes effect,多米诺骨牌,效,效应,Introducesomecompanies, 投,资,资者的金融,需,需求提供服,务,务的一家全,方,方位、多元,化,化,投资银行,。雷曼兄弟,公,公司雄厚的,财,财务实力支,持,持其在所从,事,事的业务领,域,域的领导地,位,位，并且是,全球最具实,力,力的股票和,债,债券承销和,交,交易商之一,。同时，公,司,司还担任全,球,球多家,跨国公司和,政,政府的重要,财,财务顾问,，并拥有多,名,名业界公认,的,的国际最佳,分,分析师。,美林,(MerrillLynch),，,(NYSE,：,MER,TYO:8675),世界最著名,的,的证券零售商,和,和投资银行之一，总部,位,位于美国纽约。作为世界的最大,的,的金融管理咨询公,司,司之一，它在财务,世,世界响叮当,名,名字的里占,有,有一席之地,。,。该公司在曼哈顿四号世界金,融,融中心大厦,占,占据了整了,34,层楼。,建立于,1889,年，是,全美第四大,居,居民住房抵,押,押服务供应,商,商,，,华盛顿互惠,银,银行是,美国最大的,储,储蓄和贷款,银,银行之一,，根据综合,实,实力排名，,名,名列全美银,行,行业第六。,在,在,住房抵押贷,款,款,方面，该银,行,行也处于主,导,导地位。在,美,美国，它还,是,是最大的,抵押贷款,银行，与,富国银行,（,WellsFargo,）同为最早,开,开创,抵押贷款,的大银行。,华盛顿互惠,银,银行,摩根大通集,团,团（,JPMorganChase&Co.,NYSE,：,JPM,），华语圈,昵,昵称小摩,1799,年由为纽约市供水的曼哈顿公司成立，,至,至,1922,年成为,全国商业和,工,工业贷款的,领,领先者,，并在六年,之,之中成为全,美,美最大的银,行,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,美国纽约,。高盛的业,务,务涵盖,投资银行、,证,证券交易和,财,财富管理,；业务对象,为,为企业、金融机构、（国家）,政,政府及富人,。,。,The process offiancial crisis,The keyevents,April 2,2007:New Century Financial Corp.,whichspecialized in loansto people with poorcredit,filesfor bankruptcyprotection after being overwhelmedby customer defaults.,2007,年,4,月,2,日：专门向低信,用,用贷款的新世纪,金,金融公司，遭受,客,客户违约的冲击,申,申请破产保护。,July 19,2007:Federal Reserve Chairman Ben S.Bernanketells the U.S.Senates Banking Committeethat there maybe asmuch as$100 billionin losses associatedwith subprimemortgage products.,2007,年,7,月,19,日：美联储主席,伯,伯南克告诉美国,参,参议院银行委员,会,会认为有可能是,美,美元的次级抵押,贷,贷款产品相关的,损,损失的,100000000000,倍之多。,June 20,2008:The Dow closes below12,000.,2008,年,6,月,20,日，道琼斯指数,在,在,12000,以下。,道琼斯指数，是,一,一种算术平均股,价,价指数。道琼斯,指,指数是世界上历,史,史最为悠久的股,票,票指数，它的全,称,称为股票价格平,均,均指数。,计算公式为：股,票,票价格平均数,=,入选股票的价格,之,之和,/,入选股票的数量,Sept.15,2008:Lehman Brothers Holdings Inc.files thelargestbankruptcy inhistory,andBank ofAmerica agrees to acquire MerrillLynch for about$50 billion.,2008,年,9,月,15,日：雷曼兄弟控,股,股公司申请了历,史,史上最大的破产,文,文件，同时美国,银,银行同意收购美,林,林的大约,50000000000,美元。,Sept.21,2008:Goldman Sachs GroupInc.and Morgan Stanley receive approvalto become commercialbanks regulated by the Fed as tightcreditmarkets forced WallStreets two remaining independentinvestment banks to widen their sources offunding.,2008,年,9,月,21,日：高盛集团和,摩,摩根斯坦利获得,批,批准成为商业银,行,行，美联储的信,贷,贷市场紧缩迫使,华,华尔街这两家独,立,立投资银行扩大,资,资金来源。,Sept.26,2008:Washington Mutual Inc.isseizedby governmentregulators andits branchesand assets sold to JPMorganChase in the biggestU.S.bank failure inhistory.,08,年,9,月,26,日华盛顿互惠公,司,司被政府机构调,节,节，其分支机构,和,和资产出售给摩,根,根大通，这是美,国,国历史上最大的,银,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,申请破产保护。,Oct.11,2008:U.S.TreasurySecretary Henry Paulson indicatesthat pumping government funds intobanks is a priority,sayingfinancial markets will remain volatile.,2008,年,10,月,11,日：美国财政部,长,长保尔森表示，,政,政府资金投入银,行,行是一个优先事,项,项，因为金融市,场,场将继续动荡。,Oct.12,2008:European leaders agree to guarantee bankborrowing anduse governmentmoneyto prevent biglenders fromgoing under,trying to stopthe financialhemorrhage andstaveoff a recession.,2008,年,10,月,12,日：欧盟领导人,同,同意担保银行贷,款,款和政府支出以,防,防止大银行倒闭,，,，试图阻止金融,出,出血和避免经济,衰,衰退。,Oct.13,2008:The Fed leadsan unprecedented push by central banks tofloodthe financialsystemwith asmany dollarsas banks want,backing up government efforts to revive confidence andhelpingto reduce money-market rates.,2008,年,10,月,13,日：美联储带来,前,前所未有的推动,，,，中央银行向金,融,融体系注入大量,的,的资金来恢复信,心,心，并帮助减少,货,货币市场利率。,Originsfor,the Subprime MortgageCrisis,(,次贷危机,),walk out fromdeflation（,通货紧缩,）in 1990s,proactive fiscal policy andexpansionary monetarypolicy,（积极的财政政,策,策和扩张性货币,政,政策）,stimulate theproperty market(,刺激房地产市场,),low mortgage,（抵押）,rate policy,Year,Fixed-Rate OnHome Mortgage,(,房屋抵押贷款利,率,率,),%,FederalReserve,USA,Borrowers haveeasieraccessto loans,from commercial banks,Commercial banks lendmoneyto theapplicants with low,unstable income and low credit(,信用,).,Commercial banks worry aboutwhether theseapplicants can pay off(,付清,)the loan ontime.,Investment banks provide CDOto commercialbanks,CDO(,担保债务凭证,),Financial derivativeproducts(,金融衍生产品,),Can regard itas insurance,CollateralizedDebt Obligation,Enablefinancial institutions to obtain investorfunds to finance subprime(,为次级贷款提供,资,资金,),Processof CDO,Commercial Bank,lend,$100,Borrowers,(low,unstable(,不稳定的,)incomeand low credit),InvestmentBank,(LehmanBrothers,雷曼兄弟,),provide,CDO,Commercial Bank,Pay$10,For CDO,Ensureto getmoney back from borrowers,The commercialbank may fearthat borrowers may not payoff theloan on time.,Whetherborrowers canpay off loans?,Yes,Investment banks will profit$10,No,Investment banks may lose$100because they mustpay off loans forborrowers.,One year later.,NOTICE:,