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 [笑话]U.S. Urges China to Buy Mortgage Securities Amid Subprim |
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Not all MBS are subprime, there is alt-a, prime, freddie etc -- 孙悟空 - (189 Byte) 2007-7-14 周六, 05:17 (284 reads) |
parisparis
头衔: 海归少将
声望: 讲师
加入时间: 2004/09/04
文章: 1996
海归分: 276207
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作者：parisparis 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
mortgage securitization used to be mainly carried out by the GSE: Fannie Mae and Freddie Mae---it is a tool by the US gov to encourage house ownership and subsidize poor working class(low rate).
US gov provides explicit/implicit (after privitization) guaranty to these two agencies, thus their bonds are as good US treasuries.
By the way, these two firms' pool contain only prime loans AND loan value ranges between 150--300k, thus they cover mainly the mid-priced mortgage loans---NOT the whole market.
BUT IN THE PAST 20 YEARS, things changed a lot in US.
First, lots of investment banks jumped into the mortgage securitization business and loan origination is no longer solely the business of savings institutions or local community banks.
There are bunch of undercapitalized loan originators like New Century, Countrywide, Ameriquest, Fremont...., who merely act as the loan peddler and service providers. They rely on Wall Street firms for financing and they aggressively market loans to even the lowest bottom of the society who do not know how to manage finance responsibility and who should not be given these loans.
Another change: innovation from ABS/MBS to CDOs.
Another change: credit rating agencies loose their standards and fork out tons of AAA--BBB ratings to various tranches of CDOs.
Now they start to downgrade, finally.
The problematic MBS/CDOs come mainly from the private sector loan originators.
A big disaster is simmering now... but this time global investors, NO LONGER US GOV AND ITS TAXPAYER, will foot the 100b bill of costs.
作者：parisparis 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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