十分钟看懂次贷危机

PPT模板下载：!!!!HOWDIDITHAPPEN?HOMEOWNERSINVESTORSMortgagesmoneyHousesLargeInstitutionThesegroupsarebroughttogetherthroughthefinancialsystem——abrunchofbanksandbrokerscommonlyknownaswallstreet.THELOWINTERESTOnepercentisaverylowreturnoninvestment,sotheinvestorssay“nothanks”.ONTHEFLIPSIDEOntheflipside,thismeansbanksonwallstreetcanborrowfromFedforonly1%,addtothatgeneralsurplusesfromJpan,China,andMiddleEast,andthereisanabundanceofcheapcredit.LEVERAGEThismakeborrowingmoneyeasyforbanksandcausethemtogocrazywithLEVERAGE.Hereishowitworks!!!ANORMALDEALsomeonewith10thousanddollarsbuyaboxfor10000dollarsHethensellsittosomeoneelsefor11000dollarsFor1000dollarsprofits,agooddeal.USINGLEVERAGEButusingleverage,someonewith10000dollarswouldgoborrow990000moredollars,givinghinonemilliondollarsinhand.USINGLEVERAGEThenhegoesandbuy100boxeswithhisonemilliondollarsandsellsthemtosomeoneelsefor1100000dollars.Thenhepaysbackhis990000plus10000ininterestandafterhisinitial10000,heisleftwith90000dollarprofitversetheotherguys1000CONNECTINVESTORSTOTHEHOMEOWNERSAfamilywantahouse,sotheysaveforadownpayment.Andcontactamortgagebroker.Themortgagebrokerconnectsthefamilytoalenderwhogivesthemmortgages..Thebrokermakesanicecommission.Thefamilybuysahouseandbecomeshomeowners.Thisisgreatforthembecausehousingpriceshasbeenrisingpracticallyforever.BUTONEDAYOneday,thelandergetsscallfromaninvestmentbankerwhowantstobuythemortgages.ThelendersellsittohimforaverynicefeeLEVERAGETheinvestmentbankerthenborrowsmillionsofdollarsanbuysthousandsmoremortgagesandputthemintoanicelittlebox.Thismeansthateverymonthhehegetspaymentsfromthehomeownersofallthemortgagesinthebox.THECDOThenhecuttheboxintothreeslicessafe,okayandrisky.ACDOworkslikethreecascadingtrays,asmoneycomesin,thetoptrayfillsfristthenspillsintothemiddleandwhateverisleftintothebottom.Themoneycomesfromhomeownerspayingofftheirmortgages,ifsomeownersdon’tpayanddefaultontheirmortgage,lessmoneycomesinandthebottomtraymaynotgetfilled.Thismakesthebottomtrayriskierandthetoptraysafer.ThisisCDO.Thebanksdoallofthisworksothatcreditratingagencieswillstampthetopsliceasasafe,tripleAratedinvestment——thehighestsafestrating.TheokaysliceistripleB——stillprettygood.Andtheydon’tbothertoratetheriskyslice.Hesellstheokayslicetootherbankersandtheriskyslicestohedgefundsandotherrisktakers.Theinvestmentbankermakesmillions.Hethenrepayshisloans.WHATABOUTTHEINVESTORSFinally,theinvestorshavefoundagoodinvestmentfortheirmoney,muchbetterthanthe1%treasurybills.Theyaresopleased,theywantmoreCDOslices.Sotheinvestmentbankercallsupthelenderwantingmoremortgages.Thelendercallsupthebrokerformorehomeowners.Butthebrokercan’tfindanyone.Everyonethatqualifiesforamortgagesalreadyhasone,buttheyhaveanidea.ANNEWIDEAWhenhomeownersdefaultontheirmortgage,thelendergetsthehouseandhousesarealwaysincreasinginvalue.Sincethey’recoveredifthehomeownersdefault.Lendercanstartaddingrisktonewmortgages.Notrequiringdownpayments,noproofofincomenodocumentsatall.Theystartedtogetsomethatwere...well,lessresponsible.TheseareSub-PrimeMortgagesWORKSASUSUALJustlikealways,themortgagebrokerconnectsthefamilywithalender,makinghiscommission.Thefamilybuysabighouse.ThelendersellsthemortgagestotheinvestmentbankerwhoturnsittoCDOandsellsslicestotheinvestorsandothers.Thisactuallyworksoutnicelyforeveryoneandmakesthemallrich!THETURNINGPOINTNosurprisinglythehomeownersdefaultontheirmortgagewhichatthismomentisownedbythebanker.Oneofhismonthlypaymentsturnsintoahouse.Nobigdeal,heputsitupforsell.Butmoreandmoreofhismonthlypaymentsturnintohouses.SUPPLY&DEMANDNow,therearesomanyhouseforsellonthemarketcreatingmoresupply.Thiscreatesaninterestingproblemforthehomeownersstillpayingtheirmortgages.Asallthehousesintheirneighborhoodgoupforsale,thevalueoftheirhousegoesdown.Andtheystarttowhytheyarepayingbacktheir300000dollarsmortgageswhenthehouseisnowworthonly90000dollars.So,theywalkawayfromtheirhouse,defaultratessweepthecountry.BOMB!!!Heknowsthestreamofmoneyisn'tevenadribbleanymoreThebankertrystoselltoeveryone,butnobodywantstobuyhisbombWORKSASUSUALButheisnottheonlyone.Theinvestorshavealreadyboughtthousandsofthesebombs.Thelendercallsuptotryandsellhismortgage,butthebankwon’tbuyit,andthebrokerisoutofwork,thewholefinancialsystemisfrozenPPT模板下载：!