美国次贷危机_法律诱因_立法解危及其对我国的启示

美国次贷危机:法律诱因立法解危及其对我国的启示孙天琦张晓东(,250100;,710075):美国的次贷危机给全球经济带来了巨大的负面影响,从法律角度反思危机根源有助于我们还原这场!二战结束以来最严重的危机∀的真实面目近年来,在金融自由化的浪潮下,美国金融法律监管不断放松,放贷人无视消费者信贷权益保护规定,一些社区组织借社区再投资法!合法地敲诈∀银行等金融机构,抵押贷款中!零首付∀致抵押转移风险制度失效等都导致了此次次贷危机的爆发目前,美国立法机构和行政当局正采取立法对策予以解危我国应从中汲取教训,加强金融法制建设,加快推进征信管理证券信息披露非吸收存款类放贷人监管消费者信贷权益保护自然人破产等有关金融法律制度的建设,依法防范金融风险:次贷次贷危机金融监管,#,,2006,,2008():!,,∀∃,!60,∀%,,,,&,,,,??,,,?:(),,,,∋133∋,2070,,1980,(,,1982,)(BalloonPayments)∗,,1986+,,,1989,,1994−,8,,3,,,,1999-,,,,,,,∋,,!2000,,,,,(),60%()(),,∀(),#∃,,,;,(),20071218,%,,(),():(1),,,,,∋134∋20092(130),,(2),80%&,(3),,1%,,5%∋(4),,,(5),,,(6),,(7),,,:(),,,,,,,,,,,,,,,,()!∀,!∀!∀,,1977(,,...()...,:,,,(),,(!∀,,!∀,,,∋135∋:;,,!∀,,,,,(),!∀,,,,,,!∀!∀,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!∀,,,,-,,,,,,()(),()(),()(),,(),();(),(),(),()(),(),,,45%(),()(!!∋136∋20092(130)∀!∀,-,,(),,2090,,2002!∀,,(∀,,,(#,,,,,,2004(∃,:,()20071220,(%,,,,(),3,,(&,,......,2008214,,(∋,,7.5600;,15,1200;300,7.515,,500,,,,∗)20087303000,4030,,;,!∀!∀!∀,∋137∋:,,,,,,2008103,∗70001490,,,2009217,...2009∗,107872,!∀()∗!,20071115,,,:1.,,,,,(),,:(1),(2),(3):1);2);3)(4):(1);(2);(3),,,,:(1);(2);(3),,2.,,(purchasemoneyloan),,10%,8%,8%,∋138∋20092(130)5%!∀,!∀,,(),,,,,50%,:(1);(2)4%;(3),;(4);(5);(6),3.,,!,∀,,,!∀!∀,!∀:(1);(2);(3),50%;(4);(5),(),!∀90,!∀,,,,()2008331,...,∗∀,1929,,:(1),;(2),;(3),,:(1),,,,;(2),;(3),,;(4),;(5),,∋139∋:!∀,:(1),;(2),;(3),,,:,,:1.,,:,!∀!∀,,,,,,,,,∗#,,,,,,,,,,,,2.,,,,,,,,,,,,3.,,,,,,,,,,,,,!∀,,,4.,,,∋140∋20092(130),,,,∗∃,,5.,,,,,,,,,,,,,6.,,,,,200810108595,20051034%,8%,20081050002008100∗%,,,7.,,,,,∗&,,,,:#,,,∃MartinWolf,LessonsoftheFinancialCrisis,FinancialTimes,March16th,2008.%:,20088&:,200712(SeeDepositoryInstitutionsDeregulationandMonetaryControlActof1980FederalReserveBankofBoston,)SeeTheAlternativeMortgageTransactionParityAct,∗,+SeeNelson,A.Gene,Morrow,AliceMills,OregonStateUniversity,ExtensionService,UnderstandingtheTaxReformActof1986,://−SeeRaymondNatter,HomeOwnershipEquityProtectionActof1994,∋141∋:CL130000pub/newsletter/200708/natter.pdf.SeeGramm-Leach-BlileyActof1999,://!SeeRobertKuttner,TheBubbleEconomy,=the_bubble_economy.∀SeeNewJECReport,SubprimeCrisistoCostBillionsinFamilyWealth,PropertyValues,andTaxRevenuesUnlessActionsisTakentoPreventForeclosures,://∃SeetheEqualCreditOpportunityAct,:;;;,:,20087&∋SeeCommonAbuses:SevenSignsofPredatoryLending,(),200655%,46%,17%SeeHeatherM.Tashman,TheSubprimeLendingIndustry:AnIndustryinCrisis,=view&id=279.(SeetheCommunityReinvestmentAct,December9,1997,((!SeeRandallS.Kroszner,LegislativeProposalsonReformingMortgagePractices,(∀(#(∃SeeNicholasBagley,CrashingtheSubprimeParty:HowtheFedsStoppedtheStatesfromAvertingtheLendingMess,(%SeeH.R.3648:MortgageForgivenessDebtReliefActof2007,=h110-3648.(&SeeRooseveltRoom,PresidentBushSignsH.R.3648,TheMortgageForgivenessDebtReliefActof2007,(∋:,∗)SeeHousingandEconomicRecoveryActof2008,∗,,2008105∗:,2008218∗!SeeH.R.3915:MortgageReformandAnti-PredatoryLendingActof2007,=h110-3915&tab=summary.∗∀:,200842∗#SeeE.J.Kane,TechnologicalandRegulatoryForcesintheDevelopingFusionofFinancial-ServicesCompetition,JournalofFinance,July1984.∗∃,=SS,20061206,30504454&columnid=1745∗%SeeTaraSiegelBernardandJennyAnderson,MoreAmericansSlippingintoBankruptcy,NewYorkTimes,November16,2008.∗&2007,://finance.sina.com.cn/g/20080131/07164475966.shtml;2008,://finance.sina.com.cn/g/20081213/23165632944.shtml∋142∋20092(130)