美国次级债危机英文

U.S. sub-prime mortgage loans, since the exposure began in July 2007, triggering the basis of its asset securitization products - home mortgage subprime mortgage crisis, followed by a general like dominoes quickly spread to global financial markets, also in an economic China's high level of financial wake-up call to run the article through the presentation of the U.S. sub-prime market operation mechanism, and subordinated debt cause of the problem, analysis of the crisis for China's financial markets, and to give inspiration to guard against financial risks Subprime mortgage crisis in the final analysis is a bubble problem, if only from the subordinated debt accounted for all financial assets scale, subordinated debt for derivative financial products is extremely developed in the United States, the status is not very prominent. But the" subprime crisis" was from the American real estate market quickly spread to the credit market, the bond market, the stock market, then triggered a global capital market big shock, and for many years the United States economy accumulated a greater risk, at the same time, the global capital flows have become increasingly frequent, cause the financial risk can easily be enlarged there is a close relationship between the. With strong capital project barrier, the subprime crisis on China's impact, but the crisis has given in financial and economic high growth especially asset price excessively quickly rise, lower cost of funds, the excess liquidity of China provides a precious opportunity for reflection, we sounded the alarm at the same time it also brings a lot of inspiration.

1 in the period of rapid economic development, we must prevent excessive rising asset prices and asset bubble accumulation. Whether investors or the real estate enterprises to guard against macroeconomic system risk, avoid investment behavior in gambling and the psychology of adventure.

The subprime crisis shows: asset price is a virtual element, conceals considerable damage, the rapid rise in is a direct consequence of the entity economy caused great damage. This crisis is the United States of America overheated real estate market and the weakness of China, also the existence of such worries.

2 commercial banks to strengthen the prudential operation, under the excess liquidity in credit risk management, the importance of real estate market in the development of all kinds of financial risks. In a sense, the United States subprime crisis and financial institutions in the real estate boom risks accumulated in a concentrated outbreak. The subprime crisis tells us: the rapid rise in prices tend to cover up a lot of credit risk and operational risk, therefore, no matter when, product pricing and risk management tools can't lose my mind. Seriously study the United States subprime debt crisis and its lessons, a comprehensive review of the Bank of China housing mortgage loan quality and risk of mortgage loans, pay close attention to the price risk, strict management, careful operation, should become our country commercial bank credit to housing management a pressing matter of the moment.

3 to absorb and summarize the United States subprime mortgage securitization experience, choose the quality of bank assets securitization.

Asset securitization is not wrong in itself, the error lies in the innovation of financial products in the design process of the system defects, namely the securitization of assets is a mortgage company to those at high risk, repayment ability bad issued high interest rates" subprime mortgage loan". As mentioned, in the prone to moral hazard under the circumstances, these assets are packaged, composition called asset-backed securities, and then sold to the investment funds, insurance companies and banks. In this way, the debt chain extension, risk is magnified, once the housing mortgage loan due to raise interest rates and unable to pay, the mortgage payments as cash flow of the bond is not to be worth a hair. At present, our country is actively promoting asset securitization, we must learn the lessons of the crisis of subordinated debt, bank good assets securitization. Although investors while obtaining the income must assume the risk, however, the bank can not think of the loan securitization is one finished, all is finished. Still should pay close attention to, and the quality of the credit risk of loan. In fact, the asset securitization is a structure of product, its itself on the securitization of assets are strictly defined, such as to be predictable and stable cash flow, a good credit record, default and default rates low and with standardization and quality guarantee and collection terms and securitization of assets quality and credit rating can be accurately assessed. The United States to the subprime mortgage securitization exploration and lessons should be said of China's asset securitization practice has important significance. In asset securitization in China must strengthen the asset pool of information disclosure, to establish asset credit risk evaluation system, regulate, guide credit rating behavior, avoid the information asymmetry in the investment risk.

4 must strengthen the construction of personal credit system, strengthen financial supervision, improve the ability of risk prevention. The subprime crisis, is essentially the borrowers credit crisis. But it is thanks to the sound credit system and market instruments in different products and services provided between the risk isolation, American subprime mortgage crisis without further spread to other levels of the loan, thereby effectively reducing the expected economic loss. In the United States, the different credit level of people and institutions to enjoy the resources and the cost is not the same. For example, the credit rating higher than 660 lenders, can enjoy preferential interest rates; credit rating below 660 points to lenders, have to accept the relatively high interest rates. If a credit score is below 620, debt is heavy, can not provide proof of income, can be through the secondary mortgage market to obtain loans, borrowers need to assume the credit risk premium. The market of separated as different credit risk assets set up a firewall, to some extent the risk of the filtering function. In China, our product development and with no credit level together, the current mortgage purchase procedures is also very simple, no credit record, unit need only" wage income proof", in this way, the different credit rating loans are mixed together, it is difficult to distinguish

between the size of the risk. Draw lessons from the United States in the credit market in terms of structural technology, strengthen risk filtering mechanism construction, establish a sound credit system, effective for customers to distinguish, and based on this R & D structured housing credit products, to China's commercial banks to control risks be of great advantage.

On the other hand, our country also must strengthen government supervision mechanism, take measures to prevent financial institutions, excessive lending and asset value of the irrational rise. From the subprime crisis, we can see, the United States financial system in many aspects of the existing lack of supervision. In early 2003, the financial regulatory authorities have to mortgage companies to lower credit standards of practice, the rating agencies will also be some subprime mortgage agencies included in the" credit watch" list, but these were not regulatory attention. Instead, the federal reserve side sustained increases in interest rates, the other side is to continue to encourage lending institutions to develop and sell adjustable rate mortgages, until 2006 September, the financial regulatory departments began to proposed and introduced regulatory guidelines, aimed at curbing the irresponsible lending practices, but it's too late. The United States of America lesson reminds us: in the economic and financial running high period, regulatory departments must strengthen the credit risk of the commercial bank regulation and the credit intermediary orgnaization behavior constraints, strengthen investor risk warning education, take measures, to prevent asset bubbles and stacking, thereby avoiding for the asset bubble rupture leading to economic fluctuations risk