THE “MORTGAGE CRISIS” HOW CURENT CREDIT WOES “次贷危机”是当前信用危机共37页PPT资料
SubprimeCrisis 次贷危机形成及传导机制
Understanding the Subprime Crisis A complete explanation The roles of different participants
Securitization
What is securitization? The Wall Street quotation: As long as an asset can create stable cash flows, then it can be securitized.
Mortgage Brokers
Adjustable-rate mortgages (ARM) “Teaser rates” Forgeries of documents Increased subprime mortgages
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Understanding the Subprime Crisis A complete explanation The roles of different participants
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Understanding the Subprime Crisis A complete explanation The roles of different participants
Mortgage Lenders
Revenues from mortgages Qualification guidelines loose Increase of subprime mortgages
Securitization is the process of taking an illiquid asset, or group of assets, and through financial engineering, transforming them into a security with specific risk-return characteristics.
次贷危机成因分析
次贷危机美国次贷危机简介：美国次贷危机（subprime mortgage crisis）是指由于美国次级抵押贷款借款人违约增加，进而影响与次贷有关的金融资产价格大幅下跌导致的全球金融市场的动荡和流动性危机。
美国抵押贷款市场的“次级”（Sub-prime）及“优惠级”（Prime）是以借款人的信用条件作为划分界限的。
具体贷款市场分类如下：其中次级抵押贷款，是给信用状况较差、没有收入证明和还款能力证明、其他负债较重的个人的住房按揭贷款，次级市场的贷款利率通常比优惠级抵押贷款高2％～3％。
放贷机构再把这些贷款“证券化”，以高于优贷债券的利率在华尔街销售（回收资金，分散风险），次贷债券因此得到了很多投资机构，包括投资银行、对冲基金，有其他基金的青睐。
上节课，老师给出的房地产二级市场图示就表现这一关系：相应金融衍生产品：第一级衍生品（贷款资产证券化）——房地产抵押贷款支持证券（MBS）Mortgage Backed Securities指发行人将房地产抵押贷款债权汇成一个资产池（Asset Pool），然后以该资产池所产生的现金流为基础所发行的证券（主要是定期还本付息的债券）。
贷款所产生的现金流（包括本息偿还款、提前偿还款等）每个月由负责收取现金流的服务机构在扣除相关费用后，按比例分配给投资者。
即将房贷的风险转移给投资者。
二级衍生品——CDO：（Collateralized Debt Obligation，债务抵押债券）指以抵押债务信用为基础，基于各种资产证券化技术，对债券、贷款等资产进行结构重组，重新分割投资回报和风险，以满足不同投资者需要的创新性衍生证券产品。
说穿了就是债券，通过发行和销售CDO债券，让债券的持有人来分担房屋贷款的风险。
三级衍生品：——CDS（Credit Default Swap，信用违约掉期合约）是美国一种相当普遍的金融衍生工具，1995年由JP Morgan（2000年与大通银行、富林明集团完成合并成立今天的摩根大通）首创。
次贷危机简单介绍Ppt
• Borrowers ‘betting’ on falling rates (didn’t happen) or • Rising house prices and refinancing (didn’t happen)
• Origination
Domino Effect 3
• Bond Market
– Securitised bond values fall as mortgages default
• Equity Market
– Rising uncertainty
US Sub Prime Crisis goes overseas
• US Bond and Equity market instability • Rising commodity prices due to speculation • Overseas markets become volatile..
• ‘Equity’ (riskiest) tranche
– Cant sell so investment banks put on own balance sheet – Leverage – High return (‘cause is high risk, baby)
• Employee incentive schemes • If they don’t take it, the transaction wont happen so no fees
Contributing Factors Origination
– Lack of regulatory oversight
• SPV are in non regulated jurisdiction
次贷危机：为何祸不单行.
次贷危机：为何祸不单行理查德·A.爱泼斯坦【论文分类】理论经济学 F11 【学刊期数】2009年12期【论文期刊来源】《北京大学学报：哲学社会科学版》2009年5期第127～135页【英文标题】The Subprime Mortgage Crisis: Why Crisis Never Comes Alone? 【作者简介】理查德·A.爱泼斯坦，芝加哥大学James Parker Hall杰出服务法学教授；斯坦福大学Hoover研究所Peter and Kirsten Bedford高级研究员，芝加哥大学法学院，美国【内容提要】次贷危机的发生来源于高杠杆的危险、贷款发放人和投资者之间高昂的代理成本、不彻底的资产组合多元化等因素的结合。
有人将此次危机的来源归咎于个体的贪婪，较少的人认为是错误的公共补贴、不当监管和市场个体对投资公司推崇的模型的过分乐观等因素交互作用的结果。
这些争论暴露了对市场与监管之间关系的意见分歧。
任何债务都具有杠杆性；次级债的转售导致了不负责任的贷款和承销，政府担保公司不关心抵押物的价值或借款人的支付能力，从而引起系统性风险；资产组合的多元化和证券化无法避免系统性风险。
此种情况下，最大限度的市场自由应当铭记在心，只有证明了益处时才可动用政府干预。
以公共资金救市将鼓励类似的冒险行为。
经济刺激方案不能改变抵押贷款领域的结构性脆弱，并且增加行政成本。
救市政策无法消除抵押市场上的不确定性，财富再分配不能创造出新的财富，而增加货币供应将带来通胀压力。
政府无法用宏观经济的工具解决微观经济的问题。
The current subprime crisis was caused by the combination of factors such as high leverage, serious agency costs between originators and buyers, incomplete diversification. Some attribute it to the greed of individuals and less view it as the result of the complicated interaction between mistaken public subsidies, unwise regulation of the market and private overconfidence in the various models that have been used to propel the investment houses. The debate exposed the disagreement on the relationship between market and regulation. All debts are leveraged. On-sale of subprime debt induced irresponsible debts origination and underwriting. State owned mortgage guarantors do not care about the value of the collateral or the repayment capacity of debtors, which introduced systematic risks. Diversification and securitization of investment portfolio could not eliminate system-wide risks. Such a situation is were the maximum laissez-faire shall be taken to the heart and government intervention shall not be used until and unless it is proven good. To bailout the market with public funds will induce such risk taking activities. Economic stimulating plans do not change the systematic vulnerability of mortgage lending and largely increased administrative costs. Bailout policies could not eliminate uncertainties in the mortgage lending market. Redistribution of wealth could not increase wealth and printing more money will become a source of inflation pressure. Government could not use macroeconomic tools to resolve microeconomic problems in the market.【日期】2009-02-10 【关键词】次贷危机/债的铁律/杠杆/证券化/救市the subprime mortgage crisis/iron laws/leverage/securitization/bail-out中图分类号：F113 文献标识码：A 文章编号：1000-5919(2009)05-0127-09 一、初步的观察我在2008年3月开始佛里讲座(Foley Lecture)时，当时的热点话题是次贷市场违约以及贝尔斯登投资银行的倒闭救助。
十分钟看懂次贷危机(PPT)
This is great for them because housing prices has been rising practically forever.
BUT ONE DAY
One day,the lander gets s call from an investment banker who wants to buy the mortgages.The lender sells it to him for a very nice fee
CONNECT INVESTORS TO THE HOME OWNERS
A family want a house,so they save for a down payment.
And contact a mortgage broker.
The mortgage broker connects the family to a lender who gives them mortgages..The broker makes a nice commission.The family buys a house and becomes home owners.
LEVERAGE
The investment banker then borrows millions of dollars an buys thousands more mortgages and put them into a nice little box.This means that every month he he gets payments from the home owners of all the mortgages in the box.
Who is affected? EVERYONE!!!!
美国次贷危机
经过评级机构 对非机构抵押 贷款支持证券 进行评级
金融机构
优质巨额 抵押贷款
Alt-A贷款 次级贷款
评级机构
CDO债务抵押债券（债务担保凭证）
CDO（ Collateralized Debt Obligation） 从银行系统剥离出来，由投资银行包装成
多种证券出售给投资者旳次级债券。 美国信用分值在次级债级别旳有600万人，
次级按揭规模1.3万亿
投行将CDO提成不同等级，等级高者卖给市 场，等级低者没给对冲基金。
2023年此前，日本银行贷款利率为1.5%， 一般CDO收益率为12%。
对冲基金收益丰厚，反过来，投行又购置对 冲基金。
对冲基金又将高收益旳CDO抵押给银行购置 更多旳CDO。
故事还没有结束，华尔街旳投行家们有发行 了CDS旳创新产品：
高达10%-12%旳利率使抵押贷款具有高 风险性。伴随美联储屡次上调利率，次级房 贷还款利率越来越高，造成拖欠债务比率上 升。
美国房地产景气出现明显下降使贷款违约 不断增多，多家次级市场放款机构深陷坏帐 危机。
2023年3月13日，美国住房抵押贷款银
抵押贷款旳“食物链”1
借款人
抵押贷款经纪商
借款人向经纪商或贷款企业申请贷款 经纪商经过贷款企业取得抵押贷款
大型贷款企业 和投资机构
贷款企业
抵押贷款旳“食物链”2
贷款企业将原则类抵押贷款卖给 房利美客户经理或房地美
贷款企业经过投资机构将贷款打 包成非机构抵押贷款支持证券
投资银行
房利美、房地美
机构抵押贷款支持证券 （Agency MBS）
非机构抵押贷款支持证券 （ No Agency MBS）
旳历史。
1929年10月，华尔街股市暴跌；
第四章扩展 次贷危机
可以想像，由于资产收人变成他主要的一个收人来源， 而这个收人高度跟债务相关，那么美国就形成了一个负 债消费的、寅吃卯粮的一种局面。
第四，次贷危机加大我国的资本市场风险
在发达国家经济放缓、我国经济持续增长、美元持续贬 值和人民币升值预期不变的情况下，国际资本加速流向 我国寻找避风港，将加剧我国资本市场的风险。
对美国经济的影响
美国次级抵押贷款市场危机出现恶化迹象，引 起美国股市剧烈动荡。投资者担心，次级抵押 贷款市场危机会扩散到整个金融市场，影响消 费信贷和企业融资，进而损害美国经济增长。
次贷危机（subprime crisis）
又称次级房贷危机，也译为次债危机。它是 指一场发生在美国，因次级抵押贷款机构破 产、投资基金被迫关闭、股市剧烈震荡引起 的金融风暴。它致使全球主要金融市场出现 流动性不足危机。
美国“次贷危机”是从2006年春季开始逐步 显现的。2007年8月开始席卷美国、欧盟和 日本等世界主要金融市场。
美国第十大抵押贷款机构——美国住房抵押贷款投资 公司8月6日正式向法院申请破产保护。
2007年8月8日，美国第五大投行贝尔斯登宣布旗下 两支基金倒闭，原因同样是由于次贷风暴。
2007年8月9日，法国第一大银行巴黎银行宣布冻结 旗下三支基金，同样是因为投资了美国次贷债券而蒙 受巨大损失。此举导致欧洲股市重挫。
但开始许多分析家认为，次级抵押贷款市场危 机可望被控制在局部范围，对美国整体经济构 成重大威胁的可能性不大。但事实证明，次贷 危机已经严重影响了世界经济。
What is the Credit Crisis
What is the Credit Crisis?It is a worldwide financial fiasco involving terms you’ve probably never even heard.∙Sub-Prime Mortages∙Collateralized Debt Obligations∙Frozen Credit Markets∙Credit Default SwapsWho is Affected By The Credit Crisis?EveryoneHow Did It Happen?The credit crisis brings two groups of people together. Homeowners and investors. Homeownwers represent their mortgages and investors represent their money.The mortgages represent houses, and the money represents large institutions like pension funds, sovereign funds, insurance companies, and mutual funds.These groups are brought together through the financial system normally known as WALL ST.How is Wall St. connected to Main St?Years ago investors were sitting on piles of money looking for a good investment, to turn into MORE MONEY. Traditionally they would go to the Federal Reserve, where they would buy treasury bills. However, in the wake of the dot com bust and the attacks on 9/11 . Federal reserve chairman Alan Greenspan lowered the borrowing rate to only 1% to keep the economy strong.1% is a very small return on investment so investors said “No thanks.” On the flip side this means banks can borrow from the bank for only 1%. Now add to that a large surplus of money from China, Japan, and Europe, and you have an overwhelming abundance of cheap CREDIT.This makes borrowing money easy and causes them to go crazy with LEVERAGE.“Leverage is borrowing money to amplify the outcome of a deal.”How Does Leveraged Investing Work?In a normal deal someone with 10,000 dollars buys a box for 10,000 dollars. He then sells that box to someone else for 11,000 dollars, making a $1,000 profit. Using leverage someone who has $10,000 will go and BORROW $990,000 instead. Using the original $10,000 as collateral.He now has $1,000,000, and he can buy 100 boxes. He sells them to someone else for $1,100,000. Now he has to pay back his 990,000 plus 10,000 in INTEREST. After you subtract the initial $10,000 he is left with a $90,000 PROFITLeverage turns good deals into GREAT DEALS.“This is how banks make their money”Wall Street takes out lots of loans, makes great deals and gets really rich and then pays it back. Investors see this an want a piece of the action. This give Wall street an idea. They can connect their investors to homeowners with MORTGAGES.Here’s how it works?∙ A family wants a house, so they save for a down payment.∙They then contact a mortgage broker. The mortgage broker connects the family toa lender who gives them a loan.∙The broker makes a nice commission, the family buys a house, the banker makes some interest, and everyone is happy.∙One day the lender gets a call from and investment banker who wants to buy the mortgage, the lender sells it to him for a nice fee∙The investment banker then borrows billions of dollars and buys thousands of mortgages. He puts them into a nice box. Every month the investment banker sits back and collects the monthly payments from thousands of mortgages.But the process doesn’t stop here.What is a Collateralize debt obligation?Each box of mortgages is cut into 3 separate smaller boxes named: Safe (AAA), Okay (BBB), and Risky (Unrated). They once again package these up and call it a COLLATERALIZED DEBT OBLIGATION (CDO)As money comes in the top rated, safest investments are paid off first, then the okay loans are paid off, and whatever is left over goes into the risky loans.If some homeowners don’t pay on the mortgages and go into default then less money is coming in and the risky box will not be filled with as much money. To compensate for the higher risk, the bottom risky tray pays out a higher interest rate, while the top safer investment receives a much lower rate.To make the top tray even safer banks will sell insurance on it, called a CREDIT DEFAULT SWAP.Now the investment banker can sell each piece of the pie to different investors who have different levels of risk and everyone is happy and making money.The investment banker calls up the mortgage broker for more home loans, but everyone who is loan worthy already has a home.Taking on more risk.When a homeowner defaults on a loan, the investment banker is left with the home. Since homes are always increasing in value then banker is covered from any losses. Because of this he can start adding risk to his investments.No down payment, no proof of income, FREE MONEY.So instead of loaning to responsible homeowners called PRIME MORTGAGES.they started to get people who were less responsible, these were SUBPRIMEMORTGAGES.TURNING POINTLike usual the mortgage broker connects the family with a lender who writes the mortgage and the family buys a BIG HOUSE.The lender sells the mortgage to an investment banker.The investment banker turns it into a CDO and sells it in slices to the othersThis works nicely for everyone, and everyone gets very very rich.Except this time the model could not go on forever. Like playing a game of hot potato with ticking time bombs, each person has to pass on the risk to the next person.As predicted the home owners defaulted.Then the home is now owned by the banker who forecloses and one of his monthly payments turns into a house.As more and more of his monthly payments turn into houses, the housing market gets saturated with too many houses for sale and houses start to drop in value.As house prices plummet in value more and more families start to walk away from their mortgages once their home value are turned UPSIDE DOWN.Now the investment banker is stuck with boxes of worthless houses.The banker can no longer sell the C DO’s because everyone knows there is no money coming in anymore.The investment bank goes into a downward spiral because the bank itself has borrowed Billions of dollars and sometimes TRILLIONS of dollars and he cant pay it backThe investment bank is not the only one in trouble because the investors have bought thousands of these junk bonds and the lender tries to sell mortgages but the banker has no more money to lend, the whole financial system is frozen and things get dark.Everybody starts going bankrupt.Welcome to the CRISIS OF CREDIT.次贷危机是什么？是一场全球性的金融溃败，意味着这些你听过的名词：次级贷款、债务抵押债券、信贷市场冻结以及信用违约掉期……谁会受到影响？——所有人！这是怎么发生的呢？次贷危机拉拢了两群人，房主和投资者，房主就意味着房贷，投资者就意味着资金，房贷就等于房子，资金则等同于大机构，比如养老金基金、保险公司、主权基金、共同基金，等等。
美国次贷危机案例解析PPT课件(40页)
证券化(securitization)及其分类
证券化包括融资证券化（Financing Securitization）和资产证券化 （Asset Securitization）两类。 融资证券化
是指资金短缺者采取发行证券（债券、股票等）的方式在金融市场向资金提供者直接融 通资金。
融资证券化方式多为信用融资，只有政府和信誉卓著的大公司才能以较低的成本采用这 种方式融资，它属于增量的证券化，又称为“初级证券化”。
次级抵押贷款公司
美国联邦国民抵押贷款协会(房利美)、美国联邦住宅抵押贷款公司(房地美) 、汇丰控股、新世纪金融投资银行、 NovaStar金融公司、第一马格纳斯金 融集团、范妮·梅公司
投资银行/公司
雷曼兄弟、高盛、摩根士丹利、美林证券、贝尔斯登公司
保险公司等金融机构
美国抵押贷款保险公司（Mortgage Insurance Companies of America）、瑞 士再保险公司、美国国际集团、美国债券保险公司Ambac金融集团
次级抵押贷款的兴起与发展
1992年，美国经济持续稳步增长，加之人口增长和失业率下降，推动房价持 续走高。同时，美联储多次下调基准利率，而低利率刺激了居民的重新融资， 希望以房产作为“现金奶牛”从中获得更多的消费信贷。实际财富的增加为房 屋所有者变现房产或重新融资，扩大当期消费提供了可能。
在房价不断走高时，即使借款人现金流并不足以偿还贷款，他们也可以通过 房产增值获得再贷款来填补缺口。因此，1990年代末次级抵押贷款又开始了新 一轮增长，直至今天这场危机的爆发。
美国次级抵押贷款概况【续】
对借款者个人而言，违约会使其再融资难度加大，丧失抵押品的赎回权， 无法享有房价上涨的利益。而且，任何一个借款人的违约对借款者所居住地 区也有不良影响。
次贷危机
第三阶段是 2008 年 3 月至 10 月期间，主要以美 国第四大投资银行雷曼兄弟公司公开宣布破产为 主要标志，期间美国华尔街金融行业的五大投资 银行金融寡头纷纷落水下马，美国次贷危机不断 开始恶化。并冲出了美国，逐步蔓延到了整个世 界各地，引发全球性质的金融危机。 第四阶段是 2008 年10 月至今，以全球新兴市场经 济国家紧急告急为主要标志，欧洲、拉美和亚洲 等一些新兴的市场经济国家广泛波及受到严重的 影响，例如冰岛，日本，英国，印度等国家遭受 危机的毒害。这四个阶段的相互联系和作用促进 了全球金融危机的快速形成，世界金融危机的到 来。
（2）宽松的金融监管机制和美国政府对金融企业 监管不到位 美国国内金融监管机构一直都是追崇以 “最少的 监管就是最好的监管” 监管就是最好的监管”的金融自由化理论来执行 对国内金融业的监管。对于这个所谓的金融自由 化理论是有利弊的，一方面它在市场的作用下自 我完善发展本国金融行业，另一方面，它存在着 过于任意放任自流的本性，非法的利用金融衍生 产品的信息不对称特征来欺诈和误导客户，在这 次金融危机中就暴露了弊处。在这次危机中美国 国内金融监管机构对房地产市场的金融业采取了 短期内支持和任意纵容不管不问的不负责任的态 度，加上美国金融监管体制及管理跟不上华尔街 的金融家们在高薪的驱动下发明的金融衍生产品 的不断创新，最终给那些债券的评级机构太多的 非法操作空间，导致危机的产生。
2.从组织和企业层次分析这次全球金融危机的根源 2.从组织和企业层次分析这次全球金融危机的根源 （1）金融创新的过度埋下了隐患 金融创新在这次金融危机爆发中起着助推器的强大作用， 由于金融资产证券化使打包后的贷款抵押资产为标的物的 债券并向投资者大量销售，它一方面起着促进了金融贷款 机构将那些流动性较差的贷款资产能以货币的形式收回， 另一方面又帮助了金融业投资者拓宽了投资渠道途径，不 管它的作用如何的惊人，但是它本身却存在着巨大的缺陷 与漏洞。 （2）金融监管不到位和内部管理机制不健全推动了危机 的滋长 金融自由化的美国，金融企业的运行是完全靠金融行业内 部之间的自我约束的机制来实现的，这种金融业内部之间 的自我约束机制在自由化发展中是不完善的，造成了企业 监管部门的失职，企业金融监管制度的缺失和严重滞后， 金融风险监测和控制体系的落后。
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The Current Litigation Environment
New legislation
• Federal and state
Increased enforcement activity
• Federal and state • Civil and criminal penalties
Increased litigation
• By states’ Attorneys General and regulators • By local governments • By private plaintiffs
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New Legislation
Federal
• Housing and Economic Recovery Act of 2019 (signed 7/30/08)
Servicers required to: (i) be licensed; (ii) act with “skill, care and diligence”; and (iii) file fee schedules with Commissioner of Banks
Expands list of “prohibited activities” Requires 45-day pre-foreclosure notice to borrowers and gives Office of
First time that mortgage servicing subject to NC regulations Unique language requires NC-specific procedures New pitfalls, short fuses and potential for liability Amended again in the short session of 2019 (H.B. 2188) (eff. 10/1/08) to ban yield
consideration of “ability to pay” Restrictions on advertising
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New Legislation (cont.)
State
• Mortgage Debt Collection and Servicing Act (eff. 4/1/08)
Comprehensive regulation of “mortgage servicers” (defined to include “receiving any scheduled periodic payments from a borrower,” including escrow amounts)
spread premiums (YSP) on all “rate spread home loan” trБайду номын сангаасnsactions – N.C. first state to do so.
• Amendments to N.C. Mortgage Lending Act (H.B. 2463) (eff. 1/1/09)
Government Sponsored Enterprises (Fannie Mae, Freddie
Mac)
• HOEPA Amendments (generally effective 10/1/09)
Prohibits “unfair, abusive or deceptive” lending practices New “higher-priced mortgage loan” regulations, including
THE “MORTGAGE CRISIS”: HOW CURRENT CREDIT WOES AFFECT YOU
AND YOUR CLIENTS
Litigation and Dispute Resolution:
New Cases, New Causes
Jim D. Cooley Meredith J. McKee Womble Carlyle Sandridge & Rice, PLLC
Allows FHA to guarantee new loans for subprime borrowers if lenders reduce balance to 90% of home value
Increases conforming loan limits in high-cost areas First-time buyer tax credit Provided basis for oversight and now takeover of
Commissioner of Banks (“OCOB”) additional powers to suspend foreclosure for 60 days
• Foreclosure moratoria enacted in North Carolina and New York, and being considered in many other states
The new North Carolina servicing law imposes delays and additional procedures (e.g., in addition to the 45-day pre-foreclosure notice and OCOB’s authority to suspend foreclosure proceedings at any point in the process by 60 days, (noted above), the Emergency Program to Reduce Home Foreclosures Act (H.B. 2623) (eff. 11/1/08 to 10/31/10) gives OCOB authority to extend the foreclosure filing date up to 30 days beyond the date established in the pre-foreclosure notice).