Iimveliso, iMbopheleleko kunye nendlela abaye bangela ngayo iCrisis Crisis
Ii-CDO zihlobo oluthile lokufumana .
Njengoko igama layo lithetha, isiphumo salo naliphi na umkhiqizo wezemali ofumana ixabiso layo kwi-asethi enye. Izinto ezenziweyo, ezifana nokukhetha okukhethwa kukho , ukhetho lokufowunelwa , kunye neikontrakthi zexesha elizayo , sele kusetyenziswa kwiimveliso zentengo kunye nemveliso .
Ii-CDO zibizwa ngokuba yi- asethi-backed paper commercial . Amabhanki abiza ngokuba yimvume yokubolekwa ngemali xa kuthengiswa imali. Ukuba iimali zokubolekwa kwemali zenziwa kwabangaphantsi kwembali yentengo yemboleko, zibizwa ngokuba yi- subprime mortgages .
Iibhanki zithengisa ii-CDO kubatyalisi ngezizathu ezintathu:
- Imali abayifumene yabanika imali eyongezelelweyo yokwenza imali mboleko.
- Yayishukumisela umngcipheko weengxowa-mali zokungagqibekanga kwi-bhanki kubafakeli-mali.
- Ii-CDO zinike iibhanki ezintsha kunye nemveliso enenzuzo yokuthengisa. Oku kwandisa amanani entengo kunye neebhonasi zabameli.
Inzuzo
Ekuqaleni, ii-CDO zazingamkelekanga kwimali entsha. Banikezela ngexabiso elingakumbi kwizoqoqosho. Ama-CDO avumela iibhanki kunye namaqumrhu ukuba athengise ityala lawo.
Oko kukhulula imali eyinkunzi yokutyalomali okanye imali. Ukusasazeka kwee-CDO yisinye sezizathu zokuba uqoqosho lwase- United States lwomelele ngo-2007 .
Ukuveliswa kwee-CDO kwanceda ekudaleni imisebenzi emitsha . Ngokungafani nokubolekwa kwempahla kwindlu, i-CDO ayiyona imveliso ongayichukumisa okanye uyibone ukuba ifumene ixabiso layo. Kunoko, umzekelo wekhompyutheni uyayenza.
Amawaka eikholeji nabaphakamileyo bezinga eliphezulu bahamba basebenza kwiibhanki zaseWall Street njengama-joqu. "Umsebenzi wabo kwakukubhala iinkqubo zeekhompyutheni ezaziza kubonisa ukuba yixabiso lemali-mboleko eyenza i-CDO. ukufumana abatyalo-mali kule miveliso emitsha.
Njengoko ukhuphiswano lwama-CDO olutsha kunye noluthuthukisiwe lukhulile, la manani amanani enza iinkqubo zekhompyutha ezinzima. Baqhekeza iimali-mboleko phantsi "kwi- tranch ,
Nantsi indlela esebenza ngayo. Amanani e-mortgages ahlaziywayo anikezwa "i-teaser" inzala ephantsi-inzala kwiminyaka yokuqala ukuya kwemihlanu. Amazinga aphakamileyo akhankanywe emva koko. Abbolekayo bathatha imali mboleko, beyazi ukuba banokukwazi ukuhlawula ixabiso eliphantsi. Babelindele ukuthengisa indlu ngaphambi kokuba amanani aphakamileyo aqaliswe.
Ama-jocks amanani ayenze i-CDO tranches ukuba asebenzise amaxabiso ahlukeneyo. I-tranche enye ibambe inxalenye yenzalo ephantsi-mboleko. Omnye u-tranche wanikela nje ngenxalenye namazinga aphezulu. Ngaloo ndlela, abatyalo-mali abanokuthi bathathe i-tranche ephantsi-mngcipheko ophantsi, ngelixa abatshali-mali abanobudlova bangathatha umngcipheko ophezulu, inzala ephezulu. Zonke zahamba kakuhle nje ngokuba amaxabiso ezindlu kunye noqoqosho lwaqhubeka lukhula.
Iingxaki
Ngelishwa, i-liquidity eyongezelelweyo yenze i- bubble ye-asethi kwizindlu, amakhadi enkredithi kunye netyala le-auto. Ixabiso lezindlu liphakame ngaphezu kwexabiso langempela. Abantu bathenga amakhaya ukuze bathengise. Ukufumaneka lula kwetyala kuthetha ukuba abantu basebenzisa amakhadi abo ekwereta kakhulu. Oko kwaxotha inkokhelo yekhadi lesikweledu malunga ne-$ 1 triliyoni ngo-2008 .
Iibhanki ezathengisa ii-CDO azizange zixhalabise ngabantu abaxhomekeke kwi-matyala abo. Bathengise ngemali mboleko kwabanye abatyala-mali, ababenabo ngoku. Oku kwenza ukuba bangaqeqeshwa ngokunyaniseka kwimilinganiselo yokubolekisa. Ibhanki yenza imali mboleko kubbolekayo abangenalo i-credit-worthy . Ukuqinisekisa ukuba inhlekelele.
Yintoni eyenza izinto zibi nakakhulu kukuba ii-CDO zaba nzima kakhulu . Abathengi babengazi ukuba yixabiso lento ababeyithengayo. Baxhomekeke ekuthembekeni kwabo kwebhanki abathengisa i-CDO.
Abazange benze okwaneleyo uphando ukuze baqiniseke ukuba iphakheji yayifanelekile intlawulo. Uphando aluzange lube luncedo kakhulu kuba iibhanki zazingakwazi. Iimodeli zeekhomputha zisekelwe kwixabiso le-CDO ngokucinga ukuba ixabiso lezindlu liya kuqhubeka likhuphuka. Ukuba bewa, iikhompyutheni zazingenakuzixabisa imveliso.
Indlela ii-CDO ezenza ngayo iCrisis Crisis
Olu luhlu kunye nobunzima be-CDO ludale i-market panic ngonyaka ka-2007. Amabhanki ayaqonda ukuba ayinakulixabisa imveliso okanye impahla ayesenayo. Ngobusuku, i-market for CDOs yaphela. Amabhanki enqaba ukuboleka ngemali ngenxa yokuba abazange bafune ii-CDO ezingaphezulu kwi-balance sheet. Kwakufana nomdlalo wezezimali weehlalo zomculo xa umculo umi. Le nkathazo yabangela ubunzima bebhanki ka - 2007 .
Ii-CDO zokuqala ukuya kwezantsi ziyimfihlo yokubambisa imali . Xa amaxabiso ezindlu aqala ukuhla ngo-2006, imali yokuthengwa kwemindeni eyathengwa ngo-2005 yayisondele ngokukhawuleza. Odala i- subprime mortgage crisis . I- Federal Reserve yaqinisekisa abatyalomali ukuba bavalelwe kwizindlu. Enyanisweni, abanye bayamkela kwaye bathi izindlu zahlala kwindawo efanelekileyo kwaye kufuneka zipholile.
Into abazange bayayiqonda yindlela i-derivatives eyandise ngayo umphumo walo naluphi na umbhobho kunye naluphi na ukuhla. Akukho mabhanki ashiywe ephethe isikhwama, kodwa nabo babambe iimali zempesheni , imali kunye kunye neenkampani. Kwaye kwaze kwaba yiFed kunye noNondyebo baqala ukuthenga ii-CDO ezibonakalayo zokusebenza zibuyela kwiimarike zemali .