Iingxaki zeNgxowa-mali ze-Subprime, i-Timeline and Effect

by Kimberly Amadeo

Landela ixesha loMsebenzi njengoko kwenzeka

Inkathazo yokubambisa i-subprime yenzeke xa ibhanki ithengisa imali ephezulu yokuthenga imali yokunyusa imfuno yokubambisa i-mortgage-backed securities . Xa amaxabiso asekhaya awela ngo-2006, kwabangelwa ukungalunganga . Umngcipheko usasazeka kwiingxowa-mali , uxhaso lwemali yomhlalaphantsi kunye neenkampani eziphethe ezi ziphumo . Kwakhokelela kwingxaki yebhanki ka - 2007, ingxaki yemali ka - 2008 kunye nokugqithisa okukhulu kunakho ukususela kwiNkcitho yokuPhukisa okukhulu .

Nanku umgca wexesha elivela kwiimpawu zokulumkisa kwangaphambili ngo-2003 ukuwa kweemarike zezindlu ngasekupheleni kuka-2006. Qhubeka ufunda ukuqonda ulwalamano phakathi kwamaxabiso enzala , indawo yokuhlala kunye nolunye uqoqosho.

01 Februwari 21, 2003: I-Buffett Iingcebiso zeZixhobo zezeMali zokuBhujiswa kwabantu

Isilumkiso sokuqala sengozi yokubambisa i-mortgage-backed securities kunye nezinye iziphumo ezivela kumhla we-Febhuwari 21, 2003. Yilapho uWarren Buffett ebhalela abanini-nxaxheba bakhe, "nangona kunjalo, iziphumo ezivela kwizixhobo zemali zokubhubhisa ininzi, ezithwale ingozi, ngelixa (Imithombo: uRon Hera, "Ukulibala malunga neZindlu, Okwenene Ingxaki yenkxalabo i-OTC Derivatives," I-Business Insider, ngoMeyi 11, 2010. "25 Abantu bafuna uxanduva lweCrisis Crisis, Ixesha Lexesha.)

02 uJuni 2004-Juni 2006: IiRhafu eziKhuselweyo zeRhafu eziKhulisiweyo

NgoJuni 2004, ixabiso lezindlu liye lanyuka. USihlalo we-Federal Reserve u-Alan Greenspan uqalise ukuphakamisa amazinga omdla ukuba aphelise imarike engaphezulu. I-Fed yaphakamisa ixabiso leemali ezixhaswa ngamanqanaba ayisithupha, ifikelela kuma-2.25 ekhulwini ngo-Disemba 2004. Yakhulisa amaxesha asibhozo ngo-2005, iphakamisa amanqaku amabini apheleleyo ukuya kuma-4.25 ekhulwini ngoDisemba 2005. Ngo-2006, i-Fed Chair entsha uBen Bernanke yaphakamisa amanqanaba amane , ukushaya ama-5.25 ekhulwini ngoJuni 2006.

Ngokugqithiseleyo, le ntlawulo yenyanga yenzelwe abo babenomdla-kuphela kunye nezinye iimali-mboleko eziphantsi kwenkxaso ye-Fed. Abaninimzi abaninzi abanamakhaya ababenako ukufumana iimali zokuthenga iimali eziqhelekileyo bathatha imali -mboleko kuphela . Banikezela iintlawulo eziphantsi kweenyanga. Njengamaxabiso asekhaya awa, abaninzi bafumana amakhaya abo babengabalulekanga oko bawahlawulela. Ngelo xesha, inzala yenzalo iphakanyisiwe kunye nenani lemali elondliwe. Ngenxa yoko, aba bahlali abanakho ukuhlawula imali yabo yokuthenga, okanye ukuthengisa amakhaya abo ngenzuzo. Okukhethwa kwabo kuphela kukungagqibekanga. Njengoko iirhafu zenyuka, imfuno iyancipha. Ngomhla ka-Matshi 2005, ukuthengiswa kwezindlu zangasese kwange-127 000. (Umthombo: " Ukuthengiswa kweeNtshonalanga kweeNdawo , Ubalo lwabantu base-US.)

03 Agasti 25-27, 2005: IMF Economist ixwayisa i-World Central Bankers

UDkt. Raghuram Rajan wayengumbongameli ophezulu kwiBhanki yehlabathi ngo-2005. Wabonisa iphepha elinesihloko esithi "Ngaba Uphuhliso Lwezezimali Lwenza Lo Mngcipheko Wehlabathi?" kwi-Economic Policy Symposium yebhanki ephakathi kwi-Jackson Hole, e-Wyoming. Uphando lukaRajan lufumene ukuba iibhanki ezininzi ziphethe iimveliso ezikhuselekileyo ukuze zikhulise iinjongo zazo.

Wacetyisa, "I-market market yasebhanki inokumisa umnxeba, kwaye enye inokuba neengxaki zemali ngokupheleleyo," efana neengxaki ze-LTCM . Abaphulaphuli bahlambalaza izilumkiso zikaRajan, kunye noNobhala wezeNkathazo uLarry Summers waze wambiza ngokuba ngumLuddite. (Umthombo: "Umgcini wezoqoqosho uRughuram Rajan Ubungozi obunobungozi bokuXela ingxaki yeNkcitho," i-Economic Times, ngoJuni 9, 2010.)

04 Disemba 22, 2005: Ukuvelisa i-Curve Inverts

Emva nje kokumenywa kukaRajan, abatyali-mali bathenga ukuthenga ezinye i-Treasurys, baqhube izivuno. Kodwa baye bathenga i-Treasurys yexesha elide (iminyaka emi-3 ukuya kwe-20) kunokuba ityala elifutshane (eli-inyanga eli-2 ukuya ku-2). Oko kwakuthetha ukuba isivuno kwixesha elide leNondyebo lihlawule ngokukhawuleza kunokuba kunamanqaku atshanje.

NgoDisemba 22, 2005, i-curve isivuno se-US Treasury ishicilelwe. I-Fed yaphakamisa izinga le-Fed, iqhube i-bill ye-2-year-year bill to 4.40%. Kodwa izivuno kwiibhondi zexesha elide azizange zikhule ngokukhawuleza. Inqaku leNondyebo le-7 lineminyaka engama-4.39 ekhulwini. Oku kuthetha ukuba abatyali-mali batyala imali kakhulu ngexesha elide. Imfuno ephakamileyo iqhube ukubuyela phantsi. Ngoba? Bakholelwa ukuba ukunyuka kwemali kwakungenzeka kwiminyaka emibini. Bafuna ukubuya okuphezulu kwi-bill ye-2-year ngaphezu kwe-note-year-year to compensate for the difficult environment environment they expected from 2007.

NgoDisemba 30, 2005, ukuguquka kwakubi kakhulu. I-mali yeminyaka emi-2 ye-Nondyebo ibuyele i-4.41 ekhulwini, kodwa isivuno seminyaka engama-7 sasiwele kwi-4.36 pesenti. Isivuno kwiNqaku leNondyebo le- 10 leminyaka liye lawela kuma-4.39 ekhulwini.

NgoJanuwari 31, 2006, umrhumo we-2-year-year bill wasuka kuma-4.54 kweepesenti, ukukhutshwa kweminyaka eyi-10 engama-4.49 ekhulwini. Yashintsha kwiinyanga ezintandathu ezizayo, ithumela iimpawu ezixubekileyo.

NgoJuni ka-2006, inani lezimali zeFed laliyi-5.75 ekhulwini, ukunyusa amaxabiso atshanje. Ngomhla ka-Julayi 17, 2006, i-curve isivuno sinqanyuliwe. Inqaku le-10 leminyaka lenze iipesenti ezingama-5.06, ngaphantsi kweenyanga ezi-3 zebhilikhi kwi-5.11 ekhulwini.

05 Septemba 25, 2006: Amaxabiso asekhaya awela kwixesha lokuqala kwiminyaka eyi-11

I-National Association of Realtors ibike ukuba amaxabiso aphakathi kwamanani asekhaya asele ahlawule i-1.7 ekhulwini ukusuka kunyaka ongaphambili. Lona lona lukhulu kunalo nyaka ku-11. Ixabiso ngoAgasti 2006 laliyi-$ 225,000. Leyo yeyona nxalenye enkulu yeepesenti ukusuka kwirekhodi ye-2.1 yeepesenti ehla ngo-Novemba 1990.

Amaxabiso awela ngenxa yokuba isalathisi esingazange sibe yizigidi ezi-3.9, iipesenti ezingama-38 ziphezulu ngaphezu komnyaka ongaphambili. Kwizinga langoku lokuthengiswa kwezigidi ezi-6.3 ngonyaka, kuya kuthatha iinyanga ezi-7.5 ukuthengisa eso saziso. Kwakuphantse ukuphindwa kabini ukubonelelwa kweenyanga ezi-4 ngo-2004. Uninzi lwezoqoqosho lucinga ukuba lithetha nje ukuba imakethi yezindlu yayipholisa, nangona kunjalo. Kungenxa yokuba isantya semingalo sasihle kakhulu, kwi-6,4 ekhulwini kwi-30-year-rate-mortgage rate rate. (Umthombo: "Amanani asekhaya: Okokuqala ukuhla kweMinyaka eyi-11," CNN, Septemba 25, 2006.)

06 Novemba 2006: Iimvume eziKhaya ezitsha ziyawa Amaphesenti angama-28

Ukunciphisa umfuno wezindlu ukunciphisa iimvume ezintsha zekhaya 28 iphesenti ukususela kunyaka ongaphambili. Esi sibonakaliso sezoqoqosho esikhokelayo sifike kwii-1.535 yezigidi, ngokubhekiselele kwiNgxelo ye-Real Estate ye-November 17.

Iimvume zamakhaya ezitsha zikhutshwa malunga neenyanga ezintandathu ngaphambi kokuba kuqedwe ukwakhiwa kwemali kunye nokuboleka imali. Oku kuthetha ukuba iimvume zikhokelo ezihamba phambili zokuvalwa kwekhaya elitsha. Ukungena kwiimvume kuthetha ukuba ukuvalwa kwekhaya elitsha kuya kuqhubeka kuhlaselwa kwiinyanga ezilisithoba ezizayo. Akukho mntu ngelo xesha waqonda ukuba i- subprime mortgages efikelele kangakanani kwimarike yemasheya kunye noqoqosho jikelele.

Ngelo xesha, uninzi lwezoqoqosho lucinga ukuba nje nje ukuba i-Federal Reserve ilahle inzala yenzalo ngehlobo, ukuhla kwezindlu kuya kuguqula ngokwayo. Into abazange bayayiqonda yayiyikhulu lobukhulu bemarike yempesheni. Yadala "isiqhwithi esipheleleyo" seemeko ezimbi.

07 Imvelaphi yokufunda: Imfuneko Ukuba Ungeyinto Engathandekiyo Ingxaki ididekile kakhulu

Imali-mboleko-kuphela yenzalo yenza imali eninzi ye-subprime. Kungenxa yokuba abanini bezindlu bahlawula umdla kuphela, kwaye bengalokothi bahlawule inqununu. Kwaye kwaze kwaba yilapho umyinge wezinga lokukhwabanisa ukukhutshwa ngenyanga. Ngokuqhelekileyo umninimzi wayengasakwazi ukufumana iintlawulo. Njengoko amaxabiso ezindlu aqala ukuwa, abaninzi abanini bezindlu bafumana ukuba abanako ukuthengisa iikhaya. Voila! I-Subprime mortgage mess.

Ukubambisa izibambiso ezixhaswe ngemali ezixhaswe ngemali ezithengiswayo kwi-subprime mortgages kwiimali- mali. Oko kwabenza ukuba bathengiswe kubatyalomali. Yanceda ukusabalalisa umhlaza we-subprime mortgage kuwo wonke umhlaba.

Imali yokubolekwa kwe-subprime ehlawulelwe yathengiswa kubalimi-mali kwimarike yesibini . Ngaphandle kwayo, ibhanki yayiza kufuneka igcine yonke i-mortgages kwiincwadi zazo-kwaye mhlawumbi yayiya kuba yinyameko malunga nabanikeze imali mboleko kubo.

Amanani omdla alawula i-market market, kunye noluntu lonke lwezemali. Ukufumana okungakumbi, jonga ukuba iIndleko zeNzala zinqunywe njani , ulwalamano phakathi kwamaNondyebo weeNondyebo kunye neeRhafu zokuThengiswa kweMali , i- Federal Reserve kunye neNondyebo amanqaku .

Ngaphambi kweengxaki, i- real estate yenziwe malunga neepesenti ezili-10 kwezoqoqosho. Xa imarike yawa, kwabakho ukuluma kwimizi emveliso engaphantsi . Nangona ezininzi zezoqoqosho zithi ukucotha kwendawo yokuhlala kwakuza kuqukunjelwa, oko kwakufuna ukucinga.

08 Fannie kunye noFreddie Programme

UFreddie Mac kunye noFannie Mae baqulunqa izixhobo zabanyanzeliswe yi-subprime mortgage debt. Fumana indlela onokufumana ngayo uncedo ukuba ungumnini-mboleko we-subprime.

09 Indlela Inkcazo ye-Subprime Crisis eyadala ngayo ingxaki yeBhanki ka-2007

Njengamaxabiso asekhaya awa, amabhanki alahlekelwa ithemba phakathi komnye. Akukho mntu wayefuna ukuboleka omnye nomnye kuba babeza kufumana iziqinisekiso zokubambisa imali njengempahla. Akukho mntu wayesazi ukuba ixabiso leemvelaphi zakuba ngamanani asekhaya aqala ukuwa. Kodwa ukuba iibhanki zingaboleki, enye inkqubo yezemali iqala ukuwa.