Indlela i-Mortgage-backed Securities esebenzayo yasebenza ngayo kwaze kwaba yiyo
Xa utyalomali kwi-MBS, uthengisa amalungelo ukufumana ixabiso lentengo yee-mortgages.
Oku kuquka iintlawulo zenyanga kunye nokuhlawulwa kwentlawulo yenqununu. Ekubeni kukukhuseleko, ungathenga nje inxalenye yecredit. Ufumana isahlulo esifanayo seentlawulo. I-MBS iyimvelaphi kuba ithola ixabiso layo kwi-asethi ephantsi.
Njani iSebenzi yoKhuseleko loLondolozo lweMpahla
Okokuqala, ibhanki okanye inkampani yokuboleka imali yenza imali mboleko. Ibhanki ke ithengisa loo mboleko kwibhanki yotyalo - mali . Isebenzisa imali efunyenwe kwibhanki yotyalo-mali ukwenza iimali-mboleko ezintsha.
Ibhanki yotyalo-mali iyongeza imali mboleko kwi-bundle ye-mortgages eneerhafu ezifanayo. Ibeka inqwaba kwinkampani ekhethekileyo eyenzelwe loo njongo. Ibizwa ngokuba yiNjongo yeNqwelo yeNqwelo okanye iNqwelo-mali ekhethekileyo. Oko kugcina i-securities-backed securities ehlukeneyo kwezinye iinkonzo zebhanki. I-SPV ithengisa iimali zokubambisa imali. Iimali zokugcina imali zihlala kwi-SPV.
Ii-arhente zikaRhulumente nazo zibandakanyeka kwiindawo ezininzi zokubambisa imali.
Aba nguFannie Mae , uFreddie Mac kunye noGinnie Mae. UFannie Mae noFreddie Mac bathenga baze bathengise i-MBS. Urhulumente wephondo uqinisekisa iintlawulo. Abo bathenga i-MBS bazi ukuba abayi kulahlekelwa ngubo-mali. UGinnie Mae uqinisekisa nokuba abatyali-mali baya kufumana iintlawulo zabo. (Umthombo: "Iimpahla ezixhaswe ngemali," ISES.)
Iintlobo zeeMpahla zokuThengisa iziThuthi
I-MBS elula i- pass-through participatory certificate . Ihlawulela abanamalungelo abo isabelo sabo esifanelekileyo sobini inqununu kunye neentlawulo zenzalo ezenziwe kwi-mortgage bundle.
Kwiminyaka yokuqala ye-2000, i-market ye-MBS yanda kakhulu. Iibhanki zenze imveliso eninzi yokwenza utsalane ukutsala abathengi. Ngokomzekelo, baqulunqa izibophelelo zetyala ngeemali ezibolekisiweyo ngaphandle kwemali yokuthenga imali. Kodwa nabo basebenzise lecebo elivela kwi-MBS.
Ibhanki yotyalo-mali ityunde imithwalo yemithwalo yempahla yokuthenga imali kwiindawo ezinobungozi obufanayo, ezibizwa ngokuba yi- tranches . I-tranche encinci inobungozi iqulethe yokuqala yokuqala kwiminyaka emithathu yentlawulo. Ababoleki babenakho ukuhlawula yokuqala iminyaka emithathu. Ukuhlawulwa kwemali-mboleko yee-rate, le minyaka iyenomlinganiselo wexabiso eliphantsi.
Abanye abatyali-mali bathetha i-trancheer tranche kuba banomdla ophezulu. Lezo ziqulatho zaziqulethwe okwesine kwiminyaka yesixhenxe yeentlawulo. Ngaphandle nje kokuba iirhafu zihlala ziphantsi, izingozi zahlala ziqikelelwa. Ukuba umntu obolekayo wayehlawula imali yokubolekwa kwemali ngenxa yokuba wahlaziywa, ke abatyali-mali bafumana ukutshalwa kwezimali kwangaphambili.
Ingozi yakhula xa kuthe Ababoleki bee-mortgages rate rate babanjwa xa behlawule imali.
Akwazanga ukulungiswa ngenxa yokuba amaxabiso enzala aphezulu. Oko kwakuthetha ukuba babekho amathuba okungafi. Abatyalomali balahlekelwa yonke into. Nangu uRyan Gosling uchaza kwi-movie The Big Short .
I-Securities-Backed Securities Yashintsha Icandelo leZindlu
Ukuqulunqwa kweemali ezixhaswe ngemali-mboleko kuguqulwe ngokupheleleyo iindlu, izindlu zebhanki kunye nezentengiselwano. Ekuqaleni, izithenxo ezixhaswa ngemali-mboleko zavumela abantu abaninzi ukuba bathenge amakhaya. Ngethuba le- bhoom ye - real estate , ezininzi iibhanki kunye nenkampani yokubolekisa imali yenza imali-mboleko ngaphandle kwemali. Oko kwavumela abantu ukuba bangene kwimali-mboleko ababengenako ukuyifumana. Ababolekisi abanandaba. Bayazi ukuba bangazithengisa iimali-mboleko, kwaye bangayihlawuli imiphumo xa kwaye nababolekayo bebenjalo.
Eyadala ibhola lexabiso . Kwagqitywa ngo-2006 kunye neengxaki zemali ephantsi komhlaba .
Ekubeni abatyala-mali abaninzi, iimali zempesheni kunye namaziko emali anempahla yokugcina imali, bonke balahlekelwa yimali. Yiloo nto eyadala ingxaki yezimali ka - 2008 .
Indlela i-Mortgage-Backed Securities Yenza ngayo engalunganga
UMongameli uLyndon Johnson wadala i-mortgage-backed securities xa egunyazisiwe ngoMthetho we-Charter 1968. Kwakhona kwadala uFannie Mae . Wayefuna ukunika ibhanki amandla okuthengisa iimali zokuthenga. Okuya kukhulula imali yokubolekisa abanini bezindlu.
I-LBJ ayizange ilindele ukuba uMthetho weCharter ususe izenzo ezifanelekileyo zokuboleka. Ngokukhawuleza iBhanki yaqonda ukuba abayi kusayi kulahla ilahleko ukuba umntu obolekayo angazange akhokhe imali. Iibhanki zihlawulwe ngokwenza imali mboleko kodwa ayizange ibuhlungu xa umboleko wawungalunganga. Abazange baqaphele ngokumalunga nababoleki.
Ukubambisa izibambiso ezixhaswe ngemali kwaye kwavumela amaziko angaphandle asebhanki ukuba afake ishishini lokuboleka imali. Ngaphambi kwe-MBS, iibhanki kuphela zinamaphepha amakhulu ngokwaneleyo ukwenza iimali-mboleko zexesha elide. Babenemigodi emininzi yokulinda de loo mboleko ibuyiselwe kwiminyaka eyi-15 okanye engama-30 kamva. Ukuveliswa kwe-MBS kwakuthetha ukuba ababolekisi bafumana imali yabo ngokukhawuleza kubasomali-mali kwimarike yesibini . Ababolekisi bemali mboleko bavela yonke indawo. Kwakhona abazange baqaphele kakhulu nge-solvency yabathengi babo. Yakha ukhuphiswano olungakumbi kwiibhanki zendabuko. Kwakudingeka banciphise imigangatho yabo ukuze bancintisane.
Okubaluleke kunabo bonke, ii-MBS azizange zilawulwe. Urhulumente wephondo ulawula iibhanki ukuqinisekisa ukuba iifasititi zabo zikhuselekile. Kodwa leyo mithetho ayizange ifake kwi-MBS kunye nabathengisi bempahla . Iibhanki zebhanki zikhuselekile, kodwa abatyali-mali be-MBS babengakhuselekanga nhlobo.