Iinkcazo ze-Arhente kunye nee-MBS ezingekho kwi-Arhente
I-MBS ye-Arhente yenziwe ngenye yee-arhente zorhulumente-quasi-rhu lumente: uRhulumente weSizwe wokuThengisa imali (obizwa ngokuba yi-GNMA okanye uGinnie Mae), i-Federal National Mortgage (i-FNMA okanye i-Fannie Mae), kunye ne-Federal Home Loan Mortgage Corp.
(Freddie Mac). Iibhondi ze-GNMA zixhaswa ngokholo olupheleleyo kunye nekhredithi yoorhulumente wase-US kwaye ngoko ke akhululekile engozini. Nangona i-FNMA kunye noFreddie Mac abanamalungelo abanayo abancedisi efanayo, umngcipheko wokungagqibekanga awunanto. Iziqinisekiso ezikhutshwe yiyiphi na yale mibutho zibizwa ngokuthi "i-Agesi MBS."
Amashishini abucala, afana namaziko emali, anokukhupha iziqinisekiso zokubambisa imali. Kule meko, i-MBS ibizwa ngokuba "engekho inkonzo" ye-MBS okanye "iibhokisi zecala". Ezi zibophelelo aziqinisekisiweyo ngurhulumente wase-US okanye nayiphi na ishishini elixhaswe nguRhulumente kuba bevame ukubandakanya ngamachibi abobolekayo abangenakuhlangabezana nemigangatho ye-Arhente. Uninzi lwezi ziyi-"Alt-A" kunye ne-"sub-prime" mboleko eziye zafumanisa ingqalelo ngexesha leengxaki zemali ka-2008. Ngaloo nto, ngokubambisana nokungabikho koxhaswa nguRhulumente, kuthetha ukuba ii-MBS ezingekho phantsi kwe-Arhente ziqulethe inxalenye yengozi yemboleko (oko kukuthi, kungenzeka ukuba ayifumanekanga) engekho kwi-MBS ye-Arhente.
Imbali emfutshane ye-MBS engeyiyo
Ukukhutshwa okuthe xaxa kwe-MBS engekho ye-Arhente kwenzeke ukususela ngo-2001 ukuya ku-2007 kwaye kwagqitywa ngowama-2008 emva kweengxaki zezindlu / zemali. Ngokwe-JP Morgan yonyaka ka-2010 "Iingxowa-mali ezingabambiswanga kwi-Mortgage-Backed Securities, Managing Opportunities, and Risks," "I-balance balance ye-non-agency mortgages yanda ukusuka kuma-dollar ayi-600 ukuya ekupheleni kuka-2003 ukuya kwi-2.2 yezigidigidi zama-dollar ngonyaka we-2007. "U
Ukukhula ngokukhawuleza kwimarike ye-MBS engabambiswanga ichazwe ngokubanzi njengento ebalulekileyo yongxaki ngenxa yokuba ezi ziqinisekiso zanikezela indlela yabancinci abancinci abanokufumana imali. Ekugqibeleni kwakhokelela ekunyuseni kwizonyango, kubangele ukuba i-MBS engekho kwi-Arhente yehlelwa yintengo ngo-2008. "I-contagion" yasasazeka kwii - securities eziphezulu , ukukhawulezisa le ntlekele kwaye kubangele ukukhutshwa okutsha.
I-asethi yeklasi isebenze kakuhle kakhulu ekuhlaleni okulandelayo, nangona kunjalo, kuvuza abaphathi bezemali abaye bafumana ingozi yokuthenga kwimarike ecinezelekileyo ngo-2009. Abaphathi bemali banokuthi batyale imali kwi-MBS engekho ye-Agesi namhlanje nangona kungabikho kokukhutshwa okutsha, njengoko izitifiketi ezikhutshwe phambi kwengxaki yezemali ziyaqhubeka zorhwebo kwiimarike ezivulekileyo.
Yiyeke uhlalutyo kwizinto ezibonakalayo
Ngaphandle kokugqithiswa kwamatyala, ii-MBS ezingekho phantsi kwee-Agents azikho ngabanye abatyalo-mali. Kwiqonga layo "Ukufumana Amathuba Kwimali Yemali Yengeniso Yengxowa-mali Yanamhlanje," i-assets management management firm PIMCO ichaza iinkalo ezahlukeneyo ezichaphazelekayo ekukhethweni kwamanqanaba athile kweli candelo lemarike:
- Uhlalutyo lwezorhwebo lwezindlu, kumanqanaba kazwelonke nakwimimandla
- Uhlalutyo lwenkqubo yomphakathi
- Uhlalutyo lwamacandelo ahlukeneyo, okanye i-tranches, kwingxelo nganye ye-MBS ukuchonga loo micimbi kunye nomngcipheko ophezulu wokubuyisela umngcipheko
- Ukuthengiswa kwemarike
- Uhlalutyo lomncinci kunye nokuveliswa kwekhava
- Ukuhlalutya iinkampani ezahlukeneyo zokuncedisa
Nangona akucebisi ukuba abatyali-mali bathenge ii-MBS ezingekho kwi-Arhente ngokwabo, iimali ezininzi ezilawulwa ngokuzimeleyo zineziqinisekiso ezikhoyo. Kwiimeko ezininzi, iimali ziye zaba neengxowa-mali ezi zinto emva kwexesha elibuhlungu, apho babeza kwenza igalelo elikhulu kwiimbuyekezo. Nangona kungabikho nto engapheliyo kwi-MBS engekho ye-Arhente ngoku njengokuba bekuyiminyaka emihlanu edlulileyo, cinga ukuba khona kwabo kwisikhwama sesibhonkco njengombonakalo umphathi uzimisele ukufuna amathuba kumacandelo amashishini angathandekiyo.