Ngomhla ka-Agasti 2012, uNondyebo wagqiba ekubeni uya kuthumela wonke uFannie noFreddie inzuzo kwingxowa-mali jikelele. Ukususela ngoko, ukuxhaswa kwemali kuye kwahlawulwa ngenzala.
Ukuxhaswa kukaFannie noFreddie kwakukhulu kunokwakheka kwe-1989 kunye neengxaki zemboleko , oku "kuphela" kubiza abakhokhi berhafu iibhiliyoni ezingama-124. Kwakuye kuhambisane nokuxhaswa ngokutsha kwe-AIG , eyaqala kwi-85 yezigidigidi zeebhiliyoni kodwa yakhula yaba yi-150 yezigidigidi. Zomibini zazingamazambane ezincinci ziqhathaniswa ne-$ 700 yezigidigidi zemali yebhanki ye-US, nangona i-$ 350 yezigidigidi eziye zachithwa.
Ukuxhaswa kwemali kwagcina uFannie, uFreddie, kunye nemakethe yaseMelika, ukusebenza. Kwakudingeka ukuba ibe yisesigxina, kodwa iimeko zezoqoqosho azizange ziphuculwe ngokwaneleyo ukuvumela urhulumente ukuba athengise izabelo zakhe kwaye abuyisele uFannie noFreddie kubunikazi bodwa.
Yiyiphi iLed to the Bailout
UFannie Mae kunye noFreddie Mac babengamashishini axhaswe nguRhulumente abathengiweyo abathengi iimali ezivela kwiibhanki, inkqubo eyaziwa ngokuthi iyathengwa kwimarike yesibini .
Bafakela ezi ziqinisekiso ze-mortgage-backed securities, kwaye bathengise kubasomali kwiWall Street. Inkqubo yonke yemali incike kwi-trust. Inkcitho ye-subprime mortgage iyanqumla.
UFannie Mae kunye noFreddie Mac babengamashishini axhaswe nguorhulumente axhasayo, kwaye ahlala ebandakanyeka kakhulu, ukuthengiswa kweemarike zesekondari .
Ngaphambi kweengxaki zentengiselwano yokubambisa i-subprime, babenemali okanye baqiniseke ama-1.4 trillion, okanye ama-40 ekhulwini, kuwo onke ama-mortgage ase-US. Babamba kuphela ii-168 zeebhiliyoni zee- mortgage , kodwa kwakwanele ukukhangela ezimbini. Ama-GSEs amabini asekela iimarike zesekondari, ezanceda iintsapho zaseMerika ziqonde iphupha lobunikazi bezindlu. Kodwa bancedisa ukuguqula loo phupha ibe yindlala ye-subprime ingxaki yokuboleka imali. Kwakhokelela kwingxaki yemali ka - 2008 kwaye yabangela ukuKhutshwa okuKhulu .
Urhulumente uzame ukuphepha ukuthatha ii-GSEs ezimbini, ezifuneka ukuba zibe yimibutho yabucala kunye nesiqinisekiso sikaRhulumente. Ukusekwa kwale ndawo kwakungasebenzi kwaye kwakuyinxalenye yengxaki. UFannie noFreddie bathatha ingozi ephezulu ekukhuliseni amanani abo empahla, beyazi ukuba baya kukhishwa ngaphandle kokuba ingozi iphendukela ngasentla.
Ngomhla ka-Agasti 2007, uFannie Mae wamemezela ukuba uza kudlula umrhumo wokuhlawula amatyala ngokokuqala ngqa ukususela ngoMeyi 2006. Abatyali banqatshitshitshitshitshitshitshklshklkrkfskrkfskrrkrrkrrrkrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr Uninzi lwabatyalomali babecinga ukuba uFannie unemali eyaneleyo ukuba avumele ukuba ulinde de ivelise. NgoNovemba ka-2007, uFannie watsho i-$ 1.4 yezigidigidi zeentlawulo zeentlawulo zekota kunye nokuvakalisa ukuba ziya kufuna iirandi ezingama-500 kwiimali ezintsha.
UFreddie wachaza i-$ 2 billion ukulahlekelwa, ukuthumela intengo yakhe yexabiso elingaphantsi kwama-23 ekhulwini.
Ngomhla wama-23 Matshi 2008, abalawuli bamagunya aseburhulumenteni bavumelane ngokungavumelani ukuba uT Fannie noFreddie bathathe enye i-200 200 yezigidigidi kwi-subprime mortgage debt. Ama-GSE amabini ayezama ngamandla ukuphakamisa imali eyaneleyo ukuze azigcine. Wonke umntu ngelo xesha wayecinga ukuba ingxaki ye-subprime yayinqatshelwe kwi- real estate kwaye yayiza kulungisa ngokukhawuleza. Mhlawumbi abazange baqaphele ukuba iziphumo ezazisithumela ngaphaya kwe-subprime mortgage defaults kwihlabathi lonke lezezimali. Njengoko kwavela, oku bekunye i-$ 200 yezigidigidi urhulumente kufuneka akhishwe emva kwaloo nyaka.
Ngomhla wama-25 kuMatshi 2008, iBhodi yezeMali yeZindlu yaseMelika yavuma ukuvumela iiNgingqi ze-Federal Home Loan Banks zithathe i-$ 100 yezigidi zeebhanki kwizibambiso ezixhaswa ngemali kwiminyaka emibini ezayo.
UFannie noFreddie baqinisekisa loo mboleko. Ngeveki nje, ii-GSE ezimbini zazinama-$ 300 amabhiliyoni kwiimali-mboleko ezimbi zongezwa kuma-balance sheet ase-shaky. I- Federal Reserve yavuma ukuthatha i-$ 200 yezigidi zemali kwiingxowa-mboleko ezimbi ezivela kubathengisi (empeleni, i- hedge funds kunye neebhanki zotyalo-mali) ngokutshintshela amanqaku eNondyebo . Ekugqibeleni, kodwa ngokuqinisekileyo, u-Fed wayesele ephosa iibhiliyoni ezingama-200 kwiibhanki ngokusebenzisa i-Term Auction Facility. Ngamanye amazwi, urhulumente waseburhulumenteni waqinisekisa i-$ 730 yezigidigidi kwiimali eziphantsi komhlaba, kwaye iibhanki zokubhankwa kwebhanki zaqala ukuqala.
Ngomhla ka-Apreli 17, 2008, uFannie noFreddie benza izibophelelo ezingaphezulu zokuncedisa abanikezeli bempahla yokugcina imali. UFannie Mae wavelisa umgudu omtsha othiwa yi-HomeStay, ngoxa uFreddie watshintsha inkqubo yayo ebizwa ngokuba yi "HomePossible." Lezo zinhlelo zanike abantu ababolekayo ukuba baphuma phantsi kweemali-mboleko ezilinganiswayo phambi kokuba amaxabiso emali abuyele kwizinga eliphezulu kwaye enze iintlawulo zenyanga zingenakulungiswa. Ngelishwa, kwakuncinane kakhulu kwaye kuphelile.
NgoJulayi 22, 2008, uNobhala weeNondyebo wase-US u- Henry Paulson wabuza iCongress ukuba ivunywe ibhilikhi evumela ukuba iSebe lezeNondyebo liqinisekise ukuba i-$ 25 yezigidi zemali ebanjwe yi-Fannie noFreddie. I-GSE ezimbini zibanjwe okanye ziqinisekisiwe ngaphezu kwama-5 trillion, okanye isiqingatha, semali yokuthenga imali. Isiqinisekiso esiyizigidi eziyi-25 zamaRandi sasiyi-more to confirm the investors. Akuzange isebenze ixesha elide. Abatyalo-mali be-Wall Street baqhubeka bexhamla intengo ye-stocks ye-GSEs, kangangokuba abazange bakwazi ukuphakamisa imali efunekayo ukuze bahlawule iimali ezibolekileyo. I-Wall Street yayinokwanela ngokwaneleyo ukuqonda ukuba ukunyuswa kwe-$ 25 yezigidi ngeRhulumente waseburhulumenteni bekungeke kwanele. Abanini bempahla bafuna ngaphandle kokuba uhulumeni azalise uFannie noFreddie kwaye benze imali yabo ingenanto.
I-Wall Street iyamoyiko yokuba iimali-mboleko ziza kuthunyelwa iFennie kunye noFreddie. Kwakungenakwenzeka ukuba iinkampani zangasese ziphakamise imali eyongezelelweyo efunekayo ukuze ihlawulelwe imali. Uninzi lwabantu aluqapheli ukuba ukuxilwa kukaJulayi kwabandakanya:
- Izigidi eziyi-3.9 zamaRandi kwii-CDBG izibonelelo ukunceda abanini bezindlu kwiindawo ezihluphekileyo.
- Ukuvunyelwa kweSebe leNondyebo ukuthenga amasheya kaFannie kunye noFreddie ukuze athenge amaxabiso empahla yamasheya kwaye avume ukuba abo babini baqhubeke nokuphakamisa imali kwiimarike zangasese.
- Ukuvunyelwa koLawulo lweZindlu zoLawulo lweZindlu ukuqiniselela i-$ 300 yezigidigidi kwiimali-mboleko ezintsha ukuze kugcinwe abantu abanamakhaya angama-400 000 ngaphandle kokungena.
- Phantse iibhiliyoni ezili-15 kwiingxowa zerhafu zokuhlaliswa kwezindlu, kubandakanywa nekhredithi ukuya kuma-7 500 ayi-abathengi bokuqala.
- Ukwanda kwimiqathango esemthethweni kwisikwere sikazwelonke nge-$ 800 billion, ukuya kwi-10.6 trillion.
- I-arhente entsha yokulawula ukulawula uFannie noFreddie, kubandakanywa namanqanaba okuhlawula.
UNobhala weSebe lezeMali uPaulson wayefuna ukuqinisekisa iimarike zezimali ukuba inkqubo yebhanki inokuthenjelwa naphezu kokusilela kwe-IndyMac Bank.
UPaulson wabonakala kwithelevishini ngeveki. Wacetyisa ukuba uqoqosho luya kuhamba kwiinyanga ezinzima. Njengoko kuvela, kuye kwaba yiminyaka yamaxesha anzima. Wavuma wathi, "Imibandela emithathu ebalulekileyo esimele sijongene nayo ngoku, ngowokuqala, ukulungiswa kwezindlu okusemgangathweni wokunciphisa, okwesibini, ukuphazamiseka kweemarike ezinkulu kunye neyesithathu, amaxabiso aphezulu eoli , ahambayo ukunyusa ukunciphisa. "
Nangona kunjalo, wongezelela "... uqoqosho lwethu lube nolunzulu olunzulu lwexesha elide, oluqinileyo." Yaye uyazi, abaququzeleli-nkqubo bakho apha, abalawuli, silumkile kakhulu. " Ngelishwa, bafanele beqaphele ngakumbi kwiminyaka ngaphambili, xa iimveliso eziphantsi kweefayili zithengwa kwaye zithengiswa kwiimakethe ezingalawulwayo.
Nangona i-bailout, ixabiso lokuboleka imali laqhubeka likhula. Ngo-Agasti 22, 2008, ireyithi kwiminyaka engama-30 yemali yokuthenga imali yayingama-6.52 ekhulwini. Kwakuyi-30 ekhulwini kwenyuka ukususela ngo-Matshi kwaye iyafana nangonyaka owedlule. Amaxabiso aphakama naphezu kokuncipha kweentengo ezibophelelwe zibophelelo ze-Treasury . Abo bawela njengotyalo-mali babalekele ukhuseleko lweebhondi ezixhaswe nguRhulumente. (Izivuno zeBond ziwela xa kufuneke ukuba i-bond bond ishicilelwe.)
Imilinganiselo yokubophelelwa kwemali ngokuqhelekileyo ilandelelana ngokulandelelana neentengo zentengo yeeNondyebo, kuba uhlobo olufanayo lwabatyalo-mali bathanda bobabini. Ekubeni uFannie noFreddie bekunzima, abatyali-mali babenemveliso yeempahla zethengi, kwaye bakhethe iHovu esikhundleni. Ngenxa yoko, ixabiso lokuthengwa kwemali laphakama, kwaye i-Nondyebo ivunayo.
Oko kwanyanzelisa uPaulson ukuba ahlaziye uFannie noFreddie. Ukusekwa kwelizwe kuthethwa ukuba uNondyebo uza kuthatha i-GSE ngokupheleleyo, ngokugqithiseleyo ukusula ubutyebi bamasheya. Amaxabiso e-stocks kaFannie noFreddie ayencipha ngenxa yokwesaba ukuveliswa kwesizwe. Oko kwenza kube nzima ukuba i-GSE iphakame i-capital, ngaloo ndlela yakha isiprofeto esizizalisayo. Olunye uhlobo luya kuba nguNondyebo ukuba aqale ukufaka ininzi yemali kwiinkampani ezizimeleyo. Oko kuya kwenza abagcini beempahla babe nolonwabo kodwa baqhube phambili kwindlela ebekwe yi-Federal Reserve yokuxhaswa kwe- Bear Stearns .
Iibhanki ezininzi zisengcupheni kuba zineengxowa-mali ezingama-36 ezizigidi ezikhethiweyo kwi-Fannie noFreddie. Ezi zaba zilize xa urhulumente ethatha isinyathelo esilandelayo, ukubeka i-GSEs kwisigxina.
Urhulumente waseburhulumenteni wangenela ukubuyisela loo ntembelo ngokuthembisa ukukhupha imali ebolekileyo. Kwakusetyenziselwe ukugcina ukuhlaliswa kwezindlu kungabi nzima. Ngelishwa, zonke zixhaswa nguRhulumente wase-US, owayesebenayo i-$ 9 trillion yesizwe . Enyanisweni, ilungiselelo lokuvumela ukuba inqanaba lesikweletu liphakanyiswe ngaphezu kwama-dollar ayi-10 trillion liye lavuma ukuba ngubani othe wanyathela ngokuthe ngqo umyalelo osesikweni kwi-bailout. Ukukhathazeka kwihlabathi jikelele malunga nokugcinwa kwetyala le-US kugcinwe uxinzelelo oluphantsi kwidola. Nangona kunjalo, ingozi enkulu kwi- eurozone ityala lidale inqanawa kwindawo yokukhusela. Xa ihlabathi liphazamiseka, idola libukeka lomelele, naphezu kwezinga eliphezulu lamatyala ukuya ku- United States. (Umthombo: "UFannie Mae akayi kukhankanya amanqaku eBenchmark ngo-Agasti," IWebhsayithi yeMnxeba kaFannie Mae, ngo-Agasti 20, 2007. "Iingxowa Ziyasasazeka," I-Economist, ngoNovemba 21, 2007. "Indlu Ekhuselekileyo Yokuhlangula Abaninikhaya, Freddie, Fannie , "Associated Press, ngoJulayi 23, 2008." UPaulson Braces oLuntu ngeeNyanga zeeTough Times, "Associated Press, Julayi 21, 2008.)