Упрощенная HTML-версия
95
УДК 336.1
ИПОТЕЧНЫЕ ДЕРИВАТИВЫ И ИХ ВЛИЯНИЕ НА МИРОВОЙ
ФИНАНСОВЫЙ КРИЗИС В 2008-2009
MORTGAGE BACKED SECURITIES AND THEIR IMPACT ON
THE GLOBAL FINANCIAL CRISIS OF 2008-2009
Нестеренко А.А., Ларионова А.В., студенты экономического ф-та,
Кемеровский институт (филиал) РЭУ им. Г.В.Плеханова
Nesterenko A.A., Larionova A.V., students of Economic department,
Plekhanov Russian University of Economics Kemerovo Institute (branch)
В данной статье проанализировано влияние ипотечных ценных бумаг на
развитие финансового кризиса в 2008-2009 гг. Выявлены факторы увеличения
доли таких бумаг в активах банков, а также причины краха и дефолта банков-
ской системы. Также был рассмотрен эффект, который оказал на людей резкий
рост ипотечных деривативов, а впоследствии, и их упадок.
Mortgage behaves the same way as bonds because the recipient of the mort-
gage pays for it each month, and generally does not allow default. The main differ-
ence between mortgages and bonds is that mortgage interest is higher than on bonds
because house prices influenced by the growth in demand are growing quite fast, and
credit, at least formally, is granted only to the people with a good credit history and
rating, which reduce the probability of default on their part. While mortgage banks
get a good profit [1].
Profits that receive mortgage banks, attracted the attention of savvy investors,
who invented the process of securitization of mortgage loans. This process allowed
the financiers to create valuable notes, the payback which is tied to the monthly
mortgage payments.
First, the system worked quite well. If you explain it in a nutshell, the mortgage
debt that was issued to a particular borrower, was passed with margin to the Bank,
which packaged many of these loans in security and then sold it to investors already
with the margin under the guise of a reliable investment. And investors were pleased
to get security on which they received the coupon income every month. Moreover,
such an approach allowed the mortgage banks to free up capital and floating more
and more loans.
At the beginning the effect of new debt securities was just explosive. Turnover
of mortgage banks had multiplied (this means that more people could buy houses),
while banks resold debts to investors, which in turn received an investment tool that
had brought more income than bonds with the same risk. However, with the spread of
securitization, there was a problem: the growth of new high-quality borrowers may be