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  • This is the turning point.

  • So, just like always, the mortgage broker connects the family with a lender,

  • and a mortgage. Making his commission, the family buys a big house,

  • the lender sells the mortgage to the investment banker,

  • who turns it into a CDO,

  • and sells slices to the investors and others

  • this actually works out nicely for everyone and makes them all rich.

  • No one was worried because, as soon as they sold the mortgage to the next guy, it was his problem.

  • If the home owners were to default, they didn't care:

  • they were selling off their risk to the next guy and making millions,

  • like playing hot potato with a time bomb.

  • Not surprisingly, the home owners default on their mortgage,

  • which at this moment is owned by the banker.

  • This means he forecloses and one of his monthly payments turns into a house.

  • No big deal: he puts it up for sale.

  • But more and more of his monthly payments turn into houses.

  • Now there are so many houses for sale on the market,

  • creating more supply than there is demand,

  • and housing prices aren't rising any more,

  • in fact they plumb.

  • This creates an interesting problem for home owners still paying their mortgages.

  • As all the houses and their neighborhood go up for sale, the value of their house goes down,

  • and they start to wonder why they're paying back their $300,000 mortgage

  • when the house is now worth only $90,000.

  • They decide that it doesn't make sense to continue paying, even though they can afford to,

  • and they walk away from their house.

  • Default rates sweep the country and prices plumb.

  • Now the investment banker is basically holding a box full of worthless houses.

  • He calls up his buddy, the investor, to sell his CDO, but the investor isn't stupid

  • and says: "No, thanks". He knows that the stream of money isn't even a dribble anymore.

  • The banker tries to sell to everyone, but nobody wants to buy his bomb.

  • He is freaking out because he barreled millions, sometimes billions of dollars

  • to buy this bomb and he can't pay it back.

  • Whatever he tries, he can't get rid of it.

  • But he's not the only one: the investors have already bought thousands of these bombs.

  • The lender calls up trying to sell his mortgage, but the banker won't buy it

  • and the broker his out of work. The whole financial system is frozen,

  • and things get dark.

  • Everybody starts going bankrupt.

  • But that's not all:

  • the investor calls up the home owner and tells him that his investments are worthless,

  • and you can begin to see how the crisis flows in a cycle.

  • Welcome to the crisis of credit!

This is the turning point.


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B1 中級 美國腔

信用危機可視化第二部分 (The Crisis of Credit Visualized Part 2)

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    佳靜 發佈於 2021 年 01 月 14 日