【文章內(nèi)容簡介】 其手段是降低標(biāo)準(zhǔn)、減少管制 ?這就是說，管制的缺失有可能是政府有意創(chuàng)造的。 ? 對問題企業(yè)的救助 ? 建立 GSE (government sponsored enterprise, including Fannie and Freddie)以支持抵押貸款市場 R cont. ?過于寬松的房地產(chǎn)政策 ? The Subprime Crisis and Government Failure, by Michael S. Rozeff ? The housing market has had a large number of direct government stimulants. They include the governmentsponsored enterprises … They include removing the tax deductibility of auto and credit card interest while retaining it for mortgage interest. They include ending the capital gains taxation for house sales of less than $500,000 while retaining higher rates for stocks. R cont. ?政府迫使金融機構(gòu)降低標(biāo)準(zhǔn) ? ‘ Liberalism and Minorities Caused the Subprime Crisis, Not Greed’, see whitepeople/liberalismandminoritiescausedthe 1992年聯(lián)儲波士頓分行研究報告認(rèn)為抵押貸款市場存在系統(tǒng)性的歧視現(xiàn)象。 依據(jù)該研究，波士頓分行代表聯(lián)儲制定了一個行業(yè)手冊，強調(diào) “ discrimination may be observed when a lender’s underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lowerine minority applicants”。 這些所謂的“過時”標(biāo)準(zhǔn)包括收入調(diào)查以及根據(jù)收入狀況確定抵押貸款的額度、信用歷史狀況、儲蓄歷史狀況。 聯(lián)儲波士頓分行還要求將申請者進(jìn)行了信貸咨詢當(dāng)作評價他管理其債務(wù)的能力的證據(jù)。 Sound crazy? You bet… On the Web, you can still find CRA loans available via ACORN with ?100 percent financing . . . no credit scores . . . undocumented ine . . . even if you don?t report it on your tax returns.? CRA， Community Reinvestment Act ACORN, Association of Community Organizations for Reform Now 不僅如此，聯(lián)儲還要求銀行在確認(rèn)申請人資質(zhì)時放棄那些傳統(tǒng)的標(biāo)準(zhǔn)，比如就業(yè)證明和支付首付的能力。 給不符合條件的人發(fā)放貸款是次貸危機的首要原因。 剔除首付要求則是第二個重要原因。 The down payment is critically necessary in the mortgage industry. By forcing people to make a 20 percent down payment, the chances of the borrower “walking away” from a home loan (if the housing prices start to drop or the monthly payments increase) are greatly reduced. cont. ? Pressured to Take More Risk, Fannie Hit a Tipping Point, 在 Mudd（房麗美總裁）就任的那一年，國會大大提高了關(guān)于其公司的政策目標(biāo)，要求其買進(jìn)更多的發(fā)放給低收入和少數(shù)民族購房者的貸款。 “ When homes are doubling in price in every six years and ines are increasing by a mere one percent per year, Fannie’s mission is of paramount importance,” Senator Jack Reed, a Rhode Island Democrat, lectured Mr. Mudd at a Congressional hearing in 2022. “In fact, Fannie and Freddie can do more, a lot more.” 然而，針對消費者、投資者和議員們要求房麗美購買的那些貸款，其中的許多部分是房麗美的計算機系統(tǒng)無法充分地分析其風(fēng)險狀況的。 盡管如此，房麗美還是開始大量地購買這些高風(fēng)險貸款。 “每個人都知道，我們現(xiàn)在所購買的那些貸款是過去肯定會拒絕的”，一位房麗美高級管理人員說，“但是，我們所接到的命令是，干我們應(yīng)該干的事。就是說，為低收入購房者服務(wù)。我們只好這么做。” Between 2022 and 2022, the pany?s acquisitions of mortgages with down payments of less than 10 percent almost tripled. As the market for risky loans soared to $1 trillion, Fannie expanded in whitehot real estate areas like California and Florida. For two years, Mr. Mudd operated without a permanent chief risk officer to guard against unhealthy hazards. When Enrico Dallavecchia was hired for that position in 2022, he told Mr. Mudd that the pany should be charging more to handle risky loans. R cont. ?政府救助企業(yè)的歷史記錄增加了企業(yè)發(fā)生道德風(fēng)險行為的可能性 ?一個 “ 潛規(guī)則 ” ：政府不會讓大企業(yè)倒閉（ The law of ?too big to fail?） ?從短期來看，救助可能是有利的，比如，保證社會穩(wěn)定 ?由于利益集團(tuán)的壓力，有時，救助是唯一具有政治可行性的選擇 ?然而，從長期來看，救助可能會降低企業(yè)追求效率、控制風(fēng)險的動力 R cont. ? Perhaps, It?s Time to Play Offense ? 1979年當(dāng)時還是全美第 10大公司的克萊斯勒處于破產(chǎn)的邊緣。其主要原因是油價不斷上升而克萊斯勒所生產(chǎn)的汽車卻都是 “ 喝油的機器 ” 。 Company executives and union leaders came to Washington, hat in hand, arguing that Chrysler?s demise would wreak unacceptable damage on the American economy. 結(jié)果是，國會和卡特政府為克萊斯勒提供 12億美元貸款。其后，里根政府則在 1981年對日本進(jìn)口汽車進(jìn)行限制。 表面上看，對克萊斯勒的救助取得了巨大的成功。 Under Lee Iacocca, the pany came out with the Kcar line of smaller vehicles, like the Dodge Aries, as well as the original minivan. By the mid?80s, Chrysler had repaid the loans. Mr. Iacocca appeared on the cover of Time magazine as “Detroit?s eback kid,” and his autobiography became a No. 1 best seller. 但是，如果你花一點時間來看看 克萊斯勒故事的完整版，就會發(fā)現(xiàn)全然不同的事實。對克萊斯勒的救助或許是拯救了一個公司，但該救助對挽救整個底特律在長期中的凄涼的衰落根本沒有起到任何作用。 如果 克萊斯勒倒閉了，那些 “ 貪婪的 ” 投資人可能會蜂擁而入將公司分解為小的汽車廠。但這些汽車廠將放棄三大制造商的失敗戰(zhàn)略。 …… （或許也將促使）福特和通用改變其對燃油效率和產(chǎn)品質(zhì)量的態(tài)度。 然而，救助和進(jìn)口配額使這些制造商誤以為他們可以一成不變地保持其舊的經(jīng)營策略。 在 1980年，底特律銷售了全美 80%的汽車。而今天，其份額只占到 45%。 R cont. ?GSE: Fannie Mae and Freddie Mac ? Fannie Mae: The Federal National Mortgage Association ? Freddie Mac: The Federal Home Loan Mortgage Corporation ? 主要業(yè)務(wù)：購買抵押貸款、發(fā)行 MBS或為 MBS的發(fā)行提供擔(dān)保 ?2022年末， Fannie Mae資產(chǎn)為 ， Freddie Mac資產(chǎn)為 。按照資產(chǎn)規(guī)模，在全美排名分別為第二和第三。 ?Fannie Mae發(fā)行的 MBS存量為 。 Freddie Mac為 。按照 MBS存量排名，兩公司分別為第一和第二。 cont. ?Fannie和 Freddie的特殊地位：優(yōu)勢 ?它們是國會創(chuàng)立的，持有聯(lián)邦政府簽署的執(zhí)照。而其它公司則都是由某一個州政府批準(zhǔn)成立。 ?其 18名董事會成員中，總統(tǒng)可以任命 5位