The Three Points of Issues on the Subprime Crisis

소개글

국제금융론 관련 서브프라임 관련 레포트입니다

목차

1. Introduction
2. Repeated Securitization Process
3. Overflowing securities
4. Incredible Credit ratings
5. Outro

본문내용

The last quarter of 2007 can be called as ‘the age of subprime.’ Every economy newspaper delivered the articles about the recession of American real estate market and the crisis of credit crunch which is caused by that recession. There was the monster named Asset Backed Security like MBS or CDO in the center of the causes of subprime which bring out the worldwide asset losses. Certainly, the ABS which makes fixed asset to be turned into fluid capital is epochal invention in finance. But when it was abused we could saw the disaster in front of our eyes.

2. Repeated securitization process

Before talking about this subprime situation, we should understand about the process of the mortgage companies’ securitization process. Let’s suppose there is a mortgage company ‘A’ which has a million dollar as its operating capital. The company ‘A’ make a loan to its customers with its operating capital one million dollars.

참고 자료

Blundell-Wignall, A. and P. Atkinson (2008), “The Sub-prime Crisis: Causal Distortions
and Regulatory Reform,” pp.55-102
Jobst, Andreas A. (2005), “What is Structured Finance?” The Securitization Conduit,
Vol. 8, June
여경훈 (2008), 「서브프라임 사태 뜯어보기(1)」, 새사연연구원
여경훈 (2008), 「서브프라임 사태 뜯어보기(2) - 신용위기의 확산 경로」, 새사연연구원
여경훈 (2008), 「서브프라임 충격 개요: 금융 불안 지속, 신용손실 규모 확대」,
새사연연구원
신용상 외 5명 (2007), 「서브프라임 모기지 사태의 현황과 전망」, 한국금융연구원
大村敬一・俊野雅司、『証券投資入門』、日経文庫、2000
Mother Jones’, “Credit Rating Exec: "We Sold Our Souls to the Devil"”, Oct. 22, 2008
http://www.motherjones.com/washington_dispatch/2008/10/credit-rating-agencies-we-sold-our-soul-to-the-devil.html