현대 미국사회의 문제 Sub-prime mortgage

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1. Sub-prime mortgage

Sub-prime mortgage는 저소득자층도 주택을 가질 수 있는 주택 대출상품인데, 이것이 미국 사회와 경제에 미친 영향에 대해서 알아보고자 한다. 금융거래에 있어서 차주가 대주에게 부동산을 담보로 제공하는 경우 담보물에 설정되는 저당권 또는 이 저당권을 표방하는 저당증서 혹은 이러한 저당 금융제도를 모기지라 한다. 실제에 있어서 모기지는 부동산담보대출이라는 의미로 받아들여지고 있다.
2. Sub-prime mortgage의 발생원인

주택가격 인하, 이자율 상승, 서브프라임 모기지 조기 상환 시 페널티 부담 가중, 주택가격 상승을 기대한 저소득층들의 주택구입 분위기 확산, 제도의 악용(투기), 증시하락, 대출로 인한 채권 등이 sub-prime mortgage의 발생 원인이다.
3. sub-prime mortgage가 미국사회에 끼친 영향

sub-prime mortgage 사태로 인해 미국 내 자동차 업체, 전자 업체, 에너지 업체 등 다양한 산업 분야에서 부정적인 영향이 나타났다. 미국 내 소비 위축으로 수출이 감소하고, 자금 조달 비용이 증가하는 등의 문제가 발생했다.
4. sub-prime mortgage가 한국사회에 끼친 영향

미국의 서브프라임 모기지 부실이 미국 가계소비 위축에 따른 미국 경기의 급격한 침체로 이어질 경우, 한국 내 금융시장 충격과 대미수출도 지장을 우려하고 있다. 미국은 세계 GDP의 20%를 차지하는 매우 큰 경제시장이기 때문에 미국 경기 침체가 한국 경제에 미치는 영향이 클 것으로 예상된다.
5. 세계 여러 나라의 피해 사례

2007년 8월 미국 10위권인 아메리칸 홈 모기지 인베스트먼트(AHMI)사가 파산보호를 신청했고, 2007년 4월 미국 2위의 서브프라임 모기지 대출회사인 뉴센추리 파이낸셜이 파산신청을 했다. 세계 3위 은행인 HSBC, 미국 보험사 CAN 파이낸셜, AIG 등도 서브프라임 투자로 큰 손실을 입었다.
6. 정부와 FRB의 대응전략과 문제

미국 정부는 이자율 인하, 유동성 공급 확대 등의 대응 전략을 시행했지만, 부동산 가격 하락을 막지 못했고 대형 투자은행의 부실화로 정책이 성공하지 못했다. FRB도 유동성 공급 확대 등의 조치를 취했지만 부동산 가격 하락을 막지 못했다.
7. 부정적 견해

주택경기 하락 국면에서 서브프라임 모기지 연체율 증가로 악순환이 지속될 가능성이 있다. 서브프라임 모기지 회사 도산, 체납처분 증가 등으로 금융시장 불안정성이 증가할 우려가 있다. 주택 및 주택관련 업체 침체 시 거시경제 연착륙에 애로가 있을 것으로 예상된다.
8. 긍정적 견해

전체 모기지 시장에서 서브프라임 모기지가 차지하는 비중이 5% 수준에 불과하고 Prime mortgage 상환은 대체로 순조롭게 진행되고 있어 파장 확대가 제한적일 것으로 보인다. 미국의 전체 실업률이 낮고 고용전망도 양호하여 모기지 상환 여건이 좋은 편이다. 대부분의 대부기관이 우량 고객을 대상으로 정상적인 모기지 대부를 실시했기 때문에 금융시장 불안은 조기에 진정될 것으로 기대된다.

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1. Sub-prime mortgage

Sub-prime mortgage refers to the lending of mortgages to borrowers with poor credit histories or low incomes, who would not typically qualify for conventional mortgages. This practice became widespread in the early 2000s, as lenders sought to expand their customer base and increase profits. However, the sub-prime mortgage market was characterized by high-risk lending, with many borrowers unable to make their mortgage payments, leading to a wave of foreclosures and the eventual collapse of the housing market. The sub-prime mortgage crisis had far-reaching consequences, both in the United States and globally, and highlighted the need for stricter regulation and oversight of the financial sector.
2. Sub-prime mortgage의 발생원인

The primary causes of the sub-prime mortgage crisis can be attributed to a combination of factors, including: 1. Lax lending standards: Lenders were eager to expand their customer base and increase profits, leading them to relax their lending criteria and offer mortgages to borrowers with poor credit histories or low incomes, who would not have qualified for traditional mortgages. 2. Securitization and the rise of complex financial instruments: The sub-prime mortgage market was fueled by the securitization of these high-risk loans, which were then packaged and sold as mortgage-backed securities (MBS) and other complex financial instruments. This allowed lenders to offload the risk and continue issuing more sub-prime loans. 3. Low interest rates and the housing bubble: The low interest rate environment and the rapid appreciation of housing prices in the early 2000s created a sense of optimism and a belief that housing prices would continue to rise indefinitely, further fueling the sub-prime mortgage market. 4. Lack of regulation and oversight: The financial sector operated with minimal regulation and oversight, allowing lenders and financial institutions to engage in risky and unethical practices without adequate safeguards or consequences.
3. sub-prime mortgage가 미국사회에 끼친 영향

The sub-prime mortgage crisis had a profound and far-reaching impact on the United States economy and society: 1. Housing market collapse: The wave of foreclosures and the bursting of the housing bubble led to a significant decline in home prices, leaving many homeowners underwater on their mortgages and unable to sell their homes. 2. Financial crisis and recession: The sub-prime mortgage crisis triggered a broader financial crisis, as the collapse of the housing market and the failure of major financial institutions led to a severe economic recession, with high unemployment, reduced consumer spending, and a decline in economic growth. 3. Wealth loss and inequality: The crisis resulted in a significant loss of wealth, particularly among lower-income and minority households, who were disproportionately affected by the sub-prime mortgage crisis. This exacerbated existing wealth and income inequalities in the United States. 4. Erosion of trust in the financial system: The sub-prime mortgage crisis eroded public trust in the financial sector, as it became clear that many lenders and financial institutions had engaged in unethical and predatory practices, prioritizing profits over the well-being of their customers and the broader economy. 5. Increased government intervention and regulation: The crisis led to increased government intervention in the financial sector, with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which aimed to strengthen regulation and oversight of the financial industry.
4. sub-prime mortgage가 한국사회에 끼친 영향

The sub-prime mortgage crisis in the United States had a significant impact on the Korean economy and society, although the extent of the impact was relatively less severe compared to the United States: 1. Indirect economic impact: As a major trading partner and investor in the United States, the sub-prime mortgage crisis in the US led to a slowdown in the Korean economy, as exports and investment declined due to the broader economic recession. 2. Financial market volatility: The crisis caused significant volatility in the Korean financial markets, as investors became more cautious and risk-averse, leading to a decline in stock prices and increased uncertainty in the financial sector. 3. Tightening of credit conditions: The crisis led to a tightening of credit conditions in Korea, as lenders became more cautious about extending credit, particularly to small and medium-sized enterprises, which were more vulnerable to the economic downturn. 4. Increased government intervention: The Korean government implemented various measures to mitigate the impact of the crisis, including providing liquidity support to the financial sector, implementing stimulus packages, and strengthening financial regulations to prevent the recurrence of similar crises. 5. Increased awareness of financial risks: The sub-prime mortgage crisis highlighted the importance of financial stability and the need for greater regulation and oversight of the financial sector, leading to increased awareness and scrutiny of financial risks among Korean policymakers, regulators, and the general public.
5. 세계 여러 나라의 피해 사례

The sub-prime mortgage crisis in the United States had a global impact, with many countries around the world experiencing significant economic and financial consequences: 1. Europe: Several European countries, such as the United Kingdom, Spain, and Ireland, experienced housing bubbles and sub-prime mortgage crises similar to the one in the US, leading to a broader economic downturn and financial instability across the continent. 2. Asia: Countries like Japan and China, which had significant investments in US mortgage-backed securities, were also affected by the crisis, experiencing stock market declines and reduced economic growth. 3. Emerging markets: Developing countries, such as Brazil, Russia, India, and China (the BRIC countries), were also impacted by the crisis, as the global economic slowdown led to a decline in demand for their exports and reduced foreign investment. 4. Worldwide financial institutions: Many global financial institutions, such as UBS, Deutsche Bank, and HSBC, suffered significant losses due to their exposure to the sub-prime mortgage market, leading to write-downs, layoffs, and in some cases, government bailouts. 5. Increased global economic uncertainty: The sub-prime mortgage crisis contributed to a broader sense of global economic uncertainty, as the interconnectedness of the global financial system became more apparent and the risks of financial contagion became more evident.
6. 정부와 FRB의 대응전략과 문제

The response of the US government and the Federal Reserve (FRB) to the sub-prime mortgage crisis was multifaceted, but it also faced significant challenges and criticisms: 1. Monetary policy interventions: The FRB lowered interest rates and implemented various liquidity-enhancing measures, such as the Troubled Asset Relief Program (TARP), to stabilize the financial system and support the economy. However, these actions were criticized for bailing out financial institutions and not doing enough to directly assist struggling homeowners. 2. Regulatory reforms: The government enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act, which aimed to strengthen financial regulation and oversight, improve consumer protection, and reduce the risk of future financial crises. However, the implementation of these reforms faced significant political opposition and challenges. 3. Foreclosure prevention programs: The government launched various foreclosure prevention programs, such as the Home Affordable Modification Program (HAMP), to help struggling homeowners. However, these programs were criticized for being ineffective and not reaching a sufficient number of homeowners. 4. Lack of accountability: There was a perceived lack of accountability for the individuals and institutions responsible for the crisis, as few high-profile prosecutions or penalties were brought against those involved in the risky and unethical practices that led to the crisis. 5. Ongoing challenges: The aftermath of the sub-prime mortgage crisis continued to pose challenges, as the economy and housing market took years to recover, and the long-term effects on wealth inequality and financial stability remained a concern.
7. 부정적 견해

The sub-prime mortgage crisis has been widely criticized for its negative consequences and the broader implications for the financial system and the economy: 1. Predatory lending practices: The sub-prime mortgage market was characterized by predatory lending practices, where lenders targeted vulnerable borrowers with high-risk, high-cost loans, often without adequately assessing their ability to repay. 2. Lack of regulation and oversight: The financial sector operated with minimal regulation and oversight, allowing lenders and financial institutions to engage in risky and unethical practices without adequate safeguards or consequences. 3. Exacerbation of wealth inequality: The crisis resulted in a significant loss of wealth, particularly among lower-income and minority households, further widening the wealth gap and exacerbating existing inequalities. 4. Erosion of trust in the financial system: The sub-prime mortgage crisis eroded public trust in the financial sector, as it became clear that many lenders and financial institutions had prioritized profits over the well-being of their customers and the broader economy. 5. Broader economic impact: The crisis triggered a severe economic recession, with high unemployment, reduced consumer spending, and a decline in economic growth, the effects of which were felt globally. 6. Lack of accountability: The perceived lack of accountability for the individuals and institutions responsible for the crisis has been a source of frustration and resentment, undermining the public's faith in the fairness and integrity of the financial system.
8. 긍정적 견해

While the sub-prime mortgage crisis had significant negative consequences, there are also some positive aspects that have emerged from the experience: 1. Increased financial regulation and oversight: The crisis has led to the implementation of stricter financial regulations, such as the Dodd-Frank Act, which aim to prevent the recurrence of similar crises by improving transparency, reducing systemic risk, and enhancing consumer protection. 2. Improved lending standards: The sub-prime mortgage crisis has prompted lenders to tighten their lending standards and be more cautious in their underwriting practices, reducing the risk of issuing high-risk loans to borrowers who cannot afford them. 3. Greater awareness of financial risks: The crisis has increased public awareness of the importance of financial stability and the need for greater scrutiny of financial products and practices, leading to a more informed and engaged citizenry. 4. Opportunities for innovation: The crisis has also spurred innovation in the financial sector, as new technologies and business models have emerged to address the shortcomings of the traditional financial system and provide more accessible and transparent financial services. 5. Lessons for policymakers: The crisis has provided valuable lessons for policymakers, who have gained a deeper understanding of the interconnectedness of the global financial system and the need for coordinated, proactive measures to mitigate systemic risks. While the sub-prime mortgage crisis was a significant and painful event, the lessons learned and the reforms implemented have the potential to create a more stable and resilient financial system that better serves the needs of individuals, businesses, and the broader economy.
9. 세계 여러 나라의 피해 사례

The sub-prime mortgage crisis in the United States had a global impact, with many countries around the world experiencing significant economic and financial consequences: 1. Europe: Several European countries, such as the United Kingdom, Spain, and Ireland, experienced housing bubbles and sub-prime mortgage crises similar to the one in the US, leading to a broader economic downturn and financial instability across the continent. 2. Asia: Countries like Japan and China, which had significant investments in US mortgage-backed securities, were also affected by the crisis, experiencing stock market declines and reduced economic growth. 3. Emerging markets: Developing countries, such as Brazil, Russia, India, and China (the BRIC countries), were also impacted by the crisis, as the global economic slowdown led to a decline in demand for their exports and reduced foreign investment. 4. Worldwide financial institutions: Many global financial institutions, such as UBS, Deutsche Bank, and HSBC, suffered significant losses due to their exposure to the sub-prime mortgage market, leading to write-downs, layoffs, and in some cases, government bailouts. 5. Increased global economic uncertainty: The sub-prime mortgage crisis contributed to a broader sense of global economic uncertainty, as the interconnectedness of the global financial system became more apparent and the risks of financial contagion became more evident.

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