Encouraged the boom in the U.S. housing market between 2001-2006, the banks and lending companies to resort to real estate lending (French - Archive)
Mortgage crisis is a serious financial crisis surfaced suddenly, triggered initially by banks scrambling to high-risk loans, the crisis began to grow ice ball to threaten the real estate sector in the United States banks and global financial markets to pose a threat to the global financial economy.
How it happened?
1 - encouraged the boom in the U.S. housing market between 2001-2006, the banks and lending companies to resort to subprime mortgage, which give borrowers loans without sufficient collateral and high risks in return for a higher interest rate, the goal is to maximize profits for the institutions lending.
2 - expanded major financial institutions in granting loans to real estate enterprises and construction companies, which increased from seven hundred billion dollars.
3 - The high interest rate to a change in the nature of the U.S. market, a decline in house prices and the growing number who are unable to repay their mortgages in the United States.
4 - There were signs of the crisis on the surface is evident with the beginning of 2007, with the increasing incidence of cessation of payments, and increasing phenomenon of seizure lenders for real estate, and frequent clashes between borrowers and banks.
5 - swallowing volume of defaulting loans to members about a hundred billion dollars.
6 - The number of houses offered for sale in the United States 75% in 2007, which numbered 2.2 million, which represents about 1% of the number of housing units in the United States as a whole.
7 - weakened the ability of banks to finance companies and individuals, which led to a decline in investment spending and consumption, and threaten to cause a recession.
8 - Link has a large number of financial institutions, particularly in Europe and Asia, the U.S. financial market to the transfer of the mortgage crisis from the U.S. to Asia and Europe, to evolve into a bigger crisis become known as the global financial crisis.
Attempts to save the
1 - the world's central banks in the United States, Europe and Asia injected about 326 billion dollars in their financial systems, to protect the global financial system from collapse.
2 - The U.S. Senate approved a bill to protect property owners provide a three hundred billion dollars used by the Federal Department of Real Estate to refinance mortgage loans, private real estate staffing.
3 - The Federal Reserve (the U.S. central bank) to reduce key interest rates by 0.75% at one time, up to 3.5%, to meet the growing unrest in global financial markets. Was then gradually reduced to 2%.
4 - in Europe, governments have agreed Netherlands, Belgium and Luxembourg to invest the amount of 11.2 billion euros in the enterprise "Fortis" for financial services, which means practically nationalized.
5 - ten international banks agreed to establish a fund of liquidity, capital of 70 billion dollars to address the most pressing needs, while the central banks agreed to open the areas of credit.
Repercussions of the crisis
1 - the bankruptcy of a number of mortgage companies such as American (New Century Financial Corporation ", and" American Home Investment Morgij).
2 - the tendency of many real estate companies to lay off a large number of its employees, and between these companies was Countrywide, the largest mortgage lending institutions in the United States, which decided to lay off a fifth of its staff by 12 thousand jobs to cope with about 1.2 billion dollars of losses suffered in the mortgage crisis.
3 - between two to three million Americans are at risk of losing their homes.
4 - Company (Merrill Lynch) U.S. investment incurred a loss of 14.1 billion dollars.
5 - Bank of America buys four billion dollars worth of Countrywide and Bank supported the largest financier of mortgages in the United States, a move that would avoid one of the biggest collapse in America by the housing crisis.
6 - stock markets have deteriorated to such dangers as the crisis spread, while several major banks announced a significant drop in share prices.
7 - European banks have decided to freeze all funds operating in the field of real estate in the United States, which froze the bank (BNP Paribas) is the largest Bank of France is listed on the stock exchange worth of investments (2.3) billion dollars.
8 - Bank (ie to my Inadstre) German suffered the loss is estimated at 954.818 million U.S. dollars.
9 - British government to nationalize the bank "Northern Rock" for real estate finance to prevent bankruptcy, the first time since the seventies of the last century, that is the nationalization of a British company.
10 - JP Morgan Chase Bank announced the acquisition of the American business, "Bear Stearns" at a low with the financial assistance of the Federal Reserve.
11 - Citigroup has sold 7.5 billion dollars of bonds to the Abu Dhabi Investment Authority UAE government.
12 - Bank losses Swiss bank Credit Suisse reported a record.
13 - The Japanese government announces that the loss of their financial institutions as a result of the crisis of mortgage loans doubled to 5.6 billion dollars last three months of last year.
Mortgage crisis is a serious financial crisis surfaced suddenly, triggered initially by banks scrambling to high-risk loans, the crisis began to grow ice ball to threaten the real estate sector in the United States banks and global financial markets to pose a threat to the global financial economy.
How it happened?
1 - encouraged the boom in the U.S. housing market between 2001-2006, the banks and lending companies to resort to subprime mortgage, which give borrowers loans without sufficient collateral and high risks in return for a higher interest rate, the goal is to maximize profits for the institutions lending.
2 - expanded major financial institutions in granting loans to real estate enterprises and construction companies, which increased from seven hundred billion dollars.
3 - The high interest rate to a change in the nature of the U.S. market, a decline in house prices and the growing number who are unable to repay their mortgages in the United States.
4 - There were signs of the crisis on the surface is evident with the beginning of 2007, with the increasing incidence of cessation of payments, and increasing phenomenon of seizure lenders for real estate, and frequent clashes between borrowers and banks.
5 - swallowing volume of defaulting loans to members about a hundred billion dollars.
6 - The number of houses offered for sale in the United States 75% in 2007, which numbered 2.2 million, which represents about 1% of the number of housing units in the United States as a whole.
7 - weakened the ability of banks to finance companies and individuals, which led to a decline in investment spending and consumption, and threaten to cause a recession.
8 - Link has a large number of financial institutions, particularly in Europe and Asia, the U.S. financial market to the transfer of the mortgage crisis from the U.S. to Asia and Europe, to evolve into a bigger crisis become known as the global financial crisis.
Attempts to save the
1 - the world's central banks in the United States, Europe and Asia injected about 326 billion dollars in their financial systems, to protect the global financial system from collapse.
2 - The U.S. Senate approved a bill to protect property owners provide a three hundred billion dollars used by the Federal Department of Real Estate to refinance mortgage loans, private real estate staffing.
3 - The Federal Reserve (the U.S. central bank) to reduce key interest rates by 0.75% at one time, up to 3.5%, to meet the growing unrest in global financial markets. Was then gradually reduced to 2%.
4 - in Europe, governments have agreed Netherlands, Belgium and Luxembourg to invest the amount of 11.2 billion euros in the enterprise "Fortis" for financial services, which means practically nationalized.
5 - ten international banks agreed to establish a fund of liquidity, capital of 70 billion dollars to address the most pressing needs, while the central banks agreed to open the areas of credit.
Repercussions of the crisis
1 - the bankruptcy of a number of mortgage companies such as American (New Century Financial Corporation ", and" American Home Investment Morgij).
2 - the tendency of many real estate companies to lay off a large number of its employees, and between these companies was Countrywide, the largest mortgage lending institutions in the United States, which decided to lay off a fifth of its staff by 12 thousand jobs to cope with about 1.2 billion dollars of losses suffered in the mortgage crisis.
3 - between two to three million Americans are at risk of losing their homes.
4 - Company (Merrill Lynch) U.S. investment incurred a loss of 14.1 billion dollars.
5 - Bank of America buys four billion dollars worth of Countrywide and Bank supported the largest financier of mortgages in the United States, a move that would avoid one of the biggest collapse in America by the housing crisis.
6 - stock markets have deteriorated to such dangers as the crisis spread, while several major banks announced a significant drop in share prices.
7 - European banks have decided to freeze all funds operating in the field of real estate in the United States, which froze the bank (BNP Paribas) is the largest Bank of France is listed on the stock exchange worth of investments (2.3) billion dollars.
8 - Bank (ie to my Inadstre) German suffered the loss is estimated at 954.818 million U.S. dollars.
9 - British government to nationalize the bank "Northern Rock" for real estate finance to prevent bankruptcy, the first time since the seventies of the last century, that is the nationalization of a British company.
10 - JP Morgan Chase Bank announced the acquisition of the American business, "Bear Stearns" at a low with the financial assistance of the Federal Reserve.
11 - Citigroup has sold 7.5 billion dollars of bonds to the Abu Dhabi Investment Authority UAE government.
12 - Bank losses Swiss bank Credit Suisse reported a record.
13 - The Japanese government announces that the loss of their financial institutions as a result of the crisis of mortgage loans doubled to 5.6 billion dollars last three months of last year.
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