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Title:HIPOTEKARNI TRG ZDA V LUČI KRIZE
Authors:Olup, Simon (Author)
Zbašnik, Dušan (Mentor) More about this mentor... New window
Files:.pdf UNI_Olup_Simon_2009.pdf (449,61 KB)
 
Language:Slovenian
Work type:Undergraduate thesis (m5)
Organization:EPF - Faculty of Business and Economics
Abstract:7 Povzetek Na ameriškem hipotekarnem trgu igra listinjenje pomembno vlogo. Finančne institucije s pomočjo tega postopka najrazličnejše terjatve, med drugim tudi hipoteke, zapakirajo v posebne pakete terjatev. Nato na podlagi teh terjatev izdajo vrednostne papirje, ki jih prodajo investitorjem na trgu. Ti investitorji prihajajo iz vrst investicijskih bank, hedge skladov, pokojninskih skladov, fizičnih oseb itd. Kreditno tveganje se na ta način prenese na investitorje v izvedene vrednostne papirje, hipotekarnim ustanovam pa se omogoči izdajanje novih kreditov. Ko je na trgu zmanjkalo kreditojemalcev, ki ustrezajo pogojem za pridobitev hipotekarnega posojila, so hipotekarne ustanove začele posojati denar tudi drugim, kreditno manj sposobnim strankam. Začela se je era t.i. drugorazrednih hipotekarnih posojil. Sistem je funkcioniral dokler so cene nepremičnin na trgu rasle. Ko so v ZDA po dolgih letih rasti cen nepremičnin, cene le-teh nenadno padle, se je zgodil t.i. domino efekt. Lastniki stanovanjskih hiš niso več odplačevali kreditnih anuitet. Finančne institucije, ki so hipoteke sekuritizirale in vrednostne papirje prodale investitorjem so ostale brez prilivov denarja iz naslova hipotek. Zastavljene nepremičnine so zasegli in jih prodali na trgu. Sčasoma je nepremičninski trg postal preplavljen z nepremičninami, ki so bile na prodaj, kar je generiralo padec njihovih cen. Sekuritizator tako ni mogel poravnati obveznosti do investitorjev, niti ni mogel prodati novih izvedenih vrednostnih papirjev. Investitorji so v paniki množično prodajali vrednostne papirje in tako sprožili padec cen le-teh. Ker so bili ti vrednostni papirji v portfeljih mnogih bank, skladov in drugih finančnih institucij, je njihov padec povzročil velike zdrse številnih borznih indeksov. Tako se je kriza prenesla iz nepremičninskega še na finančni trg.
Keywords:KLJUČNE BESEDE: hipotekarni trg, listinjenje, izvedeni vrednostni papirji, zadolžnice zavarovane z dolgom, drugorazredna hipotekarna posojila, hipotekarna kriza.
Year of publishing:2009
Publisher:[S. Olup]
Source:Maribor
UDC:336.77
COBISS_ID:9917724 Link is opened in a new window
NUK URN:URN:SI:UM:DK:R9VVJEED
Views:2248
Downloads:238
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Categories:EPF
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Secondary language

Language:English
Title:USA MORTGAGE MARKET IN THE SUBPRIME CRISES CONDITIONS
Abstract:Abstract Securitization is an important process on the U.S. mortgage market. Specialized financial institutions pack mortgages into special packages and then issue securities. Those securities are then sold on the financial markets to different investors. Investors are investment banks, hedge founds, pension founds, etc. By securitization the credit risk transfers from lender to investor and lender can produce more loans. When the market went out of proper borrowers, lender started to grant credits to subprime borrowers. That started an era of so called subprime mortgages. The system was functioning in the times of constant growth of home prices. After long years of constant real estate growth, an instant fall of home prices happened. That started the domino effect. The home owners default on their mortgages and the securitization institutions had to take houses instead of money and put them to sale. The supply of houses on the market was bigger then demand and so their prices declined. Securitization institutions were not able to pay their obligations toward investors and the investors started to sell their securities. That led to price decline of those securities and drop of stock market indexes. That is how the mortgage crises generated the financial crises.
Keywords:KEYWORDS: mortgage market, securitization, derivative securities, collateralized debt obligations, subprime mortgage loans, mortgage crises


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