Question 1: What is a credit crisis? In other words, it is the financial crisis caused by the malpractice of market spontaneity. The classic case is 1929~ 1933. The economic crisis broke out in the United States and finally spread to the whole capitalist market. A few years before 1928, the automobile manufacturing industry in the United States developed rapidly, and people only saw the immediate interests, so they invested wildly and borrowed money from banks. It has caused a false economic prosperity (equivalent to the current bubble economy), and prosperity has come and gone quickly. Many factories are insolvent, bankrupt, unable to repay their debts, banks closed down, and so on, causing a chain reaction. This is the credit crisis. Later, Roosevelt's New Deal joined the state to intervene in the economy, and the economy was restored.

Question 2: What does the credit crisis mean? The American credit system is divided into two levels, one is preferential credit and the other is secondary credit.

Preferential credit, just like the mortgage credit of mainland banks in China, requires detailed information from lenders, and banks are strictly audited, so there is no credit stain allowed. The interest rate is calculated according to the interest rate published by * * *.

Subprime credit means that the lender's credit review is wider than the preferential level, which is more suitable for people with low income and credit stains, and the interest rate will be higher than the preferential level.

Due to the rising house prices in the United States year after year, borrowers in the subprime mortgage credit market can use this opportunity to fill their credit, but when the house prices are flat, there is no intermediate price difference, and it is difficult for lenders to repay on time. There was a credit crisis.

Question 3: What is a credit crisis? 1. The concept of subprime mortgage crisis [edit this paragraph] The subprime mortgage crisis is also called subprime mortgage crisis, which is also translated as subprime mortgage crisis. It refers to a storm caused by the bankruptcy of subprime mortgage institutions, the forced closure of investment funds and the violent shock of the stock market in the United States. It triggered an imminent liquidity crisis in major global financial markets. The "subprime mortgage crisis" in the United States began to appear gradually in the spring of 2006. In August 2007, it swept the major financial markets in the world, such as the United States, the European Union and Japan. 2. The emergence of the subprime mortgage crisis [edit this paragraph] The direct cause of the storm in the subprime mortgage market in the United States is the rise in interest rates in the United States and the continuous cooling of the housing market. Subprime mortgage refers to loans provided by some lending institutions to borrowers with poor credit and low income. The rise in interest rates has led to an increase in repayment pressure. Many users with bad credit feel that repayment pressure is high and there is the possibility of default, which has an impact on the recovery of bank loans. 2. The principle of1.[Edit this paragraph] The direct cause of the storm in the US subprime mortgage market is the rise of interest rates in the United States and the continuous cooling of the housing market. Subprime mortgage refers to loans provided by some lending institutions to borrowers with poor credit and low income. The American subprime mortgage market usually adopts a combination of fixed interest rate and floating interest rate, that is, buyers repay their loans at a fixed interest rate in the first few years after buying a house, and then at a floating interest rate. In the five years before 2006, due to the continuous prosperity of the US housing market and the low interest rates in previous years, the US subprime mortgage market developed rapidly. With the cooling of American housing market, especially the increase of short-term interest rate, the repayment rate of subprime mortgage has also risen sharply, and the repayment burden of buyers has greatly increased. At the same time, the continuous cooling of the housing market also makes it difficult for buyers to sell their houses or refinance through mortgaged houses. This situation directly leads to a large number of borrowers with subprime mortgage loans can not repay on time, which in turn leads to "subprime mortgage crisis". 2.2. Hot answer [edit this paragraph] In the United States, loans are a very common phenomenon, from houses to cars, from credit cards to telephone bills. Locals rarely buy a house in full, usually with long-term loans. But we also know that unemployment and re-employment are very common phenomena here. How can these people with unstable income or no income buy a house? Because their credit ratings are not up to standard, they are defined as subprime lenders, referred to as subprime lenders. Because the house price was high before, the bank thought that although the loan was given to the subprime lender, if the lender could not repay the loan, he could use the mortgaged house to repay it, auction or sell it to recover the bank loan. However, due to the sudden drop in house prices, when the lender was unable to repay, the bank sold the house, only to find that the funds obtained could not make up for the loan+interest at that time, or even the loan amount itself, so the bank would lose money on this loan. For a lender with two borrowers, it is ok to have such a problem, but due to the rising installment interest rate and the fact that these borrowers themselves are subprime credit lenders, a large number of borrowers are unable to repay their loans. As mentioned above, the bank repossessed the house, but failed to sell it at a high price, which led to a large-scale loss and triggered the subprime mortgage crisis. 3. The subprime mortgage crisis broke out [edit this paragraph] On February 13, 2007, New Century Finance issued a profit warning for the fourth quarter of 2006. HSBC Holdings increased its bad debt reserve by $654.388+0.8 billion for its subprime mortgage business in the United States. Facing the debt of $654.38+07.4 billion from Wall Street, New Century Financial Corp, the second largest subprime mortgage company in the United States, announced on April 2 that it filed for bankruptcy protection and laid off 54% of its employees. On August 2nd, Societe Generale announced a profit warning, and later estimated a loss of 8.2 billion euros, because its Rhineland Fund with a scale of 654.38+0.27 billion euros and the bank itself participated in the US real estate subprime mortgage market a little, resulting in huge losses. The Bundesbank convened banks from all over the world to discuss a package plan to save the German Industrial Bank. On August 6th, the American Mortgage Investment Corporation, the largest mortgage institution in the United States, formally filed for bankruptcy protection, becoming another large mortgage institution in the United States after New Century Finance Corporation. On August 8, Bear Stearns, the fifth largest investment bank in the United States, announced the closure of its two funds. Original text >>

Question 4: Why did the credit crisis lead to the financial crisis? Yes, it has become waste paper and a house in the hands of subprime lenders.

But the problem is that these bonds were sold to hedge funds, banks, investment banks, European banks and European funds.

Needless to say, hedge funds are the most courageous.

The risk is nothing to them.

At first, only hedge funds were buying such high-yield and high-risk bonds.

Later, banks, investment banks, European banks and European funds saw hedge funds make big money.

So I got jealous and bought it.

But they are worried that the risk is too high, and they have found an insurance company to guarantee it.

Insurance companies have also joined in.

Due to the prosperity of the property market, the net value of these bonds is increasing.

So everyone involved made money.

The best case is that the property market falls, and the money in the hands of mortgage companies suddenly becomes a house after the subprime mortgage defaults.

Bad debts come one after another, which eventually leads to insufficient global liquidity.

Question 5: What is the difference between subprime mortgage crisis and credit crisis? The subprime mortgage crisis is a kind of credit crisis, which mainly comes from real estate loans with only mortgages and no down payment. Because there is no down payment, the leverage is infinite and the risk is great. Credit crisis generally means that the overall repayment possibility of the lender is small and the bad debts are serious. For example, our local debts in the bank may cause a credit crisis.

Question 6: What is a credit crisis? Please explain the high score carefully. Thank you. Subprime crisis, also known as subprime crisis, has also been translated as subprime crisis. It refers to a storm caused by the bankruptcy of subprime mortgage institutions, the forced closure of investment funds and the violent shock of the stock market in the United States. It triggered an imminent liquidity crisis in major global financial markets. The "subprime mortgage crisis" in the United States began to appear gradually in the spring of 2006. In August 2007, it swept the major financial markets in the world, such as the United States, the European Union and Japan. 2. The subprime mortgage crisis 2. 1. The direct cause of the US subprime mortgage market storm is the rising interest rate in the United States and the continuous cooling of the housing market. Subprime mortgage refers to loans provided by some lending institutions to borrowers with poor credit and low income. The rise in interest rates has led to an increase in repayment pressure. Many users with bad credit feel that repayment pressure is high and there is the possibility of default, which has an impact on the recovery of bank loans. The American subprime mortgage market usually adopts a combination of fixed interest rate and floating interest rate, that is, buyers repay their loans at a fixed interest rate in the first few years after buying a house, and then at a floating interest rate. In the five years before 2006, due to the continuous prosperity of the US housing market and the low interest rates in previous years, the US subprime mortgage market developed rapidly. With the cooling of American housing market, especially the increase of short-term interest rate, the repayment rate of subprime mortgage has also risen sharply, and the repayment burden of buyers has greatly increased. At the same time, the continuous cooling of the housing market also makes it difficult for buyers to sell their houses or refinance through mortgaged houses. This situation directly leads to a large number of borrowers with subprime mortgage loans can not repay on time, which in turn leads to "subprime mortgage crisis". 2.2. Hot answer In the United States, loans are a very common phenomenon, from houses to cars, from credit cards to telephone bills. Locals rarely buy a house in full, usually with long-term loans. But we also know that unemployment and re-employment are very common phenomena here. How can these people with unstable income or no income buy a house? Because their credit ratings are not up to standard, they are defined as subprime lenders, referred to as subprime lenders. About 10 years ago, at that time, advertisements of loan companies appeared on TV, newspapers and streets, or your mailbox was filled with attractive leaflets: "Do you want to live a middle-class life? Buy a house! " "Savings is not enough? Loan! " "There is no income? Looking for A Niu Loan Company! " "Can't afford the down payment? We offer zero down payment! " "Worried that interest is too high? We offer a preferential interest rate of 3% for the first two years! " "Still can't afford it every month? It doesn't matter, you only need to pay interest in the first 24 months, and you can also repay the loan principal two years later! Think about it, after two years, you must have found a job or been promoted to a manager, and you are afraid that you can't afford it! " "Worried that you can't afford it after two years? Oh, you are too careful. Look at how much the house has risen now compared with two years ago. Then you can sell it to others, not only for two years, but also at a profit! Besides, you don't have to pay. I believe you can do it. I dare you to borrow it? " Under such temptation, countless American citizens did not hesitate to choose a loan to buy a house. Are you worried about their debts in two years? American citizens who have always felt good about themselves will tell you that anyone who plays movies can be a governor, and maybe I can run for president in two years. A Niu Loan Company has made amazing achievements in just a few months, but all the money has been lent out. Can it be redeemed? Mr. A Niu, the chairman of the company who is also familiar with American economic history, can't be unaware that the real estate market is also risky, so it seems that the income can't be absorbed by himself, and it is necessary to find a partner to share the risk. So A Niu found the leading brother in American economic circles-investment bank. These people are big names (Merrill Lynch, Goldman Sachs, Morgan). What do they do every day? Even if you are full, you are idle, so you find a Nobel economist, a Harvard professor, use the latest economic data model, make some repairs, and make several analysis reports to evaluate whether a stock is worth buying. A country's stock market has been bubbled, and a group of risk-averse people cheat to eat and drink in the risk assessment market. Do you think they see the risks? You can tell with your feet! But there are profits, why hesitate to take over ... >>

Question 7: What is the concept of credit crisis? Moral hazard refers to the risk that one party to a contract may change his behavior and harm his own interests.

For example, when Thailand and South Korea turned to the International Monetary Fund for help, some people said not to give aid easily, otherwise it would encourage moral hazard. They believe that these countries suffered from the financial crisis because their financial systems were not perfect and they did not take adequate risk prevention measures in the process of pursuing high returns. If they are given assistance, they may be more inclined to invest in high risks after they get through the difficulties. If the investment is successful, they may get high profits. If the investment fails, they will ask for international rescue. Therefore, they believe that the premise of aid is to require these countries to thoroughly reform their financial systems.

Another example. It is often criticized that the top 20 banks in Japan have caused moral hazard in the financial industry. In the early 1990s, the bubble economy collapsed and a large number of bad debts appeared in the Japanese banking system. Due to the huge scale of the top 20 banks in Japan, Japan is worried that once these big banks go bankrupt, it will shake the whole country and bring greater economic and political crisis. Japan * * * had to inject capital into these big banks for blood transfusion assistance. As a result, these big banks have nothing to fear, and in order to get rid of difficulties, they prefer high-risk and high-return investments. In the Asian financial turmoil, many Japanese companies suffered heavy investment losses in Southeast Asia, which brought great difficulties to Japan's financial system. These banks should have been responsible for their own business mistakes, but the consequences of the financial crisis were passed on to all citizens because of Japan's intervention. Japan's economy has been struggling in the quagmire for 12 years, and it has not improved until today.

When discussing the bank deposit insurance system, some people think that depositors have no incentive to supervise banks if they have deposit insurance. This is also a moral hazard. When studying the enterprise system, it was suggested that because enterprise managers have information advantages, if they pursue high-risk and high-return investments, managers can get rich income if they succeed, and shareholders will bear losses if they fail, which is also called moral hazard.

The information asymmetry in the credit market directly or indirectly leads to these moral hazards.

Question 8: subprime mortgage crisis and credit crisis 1. What are subprime mortgage crisis and credit crisis?

People borrow money to buy a house, because the interest rate has increased, and the people can't afford the money, so they breach the contract. When the bank can't make money, they take the house back to auction. However, because the housing enterprises are low, the houses cannot be sold and there is no money to earn. 1.2 default doesn't matter, and banks can bear it, but the number of defaults is too large, which leads to the subprime mortgage crisis.

In fact, the credit crisis is similar to the subprime mortgage crisis, both of which are related to houses. The American credit system is divided into two levels, one is preferential credit and the other is secondary credit. Preferential credit, just like the mortgage credit of mainland banks in China, requires detailed information from lenders, and banks are strictly audited, so there is no credit stain allowed. The interest rate is calculated according to the interest rate published by * * *. Due to the rising house prices in the United States year after year, borrowers in the subprime credit market can take the opportunity of rising house prices to fill their credit, but when the house prices are flat, there is no intermediate price difference, so it is difficult for lenders to repay on time. There was a credit crisis.

2. What is the impact of this economic crisis on China?

In short,

Chinese investors or enterprises have made financial investments in those companies, and they have suffered heavy losses because of bankruptcy.

And our country's foreign exchange reserves have shrunk a lot.

(3) The financial crisis there will more or less affect China's exports, and a large part of China's economic growth is accelerated by exports.

Recently, the stock market has also been affected.

3. What lessons did this economic crisis give China and even the world?

The loan should be suitable and not easy to get.

Investment in financial products should be moderate, because if you earn more, you will lose more (this is the answer to the last question).

4. What does this economic crisis inspire the contemporary youth in China?

Keep your eyes open, learn to objectively analyze the two sides of things, sum up the experience of what has happened, and avoid falling into the same problem next time.

In fact, experience is very important and can be reflected in stocks.

The above is just my personal opinion, which may not be very comprehensive.

Don't add it until you think it over.

Question 9: What is the credit crisis in the United States? The direct cause of the US subprime mortgage market storm is that the US interest rate rises and the housing market continues to cool down. Subprime mortgage refers to loans provided by some lending institutions to borrowers with poor credit and low income. The American subprime mortgage market usually adopts a combination of fixed interest rate and floating interest rate, that is, buyers repay their loans at a fixed interest rate in the first few years after buying a house, and then at a floating interest rate. In the five years before 2006, due to the continuous prosperity of the US housing market and the low interest rates in previous years, the US subprime mortgage market developed rapidly. With the cooling of American housing market, especially the increase of short-term interest rate, the repayment rate of subprime mortgage has also risen sharply, and the repayment burden of buyers has greatly increased. At the same time, the continuous cooling of the housing market also makes it difficult for buyers to sell their houses or refinance through mortgaged houses. This situation directly leads to a large number of borrowers with subprime mortgage loans can not repay on time, which in turn leads to "subprime mortgage crisis". Why are there so many subprime loans? There are several reasons. I'll talk about it from the bank executives. In addition to the basic salary, the salaries of executives in western banks are supplemented by business bonuses and other funds. Through this kind of loan, the transaction volume of the bank will increase greatly, so the executives will get more. Some time ago, when the president of a bank in the United States was forced to resign, he also got $654.38+000 billion! At this level, it is their executives who ignore the market and are selfish. Give you the most popular saying, that is, the subprime mortgage in the United States, and now China has a cold and a fever! Subprime loans, for a time, as you know, were loans from people with bad credit. How do they get loans with bad reputation? Loans in the United States are mainly manifested in the property market, because they firmly believe that people with bad reputation can get their houses back if they can't afford the loans! But on that day, something unexpected happened, and the property market was also determined according to the market. Just like a parabola, there are ups and downs, and when it falls, it becomes a person who can't afford to repay the loan. When they took back the house, it was worthless. Those bonds that were issued on a large scale in the past are now completely bad debts, leading to a serious financial crisis!

Question 10: What is the subprime mortgage crisis? Explain it in the simplest terms.

Subprime loan is a kind of subprime mortgage loan, which is aimed at individuals with poor credit status, no proof of income and repayment ability, and other heavy debts. Is it understandable that the interest rate of subprime mortgage is higher than the best interest rate for people with good credit? You are unlikely to pay back the money, so I will lend you more interest. There are both risks and profits. As for the institutions that issue these loans, in order to get back the funds as soon as possible, they package these loans and issue bonds. Similarly, the bond interest rate of subprime loans is definitely higher than that of excellent loans. As a result, these bonds are favored by many investment institutions, including investment banks and hedge funds, because of their high returns.

However, this high return has a great premise, that is, American housing prices are rising. How can I put it? House prices are rising and the property market is hot. Although the default rate of these subprime mortgages is relatively high (this is easy to understand, because those people have poor credit status, no proof of income, and other debts are heavy, so it is easy to pay off the mortgage), even if the lending institution can't receive the loan, it can take back the mortgaged house and make a profit if it is sold again, because the property market is booming and house prices are rising.

So, how did the crisis happen? It was in 2006 that the American real estate market began to turn around, and house prices began to fall, making it difficult for buyers to sell their houses or obtain financing through mortgages. Even if the lender can't get the money back and sell the mortgaged house (it's hard to say whether it can be sold, because the real estate market is shrinking and there is no market), it will certainly not make up for the loss of lending. In that case, the bonds issued by it are worthless because the loans associated with it can't be recovered. Didn't the institutions that bought these bonds lose money? Many investment banks and hedge funds bought these bonds or their portfolios, so they suffered heavy losses. For example, a series of events include:

-On February 3, 2007, 13, New Century Finance released the profit warning for the fourth quarter of 2006.

-HSBC Holdings increased its bad debt reserve for its subprime mortgage business in the United States by US$ 6,543.8+0.8 billion.

-Facing the debt of $654.38+074 billion from Wall Street, New Century Financial Corp, the second largest subprime mortgage company in the United States, announced on April 2 that it filed for bankruptcy protection and laid off 54% of its employees.

-On August 2nd, Societe Generale announced a profit warning, and later estimated a loss of 8.2 billion euros (this figure is really huge), because its "Rhineland Fund" with a scale of 654.38+0.27 billion euros and the bank itself had little participation in the US real estate subprime mortgage market. The Bundesbank convened banks from all over the world to discuss a package plan to save the German Industrial Bank.

On August 6th, American Mortgage Investment Corporation, the largest mortgage institution in the United States, formally filed for bankruptcy protection with the court, becoming another large mortgage institution in the United States after New Century Finance Corporation.

On August 8, Bear Stearns, the fifth largest investment bank in the United States, announced the closure of its two funds, also because of the subprime mortgage crisis.

-On August 9th, BNP Paribas, France's largest bank, announced the freezing of its three funds, which also suffered huge losses due to their investment in American subprime bonds. This move led to a sharp drop in European stock markets.

-/kloc-In August of 0/3, Mizuho Group, the parent company of Mizuho Bank, Japan's second largest bank, announced that the US subprime mortgage-related losses were 600 million yen. Japanese and Korean banks suffered losses due to the US subprime mortgage crisis. According to the estimation of UBS Securities Japan, the nine major banks in Japan hold more than one trillion yen of US subprime mortgage-backed securities. In addition, five Korean banks, including Woori, invested 565 million US dollars in CDO. Investors are worried that the subprime mortgage problem in the United States will have a strong impact on the global financial market. However, Japanese analysts are convinced that most of collateralized debt obligation invested by Japanese banks have the highest credit rating, and the impact of the subprime mortgage crisis is limited.

Later, Blooming Group also announced that the losses caused by subprime loans reached $700 million in July, but this is only a small amount for a financial group with an annual profit of $20 billion.

However, the crisis triggered by the subprime mortgage crisis has seriously affected the liquidity of various countries. To put it simply, in the current uncertain future of the subprime mortgage problem ... >>