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S pht trin bt ng sn v cc khon cho vay th chpVo nhng nm 2000, mc
li sut thp, nn kinh t phc hiHot ng ca th trng bt ng sn (BS) din ra
si ng-> tr thnh mt knh u t c kh nng mang li li nhun ln
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S pht trin bt ng sn v cc khon cho vay th chpTng thng Bill
Clinton vi mong mun to iu kin cho nhng ngi thu nhp thp c kh nng mua
nh -> tc ng n cc ngn hng lm gim li sut -> dch v vay mua nh th
chp pht trin mnh m
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S pht trin bt ng sn v cc khon cho vay th chp=> Nhng khon cho
vay cht lng thp v ri ro cao, quy trnh th tc cho vay cc k n gin,
thiu tnh k lng. Ti sn th chp cho cc khon vay ny thng chnh l cc BS m
ngi vay vn mua v ngun tr l thu nhp trong tng lai.
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S pht trin bt ng sn v cc khon cho vay th chp=> Ngn hng bn mt
phn hay ton b danh mc cho vay th chp -> phn tn ri ro + thm vn
cho vay nhiu hn
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Chng khon c m bo bi khon cho vay th chp (MBS)- Fannie Mae v
Freddie Mac mua li nhng mn n th chp bng BS -> pht hnh MBS bn cho
cc nh u t+=>MBS
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Chng khon c m bo bi khon cho vay th chp (MBS)
Tch ccTiu ccNgi cho vay phn tn ri ro + thu ht cc ngun vn t khp
ni trn th gii n M, gp phn pht trin th trng cho vay th chp ti M.T
chc cho vay th chp dn ni lng iu kin ca ngi i vay, ri ro v n cc k ln
+ cc t chc xp hng tn dng khng nh gi c nhng ri ro tim n trong cc
chng khon phi sinh ny.
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Tri phiu c m bo bng n c m bo (CDO)Cc khon n th chp, nhm ti sn m
bo bao gm cc loi chng khon tn dng khc nh cho vay BS thng mi, vay th
tn dng, vay mua xe hi, vay tin hc i hc -> loi chng khon c ti sn
th chp ni chung ABS
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Tri phiu c m bo bng n c m bo (CDO)CDO: kt hp cc ABS vo thnh cc
danh mc u t ti sn ri chia nh theo cc mc ri ro t cao n thp: senior,
mezzanine and equity=> Nh pht hnh lm cho CDO ca mnh c gi tr hn
bng cch mua bo him cho cc ABS cu thnh danh mc t cc cng ty bo him uy
tn.
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Hp ng hon i kh nng v n tn dng (CDS)- Ban u: bo him dnh cho tri
phiu tn ti di hnh thc mt khon n c chng khon ha- Ngi mua tr cho ngi
bn dng ph CDS hng nm trong sut thi hn hp ng; cn ngi bn tr cho ngi
mua dng tin bo him ri ro
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Hp ng hon i kh nng v n tn dng (CDS)- S lng CDS trn th trng ngy
cng nhiu- Nhiu ngi mua CDS khng h s hu nhng tri phiu ny m ch mun u
c vo kh nng ph sn ca loi tri phiu => y gi ln n v hn v ngy cng xa
ri gi tr thc ca ti sn c s
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Bng n khon cho vay di chunTng trng kinh t phc hi, li sut cao
-> th trng BS tut dc, ng bng + tut gi cc chng khon.=>
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Bng n khon cho vay di chunCc khon vay di chun xu i -> ABS xu
i -> CDO rt gi khng phanh -> bo him CDS khng th c gii quyt
hon ton -> ph sn, ri li tht nghip
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nh cao ca s bng n: S sp v khng hong ti chnh ton cuFannie Mae v
Freddie Mac c chnh ph M mua li trnh nguy c sp
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nh cao ca s bng n: S sp v khng hong ti chnh ton cuBi thng nhng
thit hi khng l. AIG (American International Group) l v d in hnh
nht. Do tp trung qu nhiu vo nhng khon cho vay di chun M
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nh cao ca s bng n: S sp v khng hong ti chnh ton cuTi gia thng
9/2008, ngn hng u t Lehman Brothers b p ph snBear Stearns: gn sp c
chnh ph cu
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Lan rng ton cuDo h thng ti chnh ca M c sc nh hng to ln i vi nn
kinh t th gii, do khi h thng ti chnh ca M gp trc trc s ko theo nhng
h ly cho c quc gia khc
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Lan rng ton cu=> Th trng CDS tr thnh mt mng nhn khng l, b n
trong nhng tha thun gia nhng ngn hng, ngn hng ma v ngi mi gii b gi
by mt cch nguy him v lin kt vi nhau thng qua s s hi.
