美国次级住房抵押贷款危机的原因及影响

The Reason and Impact of the U.S. Subprime Mortgage Crisis

需求大于供给导致美国次级住房抵押贷款快速增长,"贷款—分散"模式链条上各主体的收益激励结构和次级贷款品种设计导致的次级债市场扭曲繁荣,进而导致次级债危机。次级债危机将在较长的时间里困扰美国经济,但是从次级贷款支持证券及其衍生产品的分档设计可以预测该市场的绝大部分投资者不会因次级债危机而受到损失。

The demands exceeding supply has resulted in the rapid development of U. S. subprime mortgage market. The fundamental reason for this crisis is the distortion prosperity of subprime mortgage that has been led by the incentive structure of originate-to-distribution model and the loan varieties in the subprime mortgage market. The problem of subprime mortgage market will impact America economy in a long time. From the design of MBS and its derivative, we get the conclusion that the most investors in this market can not get loss.