Reaching out to take the document from Anne, he looked down. Pen × fun × Pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

【Investigation of Bad Debts of Subprime Mortgages】

Looking up, Kim Hyun Tae stared into Anne's eyes, "What? You bought a subprime bond?"

Anne smiled and shook her head: "No, I shorted this garbage thing, and I spent a lot of money to hire people to do a little research in various states and cities for the sake of insurance, and you have the results of the investigation." ”

Kim Hyun Tae nodded, his eyes refocused on the document in his hand, and lowered his head and said to Anne: "It's not good to buy subordinated bonds, this thing is just like you said, it's just rubbish, of course short is a smart choice, but which level are you short at?"

Anne smiled and replied, "B-grade, this is more secure, if the subprime mortgage really collapses as I guessed, at least I will have three to six times the yield." ”

"How much did you buy?", Kim Hyun-tae began to look through the papers, and asked very casually.

A hint of smugness appeared on Anne's face, and she replied, "$50 billion." ”

$50 billion is a lot, and Anne will be able to earn at least $100 billion or more.

You must know that Kim Hyun-tae took his own cash, including the $20 billion with his daughter, but only $70 billion, only $20 billion more than Anne.

But unlike Anne, Kim Hyun-tae bets on A-rated subprime mortgage bonds, which is a complete bet on the collapse of the real estate market, so if this happens, then Kim Hyun-tae will make more money than Anne.

After all, Anne is betting on B-rated subprime mortgage bonds, which are relatively insured, while Kim Hyun-tae is betting on A-rated bonds that no one thinks will be over.

It is important to know that the structure of the subprime mortgage bond package is composed of AAA-rated, AA-rated, A-rated, and B++, B+, B, C++, C+, C+, and other credit ratings.

Therefore, the A credit rating is absolutely excellent.

For the credit society system in the United States, no one thinks that anyone will be willing to let their credit go bankrupt, so subprime bonds are definitely a good thing.

Because once the loan is not repaid, then a person's credit will go bankrupt, which is not only a question of whether or not you can take out a loan in the future, but even people with credit problems have no one to ask for a job, which is definitely related to personal survival.

Of course, under normal circumstances, there is no problem with subprime mortgages.

After all, this thing is a financial derivative made up of mortgages.

If you follow the normal procedure, of course, there will be no problems.

But I can't stand the bank and let the people below come for the sake of profit.

"The Wheatstone Bank is selling its subordinated bonds, and the approval process for lending has become much stricter, and I'm trying to get Wheatstone out of the bandwagon as much as I can, although I don't know when it's coming. ”

While Kim Hyun-tae was reading the documents, Anne said to Kim Hyun-tae while watching TV.

For Anne's approach, Kim Hyun-tae still agrees with and appreciates it.

Because of the subordinated bonds, it was because of the indiscriminate issuance of loans that eventually led to the real estate crash, which in turn led to the outbreak of financial crises all over the world.

This is because the subprime mortgage bond plate is too large, there are tens of trillions of dollars a year, and I don't know how many countries' funds and banks hold subprime bonds as a means of hedging their value, so when subprime bonds become penniless, these holders will of course become worthless, and all countries have economic crises because of this problem.

It can be said that subprime bonds are a pit, and they are still a big pit.

On the surface, this pit may be caused by everyone's greed, but it is not known whether there is a conspiracy in it.

After all, Americans are not good birds, especially the big capitalists on Wall Street.

Now, thanks to Kim Hyun-tae's birth, Anne has been able to see the problems in the subprime mortgage bonds, and has also discovered that her Wheatstone Bank also has a terrible hole in the mortgage business, so she is now trying her best to make up for it in order to avoid the subprime mortgage crisis.

Otherwise, Wheatstone Bank would have been dragged down by a mortgage default.

Of course, because the Plaza Accord made a windfall more than two years ago, it wouldn't have bankrupted Wheatstone Bank, but that amount of mortgage defaults would definitely hurt Anne.

Therefore, it is better to avoid losses or avoid them.

This is a quality that a qualified capitalist must have, and he can't just because he has money in his hands and doesn't care about the loss even if he knows that he is losing, that is something that a fool will do.

Kim Hyun-tae flipped through the documents, and the more he looked at it, the more serious his expression became.

The team hired by Anne investigated too carefully, and I have to say that the huge investigation fee was not in vain.

In the document, it is clear that there are several examples that are thought-provoking.

One of them was when the team went to a neighborhood and found that the landlord had rented out the house and the tenant had paid the rent for several months, but the landlord had not paid the mortgage on time, the tenant had no idea about it, and the landlord did not know what to do with the money.

And this homeowner not only did not repay the mortgage, his mortgage has not been repaid for several installments, according to common sense, the bank should have come to collect the house, but the homeowner who doesn't know how to do it still holds this property.

At the same time, after investigation, the mortgage that the homeowner had not repaid for half a year was packaged as a well-qualified mortgage, and even after the credit evaluation was A+, it was combined with other mortgage bonds and sold to investors.

Seeing this, Kim Hyun-tae felt that it was really shocking, and this is just the tip of the iceberg.

If even such a mortgage can be rated as A+, then Kim Hyun-tae can imagine how rubbish those mortgage bonds with a credit rating of AAA will be.

At the same time, the mortgage portfolio bonds with lower than A-rated credit will be a garbage channel.

The second example is also very painful.

It is completely illogical that a stripper can keep taking out repeated loans and get several properties in her name.

After investigation, it was found that the dancing girl did take out a loan, but she did not take out a loan to buy a house, and the money she borrowed was never repaid.

Therefore, the mortgages of these houses are also called non-performing assets, but these non-performing loans are packaged again and sold to investors in the name of subprime bonds.

The team found that the reason for this situation was entirely the result of a conspiracy between real estate agents and strippers.

Because of the successful loan of a mortgage, the agent can get a commission of three or four thousand dollars, and the stripper can also get two or three thousand dollars.

As for where the money ends up, you need to ask the bank.

And the investigators also found that most of the bank loans did not even have the review of the special mother, and the occupation and income blank in the application column could also be approved to get the mortgage, and the speed of approval was still very fast.

Therefore, a large number of properties that seem to be high-quality are actually junk assets that have not been repaid, but no one knows these inside stories.

Everyone is getting carried away by the bogus and spurring bond market that is packed with junk mortgages, and therefore ignores the threat lurking in the shadows.

The interest rate on subprime bonds is getting higher every year, reaching a high of 9% this year, so anyone who holds subprime bonds is considered to be able to make a fortune with peace of mind.

You know, the Federal Reserve has negative interest rates, and at the moment business is not good, and everything that can make money is monopolized by predators, so sitting at home and holding subprime bonds can steadily make 10% more money in your hand.

It is precisely because of the high interest rate that it has attracted a large number of funds and banks from all over the world to buy.

At one time, Anne also held a number of subordinated bonds.

However, because of Kim Hyun-tae's relationship, Anne sold all the subprime mortgage bonds in her hand to others, and also made a small profit, avoiding the fate of those subprime bonds worthless in the future.

It is true that the interest rate on subordinated bonds is high right now, but the price of investment is also high.

Last year, it was more than $100 a piece, but this year it has become more than $300 a piece, and the entry threshold has been raised a lot, but even so, many people still rush to buy it with money waving money.

Major banks claim that the non-performing loan ratio of housing loans is less than 2%, but the data given by Annie's research team is as high as 13%, and it is on the rise over time.

What does this mean?

This suggests that the collapse of the subprime bond market is imminent.

It's just that at the moment, those capital predators are still covering this lid very well, and they are constantly creating false prosperity to deceive those investors.

Looking at it, Kim Hyun-tae couldn't help but speculate secretly.

[Is this a big financial conspiracy played by Morgan?]

Indeed, after all, in the subprime bond market, there is a wealth of money from all over the world, otherwise this plate would not have been so big.

And the foundation of this plate is based on people's perception of the U.S. real estate market and the credit default system.

After all, Americans don't go out with cash, and a credit card is enough.

Aside from the mortgage, there are all kinds of student loans, car loans, and all kinds of loans, even if you want to buy a ten-dollar commodity, you can take out a loan to solve it, and then slowly repay the loan.

It can be said that this system has worked very well in the United States, and it has been running for decades without the slightest problem, so everyone in the United States is very confident.

Credit society, who doesn't care about their credit.

But people ignore the fatal problem, which is that when someone loses their jobs, there is a lot of fraud, and there is financial chaos, the entire subprime bond market collapses completely.

Kim Hyun-tae breathed a sigh of relief, knowing that there was no problem with his and his daughter's investment, and this investigation report had given an obvious answer.

Putting the finished document to his side, Kim Hyun Tae turned his head to look at Anne and said: "It seems that those credit rating agencies are very deep, and they are at least the role of helping and abusive, if it were not for their help, how could these junk mortgages have such a high rating." ”

Hearing this, Anne took her eyes back from the TV and met Kim Hyun-tae's gaze.

"That's right, those credit rating agencies suck, so I'm ready to replace them later. ”

As she said this, Anne's eyes twinkled, indicating that she had strong ambitions......