For those customers who do not meet the credit criteria, it is only a matter of time before problems arise, otherwise the banks will not engage in any subordinated bonds, and it is definitely not the style of greedy capitalists to give away the profits they have received to others. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

In fact, the financial experts who designed subordinated bonds know very well that subordinated bonds, on the surface, are a gold ingot, but in fact they are a hot potato.

Of course, when it comes to selling these problematic subordinated bonds, the salesman certainly doesn't say that.

"Isn't Wall Street in the United States known as the elite of the financial world? Don't you see the problem with subordinated bonds? Judging from the news, it seems that many big investment banks have won the bid. ”

"If you could see the problem at a glance, would you buy it again? In fact, on the face of it, subordinated bonds are not very risky, because subordinated bonds are essentially mortgage bonds, and the collateral is the house that the lender buys.

When house prices are in an upward channel, all the problems are masked. Even if a buyer who does not have a loan can default on his monthly payment, the bank can simply take back his house and auction it off to someone else.

But when the U.S. economy is in a downturn and housing prices start to fall, everything is completely different.

A large number of home buyers defaulted and could not repay their loans, and their houses were forcibly repossessed by banks for auction. But because of the economic depression, U.S. housing prices are falling, and there are few pick-ups.

In order to sell the house as soon as possible, the bank had to lower the selling price, and the result of this was to further depress the price of the house, and the house could not be sold.

What's worse is that when real estate developers cooperated with banks to sell loans in order to sell more houses, the down payment ratio was very low, or even zero.

As a result, when house prices fall, many mortgage buyers are surprised to find that the market price of their previous home is lower than the remaining loan they have to repay.

In this case, the loan buyer simply chooses to default directly, the loan is not repaid, and the house bank wants you to take it away, and it is not worth it anyway.

On the other hand, the steady rise in housing prices in the United States has created a false impression for investors that they will continue to rise forever.

Therefore, among these loan defaulters, there are not only owner-occupier buyers, but also many speculators who specialize in property speculation.

These people buy homes for speculation, taking advantage of the low down payment to buy a large number of properties, and then selling them when the price of the house rises to earn the difference.

These people are playing the game of white wolf with empty gloves, if the house price rises as expected, they can make several times the profit, but conversely, when the house price unexpectedly falls sharply, their losses are also huge.

These investors immediately lost their fortunes in the housing shock, and when they filed for bankruptcy protection, the huge debts they were saddled with had to be borne by the banks.

Of course, the smart bankers have long since packaged these potentially bad debts into subordinated debt and sold them to investors. ”

"And then?"

"And then, of course, the price of subprime bonds plummeted, and the investors who bought those bonds lost their money. And eventually caused a huge upheaval in the U.S. financial markets. This is the subprime mortgage crisis that is currently being reported on the Internet. ”

Sun Haoyang explained the causes and consequences of the entire subprime mortgage crisis to everyone, which also contained a lot of his own speculation and brain supplement.

However, everyone present did not seem to be too interested in this major financial event that caused a sensation around the world, and after listening to Sun Haoyang's narration, Wu Yingying just pursed his lips with disdain: "Cut, the evil American imperialist capitalists have not harmed us before, but this time it's good that they will be pitted on their own heads." ”

"The subprime mortgage crisis is not only for American capitalists, but also for our country, which has so many foreign exchange reserves, and there is a lot of investment in the United States. It is said that the investment sector of our country has also bought quite a few subordinated bonds, and the losses are not small. ”

Wu Yingying took a sip of beer, gritted his teeth and said: "These unlearned and unskilled losers know how to mess around with the country's money. There are still so many impoverished mountainous areas in China, and with so much foreign exchange, don't you know how to give some to the people? If you want me to say, these people from the investment department should be dragged out and shot! ”

Sun Haoyang shook his head, he couldn't explain it to Wu Yingying, this thing really had to be explained for hours.

The management and use of the country's foreign exchange reserves involves many related disciplines such as money and banking, finance, and macroeconomics.

But in fact, the martial hero is just complaining, after all, the United States is too far away from China, and in his opinion, even if there is a disturbance over there, it has nothing to do with China.

Wu Yingying used to do business management, and he was familiar with how to run a business, but he was a complete layman for the international macroeconomy.

Wu Yingying is more concerned about how much the stock in his hand can rise at the opening of the market tomorrow, as well as the company's business operation plan in the future.

However, Sun Haoyang, who majored in finance, did not have such an easy view on the subprime mortgage crisis in the United States.

The United States is the financial center of the world and the heart of the world economy. If something goes wrong with one person's heart, the rest of the world will not be affected at all? Sun Haoyang doesn't think so.

Of course, his current ability is not enough to predict what will happen next, and he cannot predict that in the near future, a decade-long global financial crisis triggered by the subprime mortgage crisis in the United States will be swept away.

Next, everyone in the company turned the conversation to other life trivialities and gossip news, and several people ate barbecue and drank beer, and never brought up the topic of the subprime mortgage crisis again.

After being full of wine and food, Lao Xu drove Jiang Xiaoyi and Lu Xiaoqi home, Wu Yingying and Sun Haoyang's homes were nearby, and the two walked back together.

On the way back, Wu Yingying suddenly asked: "How safe is the trend trading method you talked about today?" ”

Seeing that the martial hero's expression was very serious, Sun Haoyang hesitated for a moment and replied: "The stock market is constantly changing, and no one can guarantee whether the methods that worked before will work in the future."

However, compared with other methods, the safety of the trend trading method is still relatively high, even if there are some not so good situations in the future, the loss should be able to be controlled within a certain range, but it is not realistic to say that there is no risk at all. ”

Wu Yingying nodded and said, "I know that there is no way to make sure you don't lose money in this world." ”

After pondering for a while, he said again: "But I want you to be as careful as possible, how much money you can make is secondary, and you can lose as little as possible." If it's just me, it doesn't matter, anyway, all I use to speculate in stocks is some spare money, but that Lao Xu's situation is a little special, he really can't afford to lose......"

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