美國次級房貸專題

2. ○○
Alliance Boots
(Chrysler)
○○
(American Home Mortgage Investment)

3. ?
• (subprime mortgage)
•
• (prime) (subprime)
• (first lien) (second lien)

4. • 1990
LTCM
Fed
•
• 2004 2006 6 17
2006
•
(New Century Financial)

5. 2000DEC 2003DEC 2006DEC

6. / /
/
AAA
AA
ABS CDO
A
BBB AAA
Subordination
AA
A
/ /
/

7. CDO ?
• (Collateralized Debt Obligation; CDO)
•
•

8. ( ]
( )
[CPI ]
[ ]
Fed
[ [ ,
] ]

9. Subprime
Prime CDO
Subprime
Prime
CDO

10. A B BB A
: 50->1,000 : 240-> 420 : 150-> 220 : 80-> 120
CDX

11. HSBC

12. American Home Mortgage

13. 2833.TW

14. 2886.TW

16. •
Headline risk
LBO M&A slow down
slow down
•
S&P

17. • ,
, , .
• , .
, .
• , ,
• , .
•
• ,REITs
• ,
.

18. FED
• FED
1998 LTCM FED
• 2007.08.12
• FED
FED

19. •
2008
• ,, , ,
, .
• ,
• , .
•
• , .
ENDING..................

20. (2007-08-12 19:08)
--
750 75
( )

21. IMF
2007/08/11 19:38
IMF

22. : H2
(2007-08-12 10:53)
• 2007 8 12
30
2.58% 5%
30
2.58%
8
Fed 1
1.8
70% 20% 5%
53.8 60.7
50
Fed 8 7
5.25% Fed

23. 2007.08.12 03:23 am
•
2
HSBC
MBS
MBS
CDO CDO CDO CDO CDO
CDO
CDO 2006
1,000 3,750 CDO