|
| 阅读上一个主题 :: 阅读下一个主题 |
| 作者 |
 说说我理解的次贷危机 |
 |
| 所跟贴 |
我去看了老by的文章，感觉恰与你相反，这事的根正是右派所谓新自由主义作出来的孽 -- 芦笛 - (328 Byte) 2008-10-02 周四, 上午12:39 (316 reads) |
猞猁
[博客]
[个人文集]
加入时间: 2007/05/04
文章: 106
经验值: 3321
|
|
|
作者：猞猁 在 驴鸣镇 发贴, 来自 http://www.hjclub.org
里根企图把房利美私有化,如果办成了,今天还出问题,那才能证明米塞斯比凯恩斯愚蠢。现在问题是保守派（包括新保守派）一方的政客和学者多年以来一直要求加强对其监管、或者逐步将其私有化，但都被民主党阻挠，现在却硬要说是共和党的责任大，因为是他们反对监管企业的（实际上“反对监管”的对象是不受政府扶持的私有企业）——但为什么当共和党自己都主张监管的时侯，民主党却要反对？
如果没有节制地深挖根源，那么罪魁祸首与其说是里根，不如说是罗斯福。房利美是新政的产物，创建之始就以福利为旗号，所以几十年后才会被“伪自由派大侠”继续利用。也正是因为大家认定政府会为它撑腰（公司高管也有意通过宣传强化这种印象），才会丧失常识，投入这场大跃进运动中。
最后,哪怕非要认定这些扩张行为与两房的政府背景无关、私有化只会适得起反，至少有一点共和党要胜过民主党，就是前者一直声称这玩意儿会出大问题，而后者则否认问题的存在（而不仅仅是反对前者开出的药方）。
http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html
http://money.cnn.com/magazines/fortune/fortune_archive/2005/01/24/8234040/index.htm
芦笛在楼下说格林斯潘执行的是“新自由主义”政策、甚至就是按照弗里德曼的原则来执行货币政策，这真是滑天下之大稽。众所周知，自克林顿末期新经济泡沫破裂，尤其后来有911的冲击，格林斯潘一直通过压低利率的方式来刺激经济。且不说奥地利学派这类“原教旨”反干预理论家对此深恶痛绝，就连新保守主义学者也批评他的泡沫——事实上，同一作者在03年就已经批评格林斯潘迷信货币刺激、不肯单纯依靠减税来复苏经济。另一位货币主义学者、AEI的重量级人物(02年获首届Irving Kristol奖)Allan H. Meltzer, 多年以来一直反对滥发信贷、并赞扬前联储主席Paul A. Volcker以治理通胀为首要目标的明智。
==========
下面转载的这篇文章里面提到了一位AEI的成员Peter Wallison，他一直关注两房问题，在2004年出了一本书，以及为此接受了一次采访
以下就是题目里提到的那篇，链接
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.
''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''
Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.
Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.
Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.
Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 percent.
Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.
In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.
The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.
作者：猞猁 在 驴鸣镇 发贴, 来自 http://www.hjclub.org
上一次由猞猁于2010-9-24 周五, 上午6:36修改，总共修改了16次 |
|
|
| 返回顶端 |
|
 |
| |
|
|
您不能在本论坛发表新主题
您不能在本论坛回复主题
您不能在本论坛编辑自己的文章
您不能在本论坛删除自己的文章
您不能在本论坛发表投票
您不能在这个论坛添加附件
您可以在这个论坛下载文件
|
based on phpbb, All rights reserved.
|
