Amazinga emali yokubolekwa kwezindlu ukususela ngo-1950 e-UK
Ingxaki ye-subprime mortgage crisis ka-2007-10 yabangelwa kukwandiswa kwangaphambili kwemboleko-mali yokubambisa, nakubaboleki ababeza kuba nobunzima bokufumana imali mboleko, nto leyo eyathi yanegalelo kwaye yaququzelelwa kukunyuka kwamaxabiso ezindlu ngokukhawuleza. Ngokwembali, abantu abanokuba ngabathengi bezindlu babenobunzima ekufumaneni imali yokubambisa ukuba banembali yetyala elingaphantsi komndilili, benze iintlawulo ezincinci, okanye bafuna iimali mboleko eziphezulu. Ngaphandle kokuba bahlawulwa yiinshorensi karhulumente, ababolekisi babedla ngokuzandula ezo zicelo zokubambisa. Ngelixa ezinye iintsapho ezisemngciphekweni omkhulu zikwazile ukufumana iimali-mboleko zexabiso ezincinci ezixhaswa yiFederal Housing Administration (FHA), abanye, bejongene nokukhetha kwetyala elincinci, baqeshisa. Ngelo xesha, ubunini bezindlu babujikeleze i-65%, amazinga okuvalwa ayephantsi, kwaye ukwakhiwa kwezindlu kunye namaxabiso abonisa ukuguquguquka kwinzala yemali-mboleko kunye nengeniso.
Ekuqaleni kunye naphakathi kwe-2000s, i-subprime mortgages yanikezelwa ngababolekisi abaxhasa ngemali mboleko ngokudibanisa kwakhona kumachibi athengiswa kubatyalo-mali. Iimveliso zezemali ezintsha zisetyenziselwa ukusasaza le mingcipheko, kunye ne-private-label mortgage-backed securities (PMBS) enikezela uninzi lwenkxaso-mali ye-subprime mortgages. Izibambiso ezingaphantsi komngcipheko zazibhekwa njengengozi ephantsi, mhlawumbi ngenxa yokuba zikhuselwe ngezixhobo ezitsha zemali okanye ngenxa yokuba ezinye izibambiso ziza kuqala zithathe nayiphi na ilahleko kwi-mortgages ephantsi (DiMartino kunye neDuca 2007). Oku kwavumela abathengi abaninzi bokuqala ukuba bafumane iimali mboleko (Duca, Muellbauer, and Murphy 2011), kwaye inani labaninimzi landa.
Imbali yemilinganiselo yemali-mboleko e-United States
Ngo-1971, amaxabiso ayephakathi kwe-7%, enyuka ngokuthe chu ukuya kwi-9,19% ngo-1974. Baye bangena kancinci ukuya kwi-8% ngaphambi kokuba banyuke baye kwi-11,20% ngo-1979. kule minyaka ilishumi ilandelayo.
Kuyo yomibini iminyaka yoo-XNUMX kunye neyee-XNUMX, iUnited States yatyhalelwa ekuweni koqoqosho ngokuthintelwa kwe-oyile ngokuchasene nelizwe. Umbutho wamazwe athunyelwa ngaphandle kwePetroleum (OPEC) wamisela i-embargo. Enye yeziphumo zayo yayiyi-hyperinflation, nto leyo ethetha ukuba ixabiso lempahla kunye neenkonzo linyuke ngokukhawuleza okukhulu.
Ukuchasana ne-hyperinflation, i-Federal Reserve iphakamise inzala yexesha elifutshane. Oku kwenza imali kwii-akhawunti zokulondoloza ixabiseke ngakumbi. Kwelinye icala, onke amaxabiso enzala anyukile, ngoko ke iindleko zokuboleka ziye zanda.
Izinga lenzala lifikelele kwinqanaba eliphezulu kwimbali yanamhlanje ngo-1981, xa umyinge wonyaka wawuyi-16,63%, ngokutsho kwedatha kaFreddie Mac. Iminyaka yee-10 yayilixesha elibiza imali eninzi lokuboleka imali.
Iireyithi zokubolekwa kwezindlu zeminyaka engama-30
Phakathi kuka-Epreli 1971 kunye no-Aprili 2022, amazinga e-mortgage yeminyaka engama-30 ayeyi-7,78%. Ke nokuba i-FRM yeminyaka engama-30 irhubuluza ngaphezulu kwe-5%, iireyithi zisafikeleleka xa kuthelekiswa nembali yemali mboleko.
Kwakhona, abatyali-mali badla ngokuthenga izibambiso ze-mortgage-backed securities (MBS) ngexesha loqoqosho olunzima kuba lutyalo-mali olukhuselekileyo. Amaxabiso e-MBS alawula amaxabiso emali-mboleko, kunye nokungxama kwenkunzi kwi-MBS ngexesha lobhubhane kwanceda ukugcina amaxabiso ephantsi.
Ngamafutshane, yonke into ikhomba amaxabiso anyukayo ngo-2022. Ngoko ke ungalindeli ukuba amaxabiso emali yokuboleka imali ehle kulo nyaka. Banokuhla ixesha elifutshane, kodwa sinokubona ukunyuka ngokubanzi kwiinyanga ezizayo.
Ngokomzekelo, ngamanqaku okuthenga ngetyala angama-580, unokufumana kuphela imali-mboleko exhaswa ngurhulumente, njenge-FHA mortgage. Iimali mboleko ze-FHA zinenzala ephantsi, kodwa ziquka i-inshurensi ye-mortgage, kungakhathaliseki ukuba ubeka phantsi kangakanani.
Iimali-mboleko zexabiso eliguquguqukayo ngokuqhelekileyo zibonelela ngenzala ephantsi yokuqala kunemali-mboleko emiselweyo yeminyaka engama-30. Nangona kunjalo, ezo ntlawulo zixhomekeke ekutshintsheni emva kwexesha lokuqala elimiselweyo.
70s izinga lenzala
Ingxaki yokuboleka kwezindlu eMelika yayiyingxaki yezemali yezizwe ngezizwe eyathi yenzeka phakathi kuka-2007 no-2010 kwaye yaba negalelo kwintlekele yezemali yehlabathi ka-2007-2008 [1][2] Yabangelwa kukuhla okukhulu kwamaxabiso ezindlu e-United States. States kulandela ukudilika iqamza lezindlu, ekhokelela kwimali-mboleko yezindlu, ukuvalwa, kunye nokuthotywa kwamaxabiso anxulumene nekhaya. Ukwehla kotyalo-mali lweendawo zokuhlala kwandulela ukudodobala okukhulu koqoqosho kwaye kwalandelwa kukuncitshiswa kwenkcitho ngamakhaya kwaye, kamva, lutyalo-mali lweshishini. Ukwehliswa kwenkcitho bekubaluleke kakhulu kwimimandla enendibaniselwano yamatyala aphezulu kumakhaya kunye nokwehla kwamaxabiso ezindlu amakhulu[3].
Iqamza lezindlu elandulelayo le ngxaki lalixhaswa ngemali yi-mortgage-backed securities (MBS) kunye nee-collateralized debt obligations (CDOs), eziye zabonelela ekuqaleni ngenzala ephezulu (okt izivuno ezingcono) kunezibambiso zikarhulumente, kunye nemilinganiselo enomtsalane yomngcipheko evela kwiiarhente zokukala. Nangona izinto zengxaki ziye zabonakala ngakumbi ngo-2007, amaziko ezezimali amaninzi awohlokile ngoSeptemba ka-2008, nophazamiseko olukhulu lokuhamba kwetyala kumashishini nakubathengi kunye nokuqala kokudodobala okukhulu kwezoqoqosho kwihlabathi[4].
