0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& \, J3 T; a4 W5 F
Why bank will sell 借據給第三者???
1 _8 _. k6 t0 W- U' |I was so confused.....

; \8 Z  i' \4 O5 U+ d

+ d" T) ]) J9 x% Y2 T0 M3 ?講到尾都係賺錢+ N6 o7 c) ?$ E, n7 e  k/ z
so銀行可以不斷放款
! e8 X. K2 P3 n- N; j/ A' f7 \美國的房貸問題散佈到全世界. ]  }' m8 ]* {( K6 @

# g: @8 r! K: o. _0 ^( }' Xmortgage loan ( J, H' n: b3 a  y2 u; {
>conduit
+ x; b$ B3 `2 W6 y. x" P# `>RMBS(Residential Mortgage Backed Securities)
# B, R- g5 a" I3 E3 f) S  S>arranger
$ D0 {2 s6 k7 r>CDO(Collateralized Debt Obligation)
' l3 D9 C; j, n最後去到投資者

Kev

i thought it is the reason of rate of return.
# ~0 u3 x1 M9 d9 d/ r0 nCDs could have different ratings, AAA -> F,
2 w0 F" [- }9 Z) X& Vmore risky ones would have higher premium (interest rate) as a compensation for an investment.! ^- f+ P; @# P  I+ R( f% _# u3 U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  _0 D( d2 O2 g' y4 G) l. Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 o0 U3 f6 |0 ~* j
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& G) a. Y; K9 Q# F% V+ Isimilar to bonds, CDs trading in the secondary market have different value at different times,
. ~$ d8 K0 S$ a$ W' e* ]normally the value is calculated by adding it's principle and interest.
! Z  [" E8 x, Qeg. the value of the mortgage+the interests to be recieved in the future.
9 O0 j7 q/ g# ]- ~0 t9 Y7 f8 S1 Xbanks who sell the CDs, could enjoy a few benefits like, the present value of cash and passing the risk of holding a debt to another party.
  o7 j3 D+ d# b: @9 j# O
9 j7 [  O3 Y0 D  D3 F8 e* q5 [+ p! [im not quite sure if the multiplier effect does really matter in this case.% c( C; ]/ y9 O, D. q7 U/ w7 i
in stock market, it's the demand and supply pushing the price up/downwards.9 o; L) b" ]: e8 n! ?, W9 z& i3 k
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' o$ C. Y4 v4 o: T- E! B0 ~& ?8 a
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" }1 K! N' n1 j2 D8 r. P7 o8 aThe capital loss that ppl suffer nowadays, i believe, most of them does not really suffer a real $ lost yet as long as they dont sell their securities.
/ ?- J& x% F6 g/ Q$ v5 \but the value of their assets did really drop significantly.
% }2 Z* I6 Q" U1 C: C, s5 K; N- H  V9 @2 Y; @& A' l( k4 {
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ]

Kev

原帖由 balachiDavis 於 2008-10-8 04:09 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 R3 S# u2 h! }& b8 v9 L+ _Refer to last example,
% y* V1 s+ l/ C, e( Hthat means bank A have no money because we borrow 10 dollars from bank A
( k: R5 E6 C4 K3 G( p  T6 I' E5 yBecause bank A doesnt have enough cash on hand - F+ b0 P! g6 F# W
therefore bank A need to be bankrrupt ??? Am I right ?? ...

; D7 |( r  e: u  k4 x( i9 ~1 k6 t( z% J* i
" w  x. U7 d% a! J! I
A->B->C->D->E, C& ?/ S( h$ g+ h( w2 j# u
so does it mean if E failed to pay D,
' e9 t$ }9 r; k4 ball the B,C,D,E have to go bankrupt?5 R. ~. [6 e# _" H8 r4 Q
2 t+ _5 B; ]8 T" w+ ?( y

2 t: ]) A$ T( ?# _  F8 zthe multiplier just tell how much money created in a whole economy, + B' Z# o  P2 V, ^) h6 N$ A
in this case it doesnt really matter how much money is created,
% E- ~& h7 s  ]+ Jit's the problem of the debt itself.
( e) P( F2 B$ b6 d3 K, xthe debt(securities) is bad, faulty, that harmed the whole system.

benny1219

原帖由 kerr12ca 於 2008-10-8 02:44 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ c: S9 X7 i0 c
小弟一直都唔明...8 U, p, _5 t3 T/ {) X

4 @# k8 u# v$ M全世界都蝕錢，咁邊個賺緊錢呢?
' n  A- k0 G* K8 N+ @- H5 F) a6 @. O
7 T0 S. e% m8 O無可能淨係有人蝕錢無人賺架嘛...
5 e3 v0 E1 d& p4 Z, p) u# K
4 \6 Y# Y* I- u4 u3 o; ?& [; Q敬請各師兄解答
: b( g# a: p8 }8 q& v7 N5 k$ Z* J/ H; ?
Thanks

! I4 Z& V2 ]/ O6 ^那些根本係 紙上財富  
1 H' Z; S0 b7 c4 F7 l) }: \! j6 S各式各樣的證券被炒到上天 你一樣唔賣那筆錢永遠都不是真的存在

qulapo

with regards to the current crisis, Chain of fools does a reasonable job of explaining what happened with a nice graphic1 u* s+ V$ U2 m' S; j
& _1 c* R" n( w/ X7 y0 f1 M9 d! H5 {
http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產# d3 b" l* B$ @+ P( m' e: X6 F6 h
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# o5 C! g! M2 `) z6 B0 V. ^' G
於是投資銀行就去搵銀行抵押借錢投資, 打個比喻1蚊既野借10蚊
/ `; K4 d! {' t個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
$ M0 Y+ C7 y! d扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
7 N2 f' r8 K- r1 N計番回報率就已經係50%,所以可以好好賺- X  j2 g; W: v2 A' k' N
前提係銀行之間要互相信任先可以咁樣借法
: W, U0 a0 m8 q同埋個市場既前境要係好先得
& B- S! E. \' m8 E但當經濟一差,公司估值趺了,物價不升反趺
+ c  k" e& c& f3 c% F* j+ l/ {例如剛才說10蚊的, 趺到得番9蚊,
4 R' |$ ~0 c: ]; E7 o5 }' @咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 d. o0 S; S( y所以你就會覺得D錢好似蒸發哂咁  _) I" M; @  t) q

5 t# V) x+ G' M: A0 \你都可以當標野咁諗, 個樣野多人可以狂升值,
$ `( @0 k% Z7 \但當冇人要既時候一蚊都唔值...中間D錢其實真係冇人話賺左~

kuru

唔係d錢蒸發, 而係比美國佬洗晒未來錢, . }7 M5 N' w* V. C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 o/ g" b* L4 t8 W
呢刻樓市爆, 原本冇錢買樓既, 又係問銀行借但又唔留錢供, 既然冇錢還比銀行
5 ^: Y+ u; l- h, J% G咁你話d錢蒸發左去邊?

fcukyoukelly

原帖由 kuru 於 2008-10-12 05:08 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
/ S9 w6 W& ?- [8 p唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 o* g2 J7 E) Q" P: y8 I) x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( O6 X; w& `- B9 J
呢刻樓市爆, 原本冇錢買樓既, 又係問銀行借但又唔留錢供, 既然冇錢還比銀行+ N1 W! |2 \' ?  T! t# c* z
咁你話d錢蒸發左去邊? ...

( B7 u+ a$ r& I) ?! a5 ~- C/ Z
+ @" }0 p: C- L& _$ M正係咁樣
. n) D) H% w8 r" M其實, 以個人立場去睇, 美國好多市民都唔怕銀行/財務/投資公司結業
/ a8 [( K) o/ A  q: X8 R# ]分分鐘佢地唔使還錢5 n5 e" G) F8 l, |2 [+ @% G: k

) F5 i+ I% w! P* n6 O4 h9 k' e再講, 美國人先洗未來錢應該係世界第一, 唔知點解無錢都可以買咁車買樓,
5 N; E* ^: B% @' f  `2 k連國家都係問人借, 不停發債券, 印鈔票
* w  e$ m7 ?- h( N一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" b* P: e4 |& J4 `: w編編唔生產又使用物品使用得最多, 美國就係咁既情況

Jk

咁而家"爆哂煲"算唔算先至係變番"正常"???

fcukyoukelly

原帖由 Jk 於 2008-10-22 02:15 AM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 @! z, {) k0 N7 i; Q$ Q7 D咁而家"爆哂煲"算唔算先至係變番"正常"???

3 l+ x( B1 O+ v4 M0 a' ~5 b
8 {" }9 G: h6 S, z
其實係...
, g' x: Y) E  \: A4 l因為以前未生產, 先消費5 g- k+ G# Q5 `8 Y
而家就要多生產, 少消費