Housing conundrum (part 4)발음듣기
대기중
Housing conundrum (part 4)
98문장
100% 한국어
번역 3명 참여
출처 : 칸아카데미
번역
0%
I can either sell the house and pay off the debt, or I guess I could just tell the bank, well I can't do anything, and I'm going to foreclose.발음듣기
대기중
Well, if I borrowed $1 million, as long as - and let's say I didn't put any money down, just for simplicity.발음듣기
대기중
And so the whole reason why this worked out, even though maybe I was a credit risk, is because the housing prices went up.발음듣기
대기중
You'll sell the house and you'll pay it off, even though you can't pay the mortgage anymore.발음듣기
대기중
The only situation where I would foreclose is if the market price of the house goes less than my loan.발음듣기
대기중
So when housing prices go down, that's the only situation where really you should have foreclosure.발음듣기
대기중
When housing prices soon. go up, the person who borrowed it is just going to sell the house and pay off the loan.발음듣기
대기중
So let's think about this whole dynamic over the last several videos that we've been building.발음듣기
대기중
But as long as housing prices go up, if they lose their job, they can still sell that house and pay you back the loan.발음듣기
대기중
So you had this whole - I guess you could argue whether this is a negative or a positive cycle.발음듣기
대기중
But you had this whole cycle occurring from the late '90s, but especially, it really got a lot of momentum at around 2001, 2002, 2003.발음듣기
대기중
That financing got easier, despite the fact that people were earning less, population wasn't increasing that fast, that there were all of these new houses.발음듣기
대기중
And so the ratings agencies, Standard and Poor's and Moody's, were willing to give AAA ratings to more and more, what I would argue, are risky loans.발음듣기
대기중
I can get a better return than I can get in a bank, or in Treasuries, or in a whole set of securities, even though these are very low-risk or perceived low-risk.발음듣기
대기중
And so the mortgage brokers and the investment banks said great, the only way we can get more volume to satisfy all these people who want to lend money - the only way we can find more people to lend money to, is by lowering the standards.발음듣기
대기중
And it really started because this whole process of being able to take a bunch of people's mortgages together, package them up, and then turn them into securities and then sell them to a bunch of investors - this was a quote-unquote innovation in the mid-'90s, or early '90s.발음듣기
대기중
And in the next video, I'll talk a little bit more about maybe who some of these investors were.발음듣기
대기중
But what a common hedge fund technique was, to take advantage of this virtual cycle, to make the hedge fund founders very wealthy.발음듣기
대기중
칸아카데미 더보기더 보기
-
Andrea Mantegna, San Zeno Altarpiece
45문장 100%번역 좋아요1
번역하기 -
59문장 100%번역 좋아요1
번역하기 -
Cyrus the Great establishes the Achaemenid Em...
167문장 100%번역 좋아요3
번역하기 -
67문장 100%번역 좋아요2
번역하기
