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Las transformaciones recientes del sistema financiero estadounidense y la crisis de las hipotecas de alto riesgo «subprime»

Author

Listed:
  • Jan Kregel

    (Senior Scholar, Levy Economics Institute of Bard College and Distinguished Research Professor, Center for Full Employment and Price Stability, Kansas City)

Abstract
Financial markets in United States have recently suffered from a housing loan crisis that has threatened the solvency of some of the major financial entities in the world. Banking capital losses are huge and a lot of banking institutions specialized in mortgages have become bankrupt or have been sold. More and more families are unable to face up to their mortgage repayments and, as a consequence, mortgagee sales have increased notably. How is it possible that this market, after 25 years of experience and stability in housing financing by secured mortgages, has brought the world financial system to the edge of collapse? A part of the answer can be found in the creation of mortgage securities and in the Financial Modernization Act in 1999, which deregulated the market, removed the segmentation of the U.S. financial system of commercial and investing banks, and enabled the creation of financial and banking holdings to work in nearly any business.

Suggested Citation

  • Jan Kregel, 2007. "Las transformaciones recientes del sistema financiero estadounidense y la crisis de las hipotecas de alto riesgo «subprime»," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 66(03), pages 126-143.
    • Handle: RePEc:ekz:ekonoz:2007306
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    Citations

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    Cited by:

    1. Morales-Lazcano, Juan Antonio & Velazquez-Valadez, Guillermo, 2012. "La crisis financiera y sus repercusiones en la dinámica económica global," eseconomía, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 0(36), pages 73-102, cuarto tr.

    More about this item

    Keywords

    Securitization; pass-through; subprime loan; Structured Investment Vehicle; Collateralized Mortgages Obligation; financial holding.;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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