Bankers and investors seemed like he played with fire ... while the world economy is reeling from the subprime crisis, a study by an economist at the U.S. central bank released Monday reveals that the market share of new U.S. home loans granted to households to risky financial profile is returned to its peak of 2006.
Unconsciousness or rule of the sorcerer's apprentice?John Krainer, an economist at the Federal Reserve Bank of San Francisco, said so in his study that the proportion of borrowers with limited collateral - holding a credit score of less than 660 - has returned just over 20%.
Let the observed value at the peak of the subprime securitization in 2006. What do shudder .... although in volume, the amount of subprime dropped from this date.
The wisdom that have lasted so long, very ephemeral, although this share had dropped to almost zero in early 2008.
Far from being completely pessimistic, John Krainer WHERE THERE notes, however, very strong differences between "subprime" current and pre-crisis.
He noted as well that "the three organizations provide mortgage refinancing semi unprecedented support to the housing market, owning or guaranteeing nearly 95% of new residential mortgages." What reassurance in the huts and skyscrapers. Fannie Mae Freddie Mac and Ginnie Mae and allow the private sector to avoid getting into a subprime loan without government guarantee. This was not the case earlier ... but has a price. To date, the Treasury dedicated "to the case" 95.6 billion dollars, and the Federal Reserve of $ 766.5 billion.
John Krainer also notes that the number of new mortgages has slowed considerably over the past two years. The net indebtedness of households backed mortgages has declined every quarter since early 2006. It is now negative for the first time since the 1970s.
Finally, the nature of subprime loans has changed, borrowers and lenders being forced to comply with stricter rules of the three parastatals. ( USA: Subprime regain their market share in 2006 )
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