Subprime Mortgage Crisis - How it Begins? Buyers with poor credit - TopicsExpress

Subprime Mortgage Crisis - How it Begins? Buyers with poor credit talked into taking housing mortgages with little or no downpayment. There were little credit checks. These loans were all floating rates with typically 1 or 2 points above less risky mortgages. They also carried incentive rates for a couple of years before resetted to much higher rates. It is this resetting that killed them as borrowers found themselves suddenly unable to handle as some monthly payments jumped 100%. Banks then repackaged these mortgages as CDOs or collaterised debt obligations and transferred the risks to other institutions. Credit rating agencies may have helped the banks by assigning good ratings. The crisis began when Bear Sterns hedge funds collapsed in June 2007. This caused a ripple effect on other financial markets and companies including AIG, Lehman Brothers, CitiBank, GE, GM, Chrysler, etc. and eventually freezed the critical money market for bank-to-bank operations. As mortgage defaults continued and freeze in credit, the entire thing went down like a house of cards. And this led to a global full-blown recession.

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