Crise Des Subprimes

In: Business and Management

Submitted By soukaina
Words 1159
Pages 5
Contexte général

Un environnement extrêmement volatile marqué par l’incertitude sur les évolutions probables à l’avenir Une crise internationale majeure :
 25.000 milliards de dollars engloutis dans la débâcle boursière,
 1.400 milliards de dollars de pertes dans les bilans bancaires dues aux dépréciations d’actifs,
 Un plan de sauvetage du système bancaire de 700 milliards de dollars aux USA (plan Paulson) alors que les créances douteuses s’élèvent à 60 000 milliards de dollars,
 Une recapitalisation des banques européennes de l’ordre de 550 milliards d’euros. Des crises financières de plus en plus rapprochées

L’élément déclencheur

La crise des subprimes est considérée comme l’élément déclencheur de la crise économique. Avec des mécanismes tels que: En 2003/2004 baisse des taux d’intérêts par la FED Distribution agressive de prêts Augmentation des achats immobiliers à crédits Nombreux prêts à risque : « Une maison prend toujours de la valeur » On assure le crédit grâce à l’hypothèque. Ces créances sont transformées en produits financiers. Ces produits financiers sont introduits en bourse et vendus à des investisseurs privés.

Pour attirer les investisseurs ces produits sont assurés. En 2006 ralentissement de la croissance du marché immobilier. Les hypothèques ne garantissent plus les emprunts. Les emprunts ne sont plus remboursés Les investisseurs s’affolent Les assurances n’ont pas les fonds pour couvrir les pertes

Profitant de taux historiquement bas, des ménages américains dont le profil de risque était élevé, ont afflué vers les prêts immobiliers. Les banques ont fait la supposition forte que le collatéral pris sur les ménages couvrait leur créance. Tant que le prix de l’immobilier augmentait, les banquiers ne voyaient pas de risque et n’envisageaient même pas un…...

Similar Documents

Risque Pays Face À La Crise de L'Euro

...Monsieur Debrinsky RISQUE PAYS FACE A LA CRISE EURO Alexandru Badiu Marjory Delpuch Irina Radulescu Sézar Guresci Anis Belkout Mathieu Emanuelli | avril 2012 Contents Risque pays face a la crise euro .................................................................................................................... 3 1. 2. 3. Introduction ...................................................................................................................................... 3 Le risque pays. Concept et évolution ................................................................................................ 4 Les problèmes de la Zone Euro ......................................................................................................... 5 Irlande ........................................................................................................................................................... 7 Italie .............................................................................................................................................................. 9 L’Espagne .................................................................................................................................................... 11 Portugal ....................................................................................................................................................... 13 Grèce ......................................................................

Words: 10269 - Pages: 42

Analyse Économique de La Crise Sociologique Grecque

...Analyse sociologique de la crise économique grecque Par (groupe #8) Julie Munger Antoine Lefrançois Clotilde Carite Travail présenté à Shereef El Shafi Date de remise : Lundi 26 septembre 2011 Table des matières Introduction………………………………………………………………………….…. 3 Contexte………………………………………………………………………………....3 A) Situation présente de la Grèce…………………………………………...3 B) Les différents acteurs……………………………………………….…...3 Analyse………………………………………………………………………………….4 A) Les identités et les ressources de chaque acteur…………………4 B) Les buts et les stratégies des acteurs……………………………..6 C) Les enjeux du cas.………………………………………………..8 a) Enjeux économiques……………………………………………..8 b) Enjeux politiques…………………………………………………8 c) Enjeux symboliques…………………………………………...…9 Conclusion…………………………………………………………………………….…9 Référence………………………………………………………………………………..10 Introduction : La Banque centrale européenne (BCE), le Fond Monétaire International (FMI) ainsi que l’Etat grec ont pour objectif commun de redresser la situation économique de la Grèce. Cependant la diversité des acteurs (intérêts, buts, identités) entrainent quelques désaccords. On peut se demander, si ces trois grands acteurs vont dans le même sens pour atteindre leur objectif commun. Autrement dit dans quelle mesure leurs désaccords entravent la résolution de cet objectif ? Nous allons dans un premier temps identifier le contexte puis dans un deuxième temps, nous présenterons......

Words: 2985 - Pages: 12

Subprime

...The subprime crisis, which emanated from the United States, has a profound impact around the world. The failure of the US investment bank, Lehman Brothers, results in loss to the worldwide investors. In the following, the impact of the subprime crisis on the Hong Kong financial institutions will be examined. It will be followed by the discussion of the effectiveness of various measures undertaken by the relevant parties to tackle the issue. Finally the hidden problems after the crisis will be covered. Hong Kong, being a small open economy and highly integrated with the global economy and markets, would not possibly immune from the global credit crisis. According to HKMA (2008), the profitability of retail banks deteriorated in 2008. The net interest margin for 2008 fell to 1.84% compared with 1.90% in 2007, whereas the non-interest income of retail banks dwindled to 37.4% from 43.0% in 2007. Moreover, the interbank liquidity was tightened. The liquidity ratio fell from 53% in 2007 to 45% in 2008 from HKMA (2008). The asset quality was deteriorated, too. As revealed from HKMA (2008), the classified loan ratio and overdue and rescheduled loan ratio increase to 1.24% and 0.68% in 2008 from 0.85% and 0.57% respectively. Turbulence in global financial markets resulted in tightened credit conditions in Hong Kong. Since banks were reluctant to lend out too much money, interest rates for interbank borrowings rose sharply. Growth in domestic credit turned negative to......

Words: 1019 - Pages: 5

Subprime Mortgage

...JARAF The Journal of applied research in accounTing and finance V O L U M E 3 , i s s U E 1 , 2 0 0 8 Old Wine in New Bottles: Subprime Mortgage Crisis – Causes and Consequences Michael Mah-Hui Lim Information Lost: A Descriptive Analysis of IFRS Firms’ 20-F Reconciliations Marlene Plumlee and R. David Plumlee Negative Goodwill: Issues of Financial Reporting and Analysis Under Current and Proposed Guidelines Eugene E. Comiskey and Charles W. Mulford Electronic copy available at: http://ssrn.com/abstract=1263280 JARAF The Journal of applied research in accounTing and finance Publication Information JARAF - The Journal of Applied Research in Accounting and Finance is a scholarly peerreviewed journal jointly published by The Centre for Managerial Finance at Macquarie Graduate School of Management and the Faculty of Economics and Business at The University of Sydney. All journal articles published in JARAF are subjected to double-blind peer-reviews by qualified international experts. Months of Distribution: July – December Current Edition: Volume 3, Issue 1 (2008) ISSN 1834-2582 (Print) ISSN 1834-2590 (Online) Editors Tyrone M. Carlin Professor of Financial Reporting & Regulation Faculty of Economics and Business The University of Sydney NSW 2006 Australia Nigel Finch Director, Centre for Managerial Finance Macquarie Graduate School of Management Macquarie University NSW 2109 Australia Editorial Advisory Board Edward I. Altman Max L. Heine......

Words: 13336 - Pages: 54

Crise: Problema Estrutural Ou Da Acumulação de Capital?

...Crise: um problema conjuntural ou da lógica da acumulação mundial? RUBENS R. SAWAYA Introdução E de focar o olhar no fato e não perceber o todo em que está inserido. Claro, buscar entender o todo complexo tem enormes riscos ao trabalhar com um conjunto de relações, o que dificulta sua amarração e coerência. Talvez valha a pena o risco à medida que se procura entender a própria complexidade para ir além das fáceis análises que apenas relacionam a crise atual a um colapso irracional concentrado em um único mercado (o de hipotecas norte-americano) e não no sistema como um todo, ou a um problema de pânico e erro de regulação que foi capaz de colocar o mundo abaixo, como se uma borboleta batendo as asas pudesse causar um furacão em alguma parte do mundo.1 Há uma tendência em focar o problema para achar culpados imediatos e nunca olhar os elementos estruturais e históricos que tornaram aquilo possível. Nada melhor do que imaginar que o problema nasceu de algo muito simples, assim rapidamente se pode resolvê-lo. A hipótese aqui desenvolvida é a de que a crise atual é o resultado de como a economia mundial se estruturou nos últimos 50 anos, o que não envolve apenas o problema da liberalização financeira decorrente do desmantelamento do acordo de Bretton Woods nos anos 1970, mas a própria estruturação das bases para a mundialização do capital no pós-guerra pelo acordo.2 A crise atual é em grande parte fruto da liberalização financeira pós-anos 1970,3 mas supor esse como único......

Words: 8249 - Pages: 33

Analyse Écnomique de La Crise Fiancière de 2008

...d’autres mots, est-ce que l’économie de marché est en péril, voire en « phase terminale »? Introduction : Historique et répercussion de la crise économique Il est important de comprendre que la crise économique est due en grande partie à la création des "subprimes" ou prêts hypothécaires à risque. Ce produit financier avait pour but d’aider les ménages pauvres à acquérir une propriété. Ils se présentaient sous forme de crédit avec des taux qui paraissaient, à première vue, très attirants. Le taux est relativement peu élevé, car les organismes prêteurs les ont revendus à des fonds d’investissement qui les ont disséqués et inclus dans un produit financier contenant d’autres actifs de crédit moins risqués. Les produits financiers contenaient, en majorité, des actifs à bas risques, qui rapportent peu, mais qui sont très sûrs. Il y avait aussi des produits plus risqués, qui étaient aussi plus financièrement intéressants. Finalement, une petite partie du produit était composée d’actifs de crédit très risqués dont faisaient partie les "subprimes". Ces produits financiers, appelés titres, ont été mis en circulation sur le marché financier, où les banques du monde entier y avaient accès. Durant la fin de l’année 2006, les taux d’intérêt subissent une augmentation brutale d’environ 4%. Cela a pour effet de pénaliser grandement les ménages qui avaient acheté leur propriété à l’aide des "subprimes". Ils ne sont plus capables d’effectuer leurs paiements et de rembourser leurs banques.......

Words: 1836 - Pages: 8

Subprime

...The US subprime crisis era from 2007 to 2009 posed an unprecedented challenge to the US Federal Reserve (“the Fed”) as well as the outgoing Bush administration and incoming Obama administration. US Subprime Mortgage Crisis Crisis: Policy Reactions (“the Case”) provides us a glimpse of the actions by the Fed, the two administrations, as well as the support and criticisms for those actions. The US as a whole generally disregarded “common sense” leading up to the downturn and crisis. An overheating economy had been ignored for too long, loans were extended to individuals and entities with little to no income and who lacked the sophistication to understand the nuances and ramifications of new financial products created to yield higher returns for investors with voracious investment appetites, and the worst fears of laissez-faire economics were realized due to unregulated business practices with little to no oversight or full understanding of those new financial products. The Case highlights the tools used by the Fed in monetary policy during the economic downturn and crisis in the housing and commercial real estate markets and can be reflected on in terms of standard utilization as well as non-standard utilization. With respect to standard utilization of monetary policy, the Fed can influence the Fed Funds Rate, which is the rate at which commercial banks and other depositary institutions can borrow money from the Fed. The Fed members meet at the Federal Open Market......

Words: 1524 - Pages: 7

Subprime

...UNDERSTANDING THE SUBPRIME LENDING The term "subprime" refers to the credit status of the borrower, which is being less than ideal. Subprime lending is a general term that refers to the practice of making loans to borrowers who do not qualify for the best market interest rates because of their deficient credit history. According to the U.S. Department of Treasury guidelines issued in 2001, "Subprime borrowers typically have weakened credit histories that include payment delinquencies i.e. non-payment of the mortgage, and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories." This is when the borrowers have a poor credit history that is they are bad borrowers. Subprime lending is also called B-Paper, near-prime, or second chance lending, as the borrowing is done to customers with a poor credit history or no credit history without any security in return of the money lending. Subprime lending encompasses a variety of credit instruments, including subprime mortgages, subprime car loans, and subprime credit cards, among others. A subprime loan is offered at a rate higher than A-paper loans due to the increased risk. Subprime lenders To access this increasing market, lenders often take on risks......

Words: 13058 - Pages: 53

Subprime Crisis

...Moataz Zakaria 2011/0999 The Subprime Mortgage Crisis Developed countries are not only playing a vital role but also affecting the entire world economy with respect to all its aspects. Since the United States is one of the largest countries all over the world economy wise, its economy has a huge impact on the whole world. The United States government has been facing several of severe financial crises since the World War II in 1945. The subprime mortgage crisis is considered as the most fundamental crisis that faced the American government as well as the whole world in the last ten years. Going back through history, from 2000-2005 there were very low interest rates. On the other hand, property prices were on a rising trend and reached its peak in 2006. Therefore, the subprime borrowers were able to meet their obligations by selling the properties or even getting the properties refinanced; and that caused what so called “The Housing Bubble”. After that, there was a huge fall in housing prices. As a result, the interest rates on subprime loans started to rise; and that caused the subprime borrowers to not be able to cover their liabilities leading to a disaster in the US subprime industry. This meltdown caused more subprime borrowers to fail in paying their debts, and securities held by mortgages lost its value worldwide. Also global investors extremely reduced purchases of mortgage-backed debt and other securities. The crisis started in 2008 when the expansion of...

Words: 382 - Pages: 2

Crise Financeira

...DA CRISE FINANCEIRA À CRISE DA DÍVIDA SOBERANA: UM DEBATE SOBRE A POLÍTICA FISCAL Celso Pereira Neris Junior* Mário Augusto Bertella** Resumo: A crise financeira de 2007 trouxe à tona a discussão sobre a política fiscal. Esta foi empregada como forma dos governos atenuar os impactos econômicos e sociais potenciais da crise, uma vez que apenas o expediente monetário não daria conta do processo. Historicamente, crises bancárias engendram aumentos das dívidas públicas, não somente pelas operações de socorro, mas também pelas políticas de gasto primário dos governos e/ou, como na crise recente, pela compra de ativos financeiros “tóxicos”. A discricionariedade da política fiscal é colocada em discussão, uma vez que, sendo ela imprescindível, requerem-se ações coordenadas e bem articuladas para que os países consigam mitigar suas respectivas crises atuais e futuras. Palavras-chave: Crise Financeira; Crise da Dívida; Política Fiscal Abstract: The financial crisis of 2007 brought the discussion of fiscal policy. This was used as a way for governments to mitigate the potential social and economic impacts of the crisis, since only the monetary policy would not be effective. Historically, banking crises engender increases in public debt, not only for the relief operations, but also by the policies of government primary spending and/or, as in the recent crises, by the purchase of the “toxic” financial assets. The discretionary fiscal policy is then discussed, since it is essential, it......

Words: 6461 - Pages: 26

Crise Des Subprimes

...Faillites des banques Crise de liquidité Marché interbancaire Saisie Dégradations des bilans des banques Perte de confiance Baisse du prix de l’immobilier Besoin de liquidité Dépréciation d’actifs Titrisation Risque de défaut de paiement Les banques ne se prêtent plus entre elles Autres institutions financières Hypothèque Crédit immobilier Banques commerciales Dilution des risques Opacité Décrivez le mécanisme de la crise des subprimes ? En quoi cette crise questionne les postulats sous-jacents au modèle libéral ? Postulats du modèle rationnel général : * Individualisme : le phénomène social est le produit d’actions et choix individuels * Compréhension : il existe une explication pour tout * Rationalité : il s’agit bien de choix rationnels, à condition de bien noter que la rationalité est contextuelle Postulats de la théorie des choix rationnels * Conséquentialisme : il apparaît clairement sur le schéma que ce postulat est à remettre en question * Les banques ont mis leurs actifs en péril * Les ménages américains sont ruinés * Egoïsme : OK * Maximisation : les acteurs du système ont certes cherché à maximiser leur bien être (ici, en augmentant leurs richesse système capitaliste). Mais le postulat de maximisation repose sur 2 conditions : * La nécessité d’une information parfaite : * Baisse du marché de l’immobilier * Phénomène d’opacité : on ne sait plus sur quoi reposent les créances et les titres. Ces...

Words: 240 - Pages: 1

Subprime

...Subprime Special The term "subprime" refers to the credit status of the borrower, which is being less than ideal. Subprime lending is a general term that refers to the practice of making loans to borrowers who do not qualify for the best market interest rates because of their deficient credit history. According to the U.S. Department of Treasury guidelines issued in 2001, "Subprime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories." Subprime lending is also called B-Paper, near-prime, or second chance lending. Subprime lending encompasses a variety of credit instruments, including subprime mortgages, subprime car loans, and subprime credit cards, among others. A subprime loan is offered at a rate higher than A-paper loans due to the increased risk. Subprime lending crisis, which began in the United States has become a financial contagion and has led to a restriction on the availability of credit in world financial markets. Hundreds of thousands of borrowers have been forced to default and several major subprime lenders have filed for bankruptcy. Types of subprime lending Subprime mortgages Subprime mortgage loans are riskier loans in that they are made......

Words: 1017 - Pages: 5

Crises

...that decade; at the end of the 1980s the price was $450, and at the end of the 1990s it was $283. In nowdays the price of gold is $1500 per ounce. A massive foreign exchange crisis involved the Mexican peso, the Brazilian cruzeiro, the Argentinean peso, and the currencies of many of the other developing countries in the early 1980s. The Finnish markka, the Swedish krona, the British pound, the Italian lira, and the Spanish peseta were devalued in the last six months of 1992. The number of bank failures during the 1980s and the 1990s was much, much larger than in any earlier decades. These financial crises and bank failures resulted from the implosion of the asset price bubbles or from the sharp depreciations of national currencies in the foreign exchange market; in some cases the foreign exchange crises triggered bank crises and in others the bank crises led to foreign exchange crises. These bank failures occurred in three different waves: the first at the beginning of the 1980s, the second at the beginning of the 1990s and the third in the second half of the 1990s. The bank failures, the large changes in exchange rates and the asset price bubbles were systematically related and resulted from rapid changes in the economic environment. Despite the lack of perfect comparability across different time periods, the conclusion is unmistakable that financial failure has been more extensive and pervasive in the last thirty years than in any previous period. One of the themes of......

Words: 587 - Pages: 3

Subprime

...The U.S. subprime mortgage crisis was a set of events and conditions that led to the late-2000s financial crisis, characterized by a rise in subprimemortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. The percentage of new lower-quality subprime mortgages rose from the historical 8% or lower range to approximately 20% from 2004 to 2006, with much higher ratios in some parts of the U.S.[1][2] A high percentage of these subprime mortgages, over 90% in 2006 for example, were adjustable-rate mortgages.[3] These two changes were part of a broader trend of lowered lending standards and higher-risk mortgage products.[3][4] Further, U.S. households had become increasingly indebted, with the ratio of debt to disposable personal income rising from 77% in 1990 to 127% at the end of 2007, much of this increase mortgage-related.[5] After U.S. house sales prices peaked in mid-2006 and began their steep decline forthwith, refinancing became more difficult. As adjustable-rate mortgages began to reset at higher interest rates (causing higher monthly payments), mortgage delinquencies soared. Securities backed with mortgages, including subprime mortgages, widely held by financial firms, lost most of their value. Global investors also drastically reduced purchases of mortgage-backed debt and other securities as part of a decline in the capacity and willingness of the private financial system to support lending.[1] Concerns about the......

Words: 306 - Pages: 2

Subprime Crises

...themselves) began to incur serious losses. Before long, these securities became so unreliable that they were not being bought or sold. Investment banks such as Bear Stearns and Lehman Brothers found themselves saddled with large amounts of assets they could not sell. They ran out of the money needed to meet their immediate obligations and faced imminent collapse. Other banks found themselves in severe financial trouble. These banks began holding on to their money, and lending dried up, and the gears of the American financial system began grinding to a halt. ------------------------------------------------- ]Stages of the crisis The crisis has gone through stages. First, during late 2007, over 100 mortgage lending companies went bankrupt as subprime mortgage-backed securities could no longer be sold to investors to acquire funds. Second, starting in Q4 2007 and in each quarter since then, financial institutions have recognized massive losses as they adjust the value of their mortgage backed securities to a fraction of their purchased prices. These losses as the housing market continued to deteriorate meant that the banks have a weaker capital base from which to lend. Third, during Q1 2008, investment bank Bear Stearns was hastily merged with bank JP Morgan with $30 billion in government guarantees, after it was unable to continue borrowing to finance its operations.[3] Fourth, during September 2008, the system approached meltdown. In early September Fannie Mae and Freddie......

Words: 1157 - Pages: 5

Black Panther | Richard Lambeth | Keep Watching (2017)