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首页> 外文期刊>International Journal of Economics and Finance >Cause Determination of the Adjustable-Rate Mortgage Market Collapse During the Financial Crisis
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Cause Determination of the Adjustable-Rate Mortgage Market Collapse During the Financial Crisis

机译：导致金融危机期间调节率抵押市场崩溃的决定

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This paper provides insight into what caused the decline of the adjustable-rate mortgage (ARM) market during the 20072009 financial crisis. Contrary to common perception, the failure of the ARM market cannot be primarily attributed to predatory lending targeting subprime borrowers from low-credit households. This popular narrative is incomplete and disregards some important factors. I present three key factors that challenge the narrative and point to previously undiscussed sources that may have contributed to the ARM market collapse. First, the accusation of predatory lending does not account for other possible causes of mass ARM defaults. Second, the sole focus on the market's subprime segment disregards the impact of prime ARMs on the market. Third, the narrative's citation of subprime ARMs having greater delinquency rates and foreclosure numbers fails to recognize the significant percentage increase in prime ARM failures in the years leading up to the crisis, as well the disparity in typical outstanding balances between subprime and prime ARMs.
机译：本文介绍了在20072009金融危机期间导致可调节率抵押（ARM）市场衰落的原因。与常见看法相反，臂市场的失败不能归因于来自低信贷户口的次级借款人的掠夺性贷款。这种流行的叙述是不完整的，无视一些重要因素。我提出了三个关键因素，挑战叙述和指向以前可能为臂市场崩溃做出贡献的以前未讨论的来源。首先，对掠夺性贷款的指控不会占大规模武器默认的其他可能原因。其次，唯一关注市场的次级市场的次要部分无视主要武器对市场的影响。第三，叙述的次级拖欠船只引用具有更大拖欠率和丧失抵押品赎回权的引用未能在导致危机的岁月内识别素武器故障的显着百分比，以及次级次级和主要武器之间的典型优秀余额的差异。

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