备考2021年FRM一级考试,考生需要对金融危机的加剧相关内容有所了解。关于哪些内容是需要记忆的呢?

1. The build-up to the financial crisis

a. Key factors leading to the housing bubble

Ø The U.S economy was experiencing a low interest rate environment

Ø The banking system underwent an important transformation.

b. The Originate-to-Distribute Business

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Ø Collateralized debt obligation (CDO)

Ø Credit default swap (CDS)

c. Delinquencies on Subprime Mortgages Rose

The inherent credit quality of the borrower is typically weak and the mortgage often undercollateralized.

First-time home buyers paid zero down payment.

Many subprime mortgages included teaser rates.

Originating brokers had very little incentive to conduct proper due diligence.

The ability to refinance mortgages ahead of the reset date was declined significantly.

The heavy demand for subprime mortgage products encouraged questionable practices by some lenders.

译文:【资料下载】GARP协会《2021年FRM学习目标》

金融危机的加剧

a、导致房地产泡沫的关键因素

Ø美国经济正经历着低利率环境

Ø银行体系经历了重大变革

b、发行业务的发起人

Ø证券化流程

Ø债务抵押债券(CDO)

Ø信用违约掉期(CDS)

c、次级抵押贷款拖欠率上升

借款人固有的信贷质量通常很弱,抵押贷款往往欠抵押

首 次购房者零首 付

许多次级抵押贷款都包含了诱人的利率

发起经纪商很少有动机进行适当的尽职调查

在重置日期之前为抵押贷款再融资的能力明显下降

对次级抵押贷款产品的大量需求助长了一些贷款机构的可疑做法。

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