U.S. second wave of the loan-to-the outbreak of the crisis have been

As concerns the two largest U.S. mortgage finance institutions - Fannie Mae and the premises of the United States and the brink of bankruptcy, coupled with the second largest ever financial institutions IndyMac Bank FSB closure of stimulation, leading to lack of investor confidence, U.S. time July 14 showed the U.S. stock market fell pattern, to promote financial stocks to their lowest level in eight years. For a time, the U.S. economy appears to be completely enveloped in the credits under the shadow of the crisis.

Resurgence of the aftermath

"The loan-to-market financial crisis on the impact has not ended, especially the U.S. credit market fluctuations, through Fannie Mae and the United States and reflected in the premises." Foreign Economic and Trade University Ding Zhijie, vice president of financial institutes to this reporter said.

Fannie and premises belonging to the United States by private investors but by holding the U.S. government to support the special financial institutions, the main business is housing mortgage loans. Fannie and premises of the United States is the U.S. housing mortgage loans the major source of funding.

Lehman Brothers issued a report on the 7th of this month, Fannie Mae and premises of the United States and the two companies may be facing a serious shortage of funds, will be forced to raise 75 billion U.S. dollars of funds to continue to engage in mortgage-related business. The report also is expected, the two companies will suffer more losses. The news exacerbated investors concerns.

July 11, the two largest U.S. real estate credit companies Fannie Mae and premises of the U.S. stock prices plummeted after the two companies was down 1 at 50%, although the late decline narrowed, but also created a-week high Decreased by 73% and 62% of the alarming rate.

Ding Zhijie that if Fannie and premises of the U.S. bankruptcy, the U.S. real estate market is a serious blow, but it will also jeopardize the overall U.S. economic growth.

Fannie and premises of the United States by the handling of the housing mortgage loan a total of about 5 trillion U.S. dollars, accounted for almost U.S. mortgage half of the total. Wall Street is worried that if these two companies lost the ability to repay, the United States, loan-to-crisis will deteriorate further.

"The U.S. government will not sit idly by Fannie and premises of the U.S. bankruptcy, the Government will take steps to remedy. The Fed may have two open discount windows, the Government may also be some form of direct take over the two companies. As for how Rescue, the United States there are also highly controversial. "Ding Zhijie said.

The U.S. Senate on the 11th approved by a majority vote in favour of a total 300 billion U.S. dollars of the rescue plan to help hundreds of thousands unable to pay for the purchase of property to retain, through the strengthening of the mortgage company's real estate market by easing regulatory Affected.

However, the U.S. government announced the rescue Fannie and premises of the United States and the news What people seem to believe that the U.S. financial markets are still fragile and there is instability in-depth development of the trend, the loan-to-crisis to calm waves from the second wave of heinous.

In the State of California, IndyMac Bank FSB's assets on the 11th was the federal regulators shut down, resulting in the industry on the loan-to-crisis further aggravated the worries, some analysts worried that the next will also have big financial institutions follow suit.

July 11, U.S. President George W. Bush said that Americans are in the current "economic hard times." The loan-to-the world economic crisis but also to bring greater volatility.

Ding Zhijie that the current loan-to-crisis, mainly in the U.S. financial fields, and the entities of the United States did not cause substantial economic damage, the U.S. real economy will not wave to the sharp drop in waves. Moreover, the loan-to-crisis not only from the U.S. economy to bear, through the Federal Reserve lowered interest rates, the loan-to-crisis has also shifted to other countries, the share of the global economy more crises. If the United States, loan-to-crisis breaks out, then the world economy will have greater volatility.

Prospects dim

"The United States, the crisis is not over yet credits, and in the short term will not end." Ding Zhijie said that the loan-to-crisis is not optimistic about the future trend depends on the United States to take measures to deal with.

Ding Zhijie, Fannie and premises of the United States mainly engaged in "substandard housing mortgage loans," other than the mortgage business, the U.S. housing market bubble burst triggered by "secondary mortgage crisis," it would be possible to a wider range of "housing mortgage Loan crisis "evolution, which will further increase U.S. and global financial turmoil of risk.

Statistics show that in June the U.S. housing foreclosure (due to long-term mortgage buyers can not repay loans on time, and the loss of housing as collateral for the redemption), which had increased by 53 percent in volume, reaching 252,000, the banks need to To recover the housing surge nearly three times.

Ding Zhijie believe that this order Fannie and premises of the United States and the provision of capital levels continue to rise  increasingly tense. U.S. credit market to the global stock market turmoil has brought about enormous losses, if the two mortgage agencies has resulted in the U.S. housing market further deterioration of the crisis, triggered the U.S. economy into full recession, it is bound to create a new global economic impact.

Last summer, the United States, loan-to-full-blown crisis, the United States Government has adopted a series of interventions to prevent loan-to-dimensional crisis in the U.S. economy into recession. U.S. Federal Reserve Board has lowered seven times the federal funds rate that commercial banks charge each other on overnight call rate to make it from 5.25% to 2%. At the same time, the Fed has taken a series of measures to the financial system to inject capital, to ease the credit crunch. April of this year, after several months of the financial market turmoil had signs of relaxation.

However, the U.S. Government's measures have been力不从心, investor confidence plummeted, a direct result of Fannie Mae and the premises of the United States and the brink of bankruptcy, the second-largest U.S. financial institutions IndyMac Bank FSB collapse. Some analysts believe that the second wave of the loan-to-crisis broke out, will soon lead to global financial instability.

"In the United States to take measures at the same time, inflation is global warming, a study showed that more than 50 countries worldwide to achieve double-digit inflation index, which is the loan-to-crisis brought about by damage to the global role of the United States is to transfer to other crisis The results of the country. "Ding Zhijie said that the loan-to-resolve the crisis in relations to the world's major economies in the interests of the game, it is difficult to expect the loan-to-crisis to the next step is to develop what extent, but the current real estate market is deteriorating.

Wall Street analysts recently that the U.S. housing market downturn and structured finance caused by excessive "credit recession" will last at least two years, the financial sector will experience a large-scale integration. However, if the reorganization is too hasty, would trigger a global economic war.

"Real Estate Institute of Asia and the 13th annual meeting of the International Seminar", the University of California at Berkeley Professor, UC Berkeley director of the Center for Real Estate John has said that the loan-to-crisis will continue to deepen, the situation might in 2010 after the Will be improved.

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Federal National Mortgage Association ( "Fannie Mae") and the Federal Housing Loan Mortgage Corporation (referred to as "the premises of the United States") is the nation's two largest non-bank mortgage companies, is controlled by private investors but by the U.S. Government Support for the special financial institutions. Fannie Mae was established in 1938, was Roosevelt's New Deal for the loan market to provide liquidity tool. In order to avoid monopolization of the market, the United States to set up premises in 1970. The two companies main business is from the mortgage companies, banks and other lending institutions to purchase mortgage loans and mortgage securities part of the package after the sale to other investors.

To 2008, Fannie and premises and the United States has secured mortgage loans had reached 5.2 trillion U.S. dollars, accounting for almost Banbiheshan to go to the U.S. loan market. All in the mortgage business of companies, from Citibank to small local banks, must rely on Fannie Mae and premises of the United States access to funds, almost all of the Wall Street financial institutions and their business dealings. World central banks have put their bonds as part of foreign exchange reserves. As Fannie and premises of the United States and the United States for the whole financial industry to provide liquidity, these two companies was even likened to America's "second Fed."

2007 outbreak of the loan-to-crisis, the U.S. secondary mortgage market suffered damage, Fannie and premises of the United States also can not escape the impact. The first quarter of 2008, Fannie Mae announced only loss of assets amounted to 2.19 billion U.S. dollars. From December last year, so far, the premises of the United States and Fannie Mae has lost about 11 billion U.S. dollars. With the loan-to-the impact of the crisis gradually conduction, Fannie and premises of the United States seriously suffering from a greater test.