(107-92
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2009/02
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.
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.
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.
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340
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2007
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.
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15
185
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.
:
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(Prime)
.[5] (Prime)
1
-1
-
Subprime mortgages-) MBS
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30
.[6]
10-2
MBS
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:(backed securities
.
.[7]
-
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30
1
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1987
30
[8]
)
:
)
.(
.
(AA to BB) Mezzanine
.[9]
.
:(Over-the-counter Markets) OTC
-
.[10]
:
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"
The Federal National "
"Fannie Mae"
. " AssociationMortgage
"
"
.
"
.[11]
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(
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"
"
"
(
"
)
1968
)"
"
"
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"
2
"
"
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"
1970
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(Freddie Mac)
"
2002
% 100
"
"
"
"
"
" "
"
.[12]
:(
[13]
The )[14]
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.
A bankruptcy-remote )
Special (SPV)
]
.[
)
-3
(Sheila Bair)
(Federal Deposit Insurance Corporation (FDIC
2007
17
:[15]
:(Borrower)
-1-3
:(Issuer)
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purpose vehicle
SPE
SPE
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.
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.
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)
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-11-3
:
:
) 1994
% 64
4
-4
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[16]
[17]
.
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124
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2004
2006 1997
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.[18]
Jeffrey )
:
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...."
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.
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2005
60-50
2006
2008
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[27]
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Freddie Mac Fannie Mae
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.
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.
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.
:
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(Originator)
:(2)
:
2007
7
.[29] %32.1
.[30]
:
-2-6
)
.(2008
)
%
(CEO)
(2008
% 58 % 62 % 63 %6% 61 % 31 % 83 % 53 -
54.6
51.8
38.2
27.4
22
21.2
15.9
15.2
Citigroup
Merrill Lynch
UBS
HSBC
Wachovia
Bank of America
IKB
Royal Bank of
Scotland
14.8 Washington
Mutual
14.4 Morgan Stanley
% 86 % 30 -
Source: Bank losses, Hall of shame, Finance & Economics, Economist Magazine,
07/08/2008, Retrieved from:
http://www.economist.com/finance/displaystory.cfm?story_id=11897636
.
4
-
2009
[31]
.
[32]
.
2010
:
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.
:
4
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FBI
. 2006
2005
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[34]
2.2
AIG
.
8
[35]
Bloomberg
:
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4990 Lehman Brothers
6200 Citigroup
[36]
.
2220 Merrill Lynch
2940 Morgan Stanley
:
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"
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. 2005
)
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...
:
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16
30 -2007
18
.[39]
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2
5.25
.
2009
.
:
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.
.[41]
:
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.
700
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)
9
838
.[42]
.[43]
«
:[44]
»
10-3
2008
:
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.
-2
.
-3
.
-4
.
.
-5
.
:
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[45]
.
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2007
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14
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.[46] 2008
:
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133
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"
10
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1988
1986
60
43
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.
:
-
2
.
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.
2007
4
44
:
.
:
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18
2007/08/24
"
" -3
http://www.aleqtisadiah.com/news.php?do=show&id=92378&archivedate=2007-08-24
:
2008/09/ 15 BBC
:
-4
http://news.bbc.co.uk/hi/arabic/business/newsid_7615000/7615986.stm
5- http://www.investopedia.com/terms/s/subprime_mortgage.asp
.
4
2001
"
"
-6
7- http://www.investopedia.com/terms/m/mbs.asp
.
40
-8
9- http://en.wikipedia.org/wiki/Collateralized_debt_obligation
.
:
18
:
2008 /01/ 9
.
.
Marketable
-10
(
-11
www.misbahalhurriyya.org/content/view/426/38
.
-12
Securitization
-13
)
Securities
.
-14
100000
1933
www.fdic.gov :
11
15- Statement of Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation on Possible Responses to Rising
Mortgage Foreclosures before the Committee on Financial Services, U.S. House of Representatives; 2128 Rayburn
House Office Building, The Federal Deposit Insurance Corporation (FDIC) , April 17, 2007, Retrieved From:
http://www.fdic.gov/news/news/speeches/archives/2007/chairman/spapr1707.html
100 × (
÷
) =(%)
- 16
17- Robert R & Linda B. Cavanaugh. U.S. Census Bureau News, U.S. Department of Commerce Washington.,
October 26, 2007, Retrieved From: http://www.census.gov/hhes/www/housing/hvs/qtr307/q307press.pdf
:
2008/04/28
-18
http://www.aljazeera.net/NR/exeres/801FBC26-C619-4C78-A198-0E79557701B8.htm
:
2008/03/23
- 19
http://alghad.dot.jo/index.php?article=8493
2008/01/30
2007
%75
- 20
http://www.aljazeera.net/NR/exeres/13BDA5F8-9C58-4031-8CA9-99EAB87A2248.htm:
.2007/10/23 10556
.2008
..
- 21
24 10770
- 22
(subprime)
(Prime)
Alt-A loans - 23
.
24- New Research About Mortgage Brokers Published ,28/07/05, Retrieved from: http://66.225.31.160/?p=54
:
:
2007/12/23
- 25
http://www.alqabas.com.kw/Final/NewspaperWebsite/NewspaperPublic/ArticlePage.aspx?ArticleID=344059
2008
11
12 :
- 26
http://www.annabaa.org/nbanews/69/160.htm
2009/04/30
- 27
http://www.aleqt.com/2009/04/30/article_222897.html :
5680
.
19
:
- 28
- 29
.16
2008
194
30- Iain Macwhirter," The trading frenzy that sent prices soaring", newstatesman, 17 April 2008, retrieved from:
http://www.newstatesman.com/world-affairs/2008/04/haiti-food-price-commodities
:
2009 /04/21 BBC
4
:
- 31
http://news.bbc.co.uk/hi/arabic/business/newsid_8010000/8010815.stm
:
2009/02/24 BBC
2010
:
- 32
http://news.bbc.co.uk/hi/arabic/business/newsid_8010000/8010815.stm
33- ALAN GREENSPAN, " The Roots of the Mortgage Crisis Bubbles cannot be safely defused by monetary
policy before the speculative fever breaks on its own", The wall street journal, 12/11/2007, Retrieved from:
http://opinionjournal.com/editorial/feature.html?id=110010981
34- Jon Birger,"Will foreclosures spark an arson boom?",CNNMoney, 01/01/2008, Retrieved from:
http://money.cnn.com/2008/01/09/news/economy/birger_arson.fortune/
- 35
.
36- Yalman Onaran, " Wall Street Firms Cut 34,000 Jobs, Most Since 2001 Dot-Com Bust " ,Bloomberg,
24/03/2008, Retrieved form:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aTARUhP3w5xE&refer=home
-37
.30
:
2008/01/22 "
"
2008
2008
193
-38
http://www.markaz.com/DesktopModules/System/HTMLText_Attachments/Markaz%20Panel%20Discussion%20.%20Arabic%20Press%20Release.doc
12
39 - Chairman Ben S. Bernanke, "Financial Markets, the Economic Outlook, and Monetary Policy", Board of
Governors of Federal Reserve System, 10/01/2008, Retrieved from:
http://www.federalreserve.gov/newsevents/speech/bernanke20080110a.htm
http://www- :
09/01/16
CCN
0.25 0
- 40
cgi.cnn.com/arabic/2008/business/12/17/euro.pound_rates/index.html
:
-41
http://www2.standardandpoors.com/spf/pdf/media/Leadership_Actions_Full_Update.pdf
:
:
2008/09/21
700
-42
http://arabic.cri.cn/361/2008/09/21/85s104203.htm
:
07/03/09
CCN
838
-43
http://cgi.cnn.com/arabic/2009/business/2/10/debate.stimulus/index.html
2008/10/12
- -44
http://www.asharqalawsat.com/details.asp?section=6&article=490409&issueno=10911
10911
:
2008 /01/30
-45
http://www.aljazeera.net/NR/exeres/8958765D-A7FF-4298-8E55-6DA208E8977F.htm
46- FBI Cracks Down On Mortgage Fraud, CBSNews, June 19, 2008, Retrieved from:
http://www.cbsnews.com/stories/2008/06/19/national/main4194649.shtml
:
2008/10/16
-47
http://www.aljazeera.net/NR/exeres/4921B938-F80C-4F7C-80C0-C2B66F298FE7.htm
:
2008
7
-48
http://193.194.78.233/ma_ar/stories.php?story=08/10/07/8747019
:
2008/10/12
-49
.
http://www.aljazeera.net/NR/exeres/E4D8D8C7-CD9F-49DE-895D-ED5FB600635B.htm
13