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Commentaire de Bulgroz

sur La crise de l'immobilier américain, ou l'éternel recommencement


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Bulgroz 10 août 2007 18:25

En Mars 1999, (Forest Ent n’était encore pas né smiley ) une note de la FED mettait en exergue les risques associés aux prêts Subprime et particulièrement sur les prêts revendus aux sociétés portefolio (du type de la BNP) :

http://www.federalreserve.gov/boarddocs/SRLETTERS/1999/sr9906a1.pdf

Juste un extrait relatif au second marché de ces prêts :

Recent turmoil in the financial markets illustrates the volatility of the secondary market for subprime loans and the significant liquidity risk incurred when originating a large volume of loans intended for securitization and sale. Investors can quickly lose their appetite for risk in an economic downturn or when financial markets become volatile. As a result, institutions that have originated, but have not yet sold, pools of subprime loans may be forced to sell the pools at deep discounts. If an institution lacks adequate personnel, risk management procedures, or capital support to hold subprime loans originally intended for sale, these loans may strain an institution’s liquidity, asset quality, earnings, and capital. Consequently, institutions actively involved in the securitization and sale of subprime loans should develop a contingency plan that addresses back-up purchasers of the securities or the attendant servicing functions, alternate funding sources, and measures for raising additional capital.

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