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Additional Details
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Mat... | What caused the credit crunch? |
>!? |
 |
 
romazone
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people borrowed to much money from banks and couldnt pay it back. also prices are going up which isnt helping much love you xxxx |
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Mezcal
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sigh, ok, so it started with normal mortgage lenders in American lending money, at high levels compared to the value of the house, to people with poor credit records. The idea is that because they found it hard to get mortgages people like that could be charged a lot more than clean credit people and they would have to pay. For a long time these 'sub prime' loans made a hell of a lot of money for the banks. The banks then took large pools of these loans, basically loads of peoples mortgages, and sold them as a financial product to invest in. One that gave a decent return _derived from people paying their mortgages). Over time the amount of these loans being swapped between lenders all over the world (the mortgage were US based but were sold on around the world) became enormous. When the US economy slowed down and property prices fell, suddenly lots of the mortgage borrowers could not afford to pay the mortgages and so the whole financial market based on these loans collapsed. Suddenly no banks could find a buyer for these loan books which were going bad very quickly. This meant big banks were suddenly sitting on LOTS of really bad debt. This lack of confidence in the market led to an almost complete freeze of the credit markets, all banks, hedge funds, lenders etc rely heavily on borrowing money from other banks. Suddenly nobody wanted to lend and nobody could borrow. Banks like Northern Rock that relied heavily on borrowing money from other banks , lending it on mortgages, and then selling the loan book for a profit no longer had a working business model. They went under, others followed. This current round of companies going under, such as HBOS going to Lloyds, is more about confidence in banks being rock bottom, actually, HBOS was in a good state but confidence from investors, savers etc is so low that they had no choice. |
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CuriousJ
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Banks loaning way to much money to high risk schemes eg. the sub prime market - mortgages to people who wouldn't usually have a good credit rating. When everything is going well, the loans get repaid. But any wobble in the market and the repayments go south. The bank has loaned more money than it can cover and so has to go to other banks for loans to cover their shortfall. But as all banks are in the same boat, there isn't enough money to go around, and so we see the fall out.
In my humble opinion - the credit crunch was caused by massive greed and irresponsible lending. It all went well for years but the market wobbled because of high fuel prices and everything started tumbling down. |
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natedogg782
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Deregulation of the banking industry which allowed people to get loans and lines of credit they should have been able to. This combined with people trying to live outside their means, and not being able to understand their mortgages with balloon payments. |
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Boloski
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we borrowed too much money from our creditors and couldn't pay it back |
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SPIFIMAN1
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Several things.
1. Greedy banks loaning money to people without demanding proof of income.
2. Stupid customers buying seasoned trade lines to raise their credit scores to qualify for loans that they really did not qualify for.
3. Greedy appraisers saying homes were worth more then they really were so people could qualify for 100% loans.
4. Greedy customers buying homes thinking they could flip them before their A.R.M.S. kicked in raising their payments to the point that they could not make them.
5. Housing market taking a nose dive in almost every State except 4.
The result of this is now thousands of people are losing their homes because they are not worth what they owe and they can't sell them or make their payments. And several banks have gone under and most likely several more will.
This is what happens when you gamble sometimes you win and sometimes you lose.
I don't think the Government should bail anyone out let the chips fall where they may and the market will return in a couple of years. |
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Matt, From Northern Ireland
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I was about to ask this question lol |
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999pheebs
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An uncontrollable rise in house prices and people borrowing more than ever when they can't aford it, ironic isn't it? |
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Eddy T
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Your question had been answered many time before at Yahoo answer. If you have not read it, then the credit crunch does not concern you at all. |
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