Financial crisis 2008
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The 2008 financial crisis is the worst economic disaster since the Great Depression of 1929. It occurred despite Federal Reserve and Treasury Department efforts to prevent it. It led to the Great Recession. That's when housing prices fell 31.8 percent, more than the price plunge during the Depression. Two years after the recession ended, unemployment was still above 9 percent. That's not counting discouraged workers who had given up looking for work.
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- When the housing market declined, IndyMac's loan losses increased and it failed to maintain adequate loss reserves.
- It also engaged in loose underwriting like stated income loans with little verification of borrower details.
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5 Tips for Creating Standard Financial Reports
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Financial crisis 2008
- 1. FINANCIAL CRISIS 2008 BY E Moondeep Team 5
- 5. Relaxation in lending regulations. Poor Creditworthiness of borrowers Rising EMI due to higher interest costs Borrowers unable to pay Failure of Banks and Financial Institutions Failure of CORPORATE GOVERNANCE Lax Regulatory Control – SEC High Risk taking Causes of Crisis
- 9. The Securitization Food Chain Mortgage-backed securities (MBS) – Packaged by agencies (Fannie Mae, Freddie Mac) Collateralized Debt Obligations (CDOs) - Bonds The pooling of the risk. Credit Rating Agencies (CRISIL, Fitch, Moody's, S&P)
- 10. DAVID X.LI – GAUSSIAN COPULA FUNCTION Recipe for Disaster: The formula that Killed Wall Street Pooling of the risk. (Individual debt vs Pooled debt) AAA , BBB- (The tranches) Credit Default Swaps (CDS) – Derivative Instrument – Insurance Companies (AIG) The BIG Short – Betting against the high rated debt.
- 11. The Aftermath: The Dodd–Frank Wall Street Reform. Consumer Protection Act of 2010. American Recovery and Reinvestment Act of 2009. Restoring American Financial Stability Act of 2010. Fraud Enforcement and Recovery Act of 2009. The Basel III capital and liquidity standards were adopted by countries around the world. Infusion of large amount by Fed Reserve into the economy. Bail Outs – Too Big to Fail.