没有安全的证券

慕尼黑 ——

很久之前,股票是有风险的,而抵押物证券是安全的。如今,正如美国房屋按揭证券化市场的崩盘所显示的那样,这样的情况已经一去不复返了。

多年以来,数以千万亿美元的新房贷按揭证券产品(简称 MBS )和债务抵押债券 ( 简称 CDO) 在全世界发售,用于美国的透支消费和支撑美国房市上涨。现在,此类产品的市场交易量只有原先的 3% ,可以说几乎已经消失殆尽。

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