Des titres peu fiables

MUNICH – Il fut un temps où les actions étaient risquées et les titres nantis, fiables. Mais ce temps est révolu, ainsi que l’a démontré la chute du marché américain de titrisation des hypothèques.

Depuis des années, des centaines de milliards de nouveaux titres garantis par hypothèque (MBS) et d’obligations adossées à des actifs (CDO) ont été vendus au monde pour compenser le manque d’épargne aux Etats-Unis et pour financer l’investissement immobilier américain. Aujourd’hui, la quasi-totalité de ce marché, soit 3% du volume initial, a totalement disparu.

Pour compenser la disparition de ce marché, ainsi que celle simultanée des prêts bancaires non titrisés aux propriétaires américains, 95% des prêts hypothécaires américains sont aujourd’hui concentrés par les établissements publics Fannie Mae, Freddie Mac et Ginnie Mae. De même qu’il fut un temps où les titres garantis par nantissement étaient fiables, il fut un temps où les économies avec un tel interventionnisme de l’état étaient qualifiées de socialistes.

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