Valores inseguros

MUNICH – Hubo un tiempo en que las acciones entrañaban riesgo y los valores garantizados eran seguros. Ya no es así, como ha revelado el desplome del mercado americano de las hipotecas titulizadas.

Durante años, se vendieron al mundo centenares de miles de millones de nuevos valores-títulos respaldados por hipotecas y obligaciones de deudas con garantía prendaria creadas a partir de ellos para compensar la falta de ahorros en los Estados Unidos y financiar la inversión americana en vivienda. Ahora prácticamente todo el mercado de nuevas emisiones de dichos valores –todos menos el 3 por ciento del volumen original del mercado– se ha esfumado.

Para compensar la desaparición de ese mercado y la simultánea desaparición de préstamos bancarios no titulizados a propietarios de viviendas americanos, el 95 por ciento de la tramitación de las hipotecas de los EE.UU. corre a cargo de las entidades estatales Fannie Mae, Freddie Mac y Ginnie Mae. Así como hubo un tiempo en que los valores titulizados eran seguros, también hubo uno en que las economías con tanta intervención estatal se llamaban socialistas.

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