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次贷危机是否会重演?

FTSE Russell

Contributor:
FTSE Russell
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Analytics Product Specialist

普遍的共识认为不公平的和掠夺性贷款是导致2008年次贷危机的背后原因。当这些不负责任的借贷行为暴露在光天化日之下时,对抵押贷款支持证券(MBS)等证券化资产的管理的重要性也随之上升。

不过,随着次贷金融危机已经是12年前的事情了,对借贷和服务实践的管理仍不足,并且不负责任的行为仍然存在。

我们在《债券报告》中研发了证券化资产的环境、社会和企业治理(ESG)的分类方式,首要关注的就是企业治理中的关键领域,包括负责任的借贷和服务行为。我们的分类方式可以定量衡量借贷行为的责任,而使投资者可以充分了解与证券化资产相关的风险,并可以促进贷方和服务商合作以改善其治理。

次贷危机与企业治理的重要性

当人们在选择抵押贷款支持证券(MBS)投资品时,企业治理是一个重要的考虑因素,我们很难找到比次贷危机更好的例子证明这一点。

次贷金融危机造成了巨大的损失:3.3万亿美元的房屋价值损失,6.9万亿美元的股东财富蒸发。当全世界尝试追溯这场危机的根本原因时,不负责任的贷款和服务行为是关键的原因。

当然,掠夺性贷款行为只有在没有适当的防护措施的时候才会大肆扩张。2008年就是如此的情况,适当监管与治理的缺位加剧了不负责任的贷款和服务的扩张。

对于普通借款人而言,抵押贷款是一种极为复杂的产品,而保护它们的法规导致许多案例被忽视。

美国自金融危机后制定了一系列防止掠夺性贷款的法规,但是这些法规缺乏特定的规定使得它们难以完全奏效。迄今为止,仅有25个州实施了反掠夺性贷款的法律,其中不乏法律的效力受到限制,故而执行力度有差异。

因为没有足够的监管来执行法规,不负责任的贷款和服务行为仍然存在。

《债券报告》中的证券化资产环境、社会和企业治理(ESG)的分类方式被设计用来量化评估借贷方和服务方,以及他们在业务操作中的公平性与责任性。

如下图所示,我们明确了几个关键指标用于衡量负责任的贷款和负责任的服务的标准。

这些指标经过汇总得出借贷方和服务方在机构和非机构的排名。这些指标可以让投资者能够找到如何减轻风险的方法或者推动借贷方和服务方提供更好的操作方法。

仍有更多的教训要学习

次贷金融危机发生于12年前,不过很明显的是立法和企业治理上仍未能做到充分保护借款人免于掠夺性贷款的伤害。在目前的疫情危机中,这种情况可能引起更大的担忧,因为一旦宽限措施到期后,借款人可能成为掠夺性贷款和服务操作的目标。

故而,投资者能够识别不负责任的借贷和服务行为变得极为重要。这成为了解资产证券化市场的变化,减轻有关的风险以及找到促进更负责任操作行为的关键。

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