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g subordinated debt issued is based substantially reduce or even a loss of revenue, before a large number of institutions holding these bonds , like many subprime lenders, investment banks, hedge funds and other series of bankruptcy or forced to close, while the turbulent stock market, which resulted in the world's major financial markets, lack of liquidity crises.
In this process, the Wall Street investment banks for the transfer of the subprime crisis, global expansion and spread to make a very big "contribution." Since before the U.S. long-term interest rates are too low implementation of loose monetary policy, leading to excess liquidity, there has been a lot of real estate bubble, mortgage demand, banks and mortgage companies also will be big up courage and began to bad credit people issuing a large number of "ALT-A" loans and subordinated loans.
In late 2006, scenery for a whole five years from the peak of the U.S. real estate finally fell heavily down, this chain of funds finally began to break. Because of falling house prices, BLR time is up, the first ordinary people can not repay the loan, then the subprime mortgage banks and subprime mortgage company closures, substantial loss of hedge funds, which in turn hurt the AIG insurance companies and banks lending to hedge funds, Citigroup, JP Morgan report huge losses have been released. Meanwhile, hedge funds have also loss of major investment banks and the stock market crash, people generally lose money, unable to pay the mortgage that continues to increase, the U.S. subprime mortgage crisis imminent.
2008, several major Wall Street investment banks collapse one after another and are acquired, the only remaining two investment banks Goldman Sachs and Morgan Stanley become bank holding companies. They subordinated bonds issued paper also will become one. Those who hold a lot of Wall Street investment bank subordinated bonds sold by international institutional investors have also in crisis, leading to global liquidity crunch, triggered a global panic. And was followed by the severe global financial crisis.
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