美国次贷危机法律成因研究

发布时间：2018-04-20 17:21

本文选题：次贷危机 + 法律成因　；参考：《湘潭大学》2009年硕士论文

【摘要】： 自2007年2月美国第二大次级抵押贷款机构新世纪金融公司宣布2006年第四季度业绩将出现亏损,美国次贷危机浮出水面以来,至今已经两年有余。在这两年多的时间里,尽管次贷风险已全面暴露,但其所造成的损失和影响却尚未见底。在美国次贷市场发展过程中,由于次级贷款及其证券化所存在的市场参与者的自利机制以及各方之间的信息不对称等问题互相诱发了各自的道德风险,而对这些道德风险的法律规制存在缺陷,致使次贷市场基本上处于无序的状态正是产生次贷危机的法律方面原因。次贷危机的法律成因具体而言包括以下四个部分:首先,过于宽松的借贷消费法律环境为消费者透支借贷消费提供了便利,大量低收入者涌入次贷市场,而贷款机构和贷款经纪商则利用消费者权益保护法的缺陷诱使不少消费者申请了次级贷款。其次,由于规范贷款机构放贷行为的法律存在着较大的局限性,因此对贷款机构的不当放贷行为,如不断降低贷款门槛,放松贷款标准,以及掠夺性贷款等未能进行有效的规制。再次,证券化中介机构寻租法律约束缺失使得投资银行与信用评级机构在证券化过程中不仅没有积极发挥其监督职能,反而通过寻租牟取高额利润。最后,金融监管法律制度的缺陷造成了金融监管机构缺位以及次贷衍生品监管空白。次贷危机爆发后,美国的立法机关以及金融监管机构开始深刻反思危机所暴露出来的法律缺陷,并正在积极进行金融法律制度改革。
[Abstract]:It has been more than two years since February 2007, when New Century Financial, the second largest U.S. subprime mortgage lender, announced that it would lose money in the fourth quarter of 2006. In more than two years, although subprime risk has been fully exposed, its losses and effects have not yet bottomed out. In the course of the development of the subprime mortgage market in the United States, due to the self-interest mechanism of the market participants in subprime loans and securitization and the information asymmetry between the parties, the moral hazard is induced to each other. However, the legal regulation of these moral risks is defective, which causes the subprime mortgage market to be in a disordered state, which is the legal reason for the subprime mortgage crisis. The legal causes of the subprime mortgage crisis include the following four parts: first, the excessive lenient legal environment of borrowing and consumption facilitates consumers' overdraft and consumption, and a large number of low-income people pour into the subprime mortgage market. Lending institutions and loan brokers use the shortcomings of consumer rights and interests laws to induce many consumers to apply for subprime loans. Secondly, due to the greater limitations of the law regulating lending behavior of lending institutions, improper lending practices to lending institutions, such as lowering loan thresholds and relaxing loan standards, And predatory loans and other failed to carry out effective regulation. Thirdly, the lack of legal restriction on rent-seeking of securitization intermediary institutions makes investment banks and credit rating agencies not actively exert their supervisory functions in the process of securitization, but make high profits by rent-seeking. Finally, the defects of the legal system of financial supervision lead to the absence of financial supervision institutions and the lack of supervision of subprime derivatives. After the subprime mortgage crisis broke out, American legislative organs and financial supervision organizations began to reflect deeply on the legal defects exposed by the crisis, and are actively carrying out the reform of the financial legal system.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：D971.2;DD912.28

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