出版社：Servicio central de publicacion. Gobierno Vasco
摘要：Financial markets in United States have recently suffered from a housing loan
crisis that has threatened the solvency of some of the major financial entities
in the world. Banking capital losses are huge and a lot of banking institutions
specialized in mortgages have become bankrupt or have been sold. More and more
families are unable to face up to their mortgage repayments and, as a
consequence, mortgagee sales have increased notably. How is it possible that
this market, after 25 years of experience and stability in housing financing by
secured mortgages, has brought the world financial system to the edge of
collapse? A part of the answer can be found in the creation of mortgage
securities and in the Financial Modernization Act in 1999, which deregulated the
market, removed the segmentation of the U.S. financial system of commercial and
investing banks, and enabled the creation of financial and banking holdings to
work in nearly any business.
