A Study on the Effect of Subprime Mortgage Crisis on Mortgages of Domestic Commercial Banks in Taiwan: Evidence from the Top Ten Banks

[[abstract]]美國房地產市場受惠於聯準會低利率政策加溫下歷經一段榮景，但自2006年中急速降溫，加上聯準會連續升息，次級房貸放款浮濫的弊端自至陸續浮現。次級房貸市場違約不斷，引發次貸風暴，使得連結次貸相關資產證券化商品發生信心與流動性危機，造成全球股市及金融市場大幅下挫，導致全球經濟衰退。 本研究先探討次級房貸風暴發生的成因與背景，指出證券化架構使得銀行放款或貸款創始機構得以藉證券化移轉放款風險，再加上貸放審核標準寬鬆所致之「道德風險」，損失更加嚴重，論文進一步分析次級房貸危機對美國金融市場與世界經濟運作所產生的影響。 其次再針對次級房貸風暴對國內銀行的房貸業務所生的衝擊與影響提出完整分析。結論建議主管機關與銀行業者管理房貸業務時應有的觀念和作法，才可有效防範類似系統性風險之發生。[[abstract]]The U.S real estate Market melt down rapidly since mid 2006，after the FED raised interest rate to exacerbate the problems of the subprime mortgage outbreaks.Subprime mortgages are risky mortgages with both high loan-to-valve and debt payment-to-income ratios,and low eredit scores. Low interest rates encouraged homebuyers to acquire risky mortgages, and pushed up the prices of real estate . The turbulence in U.S subprime mortgaged market has spread into a global liguidity crisis.The securitization of mortgage into the so-called collateralized-debt obligations is anether reason of the subprime crisis depending,the U.S. government thus drastically raised interest rates, consequently leading to the default peak of subprime mortgages and affecting the stability of global financial market . The impact of subprime crisis has spread from financial sector to real sector. This study points out that the subprime mortgaged crisis was caused by the structural weakness of the mortgaged securitization. The suggestions proposed in this study may effectively improve the risk mangement of mortgaged-loan in Taiwan