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美国财政部金融市场救助计划概览

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chrislau2001 发表于 2008-9-24 10:50:00 | 显示全部楼层 |阅读模式
查看: 1296|回复: 1
Where Things Stand In Quest To Fix Financial Mess

Treasury Secretary Henry Paulson is asking Congress for unprecedented authority to buy from financial firms the troubled assets at the 'root' of the worst financial crisis since the 1930s. While many details remain unresolved, here's a rundown of how things stand.

Why is Treasury asking for authority to do this?

With credit markets frozen, the engines of the U.S. economy are essentially stuck. Companies are having trouble financing operations and lending for everything from homes to automobiles has slowed. Treasury argues the root of the problem is rotten assets sitting on the balance sheets of financial institutions. Buying these assets will help jump-start the economy by allowing financial institutions to raise more capital and begin lending and investing.

How much will it cost?

Treasury has asked Congress for $700 billion to buy assets but the cost could exceed that depending on how the assets are priced and how many assets are purchased.

Is it possible Congress won't approve this?

There seems to be broad agreement that something needs to be done to prevent the U.S. economy sliding into a deep and prolonged recession. With an election just eight weeks away, few expect Congress to let that happen.

Who is eligible to sell their assets to Treasury?

Treasury says any financial institution with 'significant operations' in the U.S. will be eligible to participate in the program. Treasury is asking Congress for broad discretion here, saying that the Treasury secretary, in consultation with the chairman of the Federal Reserve, should have the authority to expand the eligibility if necessary 'to effectively stabilize financial markets.'

Who will manage the assets?

Treasury plans to hire 'asset managers,' financial intermediaries who will manage the assets, including buying and selling loans and securities. Treasury will use a competitive bidding process to hire the managers.

Will the government own my mortgage?

Possibly. Treasury has asked for authority to buy residential and commercial mortgages, along with mortgage-backed securities. So if a financial institution that holds your mortgage wants to dispose of it, it may sell it to Treasury.

Will this program help me refinance my loan or prevent foreclosure?

It could. If Treasury winds up owning mortgage-backed securities, as well as whole mortgages, it will have new leverage over the mortgage servicers and might be able to demand changes to certain loans. Congress is also looking to include additional provisions to help troubled borrowers stay out of foreclosure.

How long will the government hold the assets?

The government can hold the assets until maturity, meaning they could hold a 30-year mortgage for the entire 30 years or they can sell the assets at their discretion.

What will Treasury pay for the assets?

This is one of the biggest and thorniest questions. For the plan to succeed, financial institutions must be able to get these assets off their books at a high enough price so that their balance sheets aren't further pinched. But the market turmoil has complicated efforts to determine their 'real' value. One reason financial institutions are in trouble is because they keep having to write-down the value of the assets as they fall in price. For the program to work, Treasury needs to pay enough that the institutions are able to record a price that doesn't exacerbate their woes.

The mechanics are expected to be worked out between the asset managers and Treasury. One option is a reverse auction. In that case, Treasury could determine a class of assets it wants to buy-such as all AAA-rated mortgage-backed securities-and would then purchase securities from financial institutions that offer to sell at the lowest price.

What will the government get in return?

This is another big open question. Some in Congress want the government to extract something from the companies that participate, such as restrictions on executive compensation or agreements that companies will modify loans on other mortgage assets. Treasury doesn't want the program to be punitive because it wants firms to participate.

What's the risk to taxpayers?

Taxpayers will ultimately foot the bill to buy the assets and could wind up on the hook if they continue to fall in price or can't be sold. Treasury has asked for authority to increase the debt ceiling, since it will have to borrow money to buy these assets. That's going to increase the federal deficit and increase interest payments on the federal debt. Treasury says the government could make money off the assets it buys if the housing market turns around and it's able to sell these at a profit.

How long will this program last?

Treasury has asked for authority to purchase assets for two years from the date the program begins.

How will this help homeowners?

In addition to potentially revising terms of some troubled mortgages, the plan could eventually make more mortgages available. If it helps revive firms, they should restart making loans for homes, small business and other matters. The aim is broader than helping just homeowners. Treasury says that without the program, the economy will stall, costing jobs, increasing costs for goods and services and sending the U.S. into a steep decline.

Deborah Solomon


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 楼主| chrislau2001 发表于 2008-9-24 10:59:56 | 显示全部楼层
美国财政部长鲍尔森(Henry Paulson)要求国会(Congress)授权其采取前所未有的行动,从金融公司手中收购问题资产,根除这场上世纪三十年代以来最严重金融危机的源头。虽然该计划的许多细节仍待明确,但以下的几个问题将帮助了解目前整体的势态发展状况。

为何财政部会对国会提此要求?

由于信贷市场冻结,美国经济增长也陷入停滞。企业融资遭遇困难,从房屋市场到汽车市场,各类贷款都放慢了速度。财政部认为,导致这一切问题的根源是金融机构资产负债表上的不良资产。由政府购买这些资产将令金融机构有能力筹集更多资本,开展投资及放贷活动,从而帮助经济迅速恢复活力。

政府需为这个拯救计划付出多少代价?

财政部要求国会批准其斥资7,000亿美元收购问题资产的计划,但实际数额可能比这个还高,具体要看这部分资产的定价情况及有多少资产需要购买。

国会有没有可能不支持这个计划?

普遍认为,政府需要采取些措施来防止美国经济陷入程度更深、时间更久的衰退周期。鉴于现在离总统大选只有八周时间,几乎没有人会认为国会会拒绝这个拯救方案。

哪些企业有资格将资产出售给财政部?

财政部认为,那些在美国有大量业务的金融机构将有资格参与此次拯救计划。财政部要求国会能给予更大的酌情处理权。财政部称鲍尔森正在与联邦储备委员会(Federal Reserve, 简称Fed)主席磋商,国会应当授予鲍尔森一定的权限,在必要情况下,允许财政部扩大该拯救计划的适用范围,以确保金融市场的稳定。

谁将管理这部分资产?

财政部计划聘请金融中介机构来管理这部分问题资产,管理措施中包括购买和出售贷款及证券。财政部将通过竞争招标的机制来决定“资产管理者”人选。

政府会拥有自己的抵押贷款吗?

有这个可能。除抵押贷款支持证券外,财政部已经要求相关机构购买住房抵押贷款及商业抵押贷款。因此,如果一家金融机构想处置手头的抵押贷款资产的话,它有可能会卖给财政部这个买家。

此项救助计划能帮助人们对贷款再融资或避免出现资产止赎吗?

有这种可能。如果财政部自身持有抵押贷款支持证券,将对抵押贷款服务商产生新的影响力,可能足以要求更改部分贷款的条款。另外,国会也计划采取其他一些措施(包括增加新的贷款条款),帮助陷入困境的借款人避免资产止赎问题。

政府持有这些问题资产的期限会有多久?

政府将持有这些资产直至到期,也就是说如果是30年期抵押贷款,政府可能持有整整30年,或者他们也可能自主抛售这部分资产。

财政部会为这部分资产付多少钱?

这是现在最大也是最棘手的几个问题之一。为了要让该计划成功,金融机构剥离资产的价格必须足够高,以免让资产负债表再受冲击。但是目前金融市场的动荡令人难以判断这部分资产的真实价值。导致金融机构陷入当前困境的一个原因是资产价格的下跌令这些机构不得不对资产进行减值处理。如果要让上述计划发挥效用,财政部需要支付较高的对价,至少不能让金融机构资产情况恶化。

预计资产管理者和财政部将根据上述原则研究出一个机制。一个选择是进行反招标。即由财政部先决定其想购买的资产类别,例如所有评级为AAA的抵押贷款支持证券,然后再从金融机构手中购买这部分证券,谁出的价最低就买谁的。

政府能从这计划中得到什么?

这是另一个大问体了。国会中的一些人希望,参与计划的企业也得付出一定代价,例如限制管理层薪酬或财政部与企业达成协议,修改其他抵押贷款资产的条款。财政部不想把这个项目变得具有惩罚性,因为它还是希望有更多企业能参与进来。

纳税人会面临什么风险?

最终给这部分资产埋单的是纳税人,如果这些资产价格继续下跌或卖不出去的话,被套牢的还是纳税人。财政部已经要求监管机构提高债务上限,因为财政部想借更多钱以购买问题资产。此举会增加联邦赤字规模,使联邦债务的利息成本增加。财政部称,如果住房市场好转,这笔投资就能收回成本,甚至出售还能带来利润。

拯救计划会执行多久?

财政部已要求相关机构从计划实施之日起,连续购买问题资产两年。

这能给房屋所有者提供什么帮助?

除了可能修改部分有问题的抵押贷款条款外,该计划最终将令市面上的抵押贷款发放数量增加。如果此举能帮助企业重振旗鼓,这些公司将重新向普通家庭、小企业和其他对象发放贷款。这一拯救计划的目的并不仅仅是为了帮助那些购房人。财政部表示,如果没有这个计划,美国经济将陷入停滞,就业会减少,商品和服务价格将上升,美国经济将大幅下滑。

Deborah Solomon
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