Reporters:" I Zhedong behind two years ago in the domestic price is 65,000 U.S. dollars, the latest being a bank to one U.S. dollars from the sale price, it is reported that, since the property market (the property market blog |Property market news) and the sluggish housing taxes and other items of expenditure, the buyer may be even this small one U.S. dollars of investment are difficult to recover the cost."

In the United States of Detroit's Travis Avenue 8111, a two-storey residential, since the Housing Authority's inability to repay loans masters of the banks to recover the Zhedong residential, and since the market downturn, it is difficult to re-house Sale, at the same time each year to pay 3,900 U.S. dollars of high taxes and other costs, but under, the banks listed on这栋houses 1,100 U.S. dollars ", who leapt to the Jianmai", in a period of up to six months, this has no Wenjin people, in order to get rid of this hot potato, the banks have made the price of one U.S. dollars, the largest city in the United States, Chinese cabbage would take to buy Yijin 1.375 U.S. dollars, it is difficult to imagine, even now one dollar can buy in Detroit A two-storey house, and according to the United States real estate agent sites, Detroit had another two residential and open space is only a sale of one U.S. dollar.

People have" a room as your Yijin cabbage, "the United States blamed the loan-to-the impact of the crisis, indeed, this originated in the United States, loan-to-crisis, the U.S. real estate market situation even worse than expected, the National Housing From the highest price index dropped by 10%, 20 more cities housing prices declined by around 13%.

Reporters:" It has been learned in the past five years to purchase property of Americans, nearly 1 / 3 buyers collateral loan liabilities have exceeded the value of their property, while the decrease in housing prices has led to a homeowner Premises will be difficult to transfer profits, and according to the United States Association of Realtors released data showed that U.S. housing prices has yet to shake off losses. "

Jones Lang LaSalle managing director John Derek Mitchell:" The United States began, according to our research, the European market are also affected, we do see London's investment in residential and commercial investment markets have been affected. "

John Derek Mitchell told reporters that from the second half of last year, the United States and the United Kingdom on significantly lower trading volume, which is usually two markets of the world's total transaction volume of more than half, according to the world of professional real estate services company Jones Lang LaSalle recently Published in global capital flows report showed that loan-to-be, the impact of the crisis, the global commercial real estate market was also Lianlei, the first half of 2007, the global commercial real estate transaction volume reached record levels over the same period in 2008 has dropped by 41% .

Slump in real estate transactions continued the trend, the financial markets also synchronized downturn, Merrill Lynch, Goldman Sachs, Citigroup, Lehman Brothers, JP Morgan Chase, such as the internationally renowned for the loan-to-line bogged down in quagmire, the Swiss banks in August On the 12th issued a second-quarter earnings report, the bank announced that secondary mortgage-related assets to further write-down 6 billion U.S. dollars, now, more than 100 world's largest banks and securities firms since the initial loan-to-year since the outbreak of the crisis, suffer and the write-down of assets Credit losses already total 500 billion U.S. dollars breakthrough.

September 21, 2007, Federal Reserve Chairman Ben Bernanke has said that the loan-to-triggered by the financial crisis" than the worst forecast even worse, "Today, the distance he made remarks, but also a year Time has passed, the crisis continues to ferment, as if Jingtao shore, the impact of the U.S. economy, but also affects the nerve of the world, we simply look at the origin in the U.S. real estate market bubble and excessive lending Why would such a crisis People are dragged into the water.

Yale University School of Management Professor Chen Zhiwu financial economics for life:" The main reason is that people with money, and that can provide the money for investors between the agency chain is too long. "

Chen Zhiwu, Yale University School of Management professor of financial economics for life, he told reporters, sub-mortgage credit is poor or lower-income borrowers to offer a live Mortgages, and also houses the U.S. Loan market in a far-reaching financial innovation, first of all, loans of financial institutions are no longer just commercial banks, including independent housing loan companies, and secondly, Fannie Mae, the United States Di acquisition of a large number of these agencies, such as housing loans, In the transfer of the risk of loans, on the other hand, to provide a loan of an endless stream of funds, their support of more housing loans, in conclusion, the risk of mortgage loans is not by Fannie Mae, Commitment to the United States and other premises, but further refinement through securitization, to the sharing of thousands of the capital market in the hands of investors, to share the hands of investors around the world, creating an unprecedented global financial securities market system.

1938, the U.S. housing mortgage loan market with a similar situation in China today, commercial banks and other financial institutions to directly purchase loans, they are both lenders and also bear the risk, and not the effect of lending behavior. But to do so inadequate that the banks can provide limited funding of mortgage loans, poor liquidity, which means that many people can not afford to buy a house, then the U.S. financial institutions to start research and development of new financial instruments, sub-loan business came into being , Who was finally able to purchase the very low down payment, or even zero down payment to buy real estate.

Chen Zhiwu:" a series of housing around the mortgage loans, securities of these developments, making the U.S. the financial sector, financial system, can the United States ordinary families, the purchases of these loans and funding support, Does indeed reached an unprecedented height. "

In 1994 to 2006, more than 9 million U.S. households purchase a new housing, of which about 20 percent of the families the help of the new financial business - sub-loans, but despite the secondary mortgage intention is good, it Makes the poor can afford room, but it eventually take Guo Letou According to statistics, 2001 U.S. 25% secondary mortgage loans granted to those who prove loss of income borrowers, to 2006 this proportion had risen to 45 %. As of securities lending institutions make loans no longer bear the credit risk, so they no longer care about the quality of loans, the innovation of the large number of reckless lending crisis will inevitably planted the seeds.

Chen Zhiwu:" From a certain sense, have a certain level of spending other people's money is not pained that such a result, in such a reason to play this role. "

In 2008 the first Lujiazui (14.31,0.10,0.70% point) forum, U.S. Vice Finance Minister David» McCormick of the United States in-depth analysis of the loan-to-crisis, in his view, in the face of A new international economic situation, the U.S. financial services market innovation to a variety of complex new products, these products spread the risk, but also reduce borrowing costs, has brought tremendous benefits to help many people have their own housing, so people Risk off guard, has led to further relax credit standards, the loan-to-crisis is indeed a high degree of securitisation and a high degree of derivative products in the financial system, triggered by the financial innovation, due to government regulation and monetary policy mistakes caused by Systemic chaos, as David »McCormack said at the forum, although the advantage of a lot of financial innovation, but some time will also appear difficult to predict the outcome.