Of course, there is also a financial term related to the subprime mortgage crisis, "subprime mortgage". What is subprime mortgage? That is, financial institutions lend money to people who have no repayment ability.
We often say that the relationship between supply and demand is actually practical in the financial market. When banks refuse to lend to people with low repayment ability and poor credit in order to avoid risks, these people become the darling of the capital market.
Of course, capitalists are naturally not engaged in charity. They have their own financial routine, which is asset securitization. What is asset securitization?
To give a simple example, suppose you want to buy a house, the bank thinks your credit is not good, or you repay it for free, so you won't get a loan. Of course you are disappointed.
At this time, you heard that a financial company can borrow money without any mortgage or personal credit guarantee. At this time, you found a financial company with this kind of loan business, and the company lent you a down payment of 6,543,800 yuan. At this time, the company enjoys the creditor's rights of 654.38 million yuan.
Under normal logic, this financial company will wait for you to pay back the money and charge you some interest until the whole transaction is completed, but for greedy capitalists, this waiting time is too long and the risk is too great. What if you don't pay back the money?
Moreover, such an old-fashioned model does not conform to the investment laws of the capital market, so they use a new term "asset securitization". Under the operation of capital, this company can package your 654.38 million yuan debt into a high-yield wealth management product and sell it to the society again.
Through this operation, financial companies can immediately withdraw 6.5438+10,000 yuan in cash, and then lend it again, and operate circularly, using 6.5438+10,000 yuan to incite the same amount of funds for dozens and hundreds of times, and keep lending to make money. Ant finance is this type.
In the real American subprime mortgage crisis, the leverage is as high as 20-30 times, but the leverage of ants reaches 100 times. Take 100 yuan as an example, the leverage of 30 times is 3 million, and the leverage of 100 times is 100 million, which means that the company leveraged a 300 with 10W yuan.
Suppose the P/E ratio of this wealth management product is 5%, then the profit of this company is 1.5 million, and the leverage is 1.000 times, 50w.. Compared with this company, it is 300% profiteering at 30 times leverage and 500% profiteering at 1.000 times leverage.
However, the assets he actually mortgaged are only 10W. If the company loses 5% under 30 times leverage or 100 times leverage, then he mortgaged his assets, owing 50,000 yuan under 30 times leverage and 40W under 100 times leverage.
Ant itself has 3 billion assets, but the loan scale reaches 300 billion. For the financial market, not to mention how risky it is.