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The credit markets had effectively frozenBest Mac Concealer  

2011-07-12 11:01:04|  分类: haha |  标签: |举报 |字号 订阅

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As defaults accelerated the rating agencies were forced to review their models. On July 10, 2007 the rating agencies changed their models and downgraded many CMOs. This caused panic and uncertainty among CMO investors and the contagion quickly spread to all other types of CDOs.Uncertainty and risk: Investors believed that the default distributions of the ratings on their asset backed securities were the same as the default distributions of the individual assets backing them. After the mass downgrade of July 10th investors concluded they were mistaken. Best Mac ConcealerInvestors no longer knew for certain the default distribution of what they owned. What they did know was that the model upon which they based their investment decisions had turned out to be wrong. When Investors don't know what they don't know there is uncertainty. Uncertainty is different than risk. Risk can be quantified and diversified, uncertainty cannot. Uncertainty causes investors to step back with the result that asset backed securities markets are essentially frozen, bid-ask spreads are wide and "indicative" (not firm) and many investors are saying they simply do not want any ABS risk. This is a killer for the shadow banks.Banking in the shadows: Unlike insured, regulated real banks, shadow banks fund themselves to a large degree with uninsured commercial paper which may or may not be backstopped by liquidity lines from real banks. The shadow banking system is particularly vulnerable to a run which is when commercial paper investors refuse to roll over their investment when their paper matures.Cheap Bobbi Brown Brushes That causes the shadow banks to tap their back-up liquidity lines with real banks and/or liquidate assets at fire sale prices. This is what happened in July and August as outstanding asset backed commercial paper plunged $300 billion and the Libor spread over the Fed Funds rate widened by 50 basis points. The credit markets had effectively frozenBest Mac Concealer.
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