Crisis in the USA: the largest investment banks on the verge of bankruptcythe World financial system in the end of last week were shaken by the next large bankruptcy. This time a victim of credit crisis agency IndyMac Bancorp Inc entering into ten of leaders of the American mortgage market has fallen.
experts notice that this bankruptcy became the next proof of that the American economy is under serious threat, and losses from August crash can exceed finally the most pessimistic forecasts, transfers Reuters.
Analyst Capital Markets of Zherar Kassidi notices that the next three years on the verge of bankruptcy there can be still at least 300 American banks. By the way, in February the expert spoke only about 150 banks. “ it is necessary to pay steadfast attention to those banks which have vysokoriskovye actives, for example, give out credits for building “ - adds Z.Kassidi.
And participants of the market warn: never it is impossible to foresee with accuracy, what company will appear the following victim of crisis subprime. So, in the end of March the Federal corporation of insurance of deposits (Federal Deposit Insurance Corp, FDIC) has published the list “ problem banking establishments “ which total cost of actives made nearby 26,3 mlrd dollars That the most surprising, IndyMac on which balance was an order 32 mlrd dollars, in this list was not. However it has not prevented the company to declare the bankruptcy which became the most shattering in the USA from the beginning 1984ã.
the Message on crash IndyMac has immediately led to growth of fears that two mortgage companies largest in the USA - Freddie Mac and Fannie Mae can become following victims of crisis. Oils the official statement of the Ministry of Finance and Federal reserve system has added to fire (FRS) the USA about intention to support these companies in overcoming of consequences of financial crisis.
after that in the markets the panic and sale of actions Freddie Mac and Fannie Mae on which it is necessary 5 trln dollars (from 12 trln dollars) has begun Promissory notes of the market of habitation. The price of actions Freddie Mac during the day reached 3,79 dollars, having closed as a result at level 8,63 dollars (- 3,1 % in comparison with the opening price). Actions Fannie Mae decreased to 6,68 dollars for the action, having closed on a mark 10,25 dollars (- 23 % in comparison with the opening price). Volumes of the auctions on Friday also were almost record for both companies. From the beginning of this year of action Fannie Mae actions Freddie - on 77 % have fallen to 74 %, and.
As a result as it is marked in Daily, the main stabilizer for actions the Minister of Finance of the USA Henry Polson who have declared has acted that the government does not have plans on nationalisation of the mortgage companies. “ our main task is support Fannie Mae and Freddie Mac in their present kind “ - it is told in G.Polson`s widespread statement. Growth of the price of actions was promoted also by the recommendation of some the financial companies advising to the clients to take shares Freddie Mac and Fannie Mae, and also the statement of the American Central Bank for intention to open for both companies the discount window assuming a direct loan from commercial banks under the rate on 0,25 % above the existing.
“ a financial system under serious threat. Losses of the credit markets continue to grow, and it is ready above, than people thought till now “ - expert First American Funds David Chalupnik marks. According to experts, bankruptcy or nationalisation Freddie Mac or Fannie Mae can become fatal to a financial system of the USA, that is why administration of J. Bush will rescue them at any cost. “ the government cannot simply admit destruction of agencies. You cannot take real estate which is the basic active of the country, and a mortgage which is the largest market of promissory notes, and simply to destroy them “ - chief executive Hovde Capital Advisors LLC Eric Hovd speaks.
In the meantime against an event in the American mortgage market some experts have attended to a condition of the Russian mortgage companies. However of the Russian Ministry of Finance have hastened to assure that promissory notes of the mortgage companies in which bond as of January, 1st, 2008 of the Russian Federation has enclosed 100,8 mlrd dollars, on - former have the highest credit rating, conceding on reliability only to papers of exchequer of the USA. “ according to operating order, means of Reserve fund and Fund of national well-being in securities of the given agencies do not take place. Promissory notes of mortgage agencies of the USA accountable to the state in the limited size are used by Bank of Russia at placing of gold and exchange currency reserves. Unlike the prices of actions Fannie Mae and Freddie Mac quotations of their promissory notes remain stable “ - it is marked in a press - release of the Ministry of Finance of the Russian Federation.