Las transformaciones recientes del sistema financiero estadounidense y la crisis de las hipotecas de alto riesgo «subprime»

Financial markets in United States have recently suffered from a housing loan crisis that has threatened the solvency of some of the major financial entities in the world. Banking capital losses are huge and a lot of banking institutions specialized in mortgages have become bankrupt or have been sold. More and more families are unable to face up to their mortgage repayments and, as a consequence, mortgagee sales have increased notably. How is it possible that this market, after 25 years of experience and stability in housing financing by secured mortgages, has brought the world financial system to the edge of collapse? A part of the answer can be found in the creation of mortgage securities and in the Financial Modernization Act in 1999, which deregulated the market, removed the segmentation of the U.S. financial system of commercial and investing banks, and enabled the creation of financial and banking holdings to work in nearly any business.