{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":"II / 11","pdf_page":49,"physical_index":49,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"073c463e6d3ed99f67b7c4fdf64799cf4e7252f751486f8de300649864cfacdb"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"加上积极的营销，这些有利的信贷条件使相当多的低收入家庭进入了与房地产相关的金融闭环。因此，在美国，拥有自己住房的家庭比例从20世纪90年代中期的64%上升到21世纪头十年中期的69%，并推高了房价。信贷的发行很轻率地基于价格的持续上涨无论如何都能在违约情况下弥补损失的假设(通过丧失抵押品赎回权)。至此，我们得出了对该问题的根本解释。此类贷款是“道德风险”的典型例子，代理人承担了过高的风险，但没有完全承担后果。代理人鼓励银行家和经纪人不断提供贷款，因为他们在证券化链条的各个层面都收取佣金，同时通过在市场上出售这些证券来完全抵御风险。\n\n当然，这样的制度不可持续。一系列的违约事件导致2013年房主比例回落至65%，数以百万计的家庭在债权人的追债下不得不放弃房屋。少数人选择对抵押贷款进行战略性违约。由于价格暴跌，停止偿还贷款并租房变得越来越有利。①亚利桑那大学的一位房地产专家表示，对于2009—2010年间的许多家庭来说，这是最有利的选择，但他们普遍排除了这种选择，因为“我们有双重标准……个人被告知他们有偿还抵押贷款的道德义务，公司则明白，如果不符合经济效益，就应该选择违约”(BusinessInsider，2010)。因此，道德风险的分配是不平等的。虽然那些出售信贷的人可能会表现得不负责任，发放他们有充分理由认为无法偿还的贷款，但出于道德原因，负债家庭往往不会考虑拖欠对他们不利的抵押贷款。\n\nII\n\n第一章 超越贪婪\n\n11","previous_page":48,"next_page":50}