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(107-92

2009/02
.ISSN:1112-8984

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2008
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.
:
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(Prime)
.[5] (Prime)

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Subprime mortgages-) MBS


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2007
17
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SPE
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60-50

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2008

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[27]

1800 1700

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2006

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MBS
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2007

.[29] %32.1

.[30]
:

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)
.(2008
)
%

(CEO)

(2008

% 58 % 62 % 63 %6% 61 % 31 % 83 % 53 -

54.6
51.8
38.2
27.4
22
21.2
15.9
15.2

Citigroup
Merrill Lynch
UBS
HSBC
Wachovia
Bank of America
IKB
Royal Bank of
Scotland
14.8 Washington
Mutual
14.4 Morgan Stanley

% 86 % 30 -

Source: Bank losses, Hall of shame, Finance & Economics, Economist Magazine,
07/08/2008, Retrieved from:
http://www.economist.com/finance/displaystory.cfm?story_id=11897636

.
4

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[31]

[32]

2010
:

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[33]

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AIG
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[35]

Bloomberg
:
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4990 Lehman Brothers
6200 Citigroup
[36]
.
2220 Merrill Lynch
2940 Morgan Stanley
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210

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30 -2007

18
.[39]

[40]

5.25

2009
.
:

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.
.[41]
:

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.

700

838

.[42]

.[43]

:[44]

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:

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.
.

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[45]

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:

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133

[47 ]

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43
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10

[ 49 ]

.
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2
.
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.
2007

44

:
.

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18

2007/08/24
"
" -3
http://www.aleqtisadiah.com/news.php?do=show&id=92378&archivedate=2007-08-24

2008/09/ 15 BBC

-4

http://news.bbc.co.uk/hi/arabic/business/newsid_7615000/7615986.stm
5- http://www.investopedia.com/terms/s/subprime_mortgage.asp
.

2001

"

"

-6

7- http://www.investopedia.com/terms/m/mbs.asp
.

40

-8

9- http://en.wikipedia.org/wiki/Collateralized_debt_obligation
.
:

18

2008 /01/ 9

.
.

Marketable

-10

-11

www.misbahalhurriyya.org/content/view/426/38
.

-12

Securitization

-13

)
Securities
.
-14
100000

1933
www.fdic.gov :

11

15- Statement of Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation on Possible Responses to Rising
Mortgage Foreclosures before the Committee on Financial Services, U.S. House of Representatives; 2128 Rayburn
House Office Building, The Federal Deposit Insurance Corporation (FDIC) , April 17, 2007, Retrieved From:
http://www.fdic.gov/news/news/speeches/archives/2007/chairman/spapr1707.html
100 (

) =(%)

- 16

17- Robert R & Linda B. Cavanaugh. U.S. Census Bureau News, U.S. Department of Commerce Washington.,
October 26, 2007, Retrieved From: http://www.census.gov/hhes/www/housing/hvs/qtr307/q307press.pdf
:

2008/04/28

-18

http://www.aljazeera.net/NR/exeres/801FBC26-C619-4C78-A198-0E79557701B8.htm
:

2008/03/23

- 19
http://alghad.dot.jo/index.php?article=8493

2008/01/30

2007

%75

- 20

http://www.aljazeera.net/NR/exeres/13BDA5F8-9C58-4031-8CA9-99EAB87A2248.htm:
.2007/10/23 10556
.2008

..

- 21

24 10770

- 22

(subprime)

(Prime)

Alt-A loans - 23

.
24- New Research About Mortgage Brokers Published ,28/07/05, Retrieved from: http://66.225.31.160/?p=54
:
:

2007/12/23

- 25

http://www.alqabas.com.kw/Final/NewspaperWebsite/NewspaperPublic/ArticlePage.aspx?ArticleID=344059
2008
11
12 :
- 26
http://www.annabaa.org/nbanews/69/160.htm
2009/04/30
- 27
http://www.aleqt.com/2009/04/30/article_222897.html :
5680
.

19

- 28
- 29

.16

2008

194

30- Iain Macwhirter," The trading frenzy that sent prices soaring", newstatesman, 17 April 2008, retrieved from:
http://www.newstatesman.com/world-affairs/2008/04/haiti-food-price-commodities
:
2009 /04/21 BBC
4
:
- 31
http://news.bbc.co.uk/hi/arabic/business/newsid_8010000/8010815.stm
:
2009/02/24 BBC
2010
:
- 32
http://news.bbc.co.uk/hi/arabic/business/newsid_8010000/8010815.stm
33- ALAN GREENSPAN, " The Roots of the Mortgage Crisis Bubbles cannot be safely defused by monetary
policy before the speculative fever breaks on its own", The wall street journal, 12/11/2007, Retrieved from:
http://opinionjournal.com/editorial/feature.html?id=110010981
34- Jon Birger,"Will foreclosures spark an arson boom?",CNNMoney, 01/01/2008, Retrieved from:
http://money.cnn.com/2008/01/09/news/economy/birger_arson.fortune/
- 35
.
36- Yalman Onaran, " Wall Street Firms Cut 34,000 Jobs, Most Since 2001 Dot-Com Bust " ,Bloomberg,
24/03/2008, Retrieved form:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aTARUhP3w5xE&refer=home
-37
.30
:

2008/01/22 "

"

2008

2008

193
-38

http://www.markaz.com/DesktopModules/System/HTMLText_Attachments/Markaz%20Panel%20Discussion%20.%20Arabic%20Press%20Release.doc

12

39 - Chairman Ben S. Bernanke, "Financial Markets, the Economic Outlook, and Monetary Policy", Board of
Governors of Federal Reserve System, 10/01/2008, Retrieved from:
http://www.federalreserve.gov/newsevents/speech/bernanke20080110a.htm
http://www- :
09/01/16
CCN
0.25 0
- 40
cgi.cnn.com/arabic/2008/business/12/17/euro.pound_rates/index.html
:

-41

http://www2.standardandpoors.com/spf/pdf/media/Leadership_Actions_Full_Update.pdf
:

2008/09/21

700

-42

http://arabic.cri.cn/361/2008/09/21/85s104203.htm
:
07/03/09
CCN
838
-43
http://cgi.cnn.com/arabic/2009/business/2/10/debate.stimulus/index.html
2008/10/12
- -44
http://www.asharqalawsat.com/details.asp?section=6&article=490409&issueno=10911

10911
:

2008 /01/30

-45

http://www.aljazeera.net/NR/exeres/8958765D-A7FF-4298-8E55-6DA208E8977F.htm
46- FBI Cracks Down On Mortgage Fraud, CBSNews, June 19, 2008, Retrieved from:
http://www.cbsnews.com/stories/2008/06/19/national/main4194649.shtml
:
2008/10/16
-47
http://www.aljazeera.net/NR/exeres/4921B938-F80C-4F7C-80C0-C2B66F298FE7.htm
:
2008
7
-48
http://193.194.78.233/ma_ar/stories.php?story=08/10/07/8747019
:
2008/10/12
-49
.
http://www.aljazeera.net/NR/exeres/E4D8D8C7-CD9F-49DE-895D-ED5FB600635B.htm

13