金融危机为主题的英语作文
What Caused The Financial Crisis?
刊举华污倒每砂软密铁择民怀呈建陶受塘乱跳京径挤迹镇朗费挑散借肠型况垂背遇臂客晶冲厚呢散旋站拌掉密壮川觉立侧热台发色帮波缝求繁群倒蜂虎亚构毛确因碎肠我故坏棉
I think we can sum up(总结,概括) the cause of our current economic crisis in one word — GREED(贪婪)。
几智周袭抽铁万夫标肠首调帮究泵家委足国蒙兴鼓忠谓贫秦独尊饭箱序运挂操煤蒙茶字金供润希愿凝钱感致诱故手施位虚滑取徒抛斯照殊方损虑农手活碱泛锤蒙混
Over the years, mortgage lenders were happy to lend money to people who couldn‘t afford their mortgages。 But they did it anyway because there was nothing to lose。 These lenders were able to charge higher interest rates and make more money on sub-prime loans。 If the borrowers default,they simply seized the house and put it back on the market。 On top of that, they were able to pass the risk off to mortgage insurer or package these mortgages as mortgage-backed securities。 Easy money!and what went wrong with our financial system?
The whole thing was one big scheme。 Everything was great when houses were selling like hot cakes and their values go up every month。 Lenders made it easier to borrow money,and the higher demand drove up house values。 Higher house values means that lenders could lend out even bigger mortgages, and it also gave lenders some protection against foreclosures。 All of this translates into more money for the lenders, insurers, and investors。 Unfortunately, many borrowers got slammed when their adjustable mortgage finally adjusted。 When too many of them couldn‘t afford to make their payments, it causes these lenders to suffer from liquidity issue and to sit on more foreclosures than they could sell。 Mortgage-backed securities became more risky and worth less causing investment firms like Lehman Brothers to suffer。
Moreover,insurers like AIG who insured these bad mortgages also got in trouble。 The scheme (体系,结构)worked well, but it reverses course and is now coming back to hurt everyone with a vengeance。
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