미국 법인신협의 역할 변화와 유동성 위기
Change in the Roles of US Corporate Credit Unions and the Recent Liquidity Crisis
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Abstract
The collapse of the US mortgage market triggered a massive loss for corporate credit unions holding a large portfolio of mortgage-backed-securities. The corporate credit union crisis eventually led to the conservatorship of two largest corporate credit unions by NCUA and has spread to natural credit unions connected with the corporate credit union network as shareholders, investors and part of the same share insurance fund. Behind the liquidity crisis of the corporate credit union network is the change in the roles and functions of corporate credit unions from primary liquidity providers to investment service providers for natural credit unions. Corporate credit unions' risk-taking behavior in search of high returns backed by expanded investment authority and field of membership might have contributed to the excessive purchase of mortgage securities in even unstable mortgage market conditions.
참고문헌 (34)
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