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复旦大学经济学院副院长

 
 
 

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复旦大学经济学院金融学教授

复旦大学经济学院金融学教授,中国世界经济学会常务理事、复旦大学经济学院副院长、复旦大学中国经济国际竞争力创新基地常务副主任,复旦大学世界经济研究所副所长,《经济研究》匿名审稿人,比利时鲁汶大学应用经济系博士学位评审组成员、日本一桥大学国际共同研究中心兼职研究员.

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“房奴”是现代信用社会中的普遍现象——来自海外读者的一封邮件  

2006-12-26 22:07:52|  分类: 默认分类 |  标签: |举报 |字号 订阅

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To the Opinion desk, Shanghai Daily Newspaper (on the internet),
 
Greetings from the Maritimes (Canada's East Coast).
 
I'm writing in response to an article posted on the internet December 26, 2006. "Culture of saving gone as spendthrifts reign," By Sun Lijian.
 http://www.shanghaidaily.com/article/shdaily_opinion.asp?id=300895&type=Opinion (中文内容请参看我博客中刊载的拙稿“谁造就了房奴、车奴和卡奴?”)
 
Professor Sun's common sense observations about taking on too much mortgage and other debt are similar to concerns that my partner and I have been talking about in recent months.  Indeed, I have expressed fears that heavy mortgage obligations may lead the unwary borrower into a situation not unlike serfdom.  Like the Professor, I have used the word "slave".
 
Our site is http://HousingDoom.com/ and it is mainly about the local real estate markets in Phoenix Arizona and Las Vegas Nevada in South West U.S.  However, we often discuss issues that might be of interest to the Shanghai Daily and Professor Sun.  Certain peculiarities of real estate marketing and financing seem to have led many US borrowers to over-mortgage themselves since around 2001.  These "toxic" mortgages are just starting to come into Canada, and also China it would seem.  This is happening just when the US Congress has come to a concensus that these products (financial "weapons of mass destruction" some call them) must be more strictly controlled.
 
Just as the toxic mortgages lead borrowers to overextend themselves, the "sub-prime" bonds that finance them tend to hide their default risk from the ultimate lenders, who are often East Asian institutions and governments that buy US "agencies".  Our site has posted several detailed discussions on this topic too.
 
I much enjoyed Professor Sun's article, and look forward to reading his work in future.
 
Yours sincerely, John McLeod, Halifax, Canada
 
 
 

 

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