Нерегулираното ипотечно кредитиране и кризата
Unregulated mortgage crediting and the crisis

Summary/Abstract: The dominant liberal conceptions about unregulated markets and minimal intervention in the economy by the state caused a global financial and economic crisis for the second time after 1929. The lack of thorough managerial analysis of borrowers on behalf of the commercial banks, the sharp fluctuations in property prices and the turmoil on the capital markets inevitably led to the bankruptcy of banks and enterprises, the financial crisis and recession. Unregulated mortgage crediting and the collapse in property prices in the U.S.A. are considered the main reason for the occurrence of the global financial crisis. Due to the globalization and connectivity of the markets, the mortgage crisis is transferred quickly from the USA to Europe, which forced the credit institutions in our country to gradually impose more strict measures: more comprehensive guarantees and higher interest rates in the allocation of funding. The final effect of the crisis in the financial sector is associated with changes in the degree of liberalization of capital flows through new financial regulations, increasing the liability of financial intermediaries and their supervisors and with global changes within financial institutions.

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