The present banking system may hint its roots back to the Bretton Woods settlement after the conflict in 1945. As latest as two years in the past, credit score losses had been at historic lows and margins were favorable. Banks have been involved primarily with profitability, but more importantly, they have been continuously pressured to maximize return on equity. The commonest means of accelerating return on fairness was by rapidly expanding the mortgage portfolio, thereby building high-yielding property and maximizing leverage on fairness capital. This oftentimes meant loosening credit score underwriting requirements with the intention to compete with securitizations and other non-bank financing vehicles. By the time the nationwide credit score markets began to grab in August 2007, most banks found themselves with highly leveraged steadiness sheets supported by assets that, in some cases, were not of the standard seen in years past.
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