د نصر ابو الفتوح

†Â<oÖ^nÖ]<ëçßŠÖ]<êÛ×ÃÖ]<†³ö¹]
ì…ç’ß¹]<íÃÚ^q<–<ÑçÏ£]<íé×ÓÖ
–

" #$ – !
<<
<<
< <á]çßÃe<o"
< <íé¹^ÃÖ]<<íéÖ^¹]<íÚ‡ù]<æ<íè…^ÏÃÖ]<áçâ†Ö]
<<
@ @#]‚Âc
‫ﻧﺼﺮ ﺃﺑﻮ ﺍﻟﻔﺘﻮﺡ ﻓﺮﻳﺪ‬.‫<ﺩ‬
%& '&
" #$ – !
‫ْ ْ َ ُ ‪ُ ِ َ " #$‬ـ‬
‫‪%&$'(ْ ُ)*+ْ ,-.َ/ َ ِ0َ1ْ 2/‬‬

‫‪(89) ) 3 45& 6‬‬
‫‬
‫ﻣﻘﺪﻣﺔ‬
!

- $./ %& ! "'( )*( +' ', - $"#
7' .' 4- 4* 5- 6/ 3
2 ( 0 ! 1
(

7 ;9
7 $79 '( + : 9 .',
* 7, 79# +' .<& 1 ! %'&
( 9 )*(
=0, > 7? ! 3 *, )*( 5(0
. 6@ +9. >, ! %'&
( 6, 0- $7!!
60 %'&
( <& '- $:/@ ! !A 9 >,
C) )*( 9 6?& .-
9 :( * @ 2 , B?
D* )E 9 70& $ '& 6* )*( 6?&
5- 9 >F %'& G
+H
5
. !
+ +( ! 3 9 I ) 69 ) $G
- $
.()+= C-
* 9* M@ 7 # –7

( 7?! –7?! G

40 $ 7'/ ==, 9 %& #
3 #
$+( 0 9
# .60 > E N& &
$
9 5*(
9
7@&
69 + , 9 40 5- 2 @ 2 /
2 ? (
2 0

$9 )*( 2 F , 5 7?
$0# "12 34 " ) ,- & & .,.& )&# * & + .& ()
. RQ .OOP $7
@ $7,0 G(

‫‪+ D 6 $1 # +' 7 :' 5*( * 5- ,‬‬
‫‪G#0 #' 5 >' % ( M $9 % ( 6‬‬
‫!?‪.7-@ G
3 6' 5- 7‬‬
‫@
‪6 $9 %& 3 0 5- @ G
7‬‬
‫‪40 5*( D $ 7'/ ==, )E T# =0‬‬
‫‪U,
%'& #
( )
F ) $6, )- 7'/ 9.‬‬
‫?‪.#. & )E 6? )& 6 6 $M‬‬
‫ ‪5 $6 /@ G? T?, 7? 7= +,‬‬
‫‪? %.(" :& G #
D*' 5- $5 +, 7= =@ 5-‬‬
‫‪ @ 7 @

#! 5- # + 7? G.@ # T?, 5 "5,‬‬
‫‪.53 ' G
, ! 5- +H,‬‬
‫وآ ارة از ا
"ﺕ ا ه ا ري"‬
‫‪ ,- G,‬ﺕ*ا‪"
"%‬د ا ‪"
%*+‬اد ‪ #‬و(' ا ر‪ %‬ا &‪%‬ت‬
‫‪
"#‬‬
‫ا ‪"94‬ة ‪ 78‬ارﺕ‪3‬ع أر ا ‪"53‬ة ا ‪ 34‬و(
‪ 12‬أر‪#‬م اء ا رات‪ ..‬وأ< ى‬
‫ذ ? آت ا ه ا ري م > اء د‪%‬ن ا ‪ A ,( 4‬ز‪%‬دة ا ‪"53‬ة‬
‫و '‪F,‬ت ا "‪ ،A‬و‪ #‬ه‪ CD‬ا > آت " ذ ? ‪ ,‬ﺕ‪ ?2‬ا ‪*9‬م ا وض‬
‫إ ‪ 1‬أ‪*+‬اء ‪ ,LJ‬ة و‪J '- K‬رة أ' و‪"I‬ات ‪ ،, H‬و‪G ',‬‬
‫ ‪%‬‬
‫ ‬ ‫ا ‪ H4‬ت وا > آت ا ﺕ‪ "5

N98‬إ(‪
( ،‬‬
‫
‪#‬‬
‫ دون أن ‪ G4%‬ا ‪I‬س ﺕ‪ 4,# ,OL‬ا ه أو ‪I A,‬ز ' "ت ﺕ‪?2‬‬
‫‪',‬‬
‫ا' ‪ ،'4,#‬و‪ T‬ت ا ‪I8‬ك ا ﺕ‪ً *+ ' R39‬ءا آ‪ ً ,8‬ا رأ‪ ،' 4‬و"أ‬
‫ا ' م آ‪"% U2‬ا
‪.1‬‬
‫و"ت از آ‪ G‬ة ا ‪ V2W‬ا ‪ + -"4‬ا ا‪ 8
2‬ا رات ‪"9‬ث ﺕ‪Y‬ﺙ‪ ً ,‬ا‬
‫ا" أ ‪ G%‬ا ﺕد ا‪[#‬د‪%‬ت ا إ ‪ 1‬ا ا ‪ L‬وا ‪.‬‬
‫‪S‬‬
& 61 5
D* 6.! 7, 7 7= 7', %-X 5- %*&

%& 7& 5- G
# D* 5- 6

/& #
>,
2 ! $7, 7 7= 7 6 <& 5- ;,
+/ $9
)*( .7, 7 7= 7', 7., 5
/ <& 5-
:5 &
)*( @ 7 7 ! Y-
: & % 34 & : 7& 8 6
-; , : ; <
# -; % # , & : %= <
W
‫ﻣﻄﻠﺐ ﲤﻬﻴﺪﻱ‬
‫ﺩﻭﺭ ﺍﻟﺘﺄﻣﻴﻨﺎﺕ ﰲ ﲪﺎﻳﺔ ﺣﻖ ﺍﻟﺪﺍﺋﻦ‬
‫> ‪:. & 5‬‬
‫ \ ‪5- " ', 5- 1

6 7 5-‬‬
‫=‪5 7
, 7?! G
7 )*( T,
7, 7 7‬‬
‫‪ , 5 $+= C- + +( ! 3 9 I‬‬
‫‪#-, %.
7 '
Y- 6& 7, .7 ? + & ',‬‬
‫ *‪?' 0 $9 7& 5- " $+, 3 +#\ >, D‬‬
‫‪.3 , 5‬‬
‫‪7*, G3 G( $+, 3 ! G#H Y-‬‬

‫‪3 +#\ 70, Q
.- $Q! 3* 7

' G‬‬
‫!‪: 5 6?\ 5*( $5
" (
$Q‬‬
‫*? ‪: : & .# + @A :‬‬
‫@ ‪5
9 %'& $7 G= %'& 10 7 7‬‬
‫ (*‪$3 )*( 7 6 <& $10@ 7 5‬‬
‫@
‪5- %& 5 $7 " 50 D
0 5*( #‬‬
‫‪.50 D
0 )*(
9 @* +, 3‬‬
‫ &‪50 D
0 7., \ +, 3 5- %‬‬
‫‪:, .
10 10 $ 7 5* D
0‬‬
‫!‪.
C- 6 Q?! T@ %& Y- $‬‬
‫(*‪+' 9 4 +, 3 5- %& D0- $ 5‬‬
‫[‬
=0&
9 "F 4 43! $70 7 ?
( 5*( =0&
.: :('
>, ! @ $"= Q9?! +, 3 Y-

: 5 6?\ 5*( $
9 %'& )*( /I #
:.# + B:"1 5

6 )*( ^ $ 6 40 )*( +(
+, 3 =
)3' .+#
=
9 40 7&*? '
@ $G ,
@ ) 6 40 )*( '& \
9* @ +, 3
_ %& _ )- # @ @ )& $\
G 7@*
$ '& )*( 9 6?& \
> $9 %& C
\
G * @` * \
6& 6 @ > %'& )\@
.() @ _ ( H
T?
N! Y- .

9 & 4 %& * 6\@ +, 3 )*(
`@* @ *( \
9 4 \
G * 6
)*( $
6 4 %& ^ M, 9- . C
G *
3 5?! %& '&- $, 6 )*( Q! M 9 T.!

N! ) 6 >, 6 7-@ +, 3 6 :( )
/ ()

Sa[ : *( Q
$1 G( #*( \
=0
: *( Q
."# : C +#=* )*( =0& =0 " :
G,-
T? #
/ C3 E 7A C )*( =0& =0 " :
G,- Sa]
-&
# 7= G# G D@ +=* ":' 7'\
#
?
7 " C +=* , )- 1\
7=. 7 <
E . \

)*( =0& \
=0 +, Q! O[ 7
[ +
' 23 ."# :
.G,- SaO $aP $SaR @ H
. .7
- ^! & )- 7(= 7@*
]
.() *( ?' \
G 6 * 7-@ C-*
9 - +' $

9 6@ - M
+, 3 = @
, 6 )*( D?
M Q! 3 ( = .!X )*(
Q?! @
9 "F )*( '- $
9 & 7&*? *
.=
.# + 61 5

C-* 7
3 6 40 5
, +, 3 :@- G
@ E
3 E $3 5-
9 40 $
5- T? @ 6 D
0 - . ! >, @
^\
5- $ *( \
+' 9 0 5 $#3, #*@
9 5*( ?' $ 5- 6 4 =0 G
:(' 2 H
9 Y- $!X D
0 .@ 5
, D&?
5 7&= ! >,
9 40 +, 3 5- :
C 7 5*( D $
9
6 7
, 7
5*( 9 6@ 6?& $C 7 ' ?'
4 ..
` @ '& 5*( 9 6@ 6?& +( 5
, .%& 6,
=@ G# 5
$7, 2(
6/ C 7 Y- $
'* 2 : ! +#
6@ 6& 6, - $
9* 7

'
.()!A *&
$6 C=0 $0# # )&# & &*.& )., & A$ .& ()
aQ .5
0# 3 0C 0& & 3A# @ D+ % ! " 7 & ., & .& ()
. S Q $R
$aa[ 5 7, $:& 7, G 7,0 G( $&
R
G
:@- G#H +, 3 # >, 5 ! "# 2 H

$7&
'& )*( 6?& 5- 2 = 9* ) , 5@ 7?!
.! 7&
+, 3 # >, 5 ! 0 5@
%4 E& B1 + : =

$`.@ '& C\ 9* 6\@ 7* ( <& )E )

' @\ 0
$ )- #0 ) G-? / $ (E ! '
7-@ @ $
7?! G
)*( 9 6?& )E M 0 '-

& E 6? @ .%'& , )- .
` @ '& C-*
:'
7 )E /@ 7 +3 %'& :

"12 4 , :; 6
$ ( 69 Q! /@ 9 M B?- $ C- )- )*?
$C- ( )*? =0( E $D, 6 )*( & G )- E
.7\@ ) "
* –, 6 Q?! %'& :

# 4 , :
= 6
)E + $ 60 6& Y- $9 C-* –" *
"F 6 6 / '& )- 9 4 @ $ C-
- T? E $@ b M )- , @ @ $(+' %&)
9
)- *( \
$(4 %&)

9 ,
9 "F 5*( +' 5
, D&? 9-

@ . 6& 6 7 '& C\ 5- 7 5-
6 6H E
G-? @ 9 Y- $4 := 53'
. - T? 5& $ .
` '/ C-* Q?!
T %'&

7
, G
7, 7
, %'&- $ 5*(
P
6?- +/ .+= C- + +( ! 3 9 ?&
. 93'
"?
)- += 4 #

)*( %* @ +' 5

' )E
@ 7
5& #
"'
7 " G
@ $', + 5
B&? ^ $ 1
# E .& @ @ ',
.=& * .& @ 3 @

5*( 5*
' 6H 5- C3' '\ 5- D 0
$3
2 7' F 7 5 $ )*( 5
+ %.
6 @ 7 " Y- +/ $+= C-*
` E ^ 6@

( '* + 7'\ & '- # 70
.=& 3
( 5 + $', 5*( )*( 5&
G= + :=& 6'
@ = + 5 7
."= + = + 6@ B? $=&
B* ? <& 5- +!

E 7 "#

& 4

7 7= B* ? ( ',
7= 7*@ 7., %*, - ( /@ #
7, 7
6 5#- $#H 5- 7

, G
7?! G
G'
G
5*( 7* # G*H $7?! G
5

' @\ -(
.
'* 5! 5 6& 6.! 7
,
: 9 :H " C @
+H
#' @ E $F & =!* + G # 34 * :;
O
= +/ $%& ( ! 7
, %'& 4\ +/ 7@* %&
7
, G
@ + E $7, 7
, %'& 7*? 7
, %'&
M 7?! G
- +=* G 5- 7, 7
( ` '& E
.5*? 7 5E ! + 7 +3
4 .- $ ; @ 3$ 3! : & 3$ * :%=

.3- $
C-
` 3
9 #' 5 6 7' 0
<& $#*@ : c @` * ', B? <& $7*9, 7@* :@- : (
5- 5
( @ 9 ' ?! 0 - & )*( , D,?
/, +#
* @ : - 3 d : &
.()
3 +' )*(
7 /@ G&? $7

, G
G
'- 3& G 5-
$M', # +H
+' $7\ 7@* 2H
$7?! G

C- =* C.\@ (E ! 9 D
0 #
)E 7-3
.()
( 4
"1 34 3 : ==
`'& 29 6\@ #

5- 6/ :7/./ G' # 7?! G
E
%& 4 Q! @ $ *& "? @ 2 $2 ?!
5

' @\ +' $5*9, 3 T,3 $7 G(0* %&. Y- 4 ()
E $7?! G
)*( 7
, G
:@- %\ )E ; G 6, " 6@
)E 40 .0 60 5- $@ 7 G G= :! " G
@
/@ 7?! G
"- 70 G*, 5- =. ', +( 7(
.7
, G

$] + $ORW +( )0# "12 34 % '& )
!- & $ & .& ()
.Q
a
. 93'
"?
5- , $2 ( 2 0 *\@ 5?!
:5 &
)*(
:F "12 H F : & ! B1 4 :?*

$2 ?!
` 2
(
` @ @ Q! @ E
7 5- 5?! %& 9- $2 ?! '` & 9 6\@ E

D - '& , 5- %& 9\ 9 $
$ 7 5- 9* ?! '& ! 6\@- Q! +'
7 5- / 7?! %'& 7\@ :0 7?! G
@
.() F " (E \
0! * E&" ! * %"12 7* + B1 4 :=
:I
6, ', "? @ 5?! %& 3 =0 5 J
$? ? %- $
' D . C/ 1 F
.() 7?! G
#
3 =0 7?! %'& " 6@-
%& 6& @ '- *& @ 5?! %& 3 @ =0
+= # +'- 6( ( (
2
.
` ( 5
( %& 6'
5?!
6, = 3 7\@
` +' 6'- $ = 3
` 7\@
)%&0 0 K2 % 6 " 7 &* - & . & H
6?\ = ()
73#
$5'\ 5\ ? B'
$# "12 34 % 2# D-$
. , Q $W
$OOW :' $7,
( >, = (
7\@ +' 1 F 6, +=** =0 5*( (٢)
.
' +=** D . C/ $+=** =0 @ $6,

.() +' #,
:I L I #F ! F "12 H + B1 4 :==
2 0
3 5?! %& 4 Q! E O
" . 93'
"?
5- , #-
, 2 (
.Q?
/@ 5- G' $Q! G' + 7̀,
+= @ E E 7&&? @ .- $6\@ += 4 7\@-

&? 5- ,2 @ 6 3 ( 6?\
.&
2 &?
.() F 5*(
' Q
+ 93'

%& 7& 5- G

#
@
>,

@ 5& 7, 7 7= 7 5*( T,

A
& $9
0,
7= "# #.( 7', 7 +#\
,
.+' <& 5-
e* C-* `
3 @ B0 $5
( %& 6'
3 +' Q! D (١)
.'

6?\
"
5*( 5

' aW : 5 :'\ Q
5
, 5- (٢)
)*(
' Q
+ $ 93'
)- &? )- , @ 6 $3 (
. F

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‬
‫ﻣﺎﻫﻴﺔ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ‬
: . &
>, )- f0\ & D 3 5 #

7 7= T, @
)E "/X 7 G I ( 5- #
, 7? G
=
:! 7, 7 7= F
5& .()M! G( '
, :! 7= ( 7' G=c $=0 C) $>,
.7, 7 G=c 7* 7 * 5- :! 7'*&
1

E $2 & (
2
G 7 G= Y- $ ( .
` 3-
7 7= 1
5*( T,
5& $# >, +=* G= 7\*!
* 5E <& + '
$ . 7', 7'*, :!
:

:

:

: 5 4 5*(

<& $ 8? . : -; )I2 M & .& 40 ()
www.pidegypt.org/arabic/azma.doc
S
‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‬
‫ﶈﺔ ﺗﺎﺭﳜﻴﺔ ﻋﻦ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ‬
: . &
_ 5- 5 7= 5 G :! 7, 7 7= E

7\? 5 ? +H
7( 7\? +, #
E $7
, ' 69 ( 4 ' !
G= , 7?!
: 5* #
5 ?*

( >, <&P]] +( 5- +, #-( 7= 6 G
@
5 +H
' G\?( 7 7= )E M $^.-g 7=*0

.()+, #-( 5 7 G= + 7= " , .5

)*) '( " Great Depression #$

%&$
" !

!"

#$ %
!& ' G <&.()

S Q % 40 $ -; )I2 M & .& 40 ()

G +/ $% S 7
7@ 6 % )- +# , G 7= " 5- ()
?. 5''& D
0 )*( 7 "/X G < &
)*( 6 % 5- G#

"H G*/ 5@ ? 5- 7? G., 7@& 5- #
, )@
1\ $)0
1 ' D
0 G/ >\!
$)*@ .# )- >\!
:5-
H
6?\ = .OS +( )- 7@ 6, : <*/ )& )E 6? 7 G,
Jérôme EYMERY, Les subprime: crise financière ou crise globale, www.
oboulo.com/crise/hypothecaires/ cris/financiere/mondiale -f.htm
W

!& .(
)*+
, "+ -. /
0
"
(3
4
)*+-
56
. ,
12 ( %
,. ;" /
(2 ,
) ." 9. :0 9." 7
+
*+
* 12 = & ,. 3
< 2 ."

3 0-"
.()
>"
(2
0$ > -. ?

,
@
" +A

0
" "
? C+ -$2 :(+
.B
? +
, 2$

-.

. 2
D +
E32
,
.()
,1
, ,1.
:

%
!

(62 :,
,1
, +

C
,
*
:0

E? " " (2
(
GB1
" 0*
+
.;
)
0 " 5
H
2
D
=+
). +
0
,3.% "
=- 5
H
(2 C
"
JKLM )
2 =
-2 :$ ,
@.I @2
-.
.(S)0
, .
:))+

! #
5*(
<& $ O1 B12 # -; $% -N & & .& 40 ()
www. swalif.net/softs/swalif12/softs244276 :5 4
() Lucile TOURNEMIRE , La crise financière actuelle - comparaison avec la
crise de 1929 .www. oboulo.com/crise/hypothecaires/americains-f.htm
7
@ $T, :
) '* * ; )7&, ., .& 40 (S)
, ]a Q $ OOR
[
1. +3 -. + >
0

). 2 " = & -2 (
"
9&$
N&
-
)

= & .
1

D D
2 -.
. ()
O +D
: ++
:,-6
0 N$ 0 (-.
0 " (

,
= + , P
&
++ 5+ ) 4$ =+ :>$

G
.

) >D 1B + .
=+ ,
&% )
0 (*" ,Q
96+ 56 4&
0
?

=+ , ) "
G+ ,
!& 02 :

,
, ,I >D 0

?

& (-. DH
, = R
, 6-$ .

+
.)1
-B- .
‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‬
‫ﺃﻧﻮﺍﻉ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ‬

: &, % -
e* )E 7 A 6 @ 7, )0! +0& = <& 7= G\ ()
%
? 7?! 7\? 7 G I G*! .# )*& ;
)0E +0& %Pa
7
, ; \
6 * + 7 43 '
G 7=& d +- ) '

( - $M! 6 7
0 @

5- <& @ )*@# M? d.?.
40 .7=& " G3- 5 =
Laure MIGNON, Les crises financières et leurs conséquences depuis la

Révolution Industrielle,www. oboulo.com/query.php/mondiale
]
= & ,. 3
< 2 > G
+ +%
"
.
+

,%
, @( :
!& 5+ :
0" (-. . 0
. =+2
: (
"+
(-. :06
:

/0 ! .
-
D ;" :

, 6-$ G
+ =+
06
(-. = & :0
S
: 2

:7
:(
:/2
&
–
/ . 7
/ +.
, G+

& *
: 1- ,$ 0- B @
-. -
> -. ? 0
Balance des .2
,
I <
!& = &
56$

1+
B-
&$ +.
!& ;" .paiements
+ N? ;" :
-. D+ -

G+
2

, +3 2 ;" 9 : -
=-
.() JKKT ). ' S 2

: (2
! *
`( ` 7

7*, T? , >\! +, +F )*( ()
)- ? 0 6& )- "! i3 2 @ G& D*F )-
E $7'
7 *
& / # G= * >, .70! G'- )- := )
0 6 ^ G'-
M?
I )- 2 2 D,*- !A >, $) F 1 ' )*(
40 . @ 70 ) 6? 6 U@
<&
Liévin TERRIER, Les crises financières asiatiques, http://www.oboulo.com
R
2 AD6 > > =+ 9D
+. 2

*
9 CA

)* 0/ 5
U )1 =+
, 2 .CA

" -B
B :CB ,-2 :(
"
-B D
B + *6"
;" : +
=- B$
&% ,.
-B D
:0"

G+

& , - "
&% .=+
N I
.() 2 "
=- 2 2 :N$ =+
:
4& ! 3

7 D+ 0
S
(2
,
;"
0
C6 +. .16
, ;" :bubble .16
>*
;" . O G6
0 -. :
D >
P
– 0
0 -. ) – 0
@
, 7
, +.
2 .0$
-. 0

& > E :! G6
,. W+
4 !D
=+ , +. I 0
+
P "
!&
*
2 .&
" ) , :B
2 ! 2 0
= & C
GB1
E6+ (2 @
N$
)
"+

&
+2
.()N$
.B1
(2 )
`-! >' B

* >-
M 49 - M $^@, <&
( ()
M &0 .& 40 .:& > )- 7= <& D& G* C- )*( # +(
. P Q % 40 8? . : -; )I2
: 5 4 5*(

<& )& 3-; )& 2 .& 40 ()
www.demirihcab.i8.com
P
: 5% ( 6%&

:

G
+ (2 2< 3$
=+ , :S
5
03$ , :+
=- I >" , 0
. =+ , :

: (- 0

!& - , :

&&9

. 8 2 8 # 7
X J
+U2 : C
?
-"
B$
+ +.
" =+
P ," 0
0 -2 .E32H

+H 5
0 51 – 0D
0B 5
H
2 C + N 2 CA

.() 6 B$ 0" = & 2 – 3

<
1
@

%
ID- +

, 2 :0- + 0"
= &
).
N? :
1 H

+
=- 0 –>

+
N – )

1
+
. -"
- -"
A

(2 -
"

(2
" ;" +% * "
=- 2
-
,
@2
,. "
=- D +. 4
.()
+
=- S1"
+. +D
3 02P . &10 0 3-; ! P )

16
& .& 40 ()
: 5 4 5*(
<& $ :9'
www.kantakji.com/fiqh/Files/Manage/104.doc
Contagion Effect 7=*0

#*( %* ()
O
: ()
:%
! *
-
I $
=- 0 X

01+
4 1
0" ,
7-$ .N$ 0 (2 +
X )
S
+
O + D+

& 2 , 2 ;" ,
&%

+ + 11" 3 ) :06 "N- "
.() ) + 2
=- 6-$
@
:
% -1+
‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‬
٢٠٠٨ ‫ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻷﺧﲑﺓ ﻋﺎﻡ‬
&+
+I 7 >$
+Q
2 )
5
I+ )
C-B &+2 .,
@
$
" -.

-. N
B+
2 ;" 6-$

?
2 B
G6

?
=- ) , , .
N
: 5 4 5*(

<& $ D +#\ :7 7= $ & j( . 40 ()
www.pidegypt.org/arabic/azma.doc
$ 5. ? @\ 5*( / 7, 7 7= $7& . & .& 40 ()
www. fibsudan.com/pdf/hamdi.doc: 5 4 5*(
<&
a
2 N1
,
Y
S

2 +AH

Y0
.() B
0 G6
Y>"

-. , 1
> 6 +.
!&

*
,. N D. % N

,. )+ D. :

: B
0
%

.7
, . E32% ) , :

,
N >" * (
: 0
,.
, 1 0
+
.
7
, , :N$ D , (

)*+
7
: D , ,

.()@? 0 , 1
>
4 *
( : 3. ? +-. +. >D

+
?
!& , :>B$
+ !& 32% ,. "&
, "
). (2

"& , D+ (
--1

, + 1
,1
(2 I (
:

?
) , :JKMK
(
6
(B"
EA :,O ,
?Z+ [
& :. C
, " -. >D N\ ? ,I :S

(
.(S)"&

$ % 40 $ O1 B12 # -; $% -N & & .& 40 ()
SQ
5*(
<& $ & # -; ) ., Q" & & .& 40 ()
: 5 4www. greenbookstudies.com/ar/lectures/s-30-10-2008.doc
# 0# 7/./ #9
Y + = 7 I 5E : @ 0 (S)
$:& G 5- / T? @ 4 7 7 I " , $+P[a +(
: ! 60 ./ 60 5- 7?! 5, M )*( :@ 7=
T?

^.-E .( , . +aaP 7
</ 4 5- * S,OS '

, .D SB+

3 ;" %

]1+ , (+ (
: >"

(2 >

?
0$
% 0
!& (2
1
G+ C2 4&

:
(2 "
.
()
S

(2

, -. , (

1

=+ , :B12 (11"

-. - ? "
,-
,
(

B
" 1
.. (2 0
+ ) ++I , 1 ,&
,$
5 =+ ,% 0 :@
" -.
.()

0" >% +1 ,+ 5
= &
0

.
+ ). 9D

7 ;" , @

). (2 " (

>$

, ,. 3 2 :2 >.

(2 1
,
(-. 7+ , ,Q
+ ," :M^^L
. )1
;"
(2 D +
&
5- 7??! G 6 @ 7 I #

, G 6 7? 5- 7& # =
" 0 # -; )7A .- .& 40 +OOa 7
7?! 7 G

www.iid-alraid.com : 5 4 5*(
<& $" .
4 5*(
$ %# &"@? % ,=4 # -; ) &2 .& 40 ()
www. almethaq.info/news/documents-590.doc : 5
() Florian COUSTET, La crise financière mondiale issue des subprimes et
ses conséquences économiques et politiques.
http://www.oboulo.com/crise/credits/hypothecaires/americains-f.htm

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﻧﻰ‬
‫ﺩﻭﺭ ﺍﻟﺮ ﻫﻮﻥ ﺍﻟﻌﻘﺎﺭﻳﺔ ﰲ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ‬
‫‪:. & 5 R‬‬
‫‪C- 3 5- 2 , 2

( '` & "( $', 7\H 6/‬‬
‫=‪5E I %'& #* -
Y- 5 $ 3 +‬‬
‫&'‪ ', 4 5- := 7#0 5- &

E $7\H " %‬‬
‫‪. '& C\ 5- +' := $+#‬‬
‫
&‪1
7 6.! ', F
6‬‬
‫ ‪+ '
.7, 7 7= ', 7.( B3
+/ $‬‬
‫ &< ‪: * 5E‬‬
‫ *‪', 7 : 6 D‬‬
‫ *‪7= ', 7.( :5

D‬‬
‫‪S‬‬
‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‬
‫ﻣﺎﻫﻴﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ‬
:. & 5 S
C- 3 G , 6 Q?! % ( 7

, G

C-* Q?! 6 6H E $
G-? 3 9 I ) $+=
`'& G
" @ +@& $ - T? )& .
` '/
(E ! 9 D
0 $M! 7&
#
E +/ .4 7= 4 7
(
.+#*( +' 7= f# ) E $
9 9 7&=
= 5 Q9?! $ \, 6.! ', 7 ;,

&
)*( $', % Q9?! ( .3- $ #
:5
: 7# , T# :?H *

C- Q?! '( )*( 9 D @ '( ',

9 ,
9 )*( +' "3' @ $2
( `'&
.@ )- ', / '& C\ )- 7 )-
) '( )3'
), )
( %& ', - $ 5*(
)-
9 ,
9 )*( +' 9* 6! $'( )*(
',* M'
6' 7( 7\? $', / '& C\ 7
.()@ )- $ e* >,@ $
40 , .!; 2 & )# 34 " ) & T6 & .& ()
.]aQ $aa
– G $7'& 5*& G
)-?
W
:7# , B:"1 :F=
=0 $M'( $), $)
( %&
', %& =
:) 6?\ )*(
:% 7# , –
C5 )*( : 7 * &? 6!

$)
( %& ',
T.! )*( $7 * " )*( .& 7 #*, %& 13
'-
E $ . C5 6, )- `'& 6! $7*? 7
, %'&
7*3- %& 6& C5* M'
6' '& # 9 C3 )-
$7 )- '&.
#
9 ,
9 "F )*(
.4 %& +' %& &? 6! <&
:%# 7# , –
3 5@ )*? %& 2, E +'

$2 , '` & ) ,
93'
&? )- 3 %& 4 )*( D . C-
5*? += 0 E 0 - . F )*(
' Q
+

. ' E $ , 53'
" C- 5*? 53'
Y-
.()3
2 , 6
:7 7# , –>
6H ', :=& @ .6'

', )*( ',
4\
@- $%
4 )*(
:- 6 $*
.!X 9
@ $9 ! ',
::-$ @ L 7# , – U
.Q $P
$% 40 $7 & .# &.& ()
[
C=0 6@ )
, :79=0* * , ', = 2!
3 C=0 6@ $ 6@ 7
3 7
G', ',
%\ )3'
' Q
+ $#*@ 7
G', ',
.
B? # $+, +H

G 79=0 +( :( Y- 4
( .
` 3- $# ( 6=
# 9* $# @( )*( %\
.():(' )3' -̀.!
' )3'
: 7# , * B:"1

% # 5*& 5 Q9?! 5E
+' 5- +#
@ $'&
@ # G, % " ( ',
6/ 7 Q9?! 7', % 4 A
#
: 5* -
: ! @ 7# G @A# –
7
1\- @ 7 ', >' 7
7'/ 7.( 0
B
= > 3' + 60 B \ 7' )E >'
()
& 5- 6! )E 7! 7
)*( 7H-& 6 G-
.#, @
# . = ! & –
. SW Q $PS
$% 40 $%!- & $ & .& ()
40 $&20 0 .& 40 7'& :9\ E -3 ' 7! ?' ()
. R Q$%
]
‫
‪>'* @ @ 7 3 > @ 7
@E‬‬
‫ ‪@ * 7@ 7' 3 > 7
@E .+‬‬
‫ ‪= )*( 6?& 7
@ +#/ : :\ @*# * B‬‬
‫ '> (
\‪' 5- @ + D .@ , 1‬‬
‫‪, >\!
7& 5- 7', +#3 6 :(E )*( @*# :‬‬
‫\‪.:9‬‬
‫> – ; = ‪# G‬‬
‫‪3'* 6# 7
/ 7', >' % = E‬‬
‫&?‪E $@*# * >' +' 6 ^ % ( 6 )*( 6‬‬
‫ ‪.M! G‬‬
‫‪)E %
A
& ', 7 )E
,‬‬
‫ (‪7, 7 7= 7', 7.‬‬
‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‬
‫ﻋﻼﻗﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ﺑﺎﻷﺯﻣﺔ‬

‫& ‪: .‬‬
‫ \ ‪? @ 5 @ 5- G', 5E

7 5-‬‬
‫‪#- $ * 6@ 5@ +*&- $> >g‬‬
‫ ('"
'‪ .', 6‬‬
‫‪
* .7, 7 7= 5- 2 ! 2 # 2 G, 7',‬‬
‫
" ‪
5& :
1
S .12 D6+
+.‬‬
‫‪R‬‬
: 5 &
5*( ', #.( 7= <& 7\@ >,
7# G @C % V –

> +
51
P+ (2

?
'
,
1
% 51
+

: "+ , 0 S )
,-
, 51
=-
?
.N$ "+
)O , (+ : A
+A
>
D
6
>@3
"

.
0-" +. , ( : + 51

-. )
) , :51
"+ (

?
C -. ? :51
.+

@2
-. ).
4 ', 7= C T' ^9 D - @
@ 1\ )*( 2 ( 5@ % 5- 7', >' 5- @
> 5- ', >
G, <& .G', , 5-
.() )*( >\ : 5- H

2 0$
N"
1
S ) 12 = & ,. 3
< 2
D,- $7= <& 5*( 2 /@ ( 40 5@ .#

@ 0 ()
6! - .+, 5- +#9H
T,3 @ +#
+F D @ @ %\
5@
+ :=F 4 \,3 Ra 7
' 5& ? 4 7
' \,3 S 5& 6@ 5@
5 Credit Cards 9 G ) $40 )*( 5@ *# 40 5-
7@ G,0 5- D 6,0 5 $ : B

40. N!@ .-E .(E )E ,- G TX G, +( 6.! `

Deyanira Bautista, Les Sources de la crise financière des États-Unis, www.
montrealrealestateblog.com/fr/8-sources-us-financial-crisis
P
+ 1 , :
-- - B 6- 1B >"
,+
(-. 76
-D (2 + 12 0$
N" _2 O
.(+A
"

). +. .>

0B C C6 B1
0D
<+ 1
+
) ) 4&

,. 7 3 B1
A
2 &$? !"
>

, / +. >A6
C2 1
(2 + D ,. 3
< 2 .!

.()/- -1
>A6
N& N1
, 2 :5@ 5\
B 2 <*"- 3

<
;" 1

+

-. ,
6"
1
G6 N
0B <D
,A
.() $
)+ @
0 5

5

2 )+ &$
1
=- )
G6
0* 2
51
!& 2 .
, – E
2 )
– ,
. (S)
, S
2

1
-. 0
: # & + 3 & V –
.Adjustable Rate Mortgages ARM 7=*0

7*( %* ()
OOR :\ 6.! %W D' G,\ 7
@ G', , 5E : 0 ()
7@ :& G )- )
@ * 6, 4\ <& '- ( .3- . aa]
40 aaW )- %]O, ) OO] )- %]W
Deyanira Bautista, Les Sources de la crise financière des États-Unis, www.
montrealrealestateblog.com/fr/8-sources-us-financial-crisis
(S) Phillipe Bergevin, La crise financière mondiale et ses répercussions aux
Etats-Unis .www. parl.gc.ca/information/library/PRBpubs/prb0834_05-f.htm
O
2 >A6
M^^T M^^` (. 03$
<" :>2
;" 0$
N"

N C
O -. G6

51

2 H :

1
5 @. 6
)1
,

,. ,
C+2 : <+
1
0
.()06 N
1
:>

B
,+B

, C 1
=+
C
= & @
"
X )
ID ,&
:
1
, , . ,
+ 0 2
P- 92
, D (
,I
X -
6 ,
7+ 12 .

,. 0$
" C+
2
1
,
,I

, ()
- 9- () ,A6 ,

+
.,
@? ,
+
(-. ,
B &$I
0$
,
!& C 41
5
H
=+ 12

0 ,
!&
(

.D$ >"

,
!& 0. ) :51
!& +
!& , B$
!& -.
.
(2 N G > S+
.()S+
(2 +< 0[ 4&

96+ ,A 1 S+
!&
( % 0 ,
-. ,
" :(

<& $ 6
#@ ,=W -; :& & ., & .& 40 ()
www.iugaza.edu.ps/ar/ColgUpload/Documents : 5 4 5*(
() Nicolas DUMEL , comment la crise des credits hypothecaires americains a

entraine une crise financiere mondiale ? http://www.oboulo.com f.htm
Sa
N 4&
/
(
C

, 0 :c
2 , ,

& I ) .P-
>B
-A 2 .4
+- d" ,A
(2
-.
0B D ) : N C2
5
3
.()=3
G I + 7= <& 5- ( !X 6(

#- $ 5*(
:(E + G
" $ 7', 3 7 G
C 7
.#
G :( 7= % 5- #, #0
E
7 % 5- 7', >' 6 + @
!X )
,
.() 3
: ; % % : 6 – >
$7 % 5- 69# 7= <& 5*( 3 ( '

:/@ ?
2 - %*! D@ ', 7 % " 6,0
G&? 7-? 7 G I- . ! = G G 5-
@
:0 7 G <& , ?
2 ?! :@ 70 5*(
7?! 7\? ', 6 60 5- 7( 7\? 5 60 5-
G,\ , # G.9( G

:! 7= 6.!
5E : @ 0 ()
4- # B e )*( 6' G*?& $', G@ M $7('\ D #
7
=\* G 6/ 7=
G C $:0 : C $7,0 5- #9
+*, +
) 5- G(\ 5 7\*! 9 G@ 7
7@ ) 7' @ .7/&
)& :? 7? 4 $G $5, +*, $5&? N., G0
40 . 5 .# G0&
Marcela BESERRA CHOAIRY, La crise de l’économie américaine, www.
Credits/hypothecaires/americains/entraine.com/fr
., R Q $ % 40 $7A .- .& 40 ()
S
6.! $:@ :? )securitization %
5-

)E I >' * 7( G
)E 7
@ >' 6&
)E I ^.- #
. &E >, Y- 5 $7 G I
.M! 7 G I #
/,

5 5 1 ' # = M! 7?!
$M! 7&

D? ( Y- $f #,3 D 7 7 I #
^.-E
(
#H, 5 43 @ 5 $M! 7 G I 5- (
.()+#,9 D& )E I0* +/ $0
: - #* – U

G', , G,0 :& G 5- ?
40 4
7 := 4
* +#3 ( 3' T $7#0
7 G', 4 4 #

G0 5 $M! 7#0
7 2 /@ 6 G&? $7 $G', " 7 $>'
.()G0\
7', >' 7('- 70
$>'
)& 7 G I * #

)E I 790\ :? 49 D& Y- Y- 5*( ()
:& 7 G#
<&
/ *( %* .2 * 2 0 #,3 @
.a Q $% 40 $&2 & H
$% 5 G#

7, %
4 7&
G@ G 3 $ ( 6! & T 7= +\ M ()
` G= 7 ( ', 7 G=0,- $#
N!
@ >- 5 1=
6& G',
40 ', G@

François-Xavier LEFEBVRE La crise des subprimes et ses impacts.w ww.
oboulo.com/crise/subprimes/crise/credits/hypothecaires/americains.
S
!& >

) 0+
+
0 12 := & (-.
>1
). +

& C : (2 (
0
7 (

E32% ) , :B1 1
4 0 , >
,

-.
. 7
,
++H
D"
;"
B -. N

!& "B
)1
D"
1 C $e N
G %

,+D
+D 5
3 2 2 ++H
.D
2

) )$ N&

.2 "B "

9D" N&
N
#+H
,. - D
. ++H
)" )1
SS
‫ﺧﺎﲤﺔ ﺍﻟﺒﺤﺚ‬

7, 7 7= 7', <& 5-
0(
7?! 7
, G
,* +# >, 6.!
7'/ < 5- ', # 5*( 7
, G
7?! 7\?
#
5E I 9 7'/ #
5' ? 5- 9
. 6 /@ )*( /I 5' ?
6= 7
@ 7/@ 6/ $ 7, 7 7= 5- <&
5- ^ ? T? 6 +( 5- $6== 0\ #( 6H
6 $7 D, ^
:& 5-
E $ "& 5 +, @
" 5- 6 % T? G? $7?! 7\? 7

6 7@& #@*- 5- $5@ 5 5-? +H
* 7, 6
$ G/ +0& $ 5 @ <& Y- +/ $%
5- =0, $ 6 , 5- @ G? , >\!

F $ - :
, = $
G, I $ G
=
<& #
, E 6 $ 2 @ @ 5E #' 5- 5 $ 40\
.()6,\
G&? #
@ $ '- G 7= , + 7, 7 7= Y- @
@ 5, 5*( 0 G 7=
: 5 4 5*(

<& $ -; .AC ) 7&$ 32 & .& 40 ()
www.nfaes.com/Articliesfiles/3yujryuj.doc
SW
)*& ,? 5*( +@& :' : D* 5- 7 7=
6? ( =0,

@ d3 M
@ I " 6.! -
? +9. D
M +H
1 .- C, * : /X
)& ). 5, , )- G@& T@ 6@
7''& 7= : ! G( " D
0 70, = /X # %&*
.5#
) D 5E
( 5#
<=
)*+ 2 :1 (
f (B

N +

,% – J
+ ,. 3 2 .2 S/ 0
0 9+" , #$ ) (
."
,' (2 .D
: 3$
>B$
, ( )
7 (
+

E
,+% % 0
0D D $
&+ :)

1
;"
0
12

"+ +/
0
" 4 :4
G
(2 (
)*+
*+
G. + ;" >B$
, ( .< 3/+
S

" (2 -
+ :>D

-
>$
&
9/
.+
"
%
-
(2 0
0$ ]-1

C :( "
(
)*+

?+- 9.
-.
"2
.

B$
-.
N1
,

(

!& >

) 0 0+
+
,% – g

-. >1
). +

& C : (2 (
0
7
,
E32% ) , :B1 1
4 0 , >
,
. 7
S[
:)
S
(2 +
,A
)*+ (2 * (
1
,% – h
#3. % 0

)6 ) , +
7, 7 7= 5- G

@ 5 ', 7= G&3 X i
#
/@ 1-
$ 7@ 7 % )*( 3 7 T,3
7 ,U2 = & (-. .: ! G0 )*( d %'& &
"
0* " 0 (
)*+
= :
3
-.
>D
P- S
)*+ , N. " 9D

,.
:S- -
92 P (" 0$ 4 % D"

, 9 W 96+ !@B$
.
). ,
E 9+ %

(2 41
,
9 4&
B$

)O – `

*
0

, .D D ;" "

4&
4
)*+

>-
.

%
!& . "
.]$
)
,.B1
, 0 -.
:

2

> 5#
?

.
1
]"6 (
(
)*+
(2 *+
>.% XJ
.+
(3H
0
]3$
3H
0 , ;"

CD
?
+
E , > XM
7 ). 9+I , +

#$ , ?
B+ ,
)D"
P 4&

?
5 (
0- (11"
)D"
.D )"
S+ ?-

(2 +- . + j
). Xg
>
U 0 2 < $ :
)" 2

06
.0
E 6 :,A
B$ :A

S]

د نصر ابو الفتوح

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

د نصر ابو الفتوح

Uploaded by

Copyright:

Available Formats

†Â<oÖ^nÖ]<ëçßŠÖ]<êÛ×ÃÖ]<†³ö¹]

   – 

‫‪%&$' (ْ ُ)*+ْ ,-.َ/ َ ِ0َ1ْ 2/‬‬

* 9 * M@ 7 # –7

D*  6.!  7, 7 7=  7',  %-X 5- %*&

: &   % 34 & : 7& 8 6

 -; , : ; <

#  -; % # , & : %= <

‫> ‪:. & 5‬‬

‫ \ ‪5- " ',   5- 1

‫‪7*, G 3 G( $+, 3  ! G#H  Y-‬‬

‫*? ‪: : &  .# + @A :‬‬

‫(*‪+'  9   4   +, 3 5- %&  D0- $ 5‬‬

>,  !   @ $"= Q9?!  +, 3 Y- 

:.# + B:"1 5

N! Y- .

9  - +'  $

.# + 61 5 

%4 E& B1 + : =

 7 )E /@  7 +3 %'& :

* –, 6 Q?! %'& :

 T %'& 

)*( %*  @ +' 5

B* ? <&  5- +!

 E 7  "#  

6 5#- $#H 5- 7

: 9  :H " C  @ 

4   .- $ ;   @  3$ 3! : & 3$ * :%=

 7 /@ G&? $7

"1 34 3 : ==

`'& 29  6\@ #

:F "12 H  F : & ! B1 4 :?*

+ =  @ E E 7&&? @ .- $6\@ + = 4 7\@-

%& 7& 5- G

@ 5& 7, 7 7= 7 5*( T,

>, )- f0\ & D  3 5 #

.7, 7 G=c 7*  7 *  5- :! 7'*&

: 5 4 5*( 

‫ﶈﺔ ﺗﺎﺭﳜﻴﺔ ﻋﻦ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ‬

_ 5- 5 7= 5 G  :! 7, 7 7= E

)*) '( " Great Depression  #$

S Q %  40 $ -; )I2 M & .& 40  ()

, ,I >D 0

‫ﺃﻧﻮﺍﻉ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ‬

Laure MIGNON, Les crises financières et leurs conséquences depuis la

 `(  `    7

: 5 4 5*( 

.() 6   B $ 0" = & 2 – 3

3 02P . &10 0 3-; ! P )

Contagion Effect 7=*0

O  + D+ 

٢٠٠٨ ‫ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻷﺧﲑﺓ ﻋﺎﻡ‬

: 5 4 5*( 

, , :N$ D , ( 

( : 3.   ? +-. +. >D

,  "  -.  >D N\    ? ,I :S

) . (2 " (

5- 7??! G 6 @ 7 I #

‫ ‪:. & 5 R‬‬

‫‪C- 3 5- 2 , 2

‫  *‪',  7 : 6 D‬‬

‫  *‪7= ',  7.( :5

C- 3 G  , 6 Q?! % ( 7

:%  7# , –

†Â<oÖ^nÖ]<ëçßŠÖ]<êÛ×ÃÖ]<†³ö¹]

–

‫‪%&$'(ْ ُ)*+ْ ,-.َ/ َ ِ0َ1ْ 2/‬‬

9 M@ 7 # –7

D* 6.! 7, 7 7= 7', %-X 5- %*&

: & % 34 & : 7& 8 6

-; , : ; <

# -; % # , & : %= <

‫> ‪:. & 5‬‬

‫ \ ‪5- " ', 5- 1

‫‪7*, G3 G( $+, 3 ! G#H Y-‬‬

‫*? ‪: : & .# + @A :‬‬

‫(*‪+' 9 4 +, 3 5- %& D0- $ 5‬‬

>, ! @ $"= Q9?! +, 3 Y-

:.# + B:"1 5

N! Y- .

9 - +' $

.# + 61 5

%4 E& B1 + : =

7 )E /@ 7 +3 %'& :

* –, 6 Q?! %'& :

T %'&

)( % @ +' 5

B* ? <& 5- +!

E 7 "#

6 5#- $#H 5- 7

: 9 :H " C @

4 .- $ ; @ 3$ 3! : & 3$ * :%=

7 /@ G&? $7

"1 34 3 : ==

`'& 29 6\@ #

:F "12 H F : & ! B1 4 :?*

+= @ E E 7&&? @ .- $6\@ += 4 7\@-

%& 7& 5- G

@ 5& 7, 7 7= 7 5*( T,

>, )- f0\ & D 3 5 #

.7, 7 G=c 7 7 5- :! 7'*&

: 5 4 5*(

_ 5- 5 7= 5 G :! 7, 7 7= E

)*) '( " Great Depression #$

S Q % 40 $ -; )I2 M & .& 40 ()

, ,I >D 0

`( ` 7

: 5 4 5*(

.() 6 B$ 0" = & 2 – 3

3 02P . &10 0 3-; ! P )

Contagion Effect 7=*0

O + D+

: 5 4 5*(

, , :N$ D , (

( : 3. ? +-. +. >D

, " -. >D N\ ? ,I :S

). (2 " (

5- 7??! G 6 @ 7 I #

‫‪:. & 5 R‬‬

‫‪C- 3 5- 2 , 2

‫ *‪', 7 : 6 D‬‬

‫ *‪7= ', 7.( :5

C- 3 G , 6 Q?! % ( 7

:% 7# , –

C5 )( : 7 &? 6!

:%# 7# , –

3 5@ )*? %& 2, E +'

:7 7# , –>

6H ', :=& @ .6'

::-$ @ L 7# , – U

B? # $+, +H

: 7# , * B:"1

: ! @ 7# G @A# –

# . = ! & –

‫> – ; = ‪# G‬‬

‫ \ ‪? @ 5 @ 5- G', 5E

7# G @C % V –

D,- $7= <& 5*( 2 /@ ( 40 5@ .#

). +. .>

B 2 <*"- 3

: # & + 3 & V –

.Adjustable Rate Mortgages ARM 7=*0

(2 +< 0[ 4&

G I + 7= <& 5- ( !X 6(