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Toxic asset is a popular term for certain financial assets whose value has fallen significantly and for which there is no longer a functioning market, so that such assets cannot be sold at a price satisfactory to the holder. Because assets are offset against liabilities and frequently leveraged, this decline in price may be quite dangerous to the holder. The term became common during the Late-2000s financial crisis, in which they played a major role. When the market for toxic assets ceases to function, it is described as "frozen". Markets for some toxic assets froze in 2007, and the problem grew much worse in the second half of 2008. Several factors contributed to the freezing of toxic asset markets. The value of the assets were very sensitive to economic conditions, and increased uncertainty in these conditions made it difficult to estimate the value of the assets. Banks and other major financial institutions were unwilling to sell the assets at significantly reduced prices, since lower prices would force them to reduce significantly their stated assets, making them, at least on paper, insolvent. ==Origin== The term was in limited use at least as early as 2006, and may have been coined by or popularized by Angelo Mozilo, founder of Countrywide Financial, who used the term "toxic" to describe certain mortgage products in emails in spring of 2006, as revealed in SEC filings: :"(100% loan-to-value subprime loan is ) the most dangerous product in existence and there can be nothing more toxic..." (March 28, 2006) Regarding Countrywide's subprime 80/20 loans: :"In all my years in the business I have never seen a more toxic prduct (). It's not only subordinated to the first, but the first is subprime. In addition, the FICOs are below 600, below 500 and some below 400() With real estate values coming down ... the product will become increasingly worse." (April 17, 2006) 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「toxic asset」の詳細全文を読む スポンサード リンク
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