Zhroucení hypotečního trhu v USA a jeho dopady na Goldman Sachs a Morgan Stanley v letech 2007 až 2009

The thesis first describes and evaluates the reasons for the decline in the mortgage and real estate market in the United States of America in the years 2007 to 2009 and examines in more detail the internal and external factors of market contraction. This work aims to analyze the causes leading to the collapse of the mortgage market in the US in the years 2007 to 2009 and to map the course of the mortgage crisis. The main goal of this work is to analyze and evaluate the collapse of the mortgage market through the mortgage portfolios of two major investment banks Morgan Stanley and Goldman Sachs. In the theoretical part of the work, I analyze the deregulation of the financial sector in the 90s, the federal government's housing policy, the dot-com bubble at the beginning of the millennium, and the Fed's reaction through the policy of low-interest rates. In the last part of the theoretical part, I deal with the course of the mortgage crisis in the period 2007 to 2009. In the practical part, I analyze and evaluate the impact on the mortgage portfolios of two major investment companies Morgan Stanley and Goldman Sachs. The thesis examines the management measures taken by the management of banks in response to this situation. Based on a comparison of available data from the period in the pre-crisis development and the period of the decline in the mortgage market, the hypothesis is confirmed that there were significant losses in Morgan Stanley's portfolios as a result of the decline in the mortgage market and Goldman Sachs. However, the latter company also made high profits. Both companies have taken appropriate measures to prevent future crises.