Based on the definition of the secondary housing market, this paper expands its importance.

本文在界定住房二级市场的基础上，阐明了住房二级市场存在的意义。

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That secondary market was rocked as the housing boom ended, more borrowers defaulted and thousands of AAA-rated securities based on those debt obligations tumbled.

WSJ: NY attorney general looks at ratings agencies

Lenders thought they could make money on a loan even if the consumer could not pay back that loan, either by banking on rising housing prices or by off-loading the mortgage into the secondary market.

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