近期的美国住宅市场泡沫也经历了一个类似过程，从优质抵押贷款蔓延至次贷。

The recent us housing bubble had a similar process of moving from prime to subprime mortgages.

youdao

次贷指的是次级抵押贷款，这不属于今天的讨论范围之内，次级抵押贷款是发放给特殊借款人的，他们不是优质客户，也就是说风险较大。

Subprime refers to mortgages, which is not the subject of today's lecture, but a subprime mortgage is a mortgage issued to a borrower who is not considered prime — not a good risk.

youdao

他说，按照法律规定，只有当雷曼有足够优质资产可供抵押时美联储才能以提供贷款的方式对其施以援手但是雷曼并没有这样的资产。

By law, he continued, the Federal Reserve could bail out Lehman with a loan only if the bank had enough good assets to serve as collateral, which it did not.

youdao

Subprime refers to mortgages, which is not the subject of today's lecture, but a subprime mortgage is a mortgage issued to a borrower who is not considered prime--not a good risk.

次贷指的是次级抵押贷款,这不属于今天的讨论范围之内,次级抵押贷款是发放给特殊借款人的,他们不是优质客户,也就是说风险较大

耶鲁公开课 - 金融市场课程节选