What's happening is the housing market is dropping, home prices are falling, people are defaulting in record numbers, and there are foreclosures.

房地产市场在衰退,房价在下跌,违约人数破历史纪录,很多贷款买房者取消了赎回权

耶鲁公开课 - 金融市场课程节选

In 1988, we asked people in Los Angeles, are you worried that unless I buy now I won't be able to afford a house in the future?

如果在1988年问洛杉矶居民,你担不担心,如果现在不买房,以后恐怕会买不起

耶鲁公开课 - 金融市场课程节选

If you buy a house and you don't pay the mortgage, the contract says you lose the house-- you're out--you've got to pay or it goes back to the mortgage originator.

如果你抵押贷款买房,却没有还房贷,贷款合同规定,你将被取消赎回权,失去房子,所以你必须偿还贷款,否则你的原始贷款人就会收回房子

耶鲁公开课 - 金融市场课程节选

So, they rushed and bought houses.

所以大家争先恐后去买房

耶鲁公开课 - 金融市场课程节选

The idea was that a lot of people can't afford a house -let's all get together and pool our money -in a Building Society or Saving and Loan Association -and then we'll loan out to some of us to buy the house.

当初的想法是,很多人都买不起房子,那我们就把钱凑在一起,放到一个建房互助协会或储贷协会里,然后向我们中那些要买房的人发放贷款

耶鲁公开课 - 金融市场课程节选