Then, the value of the subprime loans that the municipal bond insurers own starts to go down.
接着,市政债券保险公司,持有的次级贷款价值开始下跌
Northern Rock was a British building society that was investing in subprime paper in the U.S.
北岩银行是英国的一家建房互助协会,它曾在美国投资次级债券
They became almost worthless because they were investing in subprime debt and the value of the debt collapsed and so these collapsed as well.
它们变的分文不值,因为它们投资次级债务,而这些债券价格一落千丈,所以这些银行也跟着倒下
In other words, securities that were themselves backed by subprime loans.
所谓次级债券,就是那些靠次级贷款担保的证券
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