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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选