Recently, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities.
最近，出现了一点关于评级机构的丑闻，因为他们将一些次级证券评为AAA 级。
A "subprime borrower" is somebody who has a poor credit history or some other indication that would suggest that they might not be able to repay the mortgage.
“次级借款人”指的是，那些信用记录较差的借款人，或在其他方面显示，他们很可能无力偿还贷款。
This was not subprime lending.
这并不是次级贷款。
次贷是什么意思？
But did they offer subprime mortgages?
但是它们提供次级抵押贷款吗？
So, this is the subprime scandal showing up.
这就是刚被揭露的次贷丑闻。
People put subprime mortgages in the product.
人们将次级贷款加到了这款产品中。
Are microfinance loans the new subprime mortgages?
小额信贷放款会否成为新的次级抵押贷款？
The crisis rooted in real estate and subprime lending.
这场危机根源于房地产和次级信贷。
Boarded-up houses are a reminder of the subprime crisis.
木板封着的房屋提示次贷危机并没有放过这里。
Fraud has been rampant in the sale of subprime mortgages.
在销售次级房贷中，欺诈猖獗。
I think it is more serious than your subprime mortgage crisis.
我认为它将比美国的次贷危机更为严重。
But federal regulators play a limited role in subprime markets.
但联邦监管机构在次优贷款市场的作用是有限的。
But faith in these scores has dwindled since the subprime crisis.
但是自从次贷危机以来，投资者对这些评分的信任大打折扣。
Confidence in subprime-related mortgage products continues to fall.
市场对次级抵押产品的信心继续下降。
We've seen lots of private debt crises, such as the U.S. subprime.
我们已经看到大量私人部门的债务危机，比如美国的次债危机。
Investors are shunning subprime and all mortgages that seem risky.
投资者正在避开次优抵押贷款以及所有其他看起来有风险的抵押贷款。
Moreover, other consumer-debt products are less complex than subprime.
此外，其他消费者债务产品比次贷更为简单。
But a year and a half later, so-called subprime lending is alive and well.
但一年半过后，所谓的次级债仍然存在，状况也还不错。
Today we know that subprime lending was only a small fraction of the problem.
今天我们知道次级抵押贷款只是问题中的一小部分。
WHENthe American housing market turned, subprime borrowers started defaulting.
当美国房市转向，次贷借款人开始违约。
WHENthe American housing market turned, subprime borrowers started defaulting.
当美国房市转向，次贷借款人开始违约。
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