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 — they might default.

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，也就是说他们很可能违约。”

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The patchy credit histories of subprime and low-documentation borrowers made it hard to model default rates accurately.

次级和简易型贷款的债务人不均的信用记录使得很难用模型精确算出违约率。

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The default rate for CAP borrowers was only a quarter what it was for subprime mortgage holders, even though the incomes and backgrounds of borrowers were similar.

虽然借款人的收入与背景相似，但后者的违约率仅为前者的四分之一。

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Default rates are shooting up and valuation of securitized subprime mortgages have crashed and it's throwing turmoil all over the financial community.

违约率飞速上升,对于次级抵押贷款的估值也失效了,这还导致了整个金融系统的混乱

耶鲁公开课 - 金融市场课程节选

Greene became a billionaire by buying credit default swaps on subprime mortgage-backed bonds as housing crashed.

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He later became a billionaire by buying credit default swaps on subprime mortgage-backed bonds as housing crashed.

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Traders have been closely watching the ABX indexes, which indicate prices for credit-default swaps linked to subprime bonds.

FORBES: Magazine Article