The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.

你可能会说，美国房地产，是与市政债券保险公司完全不同，但是当房地产行业开始衰退，人们就开始对抵押贷款违约。

youdao

Many of those who have had their mortgages modified wind up defaulting again.

许多按揭被改良的借款人后来又再次违约了。

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Troubled Banks then who have this the problem Banks have now is they have these securitized mortgages that they've bought and the homeowners are defaulting on the mortgages now.

于是出于困境中的银行，现在银行的问题在于，他们持有自己买的，证券化按揭贷款，而房屋持有者却，对抵押借款拖欠。

youdao

The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.

你可能会说,美国房地产,是与市政债券保险公司完全不同,但是当房地产行业开始衰退,人们就开始对抵押贷款违约

耶鲁公开课 - 金融市场课程节选

Troubled banks then who have this the problem banks have now is they have these securitized mortgages that they've bought and the homeowners are defaulting on the mortgages now.

于是出于困境中的银行,现在银行的问题在于,他们持有自己买的,证券化按揭贷款,而房屋持有者却,对抵押借款拖欠。

耶鲁公开课 - 金融市场课程节选

Basically, MERS directed defaulting mortgages to the appropriate tranches of mortgage bonds.

FORBES: Where Is The Housing Recovery?

It does address the root problem, defaulting mortgages, and Mr Bernanke has long worried that bad debt would fuel a vicious circle of crippled lenders, constricting credit, weakening growth and more defaults.

ECONOMIST: The financial crisis

It is easy to forget the fundamental problem in the economy that started the crisis: homeowners defaulting on mortgages.

NPR: Business Booms For Foreclosure Contractors