The “shadow banking system”, which relied on bank finance, started to default.

于是依赖银行资金的“影子银行系统”，开始拖欠债务了。

youdao

Individuals started to default on their mortgage and other credit payments. Bankrupt companies stopped paying their loans to Banks.

个人就会在房屋按揭和信用卡上开始违约，倒闭的公司也不会再付贷款给银行。

youdao

"Since I was 14,I have liked comics, so of course by default, we started going to Comic Cons when he was young.

VOA: standard.2010.07.23

What happened when you started to see all the wolves in the subprime market and you started to see so many people going into default is that the credit market has tightened up.

NPR: Will Interest-Rate Cut Really Help?

On a break-even basis, this is basically saying that you would start losing money if you started to realize more than a 13% annual default rate for the next 5 years, if you had lower than the historical recovery rates of 40 cents.

FORBES: Don't Dump Your Junk

Falcone only started the fund last year to take advantage of companies already in default, under bankruptcy protection or appear on their way down that path.

FORBES: Falcone Making Coin on Distressed Credit Trading