In 2007, mortgage defaults around the country sparked a crash in the high-risk sub-prime mortgage market, creating the worst recession in 70 years.

2007年，全国各地住房抵押贷款违约引发了高风险的次级房贷市场崩溃，造成了70年来最严重的经济衰退。

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Except for China, direct exposures of financial institutions in the region to mortgage-based securities (or sub-prime crisis) are limited.

除中国外，该地区金融机构受抵押贷款证券(或者次债危机)的直接影响是有限的。

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Every time global financial markets go into turmoil, most recently thanks to the US sub-prime mortgage fiasco, voices rise to demand global regulation.

每次国际金融市场发生动荡，要求加强国际监管的呼声就会高涨，这次美国次贷危机引发的国际金融危机也不例外。

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The commission pressed Blankfein on the sale of mortgage-backed securities as well as Goldman pushing the rating agencies for the highest ratings on sub-prime mortgage portfolios and then shorting them.

FORBES: In Goldman Sachs We Do Not Trust

The territory does not have a looming sub-prime mortgage problem, and local lenders are well capitalised.

ECONOMIST: Wall Street's financial troubles hit Hong Kong

One reason is that the country's banks were relatively unexposed to the US sub-prime mortgage market.

BBC: Can Spanish banks lead survival charge?