资产现在的问题是次级债，到了明年，可能资产的问题就会波及到信用卡，汽车贷款以及公司债务。

Mortgages may be the problem asset of the moment but next year the worry may be about credit cards, car loans and corporate debt.

youdao

Well, they created special entities called SIVs and the SIVs would be borrowing money on the commercial paper market to buy subprime loans.

银行建立特殊实体结构投资公司,而结构投资公司,通过在纸货市场借贷,以购入次级债

耶鲁公开课 - 金融市场课程节选

They'd borrow to buy them, so if the value of the subprime loans went down just a little bit the SIV would be in trouble.

结构投资公司还借钱购买次级债,所以只要次级债贬值一点点,他们就麻烦了

耶鲁公开课 - 金融市场课程节选