次贷危机,最简单的英文简介?

The subprime mortgage crisis is an ongoing real estate crisis and financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States,with major adverse consequences for banks and financial markets around the globe。The crisis,which has its roots in the closing years of the 20th century,became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial system。[1]Approximately 80% of U。S。mortgages issued in recent years to subprime borrowers were adjustable-rate mortgages。[2] After U。S。house prices peaked in mid-2006 and began their steep decline thereafter,refinancing became more difficult。As adjustable-rate mortgages began to reset at higher rates,mortgage delinquencies soared。Securities backed with subprime mortgages,widely held by financial firms,lost most of their value。The result has been a large decline in the capital of many banks and U。S。government sponsored enterprises,tightening credit around the world。