历史背景Historical background最初的流动性危机可以在事后被看作是由于早期次级房屋信贷危机所引发的。
Initially a liquidity crisis can in hindsight be seen as is secondary due to early housing caused by the credit crisis.北岩银行是首批遭遇冲击的对象之一，它是英国主流银行。
Northern Rock is one of the first encounter objects of impact, it is the United Kingdom the mainstream banks.该行已借不到额外资金来偿还2007年9月中旬产生的到期债务。
It has failed to borrow additional funds to repay maturing debt by mid-September 2007.由于没有持续现金注入，其所经营的高杠杆性质的业务无法支撑，最终导致其被接管，并形成了很快降临到其他银行和金融机构的灾难的早期迹象。
Because there is no continuing cash injection, highly leveraged nature of its operating business cannot be supported, eventually leading to its being taken over, and formed soon befall other banks and financial institutions of early signs of disaster.在松弛的签名承受标准下的过度借贷为美国房贷泡沫的特征之一。
Excessive borrowing under the lax underwriting standards for the United States one of the characteristics of the mortgage bubble.信用泛滥并导致大量的次级按揭（次级贷款），投资者认为这些高风险的贷款会被资产证券化而缓和。
Credit spread and a large number of subprime mortgages (subordinated loan), investors believe these risky loans are asset-backed securitization and relaxation.从1989年以来，美国发行MBS的主要机构Fannie Mae（房利美）Freddie Mac（房地美）、Ginnie Mae(吉利美)所发行的MBS殖利率平均高于美国十年期公债殖利率137个基本点，吸引许多法人投资。
From 1989, the United States issued major institutions Fannie Mae MBS (Fannie Mae) Freddie Mac (Freddie Mac), Ginnie Mae (lucky us) MBS issued by colonization rates average higher than the United States colonization ten-year government bond rate 137 pips, attract many corporate investment.雷曼兄弟MBS指数显示无论利率升降，自1996年以来该指数连续十年都是正报酬，最差的1999年也有2.1%的报酬率，同时期MSCI全球债券指数在1999年、2001年、2005年却是负报酬率。
Lehman MBS index regardless of interest rate movements, since 1996 the index are being paid for ten consecutive years, the worst rate of 1999 there were 2.1%, while MSCI global index in 1999, 2001, 2005, it is a negative rate of return.这个策略似乎以骨牌效应扩展和散布。
This strategy seems to be a domino effect extending and spreading.由失败的资产证券化计划所导致的损害横扫了房屋市场及其企业，继而引发了次级房屋信贷危机。
By the failed asset backed Securitisation Programme the damage caused by the sweeping of the housing market and enterprise, which led to the subprime housing loan crisis.这危机令更大量的银主盘被银行在市场上抛售。
This crisis more repossessed by banks in the market to sell.这些过量的房屋供应使得周边的住屋价格都大为下跌，造成它们容易遭法院收回拍卖或被放弃。
These excess housing supply and housing prices are greatly decreased by around, cause they are vulnerable to court to recover sale or abandonment.这个结果替往后的金融危机埋下了伏笔。
The result for the subsequent financial crisis has sown the foreshadowing.最初，受影响的公司只限于那些直接涉足建屋及次级贷款业务的公司如北岩银行及美国国家金融服务公司。
Initially, the affected company is limited to those directly involved in company housing and sub-prime lending such as Northern Rock bank, and United States national financial services company.一些从事按揭证券化的金融机构，例如贝尔斯登，就成为了牺牲品。
Some financial institutions engaged in mortgage-backed securitisation, for example, Bear Stearns, he becomes a victim.2008年7月11日，全美最大的受押公司瓦解。
On July 11, 2008, the total charge of America's biggest corporate collapse.印地麦克银行的资产在他们被紧缩信贷下的压力压垮后被联邦人员查封，由于房屋价格的不断下滑以及房屋回赎权丧失率的上升。
Mike banking assets in China and India after they were overwhelmed by tightening credit under pressure by federal agents seized, due to falling housing prices and lose the right to housing foreclosure rate increases.当天，金融市场急剧下跌，由于投资者想知道政府是否将试图救助抵押放贷者房利美和房地美。
On that day, the financial markets fell sharply as investors wondered whether the Government will attempt to save mortgage lenders Fannie Mae and Freddie Mac.2008年9月7日，已是晚夏时节，虽然联邦政府接管了房利美和房地美，但危机仍然继续加剧。
On September 7, 2008, late summer is the season, although the Federal Government takeover of Fannie Mae and Freddie Mac, but the crisis still continued to intensify.然后，危机开始影响到那些与房地产无关的普通信贷，而且进而影响到那些与抵押贷款没有直接关系的大型金融机构。
Then, the beginning of the crisis affecting those ordinary credit has nothing to do with real estate, and by extension to those with mortgages are not directly related to large financial institutions.在这些机构拥有的资产里，大多都是从那些与房屋按揭关联的收益所取得的。
In the assets of these institutions have, most are from those associated with the mortgage of the gains achieved.对于这些以信用贷款为主要标的的证券，或称信用衍生性商品，原本是用来确保这些金融机构免于倒闭的风险。
For these credit as the main subject of securities, or credit derivative products, originally was used to ensure that these financial institutions from the risk of failure.然而由于次级房屋信贷危机的发生，使得受到这些信用衍生性商品冲击的成员增加了，包括雷曼兄弟、美国国际集团、美林证券和HBOS。
However, due to sub-prime housing credit crisis occurred, made by these members of the credit derivative products impact has increased, including Lehman Brothers, United States international group, Merrill Lynch, and HBOS.主要过程及其原因Main process and the causes早在2007年4月，新世纪金融公司（美国第二大次级房贷公司）的破产就暴露了次级抵押债券的风险，这是美国金融危机最明显的征兆；As early as in April 2007, new century Financial Corporation (United States second largest subprime mortgage company) bankruptcy exposed the risks of subprime mortgage bonds, this is the United States the obvious signs of the financial crisis;从2007年8月开始，美联储作出反应，向金融体系注入高流动性货币以增加市场信心，美国股市也得以在高位维持，最初形势看来似乎不是很坏。