Lots and lots of loans, the securities that people bought at par that were worth about somewhere between zero and $.15 or $.20 and now trade there.

市场上充斥着越来越多的贷款，人们按照面值购买的债券,真正的价值只有大概,0到0。15或者0。20美元0,而它们就这样进行交易。

耶鲁公开课 - 金融市场课程节选