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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The market has been hit by a combination of falling home prices and the sub-prime mortgage crisis involving high-interest loans.

由于房价下降以及高贷款利率带来次级贷款危机使房地产市场受到打击。

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The sub-prime mortgage loan crisis happened in US since last summer has maintained its effects on the US stock market, financial system, overall economic performance as well as the rest of the world.

美国股市自去年夏天以来一直保持着次级抵押贷款危机，整个金融体系的表现一直影响着世界其他地区。

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But when the sub-prime mortgage market turned sour, the darling of the financial markets became the Black Hole equation, sucking money out of the universe in an unending stream.

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But while many major international banks have seen large writedowns in the wake of rising defaults among the sub-prime mortgage market, the majority of China's US mortgage-backed securities were underwritten by US government agencies such as Fannie Mae.

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

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