2007年3月13日,美国次级贷款机构新世纪金融宣告濒临破产,美国股市随之开始全面下跌。由于金融市场的全球联动性,美国股市的恐慌很快波及到亚洲乃至全球股市,由此掀起了席卷全球的“次级债风暴”。时至本文截止时点,“次级债风暴”所带来的破坏力仍然未被各个市场完全消化。平心而论,应该说美国次级抵押贷款产生的出发点是好的,在最初十年里也取得了显著的效果。1994年—2006年,美国的房屋拥有率从64%上升到69%,超过900万的家庭拥有了自己的房屋。在利用次级房贷获得房屋的人群里,大部分是低收入者,这些 On March 13, 2007, the U.S. sub-lending agency New Century Financial announced the verge of bankruptcy. As a result, the U.S. stock market started to plummet. Due to the global linkage of financial markets, the panic in the U.S. stock market quickly spread to the stock markets in Asia and the world, thus setting off a “global debt storm” sweeping the globe. Until the end of this article, the destructive power of the “subprime crisis” has not yet been completely digested by all markets. To be fair, it should be said that the starting point for the U.S. subprime mortgage loans is good and has also achieved remarkable results in the first decade. From 1994 to 2006, the U.S. home ownership rate rose from 64% to 69%. More than 9 million families own their own homes. Among the people who use subprime mortgages to get their houses, most of them are low-income earners