摘要：The recent financial crisis illustrated how vulnerabilities emanating from residential mortgage markets can lead to financial instability and severe contractions in economic activity. These vulnerabilities built up in a number of countries before the crisis, with stretched housing valuations, an overbuild of housing and increasing household indebtedness. These imbalances were fuelled by mortgage-financing arrangements that permitted lending standards to become more lax and financing structures more fragile. When the ensuing growth in household debt proved to be unsustainable, losses on mortgages and securitized mortgage assets resulted in a marked deterioration in the condition of banks and the broader financial system.
