Fender, Ingo; Scheicher, Martin - European Central Bank - 2009
as a relatively
stable market. It was, however, in this market segment where the global repricing of credit
risk … quickly expanded to the broader mortgage markets and
to credit markets in most other countries. At the core of the repricing … was the “subprime”
mortgage market where borrowers with poor credit histories were given very high loan to
value …