日前BBC早间新闻头条报道美国房地产次级贷款危机波及欧洲。英国第五大抵押贷款银行Northern Rock发生挤兑。电视画面里银行的72个分支机构门前排起长队,两天内15亿英镑被储户提走。尽管金融报纸上连篇累牍的报道使我对这场危机亦有耳闻。但远隔重洋,密西西比河流域的这只蝴蝶扇动翅膀并没有在身边带起一丝气流。这是我第一次感受到它对生活的扰动。电视中拥挤的纷乱场面令我不得不开始留意这场危机的来龙去脉。在投资机构眼里个人住房抵押贷款市场是一块很诱人的蛋糕。由于市场对借款者的收入、偿付记录、首付以及担保者 Recently, the BBC Morning News headlines reported that the U.S. real estate subprime crisis hit Europe. Run on Northern Rock, the fifth-largest mortgage lender in Britain. Twenty-two branches of the bank in the TV screen lined up in front of the gate, and two billion pounds were withdrawn by depositors in two days. Despite the lengthy reports in the financial newspapers, I have also heard about this crisis. But far off the ocean, the butterfly in the Mississippi Valley flaps its wings and does not give a hint of air. This is the first time I’ve felt it disturb the life. The crowded chaos in television made me have to start to pay attention to the ins and outs of the crisis. In the eyes of investment institutions personal housing mortgage market is a very attractive cake. Due to the market for the borrower’s income, payroll records, down payment and guarantor