Indeed, the financial crisis has worsened in recent weeks, reflected in the US Federal Reserve’s takeover of quasi-government mortgage lenders Fannie Mae and Freddie Mac – which may cost American taxpayers hundreds of billions of dollars – as well as the bankruptcy of Lehman Brothers and the sale of Merrill Lynch. Ultimately, these financial failures reflect the downward spiral of house prices and the increasing number of homes with negative equity, i.e., with substantial mortgage debt in excess of market values.
的确，这场金融危机在最近几周已经恶化了。这表现在美联储接管半官方的房屋贷款公司房利美和房地美—这可能会让美国的纳税人们付出数百亿美金的代价—和雷曼兄弟公司的破产及美林证券的出售。最终，这些金融失败所反映的是房价的螺旋式下降和拥有负资产（即所背负的房贷债务超过房产的市值）的家庭越来越多。