When the US housing market started to turn south, the biggest underwriters (such as Countrywide) did not go bankrupt right away, because they had sold the vast majority of their loans to the CDO market. Eventually, however, the uncertainty created by these CDOs nearly brought down the entire US banking system.
因此，债务抵押债券市场没有对风险进行公开，而是进行了隐藏和转嫁。 当美国房地产市场开始转向的时候，规模最大的承销商美国国家金融服务公司（Countrywide）并没有立即破产，因为其绝大部分贷款已经向债务抵押债券市场进行了出售。 但是最终，这些债务抵押债券所造成的不确定性几乎拖垮了整个银行体系。