So let's go to this crisis, and the two huge epidemics of loan origination fraud that drove the crisis -- appraisal fraud and liar's loans -- in looking at both of these is we got warnings that were incredibly early about these frauds.
现在我们来看看这场危机 以及导致它发生的 两种大面积借贷欺诈行为： 估价欺诈和欺骗性贷款。 研究这两者， 我们发现： 第一，对于这些欺诈行为，我们接到的预警信号 非常之早。