mortgage market; spillovers into broader credit market; the liquidity crisis epitomized by the fallout of Northern Rock, Bear … mortgage crisis ; credit crisis ; liquidity crisis ; market risk ; credit risk ; default risk ; counterparty risk …

demise of the subprime mortgage market and the mortgagebacked securities in the U.S., this crisis has reverberated across … are identified: the meltdown of the subprime mortgage market, spillovers into broader credit market, the liquidity crisis … bubble. Monetary policy responses aimed at stabilizing financial markets are proposed. -- subprime mortgage crisis ; credit …

and 2007 nonprime vintages becomes more understandable. -- Housing ; mortgage default ; subprime mortgages …