through an abnormal issuance of something called subprime securities--

通过对次级抵押贷款的异常评级...
nobody in this audience, certainly people watching,

在座的各位中没有人
have probably owned a house.

能够拥有一栋房产
What happened was that in the late 90s,

在上世纪90年代后期
the government in Washington passed a law

华盛顿政府通过了一项法令
to encourage more low-income people being able to buy houses

使得低收入人群能够买得起房子
and resulted, along with other factors,

综合其它的一些原因该法令造成了
in an explosion of these types of loans.

房屋贷款爆炸式的增长
In terms of loans--

说到房屋贷款
and Professor Shiller can correct me

如果我说的有所偏差
if I'm slightly off on this--

希勒教授可以纠正我
but in the year 2002,

2002年