When the lender of the source in the event of default, the investor is unable to distinguish risk, so the investors have had a panic to keep the spread of the crisis and to enlarge.

• 当债务链条最源头的次级贷款人出现违约以后，投资者无法辨别资产风险大小，因此整个债务链条上的投资者都产生了恐慌，促使次贷危机不断蔓延和放大。