The crisis of credit visualized

http://blog.youtubelearn.com/the-crisis-of-credit-visualized/

• fiasco : (n.) an event that is completely unsuccessful, in a way that is very embarrassing or disappointing = disaster
  - The first lecture I ever gave was a complete fiasco.
• mortgage : (n.) a legal arrangement by which you borrow money from a bank or similar organization in order to buy a house, and pay back the money over a period of time
  - They have taken out a 30 year mortgage.
• collateral : (n.) property or other goods that you promise to give someone if you cannot pay back the money they lend you
  - We put up our home as collateral in order to raise the money to invest in the scheme.
• collateralize : (v.) provide something as collateral for (a loan)
• obligation : (n.) a moral or legal duty to do something
• pension : (n.) an amount of money paid regularly by the government or company to someone who does not work any more, for example because they have reached the age when people stop working or because they are ill
• sovereign : (n.) having the highest power in a country
• a pile of sth : [informal] a lot of sth
• in the wake of sth : if something, especially something bad, happens in the wake of an event, it happens afterwards and usually as a result of it
• flip side : (n.) the reverse aspect or unwelcome concomitant of something.
• concomitant : (adj.) naturally accompanying or associated.
• hedge : (C.) something that protects you against possible problems, especially financial loss
  - Buying a house will be a hedge against inflation.
• default : (C. & U.) failure to pay money that you owe at the right time
  - The company is in default on its loan agreement.
• foreclose : (Vi.) if a bank forecloses, it takes away someone's property because they have failed to pay back the money that they borrowed from the bank to buy it
  - Building societies may foreclose on a mortgage if payments are not kept up.
• plummet : (Vi.) to suddenly and quickly decrease in value or amount = plunge, plummet down
  - Profits plummeted from £49 million to £11 million.

勘誤：

• Now there are so many houses for sale in/on the market creating more supply from there is demand.
• on the market : available for people to buy
  - The manufacturers say the device will be on the market by May.
• be in the market for sth : to be interested in buying something
  - This is a bad time to be in the market for a new car.