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Many economists blamed Mortgage Backed Security (MBS); mainly subprime MBS for the global financial crisis; it started on the US and spread over other countries.

Many economists blamed Mortgage Backed Security (MBS); mainly subprime MBS for the global financial crisis; it started on the US and spread over other countries. Briefly explain how MBS constructs (what is securitization?) and what is subprime MBS? Why does it affect global financial markets?

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