A subrime mortgage is given to people who have bad credit that do not have sufficient credit to recieve a regular mortgage.
http://www.investopedia.com/terms/c/creditdefaultswap.asp.
Credit insurance protects your credit when you are not able to work or have no job. This insurance pays for a percentage of your expenses.
When the housing market went down the people that had subrime mortagages defaulted which led to banks going bankrupt.
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