Read this: As part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. Such financial innovation enabled institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financial institutions that had borrowed and invested heavily in subprime MBS reported significant losses.
Now answer this question, if there is an answer (If it cannot be answered, return "unanswerable"): When housing prices declined, who reported significant losses from being heavily invested in subprime MBS?
major global financial institutions