# Credit Default Swaps Credit default swaps are a type of [derivative](derivative.md) contract with underlying of debt on [real estate](real-estate.md) [securities](security.md). Credit default swaps are a type of advanced financial engineering that is widely attributed to the 2008 financial subprime crisis. See also [regulatory-capture](regulatory-capture.md) and [derivative](derivative.md). ## References 1. Ball, Laurence M. The Fed and Lehman Brothers: setting the record straight on a financial disaster. Cambridge University Press, 2018.