Investors and economists are warning about a piece of the financial system that could pose a risk,

potentially similar in ways to the housing crash that preceded the financial crisis in 2008.

It's part of what's been called the shadow banking system, the private credit market,

an alternative type of lending to companies that doesn't involve traditional banks.

We asked economics correspondent Paul Salman to explain how it works, what's at stake,

and why alarm bells are sounding in some quarters.

Bought an aftermarket car part in recent years.

Good chance it came from First Brands.

First Brands was a large supplier of auto parts, so things like

wiper blades, spark plugs. Over a decade, the company borrowed heavily to grow, gobbling up 20

companies employing 25,000 people, until this fall, that is. The lenders had become a bit concerned about some of the financial

goings on at the company and requested some extra information, which first brads couldn't provide.

What happened went bust. And who were its lenders? Many came from the world of private credit,

a part of the global financial system that's exploded in recent years

and has some key players in finance rattled.

I probably shouldn't say this, but when you see one cockroach, there's probably more.

And so we should, everyone should be forewarned on this one.

One such roach, first brands.

I've been saying this for probably two years now, that the next big crisis in the financial

markets is going to be private credit.

Okay, but what exactly is private credit?

Private credit is just lending by non-banks, financial institutions like pension funds,

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