近期的美国住宅市场泡沫也经历了一个类似过程，从优质抵押贷款蔓延至次贷。
The recent us housing bubble had a similar process of moving from prime to subprime mortgages.
次贷指的是次级抵押贷款，这不属于今天的讨论范围之内，次级抵押贷款是发放给特殊借款人的，他们不是优质客户，也就是说风险较大。
Subprime refers to mortgages, which is not the subject of today's lecture, but a subprime mortgage is a mortgage issued to a borrower who is not considered prime — not a good risk.
他说，按照法律规定，只有当雷曼有足够优质资产可供抵押时美联储才能以提供贷款的方式对其施以援手但是雷曼并没有这样的资产。
By law, he continued, the Federal Reserve could bail out Lehman with a loan only if the bank had enough good assets to serve as collateral, which it did not.
高风险的次级贷款结合了高评级的优质贷款 打包成了“住房抵押贷款债券”（MBS）。
Risky, subprime loans, were combined with top rated, prime loans, andpackaged as Mortgaged Backed Securities (MBSs).
优质房产抵押贷款市场(以更优质的借款人为客户)的运营则要好得多，虽然它也因房价下跌而恶化，有走弱的迹象。
The market for prime mortgages (those extended to higher-quality borrowers) is faring better, though it, too, is showing signs of weakness, exacerbated by cooling house prices.
比如Wells Fargo发放的另类抵押贷款中大部分贷给了“优质”客户。
Wells Fargo, for instance, sells most of its alternative mortgages to "prime" customers.
比如Wells Fargo发放的另类抵押贷款中大部分贷给了“优质”客户。
Wells Fargo, for instance, sells most of its alternative mortgages to "prime" customers.
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