最明显的失效是住房抵押贷款市场。
The breakdown has been most apparent in the securitization of home mortgages.
大部分美国人通过私人银行来获得住房抵押贷款。
但是住房抵押贷款的批准在1月份有所下降。
用于商用物业的贷款增长84%，住房抵押贷款增长32%。
Lending on commercial property is up by 84% and home mortgages by 32%.
消费金融公司并不需要担保，不提供住房抵押贷款和汽车贷款。
Consumer finance companies do not need guarantees and security, and do not provide home mortgages and auto loans.
证据表明私营的市场有能力自行产生，债券化和分配住房抵押贷款。
The evidence shows that the private market can originate, securitize and distribute home mortgages efficiently on its own.
美国每8.3笔住房抵押贷款中就有一笔遭拖欠或是止赎。
One out of every 8.3 mortgages in the U.S. is now either delinquent or in foreclosure.
另一方面，这样一来住房抵押贷款的门槛对很多美国人来说就变高了。
On the other hand, this option would make mortgages more expensive for many Americans.
实际上，这就是保尔森实现了对住房抵押市场降低利率半个百分点的目标。
In effect, Mr Paulson engineered the equivalent of a half-point cut in interest rates targeted at the mortgage market.
国会通过了对濒临破产的住房抵押贷款公司房利美和房地美的救助计划。
Congress approved a bailout of failing mortgage lenders Fannie Mae and Freddie Mac.
住房抵押贷款担保证券依据不同投资者的风险承受程度向许多投资者发行。
These were sold to a wide range of investors, depending on their tolerance for risk.
一些人建议把它们重组为一个单一的新的“房产部”，继续为住房抵押贷款提供担保。
Some people have suggested recasting them as a single new "Fan-Fred agency" that would continue to securitize and guarantee home mortgages.
这两个公司持有或担保的住房抵押贷款几乎占全美住房抵押贷款总量的一半。
Combined, the two firms own or guarantee close to half of all home loans in the United States.
当前的经济压力已经致使类似商业住房抵押贷款证券这类金融资产大幅贬值。
Current economic pressures have led to wide-scale devaluations of assets such as commercial mortgage-backed securities.
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).
2008年末该公司看到住房抵押贷款证券能赚钱，就雇佣了约30人专司此事。
In late 2008 it saw an opportunity to profit from mortgage-backed securities, hiring around 30 people to focus on that.
在利率上升(或者房价下跌)时，住房抵押债券折价销售，这对债券持有人大有裨益。
This is useful if a rise in interest rates (or a fall in house prices) causes mortgage-backed bonds to trade at a discount.
担保债权凭证“是一种将有稳定收入流的固定资产组合，如住房抵押贷款打包而成的有价证券。”
"Collateralized Debt Obligations" are securities based upon a portfolio of fixed income-producing assets, such as home mortgages.
它们的债券业务，也就是为了购买住房抵押贷款而发行的债券，也应该像上面那样收尾。
Their securitization business, whereby they purchase mortgages and issue securities against them, should likewise be wound down.
尽管这样，这个国家的住房抵押银行一直在发行债券，并以信贷危机之前类似的规模发放抵押贷款。
Nevertheless, the country's mortgage Banks are continuing to sell bonds and issue mortgages at a pace similar to that before the credit crisis.
FDIC已经收紧了承销负摊还借款的管制，参议院也开始就掠夺式住房抵押贷款召开听证会。
The FDIC has already tightened rules on underwriting negative-amortisation loans, and the Senate has begun to hold hearings on predatory mortgage lending.
在总体债务水平下降最快的美国，家庭负债减少有很多是住房抵押贷款违约和价值减记的结果。
In America, where overall debt levels have fallen fastest, a lot of the reduction in household debt has been thanks to mortgage defaults and write-downs.
只有Assured Guaranty现在仍旧开展业务，而且因其进军住房抵押承保而被严重削弱。
Only Assured Guaranty is still writing business and it too has been seriously weakened by its foray into insuring residential mortgages.
此前一大批住房抵押贷款支持证券都获得了包括AAA的最高信用评级，虽然事实证明并非如此。
A large number of these securities received the highest credit ratings, including AAA, but proved to be anything but safe.
房地产市场崩盘之后，几百万房主(其中四分之一有住房抵押贷款)的负债超过了他们的房产价值。
After the housing crash, millions of homeowners-a full quarter of those with mortgages-had loans larger than the value of their homes.
这项计划赢得了消费者的赞扬，并且刺激了正在还款的房主和那些因为住房抵押贷款利率下调而获益的贷款人。
The plan, which won praise from consumer advocates, offered incentives to homeowners who are current on their payments and to lenders who lower interest rates on home mortgages.
这项计划赢得了消费者的赞扬，并且刺激了正在还款的房主和那些因为住房抵押贷款利率下调而获益的贷款人。
The plan, which won praise from consumer advocates, offered incentives to homeowners who are current on their payments and to lenders who lower interest rates on home mortgages.
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