当前金融危机核心的资产类别——主权债务——比导致上次危机的证券化次级贷款要容易估价得多。
The asset class at the heart of this phase of the financial crisis-sovereign debt-is far easier to value than the securitized subprime mortgages that caused the trouble last time.
第二节主要介绍次级抵押贷款的证券化参与主体及其内在运作机制，从而为下文分析证券化链条上各主体间的利益冲突提供铺垫。
Section Two explains the participants in the Sub-prime Mortgage securitization and the securitization operation mechanism, so that it can provide some basis for the coming analysis in the next part.
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