这些能成立的关键因素是：甚至在借款者违约的情况下，投资者都能得到款项偿还的保证——最终转嫁到纳税人身上的保证。
The key to that success is the guarantee that investors will be repaid even if borrowers default - a promise ultimately backed by taxpayers.
德意志银行的Richard Parkus认为如果商业地产借款人不能大幅增加偿还资金，在美国发行的所有商业抵押担保证券的70%将无法用于再融资。
Richard Parkus, of Deutsche Bank, thinks that 70% of all CMBS issued recently in America will not be able to refinance without a big increase in the capital that borrowers stump up.
如果借款者没有能力偿还贷款，格拉明银行也不会问他们索要保证书，或者用他们的财产或地产偿还。
The Grameen bank, however, does not ask for guarantees or repayment in land or other property if the borrower is not able to repay the loan.
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