Ford Motor's credit arm pulled an asset-backed bond deal because credit-rating agencies, fearful of new liabilities under the Dodd-Frank act, forbid the use of their opinions in the deal document.

福特汽车的信贷部门曾暂停发行资产抵押债券，因为信贷评级机构害怕承担多德·弗兰克法案所规定的新责任，禁止将评级机构意见写入债券发行文件。

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The asset-backed securities shall be issued and traded in the national inter-bank bond market.

资产支持证券在全国银行间债券市场上发行和交易。

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In America, the scale of the Asset-backed securitization market has exceeded the scale of company bond market and national bond market, and has been the biggest part of the bond market.

在美国，资产证券化市场的规模超过了公司债券市场和国债市场，成为了美国债券市场上最大的子市场。

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In May, New York's insurance commissioner, Eric Dinallo, urged Brown to move the capital to ease concerns about MBIA. The company announced its decision to move the capital on the same day Moody's published a report detailing what it saw as significant deteriorations in certain home equity and other asset-backed securities backed by bond insurance.

FORBES: Facing Downgrade, MBIA Comes Out Fighting

Capital markets have ballooned: think, for example, of the development of the junk-bond and asset-backed market in the 1980s.

ECONOMIST: A survey of Corporate Finance

Aside from the problems in the bond markets in general and the asset-backed sector in particular, First Marblehead has had to contend with an investigation into the student-lending industry announced by New York in August and questions about the planned acquisition of Sallie Mae.

FORBES: First Marblehead Shines