But when the debt is secured against an asset, lenders and borrowers can both lose.

但是如果债务是由资产担保的那么债务人和债权人则都有可能遭受损失。

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The remaining 85% of senior unsecured debt would have been unaffected, as would the bank’s secured creditors and its customers and counterparties.

剩下的85%高级未担保债务本该不受影响，就像雷曼受担保的债权人和顾客以及其他合约方。

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The instrument is a form of senior debt that is paid back from the issuer's cash flows but is also secured against a ring-fenced pool of assets, such as mortgage loans, in the event of default.

这种证券是优先债务形式的一种，发行者需要用自己的现金流来偿还，并且要有一定隔离的资产池作为保障，比如说抵押贷款，以免发生不能履行责任的情况。

youdao

If the debt is secured against assets, then the borrower may be forced to sell.

ECONOMIST: Repent at leisure

In other words, the debt must have been taken out to acquire, construct or improve the home and the debt must be secured by the property.

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In the case of residence interest what the debt is secured by becomes relevant.

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