一些银行正不得不采用昂贵的“流动性互换”工具，以提供欧洲央行所要求的抵押品。

Some Banks are having to indulge in expensive "liquidity swaps" in order to get the right kind of collateral to offer the ECB.

youdao

次级、付息及其它抵押借款工具允许人们在不预付定金和资本净值未不断增值的情况下购买房屋。

Subprime, interest-only and other kinds of mortgage instruments allowed people to buy their homes without a down-payment and without building up equity.

youdao

这种风险会维持多久要依那些作为许多新兴工具抵押的房贷状况而定，这些工具直到前一段时间还在华尔街欢快翱翔。

How far it goes will depend largely on the state of the mortgages that serve as collateral for many of the newfangled instruments that were, until recently, hawked with glee on Wall Street.

youdao

These mortgages were given out to people that couldn't afford them and today you have what you call subprime mortgages--subprime paper They issued against this paper stuff called mortgage-backed security. They securitized them and these things are all floating around now.

我们发放这些抵押贷款给那些买不起房子的人,所以现在你们看到了一种你们叫做,次级抵押贷款的金融工具--次贷票据,他们把这种票据叫做,有抵押证券，他们把有抵押证券证券化,这些证券现在在市场上被多次交易，广为流通。

耶鲁公开课 - 金融市场课程节选