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。
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.
关于可放入担保池的担保资产类型的严格标准对于安抚投资者来说是必要的，但同时排斥了很多抵押借款。
Strict criteria on what assets can be used in the cover pool are necessary to reassure investors, but will leave many mortgage loans out in the cold.
从住房抵押贷款证券化的概念和基本运作流程入手，说明信用对基础资产池的供给和MBS的运作的重要性。
This essay illustrates the importance of credit to the supply of asset pool and the operation of MBS from the accept and the basic operation process of MBS.
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