对银行来说，顶级抵押债权凭证的确有吸引力。
The super senior tranches did have some attractions for banks.
这样一来，顶级抵押债权凭证就变得无人问津，只得由银行自己持有。
That made it harder to find buyers for the super senior tranches and forced many banks to keep them on their own books instead.
银行出售次等抵押债权凭证而持有顶级抵押债权凭证，因此其风险敞口并不明显。
As the Banks offloaded the junior CDO tranches and kept the safer ones, the risks they were exposed to became less obvious.
许多银行不愿意持有风险较大、品级较次的抵押债权凭证，因为其自有的风险管理系统认为它们太过危险。
Many Banks got rid of the riskier and more junior CDO tranches, because their own risk-management systems designated them as too dangerous.
但随着评级机构在上个月一再降低了某些抵押债权凭证的级别，现在它们的价值已经跌倒初始价格的几分之一。
In some cases their values have shrunk to a sliver of their original price since a series of downgrades by rating agencies last month.
它们既可以保护投资者免遭支持抵押债权凭证的抵押贷款的初步损失，又可以提供比相同评级的债券更高的回报率。
They protected investors from initial losses on the mortgages backing the CDOs, while offering better returns than bonds with a similar rating.
鲁宾和其他银行家应该顶住诱惑，全面而如实地向公众披露银行在抵押债权凭证、次级抵押贷款和其他缩水资产上的风险敞口。
The temptation for Mr Rubin and others will be to hold back from revealing the full extent of the Banks' exposures to CDOs, subprime mortgages and other wilting assets.
雪上加霜的是，债券保险人也在抵押债权凭证中泥足深陷，而它们还担当着为价值25000亿美元的美国市政债券市场进行评级的重任。
To make matters worse, bond insurers, which rate America's $2.5 trillion municipal-bond market, are also up to their necks in CDOs.
担保债权凭证“是一种将有稳定收入流的固定资产组合，如住房抵押贷款打包而成的有价证券。”
"Collateralized Debt Obligations" are securities based upon a portfolio of fixed income-producing assets, such as home mortgages.
担保债权凭证“是一种将有稳定收入流的固定资产组合，如住房抵押贷款打包而成的有价证券。”
"Collateralized Debt Obligations" are securities based upon a portfolio of fixed income-producing assets, such as home mortgages.
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