但联邦监管机构在次优贷款市场的作用是有限的。
But federal regulators play a limited role in subprime markets.
显然，汇丰银行错误地低估了对风险的预测，并由此扩展了房贷市场，购买了其他银行的次优贷款。
It is clear that HSBC expanded Household and bought other Banks' risky subprime mortgages in the mistaken belief that it was better able to assess the risks.
实际上到目前为止，银行嗅到了一个机会，也就是以便宜的价格来收购发生内爆的次优贷款的发放者。
Indeed, Banks so far smell an opportunity to buy the assets of imploding subprime lenders on the cheap.
美国住房抵押贷款银行家协会在3月13日的报道中指出，13%的次优贷款借款人的拖欠他们的还款。
On March 13th the Mortgage Bankers Association reported that 13% of subprime borrowers were behind on their payments.
即使在六亿五千万可调利率次优贷款中有五分之一变成不良贷款，对于四十万亿美元的债务市场来说，不过是九牛一毛。
Even if a fifth of the $650 billion of adjustable-rate subprime loans went bad, that would be a blip in the $40 trillion market for debt.
华尔街上众银行将大量的次优贷款打包重组，并以此发行住房抵押贷款担保证券(MBS)，卖给贪图高收益的投资者(见下图)。
Wall Street Banks did a roaring trade packaging bunches of subprime loans into mortgage-backed securities, and selling them on to investors, greedy for yields (see chart).
比起安然丑闻发生后才开始调查，马塞诸塞的证券监管部门已经要求瑞银集团和Bear Stearns递交他们覆盖次优贷款借款人的研究细节。
Rather as after Enron, the securities regulator in Massachusetts has demanded that UBS and Bear Stearns hand over internal details of their research coverage of subprime lenders.
问题的部分原因在于很多次优按揭贷款发放于2006年末到2007年初，这段时期正好是信贷膨胀的末期。
Part of the problem is that much of the Alt-A lending came at the tail-end of the credit boom in late 2006 and early 2007.
还是在那一周，由于市场状况糟糕，美国第二大次优房贷公司NewCentury计划大幅缩减今年的贷款规模。
The same week New Century, the second-biggest such lender in America, projected a big drop in loans this year because of poor market conditions.
这还未算上一种叫做期权可变利率的按揭贷款（option ARM），它毒性很强，但很多情况下和次优按揭基本相同。加上它的话，损失将达1兆亿美元。
Add in option ARMs, a particularly virulent type of adjustable-rate loan, many of which are essentially the same as Alt-A, and the potential hit climbs towards $1 trillion.
但随着利率的上升，这些贷款的质量恶化，Country wide Financial和IndyMac等较大的次优房贷公司的股价也一落千丈。
But as interest rates have climbed, these loans have soured and the shares of bigger subprime lenders, such as Countrywide Financial and IndyMac, have sagged.
迄今为止，造成的主要损害集中在次优抵押贷款市场，这种贷款主要借给那些收入太低或者信用记录不良，以至于没有资格获得普通抵押贷款的人。
Most of the damage so far is in the "subprime" mortgage market, which lends to people whose income is too low, or whose credit history too patchy, to qualify for an ordinary mortgage.
你同样需要了解次优抵押贷款的拖欠会通过那些渠道对经济造成更广泛的影响。
And you need to understand the channels through which subprime defaults could spread to the wider economy.
许多持有次优级抵押贷款的人因为信用卡付更高的月供而有麻烦。
Many people who hold subprime mortgages would have trouble making a higher monthly payment on a credit card.
花旗银行不向次优客户提供另类抵押贷款服务。
Citigroup sells to subprime borrowers but does not offer alternative mortgages.
尽管次优抵押贷款对华尔街威胁很小，但他依然可以在更大类别的经济范围上，通过其他方式，给银行家带来痛苦。
Although subprime is a small direct threat to Wall Street it could still inflict pain on bankers-and the broader economy-in other ways.
接着次优抵押贷款市场的问题可能会进一步扩大，阻止信誉良好的借贷者贷款，然后又会反馈到房价上。
And troubles in the subprime mortgage market may spread, inhibiting lending to borrowers in better standing, and thus feeding back into prices.
他们认为次优抵押贷款带来的资金压力标志着范围更广的信用危及的开始，这可能将美国经济带入衰退。
They think the subprime squeeze marks the start of a broader credit crunch that could drag the economy into recession.
2月7日，欧洲第一大银行汇丰银行透露其美国次优房贷部门的不良贷款比预期多了20%，这加剧了人们的恐慌。
That fear ran down a few spines on February 7th, when HSBC, Europe's biggest bank, revealed that bad loans at its American subprime mortgage division were 20% higher than expected.
不仅次级房贷破产在继续增加，而且优级及次优级贷款（对那些好的或中级好的贷款者的贷款）破产也开始上升。
Not only do subprime delinquencies continue to rise, but defaults on prime and Alt-A loans (those to good- or middling-quality borrowers) have started to climb too.
虽然这样的市场具有很大的投机性，但是并不像美国的“次优级”拆借市场因随意赊欠而加剧坍塌，目前还没有迹象表明会出现损害银行利益的违约不按期偿还按揭贷款的行为。
So far there has been no sign of mortgage defaults hurting Banks, as with the collapse in the "subprime" lending market in America, which was also fuelled by easy credit.
虽然这样的市场具有很大的投机性，但是并不像美国的“次优级”拆借市场因随意赊欠而加剧坍塌，目前还没有迹象表明会出现损害银行利益的违约不按期偿还按揭贷款的行为。
So far there has been no sign of mortgage defaults hurting banks, as with the collapse in the “subprime” lending market in America, which was also fuelled by easy credit.
责任贷款中心(Centrefor Responsible Lending)报告指出在过去的几年里半数黑人所借抵押贷款是次优抵押贷款。
The Centre for Responsible Lending reports that half of the mortgages taken out by blacks in the past few years were subprime.
FreddieMac最近宣布不在购买次优抵押贷款。
Freddie Mac recently announced it would no longer buy some subprime loans.
投资者正在避开次优抵押贷款以及所有其他看起来有风险的抵押贷款。
Investors are shunning subprime and all mortgages that seem risky.
房贷市场真正异常活跃的是次优房产抵押贷款（subprimelending），一种以高于普通利率贷给那些信用记录较差的借款人的房产抵押贷款。
What has set pulses racing is subprime lending—mortgages extended at higher than normal rates to those with weak credit histories.
问题源自信贷市场，并首先反映在次优级贷款抵押的范围已经扩散到了我们的整个金融体系。
Problems that originated in the credit markets and first showed up in the area of subprime mortgages have spread throughout our financial system.
纽约东部的房屋多是采用次优级抵押贷款和止赎方式购买，这区域的房价在第一个季度下跌了4%，而房屋销量也降低了58%。
In East New York, an area rife with subprime mortgages and foreclosures, house prices fell 4 per cent in the first quarter, with sales down 58 per cent.
除了这些因素，使按揭贷款更容易，有一个次优抵押贷款证券化的显着增加。
In addition to such factors that enabled mortgage lending to be easier, there was a marked increase in securitization of subprime loans.
除了这些因素，使按揭贷款更容易，有一个次优抵押贷款证券化的显着增加。
In addition to such factors that enabled mortgage lending to be easier, there was a marked increase in securitization of subprime loans.
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