CDO以次级抵押贷款债券、商业抵押贷款证券和其他资产作为担保。
These securities are collateralized debt obligations backed by subprime-mortgage bonds, commercial-mortgage loans and other assets.
因此投资银行斥巨资提高了首次包装上市的水平，并把次级抵押贷款放到了诸如债务抵押债券（CDOs）等复杂金融衍生品上。
So investment banks took their enormous capital and at first packaged yield-enhanced, subprime mortgage loans into complex derivatives such as collateralized debt obligations (CDOs).
看起来，他们深受那些广为流传的次级抵押贷款问题的影响，就像他们对债券市场其它领域的潜在过剩过于自信一样。
It seems they have been consistently blindsided by how widespread the subprime problems have become-as well as complacent about the potential spillover into other areas of the debt markets.
不仅如此，贷款行严格了包括优先、次级抵押贷款债券的现行标准，使得借款人再融资更加困难。
Moreover, lenders have tightened underwriting standards across the board for both prime and subprime mortgages, making it harder for borrowers to refinance loans.
高风险的次级贷款结合了高评级的优质贷款 打包成了“住房抵押贷款债券”（MBS）。
Risky, subprime loans, were combined with top rated, prime loans, andpackaged as Mortgaged Backed Securities (MBSs).
接着，市政债券保险公司，持有的次级贷款价值开始下跌。
Then, the value of the subprime loans that the municipal bond insurers own starts to go down.
接着，市政债券保险公司，持有的次级贷款价值开始下跌。
Then, the value of the subprime loans that the municipal bond insurers own starts to go down.
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