你可能会说，美国房地产，是与市政债券保险公司完全不同，但是当房地产行业开始衰退，人们就开始对抵押贷款违约。

The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.

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但是，对美国各县市发行的市政债券提供单一险种的保险公司，已经被压得喘不过气来。

But "monoline" insurers, which insure municipal bonds issued by American cities and counties, are barely breathing.

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但是，对美国各县市发行的市政债券提供单一险种的保险公司，已经被压得喘不过气来。

But "monoline" insurers, which insure municipal bonds issued by American cities and counties, are barely breathing.

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