同时，买卖这些贷款的证券化市场仍然关闭。
Meanwhile, the market for securitizations backed by these loans remains all but closed.
第二节主要介绍次级抵押贷款的证券化参与主体及其内在运作机制，从而为下文分析证券化链条上各主体间的利益冲突提供铺垫。
Section Two explains the participants in the Sub-prime Mortgage securitization and the securitization operation mechanism, so that it can provide some basis for the coming analysis in the next part.
最终他提到，一旦欧洲证券化市场统一，他愿意售出大部分的联合信贷贷款。
Eventually, he says, he would like to sell most of UniCredit's loans, once European securitisation markets are harmonised.
第三，许多证券化市场仍然受损，减少了银行贷款的重要资金来源。
Third, many securitization markets remain impaired, reducing an important source of funding for bank loans.
甚至包括一些证券化的基本抵押贷款。
There have even been some securitizations of prime-mortgage loans.
所有这些都是因为地方银行仍然是国内贷款的主力，而现在银行的贷款并没有证券化。
And because local Banks still account for almost all domestic lending, there is no securitisation of bank loans.
多年来货币基金一直在与银行争抢市场份额：大银行不太想在证券化的热潮中去争取存款，因为他们正在兜售他们的贷款。
Money funds have been taking market share from Banks for years: big Banks were less interested in competing for deposits during the securitisation boom, since they were selling on their loans.
在2006年时，LewisRanieri也警告过房屋贷款证券化惊人增长所带来的风险。
Ranieri did warn in 2006 of the risks from the breakneck growth of mortgage securitisation.
路易斯安那州立大学的梅森(Joseph Mason)说，这些证券化产品在泡沫时期很受欢迎，但在更为清醒的时期，它们像具有类似条款的大量贷款一样，缺乏激发强劲需求的属性。
Popular during the bubble, these securitizations lack attributes, like large pools of loans with similar terms, to create strong demand in saner times, says Joseph Mason of Louisiana State University.
北岩银行新任管理层也不见得比原管理层更出色（北岩银行曾经是一家老迈、毫无生气的住宅抵押贷款提供商，而上届管理层将其创新性地成功转型为证券化巨头并因此获得了巨大荣誉）。
The bank's new bosses may yet prove to be no better than its old (who were once feted for their innovation in transforming a sleepy old building society into a securitisation dynamo).
他计划下个月举行一次证券化听证会，找出为什么消费者和企业仍旧有那么多的麻烦获得贷款。
He plans to hold a hearing on securitization next month to find out why consumers and businesses are still having so much trouble getting loans.
看起来他们担心，如果按揭贷款承销中的漏洞被揭露了，那么将会从其他投资银行失去按揭贷款证券化一起的其他业务。
It seems they feared that if they revealed the flaws in the underwriting of the mortgages, they would lose other business from the investment Banks that put the mortgage-backed securities together.
许多欧洲银行在繁荣期通过证券化实现了贷款的迅速扩张(见表7)。
Many European Banks used securitisation to fund the expansion of their loan books in the boom (see chart 7).
然而，由于证券化市场的繁荣达到了狂热的地步，流入市场的贷款(尤其是住房抵押贷款)质量下降。
As the boom reached fever pitch, however, the quality of the loans being pooled into securities dived, especially in mortgages.
证券化的知识诉讼案子，聚集大量不同贷款以及将现金流卖给投资者的做法，依然很多。
The intellectual case for securitisation, the process of pooling lots of different loans and selling the cashflows to investors, remains strong.
成百万这样的证券化后的贷款被销往全世界的公司。
Millions of securitised loans were sold to firms all over the world.
根据美联储的数据，银行- - -仅次于证券化市场的其它信用来源- - -仍旧在控制着贷款规模，这使得美联储计划的可能结果变得复杂。
Complicating the Fed's plan, Banks - the other source of credit next to the securitization markets - continue to rein in lending, according to data from the Federal Reserve.
于是出于困境中的银行，现在银行的问题在于，他们持有自己买的，证券化按揭贷款，而房屋持有者却，对抵押借款拖欠。
Troubled Banks then who have this the problem Banks have now is they have these securitized mortgages that they've bought and the homeowners are defaulting on the mortgages now.
例如证券化的银行贷款比债券更安全，因为一旦发生破产它比债券更早得到偿还。
Securitized bank loans, for example, are safer than bonds because they get paid back earlier in the event of a bankruptcy.
贷款证券化将风险并且分散到金融系统不同的环节，由此降低了银行破产的风险。
Loan securitisation disperses risk through the financial system and reduces the chances of a banking collapse.
他们也从事投行业务，从包销股票、债券发行、一揽子的证券化资产、信用卡收据以及汽车质押贷款等。
And they'd work to build up investment banking activities ranging from underwriting stock and bond offerings to selling packages of securitized mortgages, credit card receipts and car loans.
影响的扩大戏剧性的出现在了更具风险的抵押贷款证券化的产品,以及以此为基础的合并债务担保证券（CDO）。
Spreads have dramatically widened on the securities backed by riskier mortgages and the pooled and debt-laden collateralised-debt obligations (CDOs) based on them.
和华尔街的其他各大投行类似，雷曼最初的裁员计划锁定在其抵押贷款创设和资产证券化两个部门。
Like other Wall Street Banks, Lehman focused its initial job cuts on its mortgage origination and securitization businesses.
随着银行被逼迫从证券化市场赎回一大堆拙劣不堪的保险贷款，这一切都到来了：摩根大通在第三季度将其“回购”储备金提高到了30亿美元。
All this comes as banks are forced to buy back growing piles of poorly underwritten loans from securitised pools: JPMorgan Chase increased its “repurchase” reserves to $3 billion in the third quarter.
随着银行被逼迫从证券化市场赎回一大堆拙劣不堪的保险贷款，这一切都到来了：摩根大通在第三季度将其“回购”储备金提高到了30亿美元。
All this comes as banks are forced to buy back growing piles of poorly underwritten loans from securitised pools: JPMorgan Chase increased its “repurchase” reserves to $3 billion in the third quarter.
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