The use of interest-only mortgages is rare in non-bubble markets.
仅付息按揭的应用在没有泡沫的市场非常罕见。
Within this model both speculators and their lenders use interest-only mortgages (IOs) rather than traditional mortgages when there is a bubble.
当存在泡沫时，这种模式下的投机者和贷方都宁可使用仅付息按揭（IOS)而不是传统按揭。
An INTERESTING (relatively) new paper suggests that interest-only mortgages were the key means through which participants in housing markets speculated on rising prices. Here's the abstract.
一篇有趣的(相对而言)新论文表明，仅付息按揭是住房市场参与者对价格上涨进行投机的主要工具。
They could borrow at an interest rate only a bit over the Treasury rate and then accumulate large portfolios of mortgages and mortgage-backed securities earning the market rate.
它们能够以仅比国债利率高出那么一丁点的利息借钱，然后积累大量住房抵押贷款和住房抵押贷款债券，凭借市场利率赚钱。
According to the Bank for International Settlements, a staggering 40% of American mortgages originated in the first quarter of 2007 were interest-only or negative-amortisation loans.
国际清算银行称，美国2007年第一季度发放的按揭贷款中，高达40%是那些纯利率或负按揭的贷款。
"Negative amortisation" (neg-am) mortgages even let people pay only part of their interest each month and to add the rest to the principal, increasing their debt, not their savings.
“负分期付款”抵押借款甚至可允许人们每月仅付部分利息，并将剩余部分加到贷款本金中，增加的是其贷款额，并不是存款额。
Negative amortisation mortgages even let people pay only part of their interest each month and to add the rest to the principal, increasing their debt, not their savings.
负分期付款贷款甚至让人们只付每个月的一部分利息，然后把其它的加到本金里。这是增加他们的债务，而不是储蓄。
The US households who took on triple zero mortgages-zero down payment, zero interest rate and principal repayment for two or three years knew they were offered only upside and no downside.
物业购置三零按揭——零首付、零利率、两三年内只付本金，人们认为条件只会越来越好，不可能变差。
The US households who took on triple zero mortgages-zero down payment, zero interest rate and principal repayment for two or three years knew they were offered only upside and no downside.
物业购置三零按揭——零首付、零利率、两三年内只付本金，人们认为条件只会越来越好，不可能变差。
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