The years leading up to the 2008 crisis were indeed marked by unsustainable borrowing, going far beyond the subprime loans many people still believe, wrongly, were at the heart of the problem.
没错，08年危机前那些年份主要以难以持续的借贷作为特征，远远超过了次贷的范围。许多人错误地认为这些贷款是问题的核心。
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。
Securities of packaged loans are marked to market, meaning losses have typically already been taken through capital.
打包贷款证券是按照市价估值的，这意味着损失通常已经在资本中被剔除了。
In contrast, single loans, held to maturity on balance sheets, are defaulting fast, yet they are not marked.
相比之下，在资产负债表中持有至到期的单纯贷款可能已经彻底违约，但却没有重新估值。
In contrast, single loans, held to maturity on balance sheets, are defaulting fast, yet they are not marked.
相比之下，在资产负债表中持有至到期的单纯贷款可能已经彻底违约，但却没有重新估值。
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