律师事务所的安娜·派恩多表示，证券化信托的税收状况也模糊不清。
According to Anna Pinedo of a law firm, there is also fogginess around the tax status of securitization trusts.
证券化使得银行那个从市场中借款。
证券化市场的繁荣与崩溃令人惊叹。
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.
作为派生事物其证券化尚处于幼年期。
Securitisation is in its infancy, as is the use of derivatives.
合成产品使证券化系统的风险成倍增加。
Synthetic products multiplied risks in the securitization system.
证券化是其中一种方法。
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.
对银行来说利润率最高的证券化业务停滞不前。
Securitisation, one of the banks' most profitable areas, is inthe doldrums.
这过程，被称为证券化，能使银行贷更多的款。
That process, known as securitization, freed Banks to lend even more money.
更基础的是，证券化给银行以新的途径进行增长。
More fundamentally, securitisation opened a new route to growth for Banks.
证券化一些最严重的错弊起源于信贷评级的使用。
Some of the worst abuses in securitisation stemmed from the use of credit ratings.
事实上，证券化市场的缺乏可能会有益于中型银行。
In fact, the lack of a securitization market could help midsize Banks.
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.
证券化能分散风险的理论使人们产生了错误的安全感。
And the theory that risk had been dispersed because of securitisation added to the false sense of security.
这是证券化的一种失常，无法构成对其本身的一种控诉。
That was a perversion of securitisation, rather than an indictment of it.
1997年贝尔斯登公司第一个把CRA贷款公开证券化。
The first public securitization of CRA loans started in 1997 by Bear Stearns.
是本次危机的中心，证券化是1970年代的另外一个产物。
Securitisation, which has been at the centre of the current crisis, is another child of the 1970s.
该法案要求对证券化的结构，包括资产和创设人的深度透明。
The Act requires deep transparency into the structure of securitizations, including information about the assets and originators.
目前为止，美国大部分的信贷崩溃都源自于资产证券化的失败。
So far most of the credit collapse in America has come from the demise of securitisation.
如果没有证券化，全球就无法无限期的维持这种极端失衡状况。
Without securitisation, the world cannot sustain such extreme imbalances indefinitely.
随着可证券化的枯竭，优先借贷市场也实行了证券化。
As securitisation dried up, so did the primary-lending market.
会计规则的平行改变现在将证券化最常见的形式带入资产负债表。
Parallel changes in accounting rules will now bring the most common forms of securitizations onto the balance sheet.
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.
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.
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