The collateral could be a number of things including mortgages--securitized mortgages that are risky and dangerous assets.

抵押品可是很多种东西,包括抵押贷款-证券化按揭贷款,这种有风险的，危险的资产。

耶鲁公开课 - 金融市场课程节选

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.

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。

耶鲁公开课 - 金融市场课程节选