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

It used to be that mortgages had what's called a balloon payment at the end.

曾有一段时间,抵押贷款中有期末大额偿还制度

耶鲁公开课 - 金融市场课程节选

Congress thought that these people could be given more money to operate if someone would buy the mortgages from them, so Fannie Mae started doing that in 1938.

国会认为若从他们那买走抵押贷款,他们就有更多资金去发放贷款,因此房利美从1938年开始运作

耶鲁公开课 - 金融市场课程节选

They are borrowers that are thought, by the various models, to be likely to fail to pay on their mortgage and to have to be foreclosed; often low income, but also they're people with poor credit histories.

通过一些模型的计算,这些借款人,很有可能无法偿付贷款,抵押房产会被贷款人收回,借款人通常属于低收入人群,而且这些人没有很好的信用记录

耶鲁公开课 - 金融市场课程节选