Well, they created special entities called SIVs and the SIVs would be borrowing money on the commercial paper market to buy subprime loans.

银行建立特殊实体结构投资公司,而结构投资公司,通过在纸货市场借贷,以购入次级债

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We've managed to package subprime loans that we thought -some people thought--were terrible and sell them off to unwitting foreigners who didn't know.

我们将次级贷款打包,将这些烫手山芋,甩卖给我们不认识的外国冤大头

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Then, the value of the subprime loans that the municipal bond insurers own starts to go down.

接着,市政债券保险公司,持有的次级贷款价值开始下跌

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They were in a very risky position because subprime loans were already recognized as being risky.

这给银行带来极大风险,因为次级债早已被认为具有高风险

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They'd borrow to buy them, so if the value of the subprime loans went down just a little bit the SIV would be in trouble.

结构投资公司还借钱购买次级债,所以只要次级债贬值一点点,他们就麻烦了

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In other words, securities that were themselves backed by subprime loans.

所谓次级债券,就是那些靠次级贷款担保的证券

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They invest in something long-term--notably, subprime loans.

所筹资金用于进行长期投资,例如次级贷款

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