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So what banks offer is liquidity -the ability to borrow short even though the loans that are made are long-term.
而银行就提供了流动性,即接受短期存款,但可以发放长期贷款的能力
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It did it through banks; they gave the money to banks to make loans to people who were in trouble.
贷款还是通过银行发放,他们把钱给银行,然后由银行向有困难的人放贷
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If a firm is competing against a customer let's say for a non-prime loan perhaps that assumption is not quite so safe.
如果一家公司在和客户博弈,比如发放说次级贷款,可能假设不是那么完备
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The originator is the one makes the loan; the servicer is someone who manages the paying of the loan.
原始权益人是发放贷款的人,服务人员是负责管理贷款偿还的人
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Since the 1990s, we've seen a proliferation of new kinds of mortgages that especially are offered to low-income people by certain lenders.
从20世纪90年代,我们看到一种新型抵押贷款在快速发展,它由特定贷款人向低收入人群发放
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People can't pay --they can't pay a high interest if they don't have it as a long-term loan.
如果银行不发放长期贷款,他们就不能够支付高额利息
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So Savings and Loans, traditionally, have made most of their loans in the form of home mortgages.
所以传统的储贷协会,所发放的贷款多为购房抵押贷款
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Investment banks are very different in that a pure investment bank does not accept deposits and it doesn't make loans; it's an underwriter for securities.
投资银行是完全不同的,单纯的投资银行既不吸收存款,也不发放贷款,投行是证券承销商
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The traditional commercial bank would accept deposits from businesses and make loans to businesses.
早期的商业银行吸收商业存款,并发放商业贷款
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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
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So the Bank of England then became a kind of regulator of these banks and it would also loan to them when they were in trouble.
所以，英格兰银行当时,成为了众多银行的管制者,并且在它们陷入危机时,向它们发放贷款。
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Saving and Loan Associations, by the way, no longer exclusively limit themselves to mortgage lending -either they do home improvement lending and auto loans and the like as well.
顺便提一下,储贷协会,现在也不仅限于发放抵押贷款,他们也发放住房装修贷款,及汽车消费贷款之类的
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They ran with a lot of loans that turned out bad.
他们发放的大量贷款变为坏账
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They should have been watching, under Reagan, because if you let them pay high interest rates you better watch out that they don't make risky loans if you're insuring them.
在里根的执政下,他们本应该进行监管,因为如果你准许机构支付高利率,且对他们进行保险,你最好进行监管,防止他们发放高危贷款
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Most of the people who want to borrow money from the banks -let's talk about businesses -we're accepting business loans -they don't want to have to pay the money tomorrow.
大多数想从银行贷款的人...,我指的是企业,我们向企业发放贷款,大多数贷款企业都不希望今天借明天还
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Subprime refers to mortgages, which is not the subject of today's lecture, but a subprime mortgage is a mortgage issued to a borrower who is not considered prime--not a good risk.
次贷指的是次级抵押贷款,这不属于今天的讨论范围之内,次级抵押贷款是发放给特殊借款人的,他们不是优质客户,也就是说风险较大
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Of course, banks would be reluctant to do it by themselves, but the government's coming with a checkbook to write the money, so they can make the mortgage, and guarantees it.
当然,银行不愿亲自操刀,但是政府带着大量拨款来了,由他们发放抵押贷款,并给予担保
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What the Fed said it would do is announce an auction of so many billion dollars of loans to member banks and the banks have to supply collateral to the Federal Reserve.
美联储声明的它会做的事是,举行一场对,会员银行发放几十亿美元贷款的拍卖会,条件是这些银行必须,给联邦储备银行提供抵押品。
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The problem is then that these were sold to low-income people, in many cases, who didn't understand what they were getting and that after two years the interest rate would reset up.
问题是贷款在一开始是发放给低收入人群,很多情况下,那些人并不理解这种贷款,或者说他们不知道利率在两年后会重设
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These mortgages were given out to people that couldn't afford them and today you have what you call subprime mortgages--subprime paper They issued against this paper stuff called mortgage-backed security. They securitized them and these things are all floating around now.
我们发放这些抵押贷款给那些买不起房子的人,所以现在你们看到了一种你们叫做,次级抵押贷款的金融工具--次贷票据,他们把这种票据叫做,有抵押证券，他们把有抵押证券证券化,这些证券现在在市场上被多次交易，广为流通。
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The idea was that a lot of people can't afford a house -let's all get together and pool our money -in a Building Society or Saving and Loan Association -and then we'll loan out to some of us to buy the house.
当初的想法是,很多人都买不起房子,那我们就把钱凑在一起,放到一个建房互助协会或储贷协会里,然后向我们中那些要买房的人发放贷款
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The idea was that the --so he set up Moody's Rating Agency and the job of Moody's was to give letter grades to securities; it was a little bit like a bank, but it was different because he didn't actually make the loans.
主旨是... 因此他成立了穆迪评级机构,穆迪的工作就是用字母给证券评级,这有点像银行,但还是有区别,因为他并不发放贷款
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It used to be that the government didn't let banks pay more than a certain amount on their deposits and that helped protect banks because then they didn't have to compete to pay high interest rates -then be incentivized to make risky loans to try to make money with those high interest rates.
在这之前,政府不允许银行对存款,支付超过一定数量的利息,那样做是为了保护银行,因此他们不必争相,去支付高额利率...,因为在高利率支付下银行会倾向于,发放高危贷款以获取利润
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But the FSLIC wasn't; it was sleeping at the switch, so it allowed banks in the United States -it was primarily Savings and Loans who did this -to make bad loans and they were playing this moral hazard game.
但是FSLIC没有如此,制度变换初期他们对一切放任不管,于是这让美国的银行...,主要指的是那些储蓄贷款机构...,发放不良贷款,他们开始参与这项充满道德风险的游戏
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