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Subprime" Refers to the mortgages that were made mostly over the last ten years or so to subprime borrowers.
次贷"指的是,大约在最近10年中,提供给次级借款人的,住房抵押贷款
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Default rates are shooting up and valuation of securitized subprime mortgages have crashed and it's throwing turmoil all over the financial community.
违约率飞速上升,对于次级抵押贷款的估值也失效了,这还导致了整个金融系统的混乱
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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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When it gets to thousands of atoms things start to condense because there is a capacity to form other bonds secondarily, which we will get to in a little bit.
当有成千上万的原子,开始浓缩,因为形成次级键,的趋势，然后得到的体积只有一点点。
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The industry, subprime lending, has grown dramatically over the last ten years and, as you probably know, it's in big trouble now.
次级借贷行业,在近10年里迅猛发展,你们大概也知道,这个行业现在正处于巨大的困境中
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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 became almost worthless because they were investing in subprime debt and the value of the debt collapsed and so these collapsed as well.
它们变的分文不值,因为它们投资次级债务,而这些债券价格一落千丈,所以这些银行也跟着倒下
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A typical home--a conventional thirty-year-- this is what most people get today and that's--except for subprime.
一个典型的住宅,期限一般是30年,除了次级贷款之外,今天大部分抵押贷款期限都是30年
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Northern Rock was a British building society that was investing in subprime paper in the U.S.
北岩银行是英国的一家建房互助协会,它曾在美国投资次级债券
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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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Subprime borrowers seem to be the ones who are being really hit with new ideas.
次级借款者是,金融创新的牺牲品
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Well, one of the things they've been investing them in are subprime mortgages.
其中一个投资方向,就是次级抵押贷款
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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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We did have a large,short position in subprime mortgage-backed securities, which has paid off enormously for the University and really helped protect assets in the past nine months or a year.
我们确实曾持有很多,次级抵押担保证券的空头,它们为耶鲁赚了不少钱,并且在过去的9个月或1年间,为资产保值发挥了实在的作用
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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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A "Subprime borrower" Is somebody who has a poor credit history or some other indication that would suggest that they might not be able to repay the mortgage-- they might default.
次级借款人"指的是,那些信用记录较差的借款人,或在其他方面显示,他们很可能无力偿还贷款,也就是说他们很可能违约
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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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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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Recently, however, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities.
但是,最近,出现了一点关于评级机构的丑闻,因为他们将一些次级证券评为AAA级
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