The use of interest-only mortgages is rare in non-bubble markets.
仅付息按揭的应用在没有泡沫的市场非常罕见。
Within this model both speculators and their lenders use interest-only mortgages (IOs) rather than traditional mortgages when there is a bubble.
当存在泡沫时，这种模式下的投机者和贷方都宁可使用仅付息按揭（IOS)而不是传统按揭。
An INTERESTING (relatively) new paper suggests that interest-only mortgages were the key means through which participants in housing markets speculated on rising prices. Here's the abstract.
一篇有趣的(相对而言)新论文表明，仅付息按揭是住房市场参与者对价格上涨进行投机的主要工具。
They could borrow at an interest rate only a bit over the Treasury rate and then accumulate large portfolios of mortgages and mortgage-backed securities earning the market rate.
它们能够以仅比国债利率高出那么一丁点的利息借钱，然后积累大量住房抵押贷款和住房抵押贷款债券，凭借市场利率赚钱。
Only six months ago, politicians were counting on Fannie Mae and Freddie Mac, the country's mortgage giants, to bolster the housing market by buying more mortgages.
仅仅六个月之前，政客们还在打着小算盘，让FannieMae和FreddieMac这两个抵押贷款巨头通过购买更多的抵押支撑住房市场。
Only Assured Guaranty is still writing business and it too has been seriously weakened by its foray into insuring residential mortgages.
只有Assured Guaranty现在仍旧开展业务，而且因其进军住房抵押承保而被严重削弱。
Mr Lewis has long wanted to expand in mortgages, the only "cornerstone" retail-banking business in which his bank is not a force.
Lewis先生对在抵押贷款市场的扩张期待已久，因为这是零售银行业务的基石中，美国银行唯一不擅长的一块。
But these products are still among the least competitive and account for only about 2% of mortgages lent in recent months.
但是，这些产品对购房者影响不大，而且也只是在最近几个月减少了约2 %的按揭贷款。
But mortgages still amounted to only 23% of its total loans.
但是按揭还是只能达到贷款总额的23%。
Not only had it expanded rapidly in subprime mortgages and student loans but it relied on bond markets for most of its funding.
不仅仅是公司在次债及学生贷款方面扩张过快，而且公司的大多数资金的筹集都依赖与债券市场。
According to the Bank for International Settlements, a staggering 40% of American mortgages originated in the first quarter of 2007 were interest-only or negative-amortisation loans.
国际清算银行称，美国2007年第一季度发放的按揭贷款中，高达40%是那些纯利率或负按揭的贷款。
For instance, at Goldman Sachs, 77 percent of the nearly 112,000 mortgages reviewed met the guidelines, while at Citigroup only 58 percent did.
例如，在高盛的112,000份贷款中有近77%符合指南，而花旗只有58%能符合。
Back then, 85 percent of commercial-bank mortgages were for terms of only three or four years and were not fully amortized, ending instead with balloon payments that usually required refinancing.
那时候，85%的商业银行按揭期限只有3、4年，而且并未严格执行分期偿还，贷款者只是在期末偿付特大金额的款项遗弃抵债，这样做通常需要再行筹资。
"Negative amortisation" (neg-am) mortgages even let people pay only part of their interest each month and to add the rest to the principal, increasing their debt, not their savings.
“负分期付款”抵押借款甚至可允许人们每月仅付部分利息，并将剩余部分加到贷款本金中，增加的是其贷款额，并不是存款额。
Only those young enough to be unburdened by mortgages and other financial commitments are likely to continue spending freely, according to Mintel's research.
Mintel公司的调查显示，只有没有房屋贷款或其它经济负担的年轻人还是可能会一如既往地随意消费。
The increasing riskiness of mortgages is not the only sign that America is experiencing a housing bubble.
增加的按揭贷款风险并不是美国正在经历房产泡沫的唯一标志。
While refinancing both mortgages is convenient, you may decide to refinance only one or both separately.
而再融资抵押贷款既方便，你可以选择再融资只有一方或双方分开。
We're not going to go back to the days of only 20% (down payment) mortgages, but the days of putting nothing down are long gone.
我们不会再回到需要首付20%的日子，但是零首付的日子也将一去不复返了。
Risky subprime mortgages grew from 5% of all loans to 20% between 1994 and 2006, while average down payments on houses fell to only 2%.
在1994至2006年间，高风险的次级抵押贷款从所有贷款的5%增长到了20%，与此同时，平均房屋定金比率下滑到只有2%。
Negative amortisation mortgages even let people pay only part of their interest each month and to add the rest to the principal, increasing their debt, not their savings.
负分期付款贷款甚至让人们只付每个月的一部分利息，然后把其它的加到本金里。这是增加他们的债务，而不是储蓄。
In Spain, 80% of mortgages are fixed at short-term rates for one year only, while in the Eurozone, 60% of mortgages are at rates fixed for a period of between one and five years.
在西班牙，80%的抵押贷款是只按一年的短期利率确定的，而在欧元区，60%的抵押贷款都是按一至五年期固定的利率发放的。
That figure is 11.5% for Freddie's option adjustable-rate mortgages, or option ARMs, a risky type of loan that allowed borrowers to make only minimal payments in the early years.
在房地美的选择付款可调利率抵押贷款中，这一比例达到了11.5%。这一风险较高的贷款类型允许贷款者前几年只需支付最少还款。
The US households who took on triple zero mortgages-zero down payment, zero interest rate and principal repayment for two or three years knew they were offered only upside and no downside.
物业购置三零按揭——零首付、零利率、两三年内只付本金，人们认为条件只会越来越好，不可能变差。
The US households who took on triple zero mortgages-zero down payment, zero interest rate and principal repayment for two or three years knew they were offered only upside and no downside.
物业购置三零按揭——零首付、零利率、两三年内只付本金，人们认为条件只会越来越好，不可能变差。
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