拥有信用违约互换的无担保的债权人宁愿看到违约也不想看到漫长的重组：对他们来说，保险单比房屋更值钱。

Unsecured creditors who hold CDSs might prefer default to a lengthy restructuring: to them, the insurance policy is worth more than the house.

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但是，在备受经济危机冲击的2008年，许多保险商减少或者取消了信用担保，这种机制因此遇到了很大的问题。

But the approach has not worked so well since the financial crisis hit in 2008 and many insurers cut or cancelled cover.

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那些对信用衍生品保险和其他别出心裁债务工具做交易的对冲基金及其担保银行不费吹灰之力就能大捞一笔的日子一去不复还了。

The days of easy pickings for hedge funds and their sponsor Banks which traded credit-derivative insurance and other exotic debt instruments are over.

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