如果中介机构破产，或用证券抵押贷款，就会引发第三方债务人与证券实际持有的矛盾。

If bankruptcy had befallen the intermediary institutions, or securities being used as mortagage loans, this would solicit conflicts between the third debtors and the actual security holders.

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国家银行可以组合包装自己的的抵押贷款,以证券形式承销。

National banks can package their own mortgages and underwrite them as securities.

《柯林斯英汉双解大词典》

这也是真正的抵押证券。

This was also true of mortgage securities.

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The collateral could be a number of things including mortgages--securitized mortgages that are risky and dangerous assets.

抵押品可是很多种东西,包括抵押贷款-证券化按揭贷款,这种有风险的，危险的资产。

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

Troubled banks then who have this the problem banks have now is they have these securitized mortgages that they've bought and the homeowners are defaulting on the mortgages now.

于是出于困境中的银行,现在银行的问题在于,他们持有自己买的,证券化按揭贷款,而房屋持有者却,对抵押借款拖欠。

耶鲁公开课 - 金融市场课程节选