通过一级交易商信贷便利发放的贷款，都有抵押品担保，并且进行了贴现，这样一来，万一发生违约，而美联储不得不卖出抵押品时，美联储可以避免承担损失风险。

Loans made under the PDCF were secured by collateral and discounted to protect the Fed from risk of loss should it have had to sell collateral in the event of a default.

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作为贷款担保的抵押品的价格也随之上涨，使得贷款买房变得更加容易，从而再次促使房价上升。

This raises the value of the collateral against which borrowing is secured. It then becomes easier to borrow to buy homes, which pushes prices even higher.

youdao

随着对用于贷款担保的抵押品要求越来越高，国库券价格甚至可能被推高。

Increased demand for collateral to secure loans could even push up its price.

youdao

Now, if that happens these homes are the collateral to the banks for all these mortgages and we're going to have -and probably do have already--a recession.

如果那种情况发生了的话,这些房子是银行对房屋抵押贷款的唯一担保品,那我们将会面临,-很可能现在正在面临着--经济衰退。

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