从2007年底开始，由于抵押贷款相关证券和其他复合资产在信贷危机期间下滑，许多这类基金都走下坡路。

Starting in late 2007, many of these funds hit the skids, thanks to mortgage-related securities and other complex holdings that dropped during the credit crunch.

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风险资产——证券、信贷和大宗商品的价格修正似乎会因此而不可避免，而且这一现象在七月份已经部分发生了。

A correction of the prices of risky assets — equities, credit and commodity prices — therefore seems inevitable and has already partially started in July.

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目前为止，美国大部分的信贷崩溃都源自于资产证券化的失败。

So far most of the credit collapse in America has come from the demise of securitisation.

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