例如，商业抵押贷款支持证券(CMBSs)的发行，2007年下半年比上半年下降了40.9％，而2008。年第一季度则在2007年下半年的水平上又下降了93.8％(Jenkinson，2008)。
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Here too loans were bundled together to make complex securities, known as commercial mortgage-backed securities (CMBSs), on which defaults are now rising.
在这里，许许多多的贷款捆绑在一起催生出复杂难以操作的证券，即按揭贷款支持的商业证券(CMBSs)。
To add to the sense of deja vu, property loans have also been bundled into complex financial instruments, known as commercial mortgage-backed securities (CMBSs).
为了营造似曾相识的感觉，许许多多的贷款还被捆绑在一起催生出复杂难以操作的证券，即按揭贷款支持的商业证券(CMBSs)。
Realpoint, a credit-rating agency, says that nearly $29 billion of CMBSs, around 3.5% of the total, have become delinquent (ie, borrowers have not kept up interest payments) in the past 12 months.
信贷评级机构Realpoint表示，在过去的12个月里已有近290亿美元，约占整体的3.5%的商业抵押担保证券贷款成为拖欠账款（借款人没有按时交纳利息）。
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