皮尔斯指出，商业抵押贷款担保证券的价值正在下滑，而这是最近才暴露出问题的一块业务。

And in a fresh problem area for Banks, commercial-mortgage-backed securities are declining in value, Mr. Pierce said.

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近1美元的银行，保险和商业抵押贷款担保证券，或商业抵押担保证券万亿美元，在美国商业房地产贷款是由一套成熟的2012年底，根据德意志银行。

Nearly $1 trillion of bank, insurance and commercial mortgage-backed securities, or CMBS, loans on US commercial real estate are set to mature by the end of 2012, according to Deutsche Bank.

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其二，美联储已经在交易低风险，低回报的国债和购买高收益的私人债券-例如银行贴现贷款，商业票据，和抵押担保证券。

Second, it has been trading in low-risk, low-return Treasury debt and buying higher-yielding private debt—discount loans to banks, commercial paper, and mortgage-backed securities, for example.

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