影响的扩大戏剧性的出现在了更具风险的抵押贷款证券化的产品,以及以此为基础的合并债务担保证券（CDO）。
Spreads have dramatically widened on the securities backed by riskier mortgages and the pooled and debt-laden collateralised-debt obligations (CDOs) based on them.
本文首先讨论了住房抵押贷款证券化的理论基础，及其对资本结构理论的挑战，然后对银行抵押贷款证券化的收益与风险进行了分析。
The theoretical principles underlying the securitization of housing mortgage and their challenges to the capital structure theories are discussed, and SHM's benefits and risks analyzed.
其影响是以抵押贷款为基础的证券比投资者所想的要较少多元化。
The effect was that mortgage-backed securities were less diversified than investors thought, since they were all exposed to the same risk-lax lending practices.
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