It gathered pace after the failures of Fannie Mae and Freddie Mac, two government-sponsored enterprises that provide cheap home loans.

在提供低利率房贷的美国两大国有企业房利美(Fannie Mae)和房地美(Freddie Mac)破产后，违约加速。

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These are two government sponsored enterprises mortgages from banks and other lenders.

这是两家美国政府赞助企业,从其他借贷者手里买如贷款。

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So, the government created competitors and it privatized them so that both Fannie and Freddie became what are called GSEs -these are Government Sponsored Enterprises.

政府先培育一些行业竞争者,然后再让它们私有化,于是房利美和房地美,成为了所谓的GSEs,即政府支持企业

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As government sponsored enterprises, or GSEs, they're often thought to have guarantees of federal support.

NPR: Panel To Hear Testimony On Fannie-Freddie Plan

The government sponsored enterprises Fannie Mae and Freddie Mac were able to attract trillions in additional financing from the market because their securities were recognized as effectively government guaranteed.

FORBES: President Obama Offers A Repeat Of His Same Failed Policies

By investing virtually all of their assets in mortgage-backed securities backed by the Government Sponsored Enterprises (GSEs: Fannie Mae, Freddie Mac, and Ginnie Mae) the Agency Mortgage REITs are able to completely deflect credit risk.

FORBES: Agency Mortgage REITs Lush Dividends To Continue