The years leading up to the 2008 crisis were indeed marked by unsustainable borrowing, going far beyond the subprime loans many people still believe, wrongly, were at the heart of the problem.

没错，08年危机前那些年份主要以难以持续的借贷作为特征，远远超过了次贷的范围。 许多人错误地认为这些贷款是问题的核心。

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In addition to such factors that enabled mortgage lending to be easier, there was a marked increase in securitization of subprime loans.

除了这些因素，使按揭贷款更容易，有一个次优抵押贷款证券化的显着增加。

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Securities of packaged loans are marked to market, meaning losses have typically already been taken through capital.

打包贷款证券是按照市价估值的，这意味着损失通常已经在资本中被剔除了。

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Without residential and commercial mortgage loans marked to market, bank financials are works of fiction, just like Japanese banks' financials were in the early '90s.

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That marked the highest number of loans in at least a decade and a 46% jump from fiscal-year 2011.

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The European Central Bank's move in late December to channel hundreds of billions of euros to banks through a new program offering three-year loans at low interest rates marked a turning point in reigniting investors' appetite for emerging markets.

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