The instrument is a form of senior debt that is paid back from the issuer's cash flows but is also secured against a ring-fenced pool of assets, such as mortgage loans, in the event of default.

这种证券是优先债务形式的一种，发行者需要用自己的现金流来偿还，并且要有一定隔离的资产池作为保障，比如说抵押贷款，以免发生不能履行责任的情况。

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More and more investors are coalescing into groups, hopeful of reaching the threshold at which they can instruct mortgage-pool trustees to act against servicers (25% of note-holders in a given issue).

越来越多的投资者正聚集起来，希望能达到发动贷款池受托人来反对贷款服务者的人数底限(对某个议题来说是票据持有者的25%)。

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They were set up decades ago to help banks pool concentrated regional mortgage risk and to make housing more affordable.

他们几十年前建立区帮助银行合作经营集中的地区抵押贷款风险，并且是的住房更加提供的起。 但是当市场已经变得更加难懂更加复杂的时候。

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People feel disgust and distrust with institutions that bear large financial relationships with customers only to treat them with disrespect once they are in the mortgage pool.

FORBES: American Dream Of Homeownership Fading. Rejoice.

For investors who profited from the credit crisis, the answer often lay outside the prospectus: in visiting housing developments or in picking apart one mortgage pool at a time.

WSJ: The Intelligent Investor: Most Risks Hide in Plain Sight

More and more investors are coalescing into groups, hopeful of reaching the threshold at which they can instruct mortgage-pool trustees to act against servicers (25% of note-holders in a given issue).

ECONOMIST: Banks are under assault from buyers of mortgage securities