Most of the damage was caused by mortgage-related securities issued in the last two years of the housing bubble.

绝大多数危害都是由于过去两年房地产泡沫终于按揭有关的证券所造成的。

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In the late 1990s they moved heavily into another area: buying mortgage-backed securities issued by others (see chart 3).

1990年代末期，它们大举进入其他领域：购买次级债券，再把它们发行给别人(see chart 3)。

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In America the market for mortgage securities issued by Fannie Mae and Freddie Mac, America's housing-finance giants, will be tested.

美国的抵押贷款证券市场将受到考验，该证券是由美国住房信贷巨头房利美和房贷美发行的。

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Disclosure: Securities issued by companies mentioned in this article were held by funds and portfolios managed by T.

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