这就是市政债券保险公司。

These are municipal bond insurers.

youdao

接着，市政债券保险公司，持有的次级贷款价值开始下跌。

Then, the value of the subprime loans that the municipal bond insurers own starts to go down.

youdao

过去保险几乎一半市场的债券保险公司在经历错误的抵押贷款赌注后已经削减或破产。

Bond insurers, who used to cover roughly half of the market, have retrenched or gone bust after making bad mortgage bets.

youdao

Then, the value of the subprime loans that the municipal bond insurers own starts to go down.

接着,市政债券保险公司,持有的次级贷款价值开始下跌

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The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.

你可能会说,美国房地产,是与市政债券保险公司完全不同,但是当房地产行业开始衰退,人们就开始对抵押贷款违约

耶鲁公开课 - 金融市场课程节选

So, there will be new municipal bond insurers appearing that will take up slack and we'll be all right but the problem is that we may have a crisis for a while.

新的市政债券保险公司将会出现,那样我们暂时可以松口气,但是问题是,次贷危机将会延续相当长的时间

耶鲁公开课 - 金融市场课程节选