影响的扩大戏剧性的出现在了更具风险的抵押贷款证券化的产品,以及以此为基础的合并债务担保证券（CDO）。

Spreads have dramatically widened on the securities backed by riskier mortgages and the pooled and debt-laden collateralised-debt obligations (CDOs) based on them.

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工程师设计出金融衍生物并把资产证券化，从简单的利率期权到错综复杂的信用违约互换和担保债务凭证。

The engineers designed derivatives and securitisations, from simple interest-rate options to ever more intricate credit-default swaps and collateralised debt obligations.

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该项议案要求创始机构（或保证机构）保留其证券化债务信用风险的5%，但这带来的好处还不太清楚。

The benefits of the bill's requirement that securitisers retain 5% of a deal's credit risk are less clear.

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