这也是真正的抵押证券。
而监管者们则弄错了方向：他们在担心对冲基金，却没有关注真正的祸因——次级抵押贷款。
Regulators, meanwhile, looked the wrong way: they were far more worried by hedge funds than subprime mortgages. That tends to be typical.
随着潜在的抵押品价值减少和收入缩水，真正的债务负担开始上升。
As the underlying collateral declines in value and incomes shrink, the real burden of debt rises.
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