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They were just thousands of AAA mortgages bundled together, guaranteed by the U.S. Government.
就是上千笔AAA级抵押贷款捆绑起来,由美国政府担保。
《The Big Short》《大空头》
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They made billions and billions on their 2% fee they got for selling each of these bonds. But then they started running out of mortgages to put in them.
他们通过卖这些债券所收取的2%的手续费赚取了亿万财富,但接着抵押住房资源开始枯竭。
《The Big Short》《大空头》
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We see stock bubbles. We see people overextending themselves from credit cards. We see people taking mortgages that shouldn't be taking.
我们看到股市中存在泡沫,我们看到人们对信用卡过度透支,人们承受着超出自己承受范围的抵押贷款。
《Predictably Irrational》《怪诞行为学》
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When too many cheap mortgages were being sold in 2007, a lot of people didn't know what was going on and a lot of others just followed the crowd.
当许多便宜的抵押品在2007年被贩卖时,有许多人都不知道怎么一回事,而只是跟着大多。数人的步调。
《60 Second Adventures in Economics》《60秒趣味经济学》
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So the banks started filling these bonds with riskier and riskier mortgages. Thank you, Benter.
于是银行开始用更有风险的房贷来支持这些债券,谢谢你,本特。
《The Big Short》《大空头》
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How much bigger is the market for insuring mortgage bonds than actual mortgages? About 20 times.
担保房贷债券的市场要比实际房贷大多少?大约20倍。
《The Big Short》《大空头》
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So how many of these are adjustable-rate mortgages? Well, most. Oh, yeah. Yeah, I'd say about 90%.
那这些贷款里面有多少是浮动利率的?大部分都是。是的,我看90%都是浮动利率。
《The Big Short》《大空头》
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How do you know the bonds are worthless? Aren't they filled with fucking thousands of pages of mortgages?
你怎么知道债券没有价值?他们不是都是上千页的房贷支持的吗?
《The Big Short》《大空头》
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So...Says you. ...you're convinced the underlying mortgages in these bonds are solid loans. That is our opinion, yes.
那么… 口说无凭。你确信这些债券对应的房贷是可靠的吗?根据我们公司的观点,是的。
《The Big Short》《大空头》
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That way they can keep that profit machine churning, right? By the way, these risky mortgages are called subprime. So whenever you hear Subprime, think Shit.
那样的话他们就能继续盈利了,对把?对了,这些高风险房贷叫次级贷款,所以每当你听见次级贷款就意味着狗屎。
《The Big Short》《大空头》
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Many people are now stuck with expensive fixed-rate mortgages.
许多人现在无法摆脱高额的定息按揭。
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National banks can package their own mortgages and underwrite them as securities.
国家银行可以组合包装自己的的抵押贷款,以证券形式承销。
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Many more institutions, especially banks, were allowed to lend money for mortgages, and what was more, banks could lend out more money than they actually held.
更多机构,特别是银行,被允许做抵押贷款;此外,银行还可以借出比实际持有量更多的钱。
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Too often lenders connived with borrowers to swell the size of mortgages, or worse, sell borrowers the wrong policy.
放贷机构常常与借款者勾结,以扩大抵押贷款规模,或者更糟糕的是,向借款者兜售错误的政策。
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He points out that adjusting table-rate mortgages were used much more inexpensive cities, a trend that became more pronounced as the fund rates fell.
他指出,利率可调型房贷在生活水平较高的城市更为普及,这一趋势在联邦利率下降之后变得更为明显。