按揭证券

本周，美国银行说收到了一封来自投资者的来信。这名投资者以按揭证券的形式拥有几乎500亿美元。

This week , Bank of America said it received a letter from investors holding almost fifty billion dollars in mortgage-backed securities .

自次级房屋信贷危机爆发后，投资者开始对按揭证券的价值失去信心，引发流动性危机。

Since the subprime housing credit crisis , investors began to lose confidence in the value of mortgage-backed securities , causing a liquidity crisis .

那些标准甚至比巴塞尔资本协议II的还更松弛；欧洲银行就一直遵照这些标准，一直到按揭证券上的损失完全抵销了它们资产负债表上的普通股资本时为止。

Those guidelines were even more lax than those of Basel II , with which European banks were compliant right up until losses on mortgage securities wiped their balance sheets clean of equity capital .

摩根大通做出的一个最重要的选择就是：不要把基于住宅按揭证券的债务抵押债券（cdo）销售业务做得太大。

The most important single choice JPMorgan made was not to be big in the business of selling collateralised debt obligations based on residential mortgage securities .

2010年年中，SEC指控高盛未能告知投资者，一项名为Abacus的次级按揭证券产品所包括的债券已被对冲基金经理约翰•保尔森选定，并计划进行反向下注。

In mid-2010 , the SEC sued Goldman for failing to tell investors that bonds included in a subprime mortgage security called abacus had been selected by hedge fund manager John Paulson , who planned to bet against the offering .

这个住房按揭证券RMGS发行了8.65亿美元三A级票据，一半左右被两房购买，其余的由许多种银行、保险公司、养老基金和短期资本持有人购去。

That RMBS issued $ 865 million of AAA notes , about half of which were purchased by Fannie Mae and Freddie Mac and the rest by a variety of banks , insurance companies , pension funds and money managers .

按揭证券化带来了一种新的系统性风险。

The securitisation of mortgages added a new dimension of systemic risk .

按揭证券公司继续有效地控制经营支出。

The corporation continues to exercise tight control over its operating expenses .

此外，按揭证券公司在促进定息按揭发展方面取得良好进展。

We are also making good progress in promoting fixed rate mortgages .

按揭证券公司发行的债务证券极受金融机构、机构投资者和散户投资者欢迎。

The HKMC debt securities were well received by financial institutions , institutional investors and retail investors .

对高杠杆运作的金融机构当时正持有有害的美国次级按揭证券化产品的披露，使市场参与者备受震惊。

The disclosure that highly leveraged financial institutions were holding toxic securitised American subprime mortgages shocked market participants .

有关银行可选择持有按揭证券作为其本身的投资组合，或把证券转售予其他投资者。

The bank can either hold the MBS in its own portfolio or on-sale the securities to other investors .

资产交换安排有助按揭证券公司在当前比较困难的市况下买入按揭资产。

The asset swap arrangement will help the HKMC to acquire mortgage assets under the current difficult market environment .

事实上，金管局与按揭证券公司一直致力发展零售债券市场。

Indeed , development of the retail bond market is a common aim shared by both the HKMA and the hkmc .

按揭证券化是一种创新，不知不觉中导致华尔街所称的“押注公司”的行为。

The securitisation of mortgages was an innovation that led unwittingly to what Wall Street calls " betting the company " .

按揭证券公司奉行审慎的购买准则，确保按揭贷款组合的资产质素达到最高水平。

The HKMC operates prudent purchasing criteria , with the aim of ensuring that its portfolio remains of the highest asset quality .

该计划具有几项创新的特点，应有助按揭证券公司更有效地吸引机构投资者。

The Programme contains a number of innovative features which should help the HKMC to reach out effectively to the institutional investors .

作为市场开拓者，按揭证券公司喜见零售债券市场在过往两年不断扩展。

As the pioneer , we are also very pleased to see the deepening of the retail bond market in the past two years .

除提供与上次发行2及3年期的定息债券外，按揭证券公司将增推两款新产品。

The HKMC will introduce two new products in addition to fixed rate bonds of2-year and3-year maturities that were also offered in the previous issue .

到第二阶段，按揭证券公司把按揭贷款证券化，然后把按揭证券售予投资�

In the second phase , the HKMC securitises the mortgages into Mortgage Backed Securities ( MBS ) and offers them for sale to investors .

透过配售银行发售按揭证券公司债券的新机制，让一般投资者在认购及买卖债券时更感方便，证明非常有效。

The new mechanism of offering HKMC notes through placing banks has proved to be highly effective in making the subscription process more convenient for the retail investors .

对于参与银行来说，与按揭证券公司合作，能更有效地发展更多新按揭业务，及向借款人推广其他银行产品。

To the participating banks , their partnership with the HKMC provides an effective avenue for procuring new mortgage businesses and marketing their banking products to the borrowers .

配售银行及处理申请的指定分行数目大幅上升，令按揭证券公司能更有效地接触一般投资者。

The significant increase in the number of placing banks and designated branches for processing applications will enable the HKMC to reach out more effectively to retail investors .

在目前已经破灭的房地产泡沫背后，有着从追求高回报的海量全球流动性，到按揭证券兴起等许多原因。

There were many reasons for the housing bubble that has now burst , from huge amounts of global liquidity seeking high returns to the rise of private-label securitisation .

这个奖项亦肯定了任志刚在发展香港债务市场和金融基础设施，以及成立香港按揭证券有限公司上所作出的贡献。

The award also noted his contribution to the development of the debt market and financial infrastructure in Hong kong , and the establishment of the Hong Kong Mortgage corporation .

按揭证券公司将继续促进本地零售债券市场的发展，尽力以扩阔债券投资工具的选择来迎合一般投资者的需要。

The HKMC will continue to promote the local debt market and devote our efforts to meet the needs of the retail investors by providing more choice of debt products .

根据该计划，按揭证券公司向贷款银行提供担保并收取担保费，担保额最高达物业价值的15%。

Under the scheme , the HKMC provides a guarantee at a fee to the lending bank for an amount up to15 per cent of the value of the property .

根据是项计划，按揭证券公司票据将以不定期招标方式售予金管局指定的市场庄家及认可交易商。

Under the programme , the HKMC notes will be sold from time to time by tender to a group of market makers and recognized dealers appointed by the hkma .

按揭证券公司将会促进银行和货币稳定，推动债务市场发展，以及协助市民置业，对香港裨益良多，意义重大。

The HKMC has profound significance as it will entail considerable benefits to Hong Kong in terms of promoting banking and monetary stability , debt market development and home ownership .

交易员们说，以不符合条件的抵押贷款作为担保的按揭证券市场急速下跌，因投资者都在等待政府出台转换个人抵押贷款计划的更多细节；

The market for mortgage securities backed by nonconforming mortgage loans was in free-fall as investors await more details on the government 's plans to alter individuals'mortgage loans , say traders .