The other thing that's happened now is that Warren Buffett said he wants to get into the municipal bond insuring business.

还有一件事,沃伦·巴菲特说,他希望介入市政债券保险这一领域

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

Lot's of investors won't buy a municipal bond unless it's insured.

如果市政债券没有投保,很多投资者是不会去购买的

耶鲁公开课 - 金融市场课程节选

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

These are municipal bond insurers.

这就是市政债券保险公司

耶鲁公开课 - 金融市场课程节选