Initially, the Fund will buy discounted pools of commercial mortgage debt and originate first mortgage and mezzanine loans on high-quality commercial real estate properties.

首先，这期基金将用于以一定的折扣购买商业抵押贷款债务，并建立第一期针对高端商业房产的按揭房贷。

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The Treasury is expected to take a week to set up the auctions for the first mortgage purchases, and the first purchases could therefore take place within weeks.

财政部计划用一周的时间来准备安排第一笔购买抵押贷款资产的拍卖会，因此第一笔购买交易会在几周内完成。

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But instead of the Banks taking the first hit from mortgage defaults, the pain will be spread round the financial system.

然而，随着银行不再担当众多抵押债务的第一承担者，抵押债务将会广泛影响整个金融系统。

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