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。

《柯林斯英汉双解大词典》

They underwrite new offerings. That means they take the risk of buying the securities and reselling them to the public.

他们对其它新品种也提供保险，即他们冒险购买证券，并重新出售给民众。

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National banks can package their own mortgages and underwrite them as securities .

国家银行能够合并自己的抵押贷款并以证券形式包销。

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Glass-Steagall was enacted in 1933 to create a firewall between commercial and investment banks: commercial banks could not underwrite or deal in securities, and investment banks could not accept deposits.

FORBES: Why The Glass-Steagall Myth Persists

So among his mandates is to search out a joint venture with a Chinese securities partner that would allow BofA Merrill Lynch to underwrite IPOs in China.

FORBES: Too Big To Fail But Brazen Enough To Still Get Bigger