The instrument is a form of senior debt that is paid back from the issuer's cash flows but is also secured against a ring-fenced pool of assets, such as mortgage loans, in the event of default.
这种证券是优先债务形式的一种，发行者需要用自己的现金流来偿还，并且要有一定隔离的资产池作为保障，比如说抵押贷款，以免发生不能履行责任的情况。
Banks own a lot of long-term assets (like your mortgage) and hold a lot of short-term debt (which is cheaper than long-term debt).
银行持有很多长期资产(比如你的贷款)和短期债务(利率比长期的要低)。
Household net worth is assets, such as home equity, minus liabilities, such as mortgage debt.
家庭财产净值是房产等资产减去抵押贷款等债务。
Thereafter, the scale and complexity of this repackaging (particularly of mortgage-backed assets) hugely increased as investment banks created an alphabet soup of new debt products.
此后，由于投资银行所创造的一系列令人眼花缭乱的新型信贷产品，此类资产（尤其是按揭抵押债券）再包装业务的规模与复杂性便一路飙升。
These securities are collateralized debt obligations backed by subprime-mortgage bonds, commercial-mortgage loans and other assets.
CDO以次级抵押贷款债券、商业抵押贷款证券和其他资产作为担保。
The overheated pursuit of Wall Street of the collateralized debt obligation(CDO) and housing mortgage loan bond(MBS) has gradually pushed the Assets equity ratio higher.
华尔街在对担保债务权证（CDO）和住房抵押贷款债券（MBS）的追逐中，逐渐形成更高的资产权益比率。
"When the housing and mortgage markets cratered, the lack of transparency, the extraordinary debt loads, the short-term loans and the risky assets all came home to roost," the report found.
报告发现，“住房和抵押贷款市场处于火山口之时，透明度的缺失，额外债务负担，短期贷款，以及充满风险的资产最终自食其果，”“随之而来的就是恐慌。”
"When the housing and mortgage markets cratered, the lack of transparency, the extraordinary debt loads, the short-term loans and the risky assets all came home to roost," the report found.
报告发现，“住房和抵押贷款市场处于火山口之时，透明度的缺失，额外债务负担，短期贷款，以及充满风险的资产最终自食其果，”“随之而来的就是恐慌。”
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