Critics of the status quo say the 'issuer pay' model led to inflated ratings in the housing boom, particularly of securities backed by mortgages.

对现状持批评态度的人士说，在楼市泡沫期间，这种发债公司付费的模式导致评级注水，在抵押贷款支持证券的评级问题上尤其严重。

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If the credit card issuer applied the payment to the interest-bearing balance first, the customer would pay less interest overall.

如果信用卡发行人能够优先冲减有息债务，消费者支付的利息总额将大大减少。

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These bonds allow investors to diversify their assets and pay much higher interest rates to compensate for the risk of the issuer not repaying the principal in the event of a major catastrophe.

这些债券让投资者得以实现资产多元化，而且这些债券的利率很高，可以补偿发行机构在巨灾发生后本金得不到偿付所带来的风险。

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Some wanted to ban the issuer-pay model to move to an investor-pay model.

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Given the issuer-pay model, there is an ever-present concern that rating agencies have an incentive to understate the risks and provide ratings that are too high.

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In exchange for an upfront fee, a bond insurer would take a bond with a midling investment grade rating -- single-A, for example -- and offer to pay investors what they were due if the issuer defaulted.

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