The Department of Justice has asked two big car-loan companies, GM Financial, a unit of General Motors, and Santander Consumer, controlled by Spain's Santander Group, for details about their subprime underwriting and securitisation.

司法部要求两大汽车借贷公司，通用旗下的通用金融和西班牙桑坦德集团控制下的桑坦德消费银行提供其次级证券包销及证券化的细节。

Securitisation caused the subprime debacle, but is today an importa nt tool for laying off risk.

证券化导致了次贷危机，但如今是消除风险的重要工具。

Mortgage backed-securities are created when large financial institutions securitize mortgages.

抵押贷款支持证券是大型金融机构将抵押贷款证券化时产生的。

Endless devaluations could rattle that equilibrium and upset securitisation arrangements.

无休止的贬值可能会打破这种平衡，打乱证券化备计划。

Back in 2018 officials placed caps on asset-backed securitisation, upending Ant's model of selling its loans on to banks.

早在2018年，官员们就对资产支持证券化设了上限，颠覆了蚂蚁金服向银行出售贷款的模式。

Affinity Capital Exchange, a fintech firm, is working with JPMorgan to securitise air miles, so that they can be more easily traded.

亲和资本交易（一家金融科技公司）正与摩根大通合作，将航空里程证券化，便更容易地进行交易。

Sell a ton of bonds, as well as secukes.

大量出售债券，同时还有证券化产。

So, it's not a structured entity like a securitization vehicle.

因此，它不是一个像证券化载体那样的结构化实体。

And I'm Jim Egan, the other co-head of Securitized Products Research at Morgan Stanley.

我是吉姆·伊根，摩根士丹利证券化产部门的另一位联席主管。

Just sort of briefly touch on securitization.

简单提一下证券化。

You know, at the paper we were covering derivatives and securitization and all these like kind of complex, often arcane things, and I couldn't get a sentence about a board game right.

你知道， 在报社， 我们报道的是衍生和证券化这些复杂且常常晦涩难懂的东西，而我却连一句关于桌游的话都写不对。

And despite telling you this — " It is outrageous for residents to be saddled with skyrocketing power bills." — your governor signed legislation securitizing billions in utility company debt.

尽管告诉了你这一点——“让居民背负着飞涨的电费是令人发指的。” - 你的州长签署了将数十亿公用事业公司债务证券化的立法。

That was this reckless Wall Street hysteria that we're seeing now only channeled into subprime mortgage securitization in the market when there wasn't capital there that they said there was.

那就是我们如今所见的华尔街鲁莽狂热，这种狂热当时仅被引导至次级抵押贷款证券化市场，而实际上那里并没有他们声称存在的资本。

Just a quick refresher: debt securitisation is when things like risky corporate loans or mortgages are packed up into one chunk that banks then sell off to investors.

简单回顾一下：债务证券化是指将风险较高的企业贷款或抵押贷款等打包成一个整体，然后银行将其出售给投资者。

Although Credit Suisse had already begun swinging the axe, having announced the sale of its securitised-products business last year, the operational changes will now be much more bloody.

尽管瑞士信贷已经开始挥动斧头，去年宣布出售其证券化产业务，但现在的运营变化将更加血腥。

Mr Bernstein compares the situation to the securitisation of housing debt, in that there is very little information available about the debt.

伯恩斯坦先生将这种情况比作住房债务证券化，因为有关债务的信息非常少。

But even securitization, which was the catalyst for the global financial crisis, is still not the reason modern banking is broken.

但即使是证券化， 这一全球金融危机的催化剂，仍然不是现代银行业出现问题的原因。

Banks use asset-backed securitization to convert illiquid assets into tradable securities.

银行利用资产证券化将非流动资产转化为可交易证券。

While lucrative, the securitization and sale  of subprime loans brings eerie parallels to the 2008 subprime mortgage crisis.

尽管有利可图，但次级贷款的证券化和销售带来了与2008年次贷危机令人不安的相似之处。

Hold on, the bankers on Wall Street got to financialize and securitize all sorts of new products, okay?

等等， 华尔街的银行家们得金融化和证券化各种新产，好吗？