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

证导致了次危机，但如今是消除风险的重要工具。

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

抵押款支持证是大型金融机构将抵押款证产生的。

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，打乱证准备计划。

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设置了上限，颠覆了蚂蚁金服向银行出售款的模式。

And then also around the same time you had the birth of securitisation.

大约在同一间， 证诞生了。

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，以便更容易地进行交易。

It includes shrinking the lender's investment bank and selling off parts of its securitised products business, which is really profitable.

缩减款人的投资银行和出售其证产品业务的一部分，这确实是有利可图的。

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，因为有关债务的信息非常少。

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.

尽管瑞士信已经开始挥动斧头，去年宣布出售其证产品业务，但现在的运营变将更加血腥。

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的立法。

Everyone wanted to believe that we had genuinely found a way of spreading risk through securitising loans so low-income families could have access to the sort of credit that the middle class has always had.

每个人都想相信我们真的找到了一种通过款证来分散风险的方法， 这样低收入家庭就可以获得中产阶级一直拥有的那种信。

The key piece here that they've already announced a sell-off is the securitised products business, which, although is actually very profitable for Credit Suisse and is an area where the bank is a market leader, it is quite risky.

他们已经宣布抛售的关键部分是证产品业务，尽管这对瑞士信来说实际上是非常有利可图的， 而且该银行在该领域处于市场领先地位，但风险很大。