Question

次贷危机论文，求帮忙翻译！

在美国市场上,次级贷款大部分为浮动利率抵押贷款,即ARM (Ajustable Rate mortgage),而绝大部分ARM是固定/浮动混合利率抵押贷款(Hy-bridARM),即在抵押发售的最初阶段,银行按照事先商定的固定利率向购房者发放抵押,在固定利率期(一般是2-3年)结束时,抵押贷款开始按当时的市场利率浮动。而在这些可调整利率抵押贷款产品中,大约三分之二属于“2/28”混合利率产品(即前2年是固定的低利率,后28年利率浮动)。此外,“3/27”混合利率产品(即前3年是固定的低利率,后27年利率浮动)的结构在次级抵押贷款中也较为普遍。这些浮动利率抵押贷款在美国房地产泡沫形成中作用显著: 1998年混合利率抵押贷款占30年固定利率抵押贷款的比例不足2%,到2004年,这一比例猛增至27•5%。这类次级抵押贷款初期提供非常优惠的固定利率是一种利率诱惑;而借款人则“愿者上钩”,把利率上升的风险留给了未来。由此可见,美国住房抵押贷款产品设计旨在通过降低借款人初期偿付额而诱惑低收人家庭借款买房,在推动次级抵押贷款市场扩张的同时,也积累了大量的风险。投资者对房价上升保持乐观,加上住房抵押贷款机构设计的贷款品种是近期少付将来多付,必然促使次级贷款市场繁荣,但这种繁荣是扭曲的繁荣。因为对于借款人而言,在固定/浮动混合利率抵押贷款方式下,月度还款额在贷款重新计算日之后将大幅增加是确定的,而未来由于房价上升导致的偿付能力增强是不确定的,确定偿还额度的上升与不确定偿付能力增强的匹配必然导致风险的过度累积,为危机的产生奠定了基础。所以,次贷产品通常表现为月供调整频繁,还款压力前松后紧,产品设计繁杂、风险控制放松等。由此可见,次级贷款及其衍生产品的设计存在重大缺陷。

翻译这个，千万不要用翻译软件啊，都是错的，因为比较赶，在线等翻译

Answer 1

在美国市场上,次级贷款大部分为浮动利率抵押贷款,即ARM (Ajustable Rate mortgage),而绝大部分ARM是固定/浮动混合利率抵押贷款(Hy-bridARM),即在抵押发售的最初阶段,银行按照事先商定的固定利率向购房者发放抵押,在固定利率期(一般是2-3年)结束时,抵押贷款开始按当时的市场利率浮动。而在这些可调整利率抵押贷款产品中,大约三分之二属于“2/28”混合利率产品(即前2年是固定的低利率,后28年利率浮动)。
A major portion of the subprime lending on the U.S. market is adjustable rate mortgage, or ARM, and most of the ARMs are fixed/floating hybrid ARMs; this means that at the initial stage of the mortgage, the bank will grant a loan to the house buyer at a prearranged fixed interest rate, after the expiry of the fixed interest rate period (usually 2 to 3 years), the interest rate of the mortgage loan shall be based on the floating market rate. Among these ARM products, about two-thirds are “2/28” Hybrid ARM products (i.e. fixed low interest rate for the first two years, floating interest rate for the remaining 28 years).

此外,“3/27”混合利率产品(即前3年是固定的低利率,后27年利率浮动)的结构在次级抵押贷款中也较为普遍。这些浮动利率抵押贷款在美国房地产泡沫形成中作用显著: 1998年混合利率抵押贷款占30年固定利率抵押贷款的比例不足2%,到2004年,这一比例猛增至27•5%。这类次级抵押贷款初期提供非常优惠的固定利率是一种利率诱惑;而借款人则“愿者上钩”,把利率上升的风险留给了未来。
In addition, the structure of “3/27” Hybrid ARM products (i.e. fixed low interest rate for the first 3 years, floating interest rate for the remaining 27 years) is relatively common in subprime lending. These ARM products have played a significant role in the creation of the real estate bubble in the United States: in 1998, ARM constituted less than 2% in the 30-year fixed interest mortgage loans, but the ratio rocketed to 27.5% in 2004. This type of subprime lending which offers preferential fixed interest rate at the initial stage is a kind of interest rate temptation; the borrowers are willing to be lured and leaving the risk of rising interest rate to the future.

由此可见,美国住房抵押贷款产品设计旨在通过降低借款人初期偿付额而诱惑低收人家庭借款买房,在推动次级抵押贷款市场扩张的同时,也积累了大量的风险。投资者对房价上升保持乐观,加上住房抵押贷款机构设计的贷款品种是近期少付将来多付,必然促使次级贷款市场繁荣,但这种繁荣是扭曲的繁荣。
So, the design of U.S. housing mortgage products is to lower the initial repayment amounts so as to lure the low-income families to purchase houses by loans; this has given impetus to the expansion of the subprime lending market, as well as accumulated a great deal of risks. In view of the investors’ optimism to the escalating housing prices, coupled with the “now pay less, more in future” loan products designed by the housing mortgage lending institutions, these factors inevitably spur the prosperity of the subprime lending market; but this is a contorted prosperity.

因为对于借款人而言,在固定/浮动混合利率抵押贷款方式下,月度还款额在贷款重新计算日之后将大幅增加是确定的,而未来由于房价上升导致的偿付能力增强是不确定的,确定偿还额度的上升与不确定偿付能力增强的匹配必然导致风险的过度累积,为危机的产生奠定了基础。所以,次贷产品通常表现为月供调整频繁,还款压力前松后紧,产品设计繁杂、风险控制放松等。由此可见,次级贷款及其衍生产品的设计存在重大缺陷。
This is because under the form of Hybrid ARM, as far as the borrowers are concerned, the monthly reimbursement certainly will be largely increased after the recomputation date, but the enhanced repaying ability caused by future housing price boom is uncertain. The matching of confirmed reimbursement increases and the uncertain enhancement of repayment ability definitely will lead to excessive accumulation of risks, and this has laid the foundation of the crisis. Therefore, the subprime lending products generally manifest as frequently adjusted monthly installments, reimbursement pressure is slack at the beginning and heavy later on, complicated product designs, relaxed risk control, etc. This shows that there are significant shortcomings in the designs of subprime lending and its derivative products.

【英语牛人团】

Answer 2

On the United States Market, the sub-prime loan big fraction is an adjustable rate mortgage, namely ARM(Ajustable Rate mortgage), but overwhelming majority ARM is stationary/float to mix interest rate loan against collateral(Hy-bridARM), at hypothecate sell of first step, bank according to in advance agreeing after negotiation of fixed interest rate to buy a building to issue hypothecate, the loan against collateral starts clicking the then market rate of interest to float while expect(generally 2-3 years) end in the fixed interest rate.But in these adjustable interest rate loan against collateral products, about the two of the triplexeses belong to "2/28" mix interest rate product.(namely was a stationary low rate 2 years ago, post -28 rate of interest per annums floated)The rate of interest per annum floats).In addition, "3/27" mixs the structure of interest rate product(namely was a stationary low rate 3 years ago, post -27 rate of interest per annums floated) also more universal in the second-class loan against collateral.These adjustable rate mortgages act to show Zhao in the forming at the American housing foam: Mix interest rate loan against collateral to have for 30 years in 1998, the ratio of fixed interest rate loan against collateral not enough 2%, till 2004, this ratio jump goes to 27?5%.This second-class loan against collateral in the early years provided a very special fixed interest rate is a kind of interest rate temptation;But the borrower then"wish and take the bait", the interest rate ups of the risk stay to future.Be showed from this, American the design of products aim of the housing loan against collateral at passed to lower borrower to liquidate a sum and lure to close low a somebody else in the early years court borrowing house buying, at pushed a second-class loan against collateral market to expand at the same time, also backlog a great deal of of risk.The investor protects to entertain optimistic to the building price upswing, plusing the borrowing species of housing loan against collateral mrvhsnidm design is little in the near future pay in the future pay more, by all means urged sub-prime loan market prosperous, but this kind of thrive is twisted thrive.Because for borrower but speech, in the stationary/float to mix an interest rate loan against collateral method down, month degree return the amount of money will significantly raise after lending money re-count for day is certain, but future because of building price the upswing cause of the ability to pay enhancement is an uncertainty of, recognize that the match of the upswing and uncertainty ability to pay enhancement of satisfaction limit by all means causes the excesssive accumulate of risk, lay foundation for the creation of hazard.So, subprime mortgage product usually performance provide to adjust for the month multifarious, return style press previous loose post - tight, the design of products is complicated, the risk control relax etc..Be showed from this, sub-prime loan and it develops planning of products existence important bug.看看行不

Answer 3

In the U.S. market, most subprime loans as adjustable-rate mortgages, which ARM (Ajustable Rate mortgage), but most of the ARM is fixed / floating rate mortgages hybrid (Hy-bridARM), that is, the initial stages of the mortgage sale banks in accordance with pre-agreed fixed rate mortgages issued to home buyers, at a fixed interest rate period (usually 2-3 years) the end of the mortgage at the prevailing market interest rates began to float. In these adjustable-rate mortgage products, about two-thirds of "2 / 28" mixed interest rate products (ie, two years before a fixed low interest rates, floating interest rate after 28). In addition,
"3 / 27" mixed interest rate products (ie the first three years fixed low interest rates, floating interest rate after 27) the structure of the subprime mortgages are also more common. These adjustable-rate mortgages in the U.S. housing bubble formation in a significant effect: In 1998, mixed-rate mortgages accounted for 30-year fixed-rate mortgage for less than 2% in 2004, this proportion jumped to 27 • 5%. Such subprime mortgages offer very favorable initial fixed rate is an interest rate of the temptation; and the borrower is "take the bait", the risk of rising interest rates left to the future. Thus, the U.S. mortgage products designed to
By reducing the amount of the borrower to pay the initial lure of low-income families borrow to buy a house, in promoting the expansion of the subprime market, but also accumulated a great deal of risk. Investors remain optimistic on the price rise, coupled with mortgage lending institutions designed to breed the recent pay more pay less in the future, necessitating the subprime lending boom, but this prosperity is the prosperity of distortion. Because for the borrower, the fixed / floating rate mortgages mixed mode, the monthly loan repayments will be recalculated after the date of a substantial increase is certain, the future solvency as a result of rising house prices increase is uncertain to determine the repayment
Increase the amount of matching and uncertainty will inevitably lead to increased solvency risk of excessive accumulation of the crisis have laid the foundation. Therefore, the sub-prime products usually presents frequent adjustments for the month, before the loose tight repayment pressure, complex product design, risk control relaxation and so on. Thus, the subprime and derivative products designed to have serious shortcomings.

Answer 4

平时不努力学习，翻译成英文的话，用翻译器一句句翻译就可以啦

Answer 5

竟然用翻译器 ╭∩╮（︶︿︶）╭∩╮鄙视你！

Answer 6

用翻译器