Question

大哥大姐帮忙翻译一下！最好分段翻，很重要的！谢谢拉

Comparison of Depository Institutions and Mortgage Banks

The distinctive feature of the mortgage bank system is that the funds to finance the mortgages are raised directly in the capital markets, rather than through bank deposits. This suggests that the two systems could be readily compared in terms of the least-cost method for raising the funds. However, this oversimplifies the comparison, since in most cases the mortgage banks are government related agencies, which allows them to issue debt based in part on the government's credit rating, while also raising the cost of borrowing for the country's Treasury. The upshot is that in practice it is not an easy
matter to compare the "all in" costs (including costs imposed on the government) of the depository institution and mortgage bank formats.

2.D Special Features of Nonresidential Mortgage Markets

Nonresidential mortgage markets share the general features just presented for residential mortgages, but differ in three important aspects:

1. Nonresidential real estate properties tend to be substantially larger than residential properties, creating the need for correspondingly larger real estate loans.

2. Nonresidential mortgages tend to be substantially more risky than residential mortgages, because the business demand for space can be more volatile than the household demand.

3. To meet the special needs of either the borrower or lender,
nonresidential mortgages often include a variety of special features such as an equity interest for the lender, extra payments to the lender when the property's rental income exceeds certain benchmarks, etc.

Answer 1

比较托管机构和按揭银行

鲜明的特点，按揭贷款主办银行制度是资金，以资助抵押贷款提出直接在资本市场上，而不是通过银行存款。这表明，这两个系统可以比较容易计算，费用最少的方法筹集资金。不过，这种简单化的比较，因为在大多数情况下，抵押贷款银行是由政府相关机构，这使得他们可以发行债券部分是基于对政府的信贷评级，同时也提高借贷成本，为国家的国库。结果是，在实践中，这并不是一件容易的
此事比较"所有"的费用（包括费用强加给政府）的存款机构和抵押银行格式。

二d节的特色非住房抵押贷款市场

非住房抵押贷款市场份额的一般特征只是为住宅按揭证券化，但在不同的三个重要方面：

1 。非住宅房地产往往会大大超过住宅物业，创造需要相应较大的房地产贷款。

2 。非住房抵押贷款往往被大大风险比住宅按揭证券化，因为商业需求空间，可以更不稳定，比家庭需求。

3 。以满足特殊需要，无论是借款人或贷款人，
非住房抵押贷款，往往包括多种特殊功能，如作为股本权益，为放款者，额外支付给贷方当地产的租金收入超过一定的基准等。