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Alex J. Pollock, a former chief executive of the Federal Home Loan Bank of Chicago, said such loans would remain available in the absence of a federal guarantee, but they might be harder to find. And lenders might demand a larger down payment. Or a better credit score.
芝加哥联邦家宅贷款银行前任董事长亚历克斯J.波拉克说，假如政府不再担保，虽说类似的借贷将还会存在，在这种情况下放款者将提高首款额门槛，要求借款者拥有更好信用评价。总体而言这些长期借贷行为将变得更少见。
That would be a very good thing, said Mr. Pollock, now a fellow at the American Enterprise Institute.
现任职美国企业协会的波拉克先生说，“这不是件坏事。”
Longer terms make ownership affordable only by increasing the total cost of the loan, because the borrower pays interest for a longer period. Moreover, Mr. Pollock noted that over the last several years, borrowers with adjustable-rate loans paid less as interest rates fell, while those with fixed rates kept paying the same amount for devalued homes.
因为长期借贷借款者需要承担更多的利息，也就是使得借贷总成本增加，这些又使得业主在长期借贷中更能承受偿还压力的增加。波拉克还注意到：在最近的一些年份：假如采用调节利率，在利率下降时，借款者还款额也减少；而固定利率的借贷不受利率波动影响，还款额保持不变。
“One of the reasons that American housing finance is in such bad shape right now is the 30-year mortgage,” he said, noting that such loans are not available in most countries. “For many people, it’s not at all clear that that’s the best product.”
注意到在多数国家里没有类似的长期借贷时，他说，“导致现在住宅信贷处在如此糟糕的境地，其中一个原因就是30年期的按揭贷款。对很多人来说，长期借贷方式是不是一个最好，还真不能确定” 。
Fannie and Freddie also allow a wide swath of the American public to borrow money at the same interest rates and on the same terms. Borrowers who did not meet their standards were forced to pay higher interest rates to subprime lenders, but the companies essentially persuaded investors to treat a vast number American families as if they were interchangeable.
弗雷德马克和范妮梅也以相同利率、相同偿还期对大范围的美国居民发放借款：。假如借款者没有如约供款，他们将必须支付更高的利率给次级放款者；针对这种情况，弗雷德马克和范妮梅还致力说服投资者相信这些数额巨大的美国家庭可以整体被替代的，还款不成问题。
They took messy bunches of loans, with risks as variable as snowflakes, and created securities of uniform quality, easy to buy and sell. The result was one of the most popular investment products ever created.
他们核发一系列杂乱的捆绑借贷，它们就如雪花一样充满变数；而且，借贷公司又发行低质量的股票，这些股票的购进和卖出非常方便。这就是在市面上最流行的投资品种。
And in its absence, experts on housing finance say that fewer borrowers would qualify for the best interest rates.
住宅信贷的专家说，“在不再有政府担保的情况下，更少的借款者能享受到最好的利率待遇。”
Susan M. Wachter, a real estate professor at the University of Pennsylvania, said a new government guarantee was needed to preserve a homogenous market.
苏姗M. 华赫特现任滨州大学房地产教授，她说，“为了同类市场的稳定，一种新的政府担保方式是有必要的”。
“There needs to be a systematic way of preventing” fragmentation, said Professor Wachter. “That’s what we need a bulwark against. Because if there isn’t, it will occur.”
“需要一项系统的方式用于崩盘预防”，华赫特教授说，“这就是我们需要的对冲的保护。如果没有这种保护，将发生市场崩溃现象。”
The government seems least likely to maintain a final set of benefits — leniencies in loan terms that taxpayers effectively have subsidized for borrowers.
看来让政府支持一套最终福利措施是件不大可能的视听——在这措施里，政府将提供更宽松的放贷条款，让纳税人能有效的资助借款者。
Fannie and Freddie slashed the requirements for down payments in recent years, saying that they were helping people with minimal savings become homeowners. Two-thirds of the borrowers whose loans were guaranteed by the companies from 1997 to 2005 made a down payment of less than 10 percent. But borrowers who invest less default more often. The Obama administration has said that it wants the companies to demand a minimum down payment of 10 percent.
近些年，弗雷德马克和范妮梅降低了头期款的数额，他们声称他们正帮助人们只用最少的积蓄就能买得起房子。自1997-2005年间放贷的款项，有 三分之二的头期款还不到总额的10%。但这些借款者当中，也更经常违约现象的发生。奥巴马政府已经申明了，它希望借贷公司所要求的首期款不能低于10%。
A quirkier example is the ability to “lock in” an interest rate. Fannie and Freddie permitted lenders to make such promises at no risk because the companies had already obtained commitments from investors. In the companies’ absence, borrowers seeking rate locks may need to pay for them.
一个欺诈的例子就是利率“内定”方式。由于弗雷德马克和范妮梅早已得到投资者的许诺，因此他们允许借款者采用这种条款，这对弗雷德马克和范妮梅而言这毫无风险。在没有那些公司担保的情况下，假如借款者还想享受这种利率，他们就得支付额外的费用。