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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。