VOA慢速英语 2007 0914a

This is the VOA Special English Economics Report.

In the last few years, many Americans have bought houses with ARMs: adjustable-rate 
A foreclosed home in Pasadena, California.
mortgages. These loans usually begin with lower interest rates for the first two or three years than fixed-rate mortgages. Then the rate changes as major interest rates rise or fall.

Holders¹ could be surprised by their new, larger monthly payments as their loans reset² to a higher rate. Some people may not even know they have adjustable-rate mortgages.

Some lenders and brokers³ who found loans for people are accused of misleading borrowers. Yet borrowers often did not even have to show proof of earnings⁴.

Now, many people who took out adjustable-rate mortgages may not be able to make their payments. And not only holders of risky⁵ subprime loans; even buyers with better credit histories could lose their homes.

Next week, the Federal Reserve in Washington is expected to cut its target rate for short-term loans between banks. But long-term rates are the ones that affect things like housing loans, and these have been rising. Investors⁶ have been demanding higher returns in exchange for the risk of keeping money in longer-term securities.

Federal Reserve records show that homebuyers currently hold eight hundred fifty billion dollars in subprime adjustable-rate mortgages. The nonprofit Center for Responsible Lending points to numbers from UBS Investment Research. These show that two hundred twelve billion dollars in subprime ARMs will reset to a higher rate this year. Over one hundred seventy billion dollars in loans will reset next year.

The Center for Responsible Lending says subprime borrowers are the ones having the most trouble right now. One in five of them who received their loans in the last two years could lose their home.

Some homeowners hope to refinance their loans to avoid higher payments. But this is a bad time in the housing market. Falling home prices could make it difficult to refinance. This is true especially for buyers who were permitted to use little or no money of their own to buy their house.

Two weeks ago, President Bush announced some steps to help families avoid losing their homes while faced with rising payments. But last Friday there was more bad news: the economy lost four thousand jobs last month. It was the first time employers have cut jobs in four years.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

1 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

2 reset   

v.重新安排，复位；n.重新放置；重放之物

参考例句：

• As soon as you arrive at your destination,step out of the aircraft and reset your wristwatch.你一到达目的地，就走出飞机并重新设置手表时间。
• He is recovering from an operation to reset his arm.他做了一个手臂复位手术，正在恢复。

3 brokers   

n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排…

参考例句：

• The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司，经销威士忌。 来自英汉文学 - 嘉莉妹妹
• From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分

4 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

5 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

6 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会