VOA慢速英语-Economics Report - Officials Target Mortgage Mess in

Actions to deal with effects of credit crisis include legislation, rule changes and arrests. Transcript¹ of radio broadcast:
26 June 2008

This is the VOA Special English Economics Report.

American lawmakers and law enforcers are busy with the housing finance market.

Many of the recent problems were caused by subprime mortgages. These highly profitable loans were marketed to risky² buyers and then sold to investors³. But even homeowners with good credit are having trouble with other new kinds of loans.

A Senate bill could help some people get lower-cost loans. It would let the government guarantee three hundred billion dollars in new financing.

The first big sign of problems with mortgage investments, which led to a worldwide credit crisis, came last summer. Two funds of the Bear Stearns investment bank collapsed⁵. They were heavily invested in risky home loans. Investors lost almost one and a half billion dollars.
　

COLLAPSE⁴: collapse" bordercolor="#111111" cellspacing="0" cellpadding="0" width="15%" align="right" border="0">

Federal agents with Matthew Tannin, a former Bear Stearns hedge fund manager, after his arrest last week in New York

Last week, the Justice Department announced charges against the two men who led the hedge funds, Ralph Cioffi and Matthew Tannin. Officials say that by March of last year, the managers believed the funds were at risk of collapse, but lied to keep investors from leaving. Both men have pleaded not guilty.

Separately, the Justice Department and the Federal Bureau of Investigation⁶ announced the results of Operation Malicious⁷ Mortgage. That investigation led to more than four hundred arrests in the last three months.

The people were charged with mortgage-related misrepresentations and other criminal abuses. The F.B.I. estimates that these mortgage fraud cases resulted in about one billion dollars in losses.

Officials said nineteen companies were being investigated in connection with subprime loans. They included mortgage lenders, investment banks, hedge funds, accounting⁸ companies and credit rating agencies.

This week, the Securities and Exchange Commission proposed new rules for credit rating agencies. The aim is to reduce the dependence⁹ of money mangers and investment banks on credit ratings as a measure of risk.

Critics say credit rating agencies seriously underestimated the risk of many mortgage-related securities.

And, shareholders¹⁰ in the nation's largest mortgage company, Countrywide, agreed Wednesday to sell the company to Bank of America. Countrywide has lost billions on bad loans, and its lending activities are the target of lawsuits¹¹. Also, there are accusations¹² that some lawmakers in Congress got special treatment on loans through its chief, Angelo Mozilo.

And that's the VOA Special English Economics Report, written by Mario Ritter and online at voaspecialenglish.com. I'm Jim Tedder¹³.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 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。

3 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

4 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

5 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。

6 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

7 malicious   

adj.有恶意的，心怀恶意的

参考例句：

• You ought to kick back at such malicious slander. 你应当反击这种恶毒的污蔑。
• Their talk was slightly malicious.他们的谈话有点儿心怀不轨。

8 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

9 dependence   

n.依靠，依赖；信任，信赖；隶属

参考例句：

• Doctors keep trying to break her dependence of the drug.医生们尽力使她戒除毒瘾。
• He was freed from financial dependence on his parents.他在经济上摆脱了对父母的依赖。

10 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

11 lawsuits   

n.诉讼( lawsuit的名词复数 )

参考例句：

• Lawsuits involving property rights and farming and grazing rights increased markedly. 涉及财产权，耕作与放牧权的诉讼案件显著地增加。 来自辞典例句
• I've lost and won more lawsuits than any man in England. 全英国的人算我官司打得最多，赢的也多，输的也多。 来自辞典例句

12 accusations   

n.指责( accusation的名词复数 )；指控；控告；（被告发、控告的）罪名

参考例句：

• There were accusations of plagiarism. 曾有过关于剽窃的指控。
• He remained unruffled by their accusations. 对于他们的指控他处之泰然。

13 tedder   

n.（干草）翻晒者，翻晒机

参考例句：

• Jim Tedder has more. 吉姆？特德将给我们做更多的介绍。 来自互联网
• Jim Tedder tells us more. 吉姆？泰德给我们带来更详细的报道。 来自互联网