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This is the VOA Special English Economics Report.

As the American housing market has cooled, worries about investments based on risky1 home loans have heated up.

Last month, two hedge funds operated by the investment bank Bear Stearns nearly collapsed2 under debt. They had borrowed billions of dollars from lenders and invested in securities tied to subprime mortgages.

Bear Stearns agreed to provide over one and one-half billion dollars to rescue one of the funds. Investors3 in the other could lose everything.

The trouble at Bear Stearns is an example of the risks involved with mortgage-backed securities. These investments have helped drive home ownership rates in the United States to nearly seventy percent. But as interest rates have risen, some homeowners now find it hard to pay their mortgages, and keep their homes.

Americans usually need a mortgage loan to buy a house. Subprime borrowers are people without strong credit histories. Lenders can charge them more because there is a greater chance they will not be able to pay back the loan.

Subprime lenders often depend on credit to make the loans. Once processed, the loan is usually sold to an investment bank. Loans with similar levels of risk are grouped together and then sold to investors worldwide as mortgage-backed securities. The higher the risk, the higher the return.

The Government National Mortgage Association, known as Ginnie Mae, and two other organizations known as Fannie Mae and Freddie Mac produce most mortgage-backed securities. But investment banks have increased their share, led by Lehman Brothers. Last year, it processed more than fifty billion dollars in securities backed by subprime mortgages.

Being able to sell their loans offers mortgage lenders a way to raise money to make new loans. But being able to spread their risk can also be seen as an invitation to make bad loans.

Last week, federal agencies released the final version of a statement on subprime lending. It provides guidance to lenders to make sure borrowers are able to pay back mortgages with adjustable4 interest rates. The aim is to avoid payment shock as the rates increase, often after a low starting rate. The agencies also warn against lending activities that harm the interests of homeowners.

And that's the VOA Special English Economics Report, written by Mario Ritter. Transcripts5 and archives of our reports are at www.unsv.com. I'm Steve Ember.

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1 risky IXVxe     
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。
2 collapsed cwWzSG     
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。
3 investors dffc64354445b947454450e472276b99     
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 adjustable vzOzkc     
adj.可调整的,可校准的
参考例句:
  • More expensive cameras have adjustable focusing.比较贵的照相机有可调焦距。
  • The chair has the virtue of being adjustable.这种椅子具有可调节的优点。
5 transcripts 525c0b10bb61e5ddfdd47d7faa92db26     
n.抄本( transcript的名词复数 );转写本;文字本;副本
参考例句:
  • Like mRNA, both tRNA and rRNA are transcripts of chromosomal DNA. tRNA及rRNA同mRNA一样,都是染色体DNA的转录产物。 来自辞典例句
  • You can't take the transfer students'exam without your transcripts. 没有成绩证明书,你就不能参加转学考试。 来自辞典例句

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