房利美與房地美

　　2023復(fù)習(xí)正是強(qiáng)化復(fù)習(xí)階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項(xiàng)。名師老師曾建議過考研生需要堅(jiān)持每天泛讀10-15分鐘的英文原刊。強(qiáng)烈推薦了雜志《經(jīng)濟(jì)學(xué)人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認(rèn)真閱讀，快速提高考研英語閱讀水平。 　　Fannie Mae and Freddie Mac 　　房利美與房地美 　　Deconstruction delays 　　關(guān)閉計(jì)劃或擱淺 　　A flawed reform of America s housing-financemarket 　　存在缺陷的美國(guó)房屋金融市場(chǎng)改革 　　A RARE area of agreement about the financial crisis of 2008 is that Fannie Mae and FreddieMac were at the core of the meltdown and are in urgent need of reform. 　　關(guān)于2008年金融危機(jī)，幾個(gè)少有的一致觀點(diǎn)中就包括：房利美和房地美是這次災(zāi)難的主要原因，亟需整改。 　　On March 16th the leading Republican and Democratic members of thekey Senate BankingCommittee belatedly released a plan, 　　在3月16日，參議院銀行委員會(huì)中幾位主要的共和黨和民主黨議員發(fā)布了一份遲來的計(jì)劃， 　　for restructuring the two publicly traded mortgage giants. 　　內(nèi)容是整改這兩家公開交易的抵押貸款巨頭。 　　The plan has received widespread attention in part because it appears to address the mostevident problems of Fannie and Freddie, 　　這份計(jì)劃受到廣泛關(guān)注的原因部分在于它或?qū)⒔鉀Q兩房最為顯著的問題， 　　and because it is deemed likely to be approved by Congress. 　　部分則是普遍認(rèn)為這份計(jì)劃會(huì)在國(guó)會(huì)通過。 　　Yet neither of these assumptions, on deeper examination, seems to be true. 　　然而仔細(xì)一想，這兩個(gè)假設(shè)似乎都很難實(shí)現(xiàn)。 　　To satisfy those who want low-priced mortgages on terms that private markets would neverendorse, 　　那些需要私有資本市場(chǎng)不會(huì)批準(zhǔn)的低成本抵押貸款的民眾應(yīng)感到滿足， 　　the plan makes explicit the government guarantee on debt which had been implicit forFannie and Freddie. 　　因?yàn)檫@份計(jì)劃明確表示政府將會(huì)對(duì)這些債務(wù)做出擔(dān)保，而這曾是兩房的潛在規(guī)則。 　　This would lower the interest rate on high-risk loans, while obscuring the cost of the subsidy. 　　這一規(guī)定將降低高風(fēng)險(xiǎn)貸款的利率，同時(shí)使補(bǔ)貼成本難以計(jì)算。 　　To placate those who worry that this in turn would leave the government stuck withmountains of dud loans, 　　那些擔(dān)心政府會(huì)因此接受大量不良貸款的人也不必緊張， 　　a 10% capital cushion must be provided by investors to absorb initial losses. 　　因?yàn)橛?jì)劃規(guī)定投資者們需要提供10%的資本緩沖來承擔(dān)首次損失。 　　A fee of 0.1% would be charged on all mortgage-backed bonds, with the proceeds going tothree funds, two pre-existing, that will provide subsidies for housing. 　　所有抵押保證債券將會(huì)收取0.1%的費(fèi)用，這筆收費(fèi)將交由三家提供房屋補(bǔ)貼的基金，其中兩家已經(jīng)存在。 　　An as-yet undetermined insurance charge will be levied on top. 　　另外還要征收一項(xiàng)保險(xiǎn)費(fèi)，其數(shù)額尚未確定。 　　The result, said Mike Crapo, the ranking Republican senator on the committee, would be astrong step forward to fixing our flawed housing system. 　　委員會(huì)中的資深資深共和黨參議員Mike Crapo認(rèn)為，這個(gè)結(jié)果將是改善我們充滿缺點(diǎn)的住房體系的重要進(jìn)步。 　　If only, say critics, who include investors and both friends and foes of Fannie and Freddie. 　　批評(píng)者，包括投資者以及兩房的敵友機(jī)構(gòu)認(rèn)為，哪怕計(jì)劃得以通過，也會(huì)帶來很多問題。 　　The first objection is that the law would create an unwieldy bureaucracy, 　　第一個(gè)障礙就是該法規(guī)將催生一個(gè)運(yùn)作遲緩的官僚體系， 　　with a regulator atop other entities devoted to overseeing functions such assyndicating loansor bundling the loans of small banks. 　　用一個(gè)監(jiān)管機(jī)構(gòu)來監(jiān)督實(shí)體機(jī)構(gòu)行使某些職能，比如銀團(tuán)貸款和捆綁小型銀行的貸款。 　　When the plan was announced, the price of shares in Fannie and Freddie, which account forabout two-thirds of the mortgage market, did not budge at first. 　　當(dāng)這個(gè)計(jì)劃被宣布時(shí)，擁有抵押貸款市場(chǎng)三分之二份額的房利美和房地美的股價(jià)并沒有立刻發(fā)生變化。 　　Then they tankedpresumably because investors reached page 387 of the 442-page text, 　　之后卻狂跌不止，或許是因?yàn)橥顿Y者終于把442頁的文本翻到了387頁， 　　and found enshrined in legislation an earlier 2023 order by the Treasury that expropriatedfrom private investors all profits made by Fannie and Freddie. 　　發(fā)現(xiàn)了法律中深藏的一項(xiàng)財(cái)政部于2023年下達(dá)的命令：沒收私人投資者從兩房獲得的利潤(rùn)。 　　The move is unlikely to help attract the private money needed to supply the 10% in equityunderpinning bonds issued under the new plan. 　　這個(gè)命令可不會(huì)幫助吸引私人資本為新計(jì)劃將發(fā)行的用以支持股票的債券提供10%的資金。 　　Opponents of Fannie and Freddie contend that the two played a key role in the crisis, 　　兩房的競(jìng)爭(zhēng)對(duì)手們認(rèn)為，這兩家利用好聽的經(jīng)濟(jì)適用房的授權(quán)， 　　by encouraging the issuance of loans with tiny downpayments through a benign-soundingaffordable housing mandate. 　　鼓勵(lì)發(fā)行首付極低的住房貸款，從而對(duì)金融危機(jī)負(fù)有很大責(zé)任。 　　Nothing much has changed. Under the new plan, downpayments of as little as 3.5% of theloan value would be permitted. 　　但在這方面卻沒有太大改變。新計(jì)劃中，首付款可低至貸款的3.5%。 　　Strewn through the proposed law are words such as affordable, equal access andunderserved communities, 　　該項(xiàng)被提議的法規(guī)中充斥著經(jīng)濟(jì)適用，同樣途徑和弱勢(shì)群體這類詞語， 　　which suggest that lending decisions will be based on political rather than credit criteria. 　　表明關(guān)于貸款的決定將取決于政治因素而不是信用標(biāo)準(zhǔn)。 　　The result, says Edward Pinto of the American Enterprise Institute, a think-tank, will be riskylending for those least able to cope. 　　智囊團(tuán)美國(guó)企業(yè)協(xié)會(huì)的Edward Pinto表示，貸款給無法償還者非常危險(xiǎn)。 　　The underlying problem with the new plan is that, like Fannie and Freddie before it, it triesto reconcile two conflicting goals: 　　新計(jì)劃的潛在問題和這份計(jì)劃之前兩房的行為一樣，想要同時(shí)完成兩個(gè)相沖突的目標(biāo)： 　　protecting the financial system and providing low-cost housing loans to favoured groups. Abetter approach would be to handle these goals separately and explicitly. 　　即保護(hù)金融體系，又想為特殊群體提供低花費(fèi)的房屋貸款。將兩個(gè)目前獨(dú)立而明確地處理會(huì)是一個(gè)更好的方式。 　　詞語解釋 　　1.appear to 似乎，好像 　　Even so, buffett doesn t appear to be worried. 　　即便如此，巴菲特似乎并不擔(dān)心。 　　More and more people appear to be betting on thesuccess of bitcoins. 　　把寶押在比特幣獲得成功上的人似乎越來越多。 　　2.likely to 可能 　　And that is likely to shrink further at citi. 　　而且，花旗投資銀行業(yè)務(wù)的手續(xù)費(fèi)收入可能進(jìn)一步縮水。 　　As a result, inequality is only likely to get worse. 　　因此，不平等程度可能只會(huì)變得更糟。 　　3.provide for 為提供 　　It takes a lot to provide for 7 billion humans. 　　地球?yàn)榱斯B(yǎng)70億人口付出了很多代價(jià)。 　　There are three main reasons for pessimism. The first is that even today it struggles toprovide for its people. 　　悲觀主義者有三大理由：其一，即使今天，非洲仍非常吃力地在供養(yǎng)其人民。 　　4.based on 以為依據(jù) 　　Select your banking syndicate based on appropriate criteria. 　　根據(jù)適當(dāng)?shù)臉?biāo)準(zhǔn)選擇銀行財(cái)團(tuán)。 　　And do they make positive changes based on that feedback? 　　他們是否能根據(jù)反饋意見做出積極的改變?

　　2023復(fù)習(xí)正是強(qiáng)化復(fù)習(xí)階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項(xiàng)。名師老師曾建議過考研生需要堅(jiān)持每天泛讀10-15分鐘的英文原刊。強(qiáng)烈推薦了雜志《經(jīng)濟(jì)學(xué)人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認(rèn)真閱讀，快速提高考研英語閱讀水平。 　　Fannie Mae and Freddie Mac 　　房利美與房地美 　　Deconstruction delays 　　關(guān)閉計(jì)劃或擱淺 　　A flawed reform of America s housing-financemarket 　　存在缺陷的美國(guó)房屋金融市場(chǎng)改革 　　A RARE area of agreement about the financial crisis of 2008 is that Fannie Mae and FreddieMac were at the core of the meltdown and are in urgent need of reform. 　　關(guān)于2008年金融危機(jī)，幾個(gè)少有的一致觀點(diǎn)中就包括：房利美和房地美是這次災(zāi)難的主要原因，亟需整改。 　　On March 16th the leading Republican and Democratic members of thekey Senate BankingCommittee belatedly released a plan, 　　在3月16日，參議院銀行委員會(huì)中幾位主要的共和黨和民主黨議員發(fā)布了一份遲來的計(jì)劃， 　　for restructuring the two publicly traded mortgage giants. 　　內(nèi)容是整改這兩家公開交易的抵押貸款巨頭。 　　The plan has received widespread attention in part because it appears to address the mostevident problems of Fannie and Freddie, 　　這份計(jì)劃受到廣泛關(guān)注的原因部分在于它或?qū)⒔鉀Q兩房最為顯著的問題， 　　and because it is deemed likely to be approved by Congress. 　　部分則是普遍認(rèn)為這份計(jì)劃會(huì)在國(guó)會(huì)通過。 　　Yet neither of these assumptions, on deeper examination, seems to be true. 　　然而仔細(xì)一想，這兩個(gè)假設(shè)似乎都很難實(shí)現(xiàn)。 　　To satisfy those who want low-priced mortgages on terms that private markets would neverendorse, 　　那些需要私有資本市場(chǎng)不會(huì)批準(zhǔn)的低成本抵押貸款的民眾應(yīng)感到滿足， 　　the plan makes explicit the government guarantee on debt which had been implicit forFannie and Freddie. 　　因?yàn)檫@份計(jì)劃明確表示政府將會(huì)對(duì)這些債務(wù)做出擔(dān)保，而這曾是兩房的潛在規(guī)則。 　　This would lower the interest rate on high-risk loans, while obscuring the cost of the subsidy. 　　這一規(guī)定將降低高風(fēng)險(xiǎn)貸款的利率，同時(shí)使補(bǔ)貼成本難以計(jì)算。 　　To placate those who worry that this in turn would leave the government stuck withmountains of dud loans, 　　那些擔(dān)心政府會(huì)因此接受大量不良貸款的人也不必緊張， 　　a 10% capital cushion must be provided by investors to absorb initial losses. 　　因?yàn)橛?jì)劃規(guī)定投資者們需要提供10%的資本緩沖來承擔(dān)首次損失。 　　A fee of 0.1% would be charged on all mortgage-backed bonds, with the proceeds going tothree funds, two pre-existing, that will provide subsidies for housing. 　　所有抵押保證債券將會(huì)收取0.1%的費(fèi)用，這筆收費(fèi)將交由三家提供房屋補(bǔ)貼的基金，其中兩家已經(jīng)存在。 　　An as-yet undetermined insurance charge will be levied on top. 　　另外還要征收一項(xiàng)保險(xiǎn)費(fèi)，其數(shù)額尚未確定。 　　The result, said Mike Crapo, the ranking Republican senator on the committee, would be astrong step forward to fixing our flawed housing system. 　　委員會(huì)中的資深資深共和黨參議員Mike Crapo認(rèn)為，這個(gè)結(jié)果將是改善我們充滿缺點(diǎn)的住房體系的重要進(jìn)步。 　　If only, say critics, who include investors and both friends and foes of Fannie and Freddie. 　　批評(píng)者，包括投資者以及兩房的敵友機(jī)構(gòu)認(rèn)為，哪怕計(jì)劃得以通過，也會(huì)帶來很多問題。 　　The first objection is that the law would create an unwieldy bureaucracy, 　　第一個(gè)障礙就是該法規(guī)將催生一個(gè)運(yùn)作遲緩的官僚體系， 　　with a regulator atop other entities devoted to overseeing functions such assyndicating loansor bundling the loans of small banks. 　　用一個(gè)監(jiān)管機(jī)構(gòu)來監(jiān)督實(shí)體機(jī)構(gòu)行使某些職能，比如銀團(tuán)貸款和捆綁小型銀行的貸款。 　　When the plan was announced, the price of shares in Fannie and Freddie, which account forabout two-thirds of the mortgage market, did not budge at first. 　　當(dāng)這個(gè)計(jì)劃被宣布時(shí)，擁有抵押貸款市場(chǎng)三分之二份額的房利美和房地美的股價(jià)并沒有立刻發(fā)生變化。 　　Then they tankedpresumably because investors reached page 387 of the 442-page text, 　　之后卻狂跌不止，或許是因?yàn)橥顿Y者終于把442頁的文本翻到了387頁， 　　and found enshrined in legislation an earlier 2023 order by the Treasury that expropriatedfrom private investors all profits made by Fannie and Freddie. 　　發(fā)現(xiàn)了法律中深藏的一項(xiàng)財(cái)政部于2023年下達(dá)的命令：沒收私人投資者從兩房獲得的利潤(rùn)。 　　The move is unlikely to help attract the private money needed to supply the 10% in equityunderpinning bonds issued under the new plan. 　　這個(gè)命令可不會(huì)幫助吸引私人資本為新計(jì)劃將發(fā)行的用以支持股票的債券提供10%的資金。 　　Opponents of Fannie and Freddie contend that the two played a key role in the crisis, 　　兩房的競(jìng)爭(zhēng)對(duì)手們認(rèn)為，這兩家利用好聽的經(jīng)濟(jì)適用房的授權(quán)， 　　by encouraging the issuance of loans with tiny downpayments through a benign-soundingaffordable housing mandate. 　　鼓勵(lì)發(fā)行首付極低的住房貸款，從而對(duì)金融危機(jī)負(fù)有很大責(zé)任。 　　Nothing much has changed. Under the new plan, downpayments of as little as 3.5% of theloan value would be permitted. 　　但在這方面卻沒有太大改變。新計(jì)劃中，首付款可低至貸款的3.5%。 　　Strewn through the proposed law are words such as affordable, equal access andunderserved communities, 　　該項(xiàng)被提議的法規(guī)中充斥著經(jīng)濟(jì)適用，同樣途徑和弱勢(shì)群體這類詞語， 　　which suggest that lending decisions will be based on political rather than credit criteria. 　　表明關(guān)于貸款的決定將取決于政治因素而不是信用標(biāo)準(zhǔn)。 　　The result, says Edward Pinto of the American Enterprise Institute, a think-tank, will be riskylending for those least able to cope. 　　智囊團(tuán)美國(guó)企業(yè)協(xié)會(huì)的Edward Pinto表示，貸款給無法償還者非常危險(xiǎn)。 　　The underlying problem with the new plan is that, like Fannie and Freddie before it, it triesto reconcile two conflicting goals: 　　新計(jì)劃的潛在問題和這份計(jì)劃之前兩房的行為一樣，想要同時(shí)完成兩個(gè)相沖突的目標(biāo)： 　　protecting the financial system and providing low-cost housing loans to favoured groups. Abetter approach would be to handle these goals separately and explicitly. 　　即保護(hù)金融體系，又想為特殊群體提供低花費(fèi)的房屋貸款。將兩個(gè)目前獨(dú)立而明確地處理會(huì)是一個(gè)更好的方式。 　　詞語解釋 　　1.appear to 似乎，好像 　　Even so, buffett doesn t appear to be worried. 　　即便如此，巴菲特似乎并不擔(dān)心。 　　More and more people appear to be betting on thesuccess of bitcoins. 　　把寶押在比特幣獲得成功上的人似乎越來越多。 　　2.likely to 可能 　　And that is likely to shrink further at citi. 　　而且，花旗投資銀行業(yè)務(wù)的手續(xù)費(fèi)收入可能進(jìn)一步縮水。 　　As a result, inequality is only likely to get worse. 　　因此，不平等程度可能只會(huì)變得更糟。 　　3.provide for 為提供 　　It takes a lot to provide for 7 billion humans. 　　地球?yàn)榱斯B(yǎng)70億人口付出了很多代價(jià)。 　　There are three main reasons for pessimism. The first is that even today it struggles toprovide for its people. 　　悲觀主義者有三大理由：其一，即使今天，非洲仍非常吃力地在供養(yǎng)其人民。 　　4.based on 以為依據(jù) 　　Select your banking syndicate based on appropriate criteria. 　　根據(jù)適當(dāng)?shù)臉?biāo)準(zhǔn)選擇銀行財(cái)團(tuán)。 　　And do they make positive changes based on that feedback? 　　他們是否能根據(jù)反饋意見做出積極的改變?