英语翻译Mortgage markets can be separated into two major parts,t

英语翻译
Mortgage markets can be separated into two major parts,the residential mortgage markets that finance housing assets,and the non-residential mortgage markets that finance all other real estate assets.Residential mortgage markets take on particular importance because housing is the dominant asset,and commonly the only significant asset,of households.Household members,of course,are also voters.Consequently,governments face special pressure to ensure well functioning residential mortgage markets.
In this paper,we evaluate the implications of a newly developing form of mortgage finance--securitization--for mortgage market structure and performance.Broadly defined,securitization refers to the aggregation of individual mortgages into a security format,thus allowing mortgage assets to be sold more efficiently to capital market investors.In less than 20 years,mortgage securitization has become the dominant factor in the United States residential mortgage markets,in the process creating a fundamental restructuring of these markets.Furthermore,during the last 5 years,non- residential mortgage securitization has created a comparable restructuring in the American non-residential mortgage markets.

抵押贷款市场可分为两个主要部分,住宅抵押贷款市场,财务,房屋资产,以及非住宅抵押贷款市场提供资金的其他所有房地产资产.住宅抵押贷款市场,采取具有特别重要的意义,因为房屋是占主导地位的资产,和常见的唯一的重要资产,对家庭.家庭成员的,当然,也有选民.因此,各国政府面临特殊的压力,以确保运作良好的住宅抵押贷款市场.
在这篇文章中,我们评价的影响,一个新的发展形式的抵押贷款融资-证券化-为按揭市场的结构和性能.广义定义,证券化是指以聚集的个人抵押贷款成为一个安全的格式,从而使抵押资产予以出售,更有效率的资本市场投资者.在不到20年,抵押贷款证券化已成为主导因素,在美国住宅抵押贷款市场,在这个过程中创造了根本的转型,这些市场.此外,在过去5年中,非住宅抵押贷款证券化创造了可比的战略性结构调整中,美国的非住宅抵押贷款市场